Health Savings Accounts are becoming more popular in Florida as people try to lower their medical insurance premiums.
Of course, these plans tend to be more popular with people that need a tax shelter and have savings. Most Americans, as we all know by now, are not savers but instead consumers so if you are someone who doesn’t have four months of salary in the bank this plan is not the best for you, so younger people should definitely skip this section.
Consumer Driven Health Plans in Florida
High deductible health insurance should by definition have significantly lower premiums in exchange for high deductibles that apply towards everything including prescription in most Florida Health insurance plans. For example the HSA 100 by United Healthcare or Golden Rule does not pay for any medical expenses until you reach your deductible. At which point they by contract will pay for 100% of all expenses except dental and vision. Due to the fact that most people never reach their deductible, indeed most HSA owner will only reach their deductible threshold in Florida 9 out of every 10 years these plans should be awfully inexpensive. In addition, the Florida Health Savings Account offer the consumer additional tax deductions which can be then used to pay for all medical bills before your deductible using pre-tax dollars.
HSA’s Conclusion and Review
Hence between the tax savings and promised premium savings these HSA’s seem like no lose situations for most people. In fact, the increased popularity of Health Savings Accounts can be attributed to either these plans be very effective or instead someone somewhere is getting very wealthy collecting premiums 9 out 10 years and only paying out claims in one of those years.
If you are still reading this, then you must either meet the criteria and find this product suitable or you enjoy reading me dissect the Florida Health Savings Account plans so please read below keeping in mind that they are the opinion of one Florida Health Insurance broker and do not reflect the opinion of anyone else.
Not to be a rampant self promoter, but at ECHealthInsurance.com, which is the largest informational Florida health insurance web site, you will not find much other information about HSA’s because we don’t sell any!
I would as, though I think in theory it makes good sense, but I know practically it doesn’t work. Even ignoring the enormous recession we are in, Americans are terrible savers, and great consumers. People want to get health coverage without having to meet a deductible. They are willing to pay more money every month just so they don’t get to the dermatology office and get a bill for $1000 which they weren’t expecting. While I’m not suggesting the end of this tax shelter which is mostly used by wealthy business owners (as these are the only people that ever willingly buy these type of individual policy) because they do make sense for employers who do pay lower premiums and this helps you keep your job.
Our HSA Plans
In Florida, just about everyone offers a Health Savings Account health insurance plan because 9 out of 10 years they make money. The statistics are very clear. The client loses money year in and year out as they do not ever pass the deductible. This is fine in practice but the fact is these plans are not priced fairly yet to even reflect this and makes me hesitate to recommend them to you. However, Humana One wins this particular battle as they are generally the most affordable HSA Plan. Here, take a look.
|Humana One Autograph Total Plus Rx/HSA Florida HSA Brochure||
|Cigna Florida HSA 3000Brochure||
|United Health One Single HSA 100 Florida HSA Brochure||
|Aetna POS Open Access High Deductible 3000 (HSA Compatible) Florida HSA Brochure||
Thus, HSA’s are usually good for employer based plans and certain individuals, but for most people shopping here they will not fit your needs. HSA’s are not good or bad, they exist and with that they are far from a solution to our nation’s ailing health and economic woes. For more information, please visit our Florida Health Insurance News blog with more articles and opinions. Or, of course, ECHealthInsurance.com for quotes on HSA’s and other types of plans including summary and details in Florida for individual and families.
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