Affordable Individual & Family Health Insurance Plans

INDIVIDUAL/FAMILY Health Insurance - This type of insurance is usually associated with those that are self-employed or whose employer does not offer health insurance coverage. All of the health and disability coverages remain appropriate, and there can be many types of plans and ranges of coverage.

These are types of plan organizations that can assist in maximizing your healthcare dollars:

Standard/Traditional Healthcare Plans – These are the most flexible, allowing the greatest freedom to select doctors and hospitals. With the flexibility and freedom and the absence of a managed care authority, the premiums are usually the most, although the terms and conditions describing benefits will affect the overall pricing in a far greater manner. Usually this is the solution for those not having reasonable geographic access to plans based upon physician and hospital networks.

Managed/Network Plans – The theory is that pre-negotiated rates and fees with a defined group of physicians and hospitals will lead to lower overall medical costs. Subsequently, the cost savings can be passed to the healthcare recipient through lower premiums. Again, if there is reasonable access to the group, and there are competing groups within the same market area, premiums should reflect a significant decrease from the rates offered by a standard/traditional plan.

Health Savings Account (HSA) Plan - Health Savings Accounts are fairly new since they were only signed into law in December of 2003. They are actually a better version of medical savings accounts or MSAs. An HSA is an account, similar to an IRA, devoted solely to health expenses and used with a high deductible health insurance policy. The idea is the high deductible insurance policies cost less and the money saved can be put into the HSA account. The funds are then used for medical fees until the deductible is met. Any unused portion remains in the account and earns tax-free interest. The insurance is used for medical problems that exceed the deductible of the policy.

In order to utilize a Health Savings Account, you must be under 65 years of age and you cannot be claimed as a dependent under anyone else’s tax return. You must have a high deductible health insurance policy at the time of deposits into the HSA account. You also cannot have other health insurance at the same time, except the following types: specific injury and accident, disability, long term, dental and vision.

Advantages of HSA Accounts: There are many tax advantages with an HSA: within a limit, money deposited into an HSA account is exempt from income tax; some states also make the money free from state tax; the money withdrawn to pay medical expenses is also tax free; HSA money is portable and can be moved with you when changing jobs; and again, money not used is allowed to stay in the account, earning interest that is not taxed. Also, after the age of 65, you can withdraw your money from the account for any reason.

Disadvantages of Health Savings Accounts: A few disadvantages: until the age of 65, any money that is not spent on medical needs out of the account is added to the person’s gross income for tax purposes and will generate an additional 10% tax. Also, you must always have a high deductible health insurance policy in place, with the deductible a minimum of $1000 for single coverage and $2000 for family coverage. There is also a stipulation that in the insurance policy, out-of-pocket expenses cannot be more than $5000 for individuals and $10,000 for families.

FOR A FREE INDIVIDUAL/FAMILY HEALTH INSURANCE QUOTE PLEASE CALL TOLL FREE 877-732-1793 OR COMPLETE OUR SECURED ON-LINE APPLICATION.

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