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Q:What Type of Health Insurance Should We Consider?

2011 June 13

Finding affordable health insurance options can be challenging.   Dave strongly recommends considering the Health Savings Account (HSA) options since they can provide greater long term flexibility and money saving opportunities for dealing with health insurance. By taking a higher deductible with no copays you should greatly reduce the cost of the plan, many times by as much as 50%.  You can then use the cost savings to fund the savings portion of the HSA which helps pay expenses that are subject to your deductible. If you have no expenses you keep the money and can continue to fund each year which allows you to grow your fund for future health care expenses.  The higher deductible has also been shown to have lower future rate increases.  The savings account can also be factored into your emergency fund calculations. Additionally, at Age 65 any savings can be used into the future to offset medical expenses not covered by Medicare or supplement type plans.   Unless you had ongoing medical conditions that would cause the deductible to be met on a regular annual basis or the group plan does not offer the savings over the PPO option then the HSA tends to be the best option.  Also, if you get a job with a company offering the HSA option as part of their group you could roll your savings into one plan.  You can visit our website, www.zanderins.com, and click on “Health Insurance” which will provide you access to compare rates among all the top companies and determine which plans are the most competitive in your area.

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