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Slide 1: Health Insurance And Health Savings Account Made Easy © Wings Of Success Page 1 of 38
Slide 2: Health Insurance And Health Savings Account Made Easy DISCLAIMER AND TERMS OF USE AGREEMENT: (Please Read This Before Using This Report) This information is not presented by a medical practitioner and is for educational and informational purposes only. The content is not intended to be a substitute for professional medical advice, diagnosis, or treatment. Always seek the advice of your physician or other qualified health provider with any questions you may have regarding a medical condition. Never disregard professional medical advice or delay in seeking it because of something you have read. Since natural and/or dietary supplements are not FDA approved, they must be accompanied by a two-part disclaimer on the product label: that the statement has not been evaluated by FDA and that the product is not intended to "diagnose, treat, cure or prevent any disease. The author and publisher of this course and the accompanying materials have used their best efforts in preparing this course. The author and publisher make no representation or warranties with respect to the accuracy, applicability, fitness, or completeness of the contents of this course. The information contained in this course is strictly for educational purposes. Therefore, if you wish to apply ideas contained in this course, you are taking full responsibility for your actions. The author and publisher disclaim any warranties (express or implied), merchantability, or fitness for any particular purpose. The author and publisher shall in no event be held liable to any party for any direct, indirect, punitive, special, incidental or other consequential damages arising directly or indirectly from any use of this material, which is provided “as is”, and without warranties. As always, the advice of a competent legal, tax, accounting, medical or other professional should be sought. The author and publisher do not warrant the performance, effectiveness or applicability of any sites listed or linked to in this course. All links are for information purposes only and are not warranted for content, accuracy or any other implied or explicit purpose. This report is © Copyrighted by Wings Of Success. No part of this may be copied, or changed in any format, or used in any way other than what is outlined within this course under any circumstances. Violators would be prosecuted severely. Click Here To Visit Our Website © Wings Of Success Page 2 of 38
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Slide 7: Health Insurance And Health Savings Account Made Easy Contents Anyone Wants Health Insurance? ............................................................................................................. 8 Health Insurance Coverage...................................................................................................................... 10 Health Insurance Quote............................................................................................................................ 12 Basic Health Insurance Quote ................................................................................................................. 14 Free Health Insurance Quote ................................................................................................................... 15 Health Savings Accounts: How They Work............................................................................................ 17 Health Savings Accounts: The Advantages........................................................................................... 18 Health Savings Accounts: Flexible Spending Accounts ...................................................................... 19 Health Savings Accounts: Health Reimbursement Accounts.............................................................. 20 Health Savings Accounts: Contributions and Deductibles .................................................................. 21 Health Savings Accounts: The Pitfalls ................................................................................................... 22 Health Savings Accounts: Investments and Withdrawals.................................................................... 23 Health Savings Accounts And Small Businesses ................................................................................. 24 Health Savings Accounts: Are They Worth It? ...................................................................................... 25 Affordable Health Insurance .................................................................................................................... 26 California Health Insurance...................................................................................................................... 28 Texas Health Insurance ............................................................................................................................ 30 Group Health Insurance ........................................................................................................................... 32 Individual Health Insurance ..................................................................................................................... 33 The Benefits of Low Cost Health Insurance........................................................................................... 35 © Wings Of Success Page 7 of 38
Slide 8: Health Insurance And Health Savings Account Made Easy Anyone Wants Health Insurance? This article may just help you discover and find out how you as a consumer can understand your health insurance plan as well as provide further contacts to assist you in understanding and obtaining the health insurance coverage you need to receive speech and hearing services. TYPES OF HEALTH INSURANCE PLANS AVAILABLE In order to understand your health insurance coverage, you must first be able to identify what type of health plan you may have. There are 3 different health plans available to consumers: PRIVATE HEALTH INSURANCE PLANS AVAILABLE Typically, a health insurance benefit plan is a contract between your employer and a third party (an insurance company). These contracts vary widely depending on the benefits and coverage levels negotiated by your employer. Oftentimes, the benefits information provided by your health insurance plan is confusing-leaving you unsure of what speech and/or hearing services will or won't be covered. Remember, the benefits booklet you receive is merely a summary of benefits-not actual contract language. You may need to examine the policy or contract to truly understand your health insurance plan's coverage and limitations. The policy or contract can be obtained from your benefits manager. It is vital that you review the speech and hearing benefits information provided by your health plan and employer before you receive services. MEDICAID Medicaid provides medical assistance to certain individuals and families with low incomes and resources. It is jointly funded by the Federal and State governments. Although the federal government establishes national guidelines, each state has the authority to establish its own eligibility standards for health insurance, determine the type and duration and scope of services for health insurance, set the rates of payments and administer the program. As part of the plan, the state must offer medical assistance for certain basic services to those living under the poverty level. For adults over the age of 21, the states are not required to provide speechlanguage pathology and audiology services. © Wings Of Success Page 8 of 38
Slide 9: Health Insurance And Health Savings Account Made Easy To ascertain the coverage in your health insurance state, you should contact the state Medicaid agency. For children under the age of 21, the Medicaid law requires the states to provide hearing screenings and assessment of communication skills and language development as part of the Early and Periodic Screening, Diagnostic and Treatment (EPSDT) service. Based on the findings of this screening, the state must provide services and related devices such as hearing aids and AAC devices to treat or ameliorate the condition. Medicaid recognizes the importance of school-based speech-language pathology and audiology services although it is a medical assistance program. The federal Medicaid program actually encourages states to use their Medicaid programs to help pay for certain health care and health insurance services delivered in the schools if federal regulations are followed. Contact your local school district to inquire if they participate in the Medicaid program. MEDICARE In 1965, the Social Security Act established both Medicare and Medicaid. Medicare is the federal health insurance program that is designated for those people who are 65+ years of age. Although directed towards a specific age bracket, Medicare plans are also applicable to certain disabled people. Medicare covers most health insurance services for assessing and treating speech, language, swallowing, hearing and balance disorders. It covers most hearing examinations but it does not cover hearing aids or tests for hearing aids. Medicare has two major parts: Part A is hospital insurance and is financed through federal taxes while Part B is supplementary medical insurance and has a monthly premium. Medicare Part A helps cover hospital stays, limited skilled nursing facility care when daily skilled services are needed, home health care and hospice care. Most services for speech, language, hearing and related disorders such as those effecting swallowing and balance are covered in these settings. Medicare regulations allow rehabilitation services when significant functional progress is expected and/or maintenance care is needed. © Wings Of Success Page 9 of 38
Slide 10: Health Insurance And Health Savings Account Made Easy Medicare Part B helps cover physician services, audiology testing services, outpatient hospital services, rehabilitation agency services and comprehensive outpatient rehabilitation facility services. Service for speech and related disorders are covered in these settings. Thanks for reading. Health Insurance Coverage As most developed countries continue to move from a manufacturing-based economy to a service economy, and employee working patterns continue to evolve, health insurance coverage has become less stable. The service sector offers less access to health insurance than its manufacturing counterparts. Further, an increasing reliance on part-time and contract workers who are not eligible for coverage means fewer workers have access to employersponsored health insurance. With health insurance premiums on the rise, many small employers cannot afford to offer health benefits to their employees. Companies that do offer health insurance, often require employees to contribute a larger share toward their coverage. As a result, an increasing number of people have opted not to take advantage of job-based health insurance because they cannot afford it. How does being uninsured harm individuals and families? *Lack of health insurance coverage compromises the health of the uninsured because they receive less preventive care, are diagnosed at more advanced disease stages, and once diagnosed, tend to receive less therapeutic care and have higher mortality rates than insured individuals. *Regardless of age, race, ethnicity, income or health status, uninsured children were much less likely to have received a well-child checkup within the past year. Research shows that almost 50 percent of children without health insurance coverage did not receive a checkup in 2003, almost twice the rate (26 percent) for children with health insurance coverage. *People without health insurance coverage end paying "up front" -- before services will be rendered. When they are unable to pay the full medical bill in cash at the time of service, they can be turned away except in life-threatening circumstances. *About 20 percent of the uninsured (vs. 3 percent of those with coverage) say their usual source of care is the emergency room. © Wings Of Success Page 10 of 38
Slide 11: Health Insurance And Health Savings Account Made Easy *Studies estimate that the number of excess deaths among uninsured adults aged 25-64 is in the range of 18,000 a year. This mortality figure is more than the number of deaths from diabetes (17,500) within the same age group (10). *According to one another study, over a third of people without health insurance coverage have problems paying medical bills. The unpaid bills were substantial enough that many had been turned over to collection agencies - and nearly a quarter of the uninsured adults said they had changed their way of life significantly to pay medical bills. What additional costs are created by people without health insurance coverage? *Its estimated that America spends nearly $120 billion per year to provide uninsured residents with health services, often for preventable diseases or diseases that physicians could treat more efficiently with earlier diagnosis. *Hospitals provide about $35 billion worth of uncompensated care a year. *Another $38 billion is paid by private and public payers for health services for the uninsured and $26 billion is paid out-of-pocket by those who lack health insurance coverage. *People without health insurance coverage are 30 to 50 percent more likely to be hospitalized for an avoidable condition, with the average cost of an avoidable hospital stayed estimated to be about $3,300. *The increasing reliance of the uninsured on the emergency department has serious economic implications, since the cost of treating patients is higher in the emergency department than in other outpatient clinics and medical practices. Getting Everyone Health Insurance Coverage Will Save A lot of Money. The impacts of living without health insurance coverage are severe. Many uninsured individuals postpone needed medical care which results in increased mortality and billions of dollars lost in productivity and increased expenses to the health care system. There also exists a significant sense of vulnerability to the potential loss of health insurance which is shared by tens of millions of other people who have managed to retain health insurance coverage. Every person should have health insurance coverage, participation should be mandatory, and everyone should have basic benefits because like we have seen above its benefits are awesome. © Wings Of Success Page 11 of 38
Slide 12: Health Insurance And Health Savings Account Made Easy Health Insurance Quote A sudden illness or an accident will never ask for permission to come visiting. It is in such cases that the importance of health insurance stands out like the moon in a summer night. The cost of medication in our civilized world is never about to come down neither, that makes diagnostic procedures, prescriptions, and the numerous follow up visits to the hospital a costly affair. This are reasons sufficient for one to consider the benefits of different health insurance quotations offered by the many companies that specialize in that field. Be reminded that health insurance isn't a privilege but a necessity, but how do you get one? A good question to ask, because there exists a number of factors that you ought to pay attention to, in regard to health insurance quotations. These are especially important due to the big number of companies offering this vital service. Extra caution is very important when selecting which health insurance service provider to settle for. Most health insurance companies give totally different policies in their health insurance quotes. CAUTION here is to ensure that you don't receive a placebo quote from a company offering it. The incredible growth of health insurance cost in the last few years is the explanation as to why people are getting more interested in sampling health insurance quotes from different service providers. The high disease incidence has been cited as the major contributor to the different health related factors such as absence of exercise, unhealthy food preference, rural-urban migration of health-care professionals, excessive alcohol use, dormant lifestyle characterized by modern lifestyles. Health insurance quotes began appearing in 1694 by Hugh the Chamberlain. By the last of 19th century, health insurance was limited to disability coverage only. These days health insurance quotes indicates what the insured is entitled to should he/she choose to be insured. The insurer is responsible for taking care of the insured medical bills incase of the insured becoming sick or is involved in an accident of sorts covered by the health insurance. There are number of governmental and private organizations agencies that provide health insurance services. © Wings Of Success Page 12 of 38
Slide 13: Health Insurance And Health Savings Account Made Easy Health Assurance quotes may come from government-sponsored or private companies. Government based health insurance is offered on state, local and state level. Health insurance cover quotes could come from a managed plan. This sort of health insurance is inclusive of their own health care professionals and hospital associations which could quickly avail health care to their members if the need arises. The shortcoming of this kind of plan is that a charge is applied if you visit a hospital or doctor outside the network. A fee-of-service based plan's health insurance quotation offers payment for the doctors and hospital bills accrued. The insured pays a monthly premium remittance. Two kinds of fee-ofservice plan exist. One is an indispensable health insurance which pays room and care in confinement, plus the cost of surgical and diagnostic procedures and prescriptions. The other care plan pays for the cost of long term illness or injuries. © Wings Of Success Page 13 of 38
Slide 14: Health Insurance And Health Savings Account Made Easy Basic Health Insurance Quote The Basic Health Insurance Plan was specially designed to function as an inexpensive (limited benefit) alternative to the major group health insurance covers which are very expensive. This can be comprised of an "any size group" and its outstanding features include: * Hospitalization and surgery benefits * Medical Emergency Room benefits * An option of either a single cover or a family coverage * Visits/Consultations at a doctor's office of your choice * Affordability * Accessibility-to qualify for this Plan, there is no necessity to undergo physical exams, and neither are medical questions asked as a pre-qualifier. For those members who are eligible; this medical insurance cover is "guaranteed issue." Types of Group Health Insurance Plans Group Health Insurance Plans are broadly split into indemnity plans (traditional indemnity plan, an FFS or Fee for Service Plan, and more prevalent in the east coast) and managed care plans (very popular in western USA), both different from each other in approach. The outstanding differences between the indemnity and managed care plans are in sectors concerning: * Out -of-pocket expenses for covered medical services, * choice of medical providers and hospitals, and * How medical bills are paid. In an indemnity plan, you will have a wider choice of hospitals and medical/healthcare providers (this includes specialists like a cardiologist).In a managed care plan, you will incur less paperwork and out-of-pocket expenses. Fee for Service Plan In these plans, the insured patient is examined by a doctor chosen by him, and the medical professional receives a fee for each service given to the insured patient. The fee- for -service health insurance claim is filed either by the patient or the medical provider. © Wings Of Success Page 14 of 38
Slide 15: Health Insurance And Health Savings Account Made Easy Free Health Insurance Quote We live in very challenging and uncertain times, we cannot control the circumstances that surround us, and the events that unfold at any given minute are always a mystery, be it unexplained disease, accidents, fire or so many others. Disability is always a possibility and from here what next. The world is full of diseases; be it the air we breathe, the environment we live in , the food we eat, and even the water we drink. Don't be surprised to wake up one day and discover that the recurrent thirst you have battled with seriously for months is diagnosed as diabetes. No one likes the discomfort and misery caused by diseases. It is therefore imperative that you take the necessary measures to ensure that a disease occurrence doesn't get the best of you and this is where health insurance comes into focus. There are many companies that provide free health care quotes and are always willing to help and assist you get the best possible health insurance quotes. Having a free health insurance quote is truly advantageous because it allows you to easily choose which plans or policies best suits your individual needs, you may be making a good salary from your current job that adequately caters to your domestic budget and other miscellaneous needs including leisure, but imagine the case where you suddenly become seriously ill and is bedridden, then when taken to the hospital, the doctor administers a number of diagnostic tests and examinations that cost a staggering amount, not to forget the expensive price of prescriptions. As you recuperate and is discharged from the hospital, the expenses continue to mount. You are likely you be put on costly medications that come with follow up orders on usage in regular basis plus the unending examinations to assess your progress. How may you be able to afford all cost of medication while at the same time maintaining the same quality of life for your family. You'll admit it's a real task. That's why you ought to seriously consider getting a free health insurance quote straight away. It's therefore important that you learn what you are looking for beforehand, prior to looking for unpaid health insurance quotes. Don't forget to consider your family too in your search for free health insurance quotes. The repayment duration is also worth your attention in free health © Wings Of Success Page 15 of 38
Slide 16: Health Insurance And Health Savings Account Made Easy insurance quotes. Some health insurance providers offer a couple of years for repayment while some extent it till the demise of the insured. These free health insurance quotations may also include a payment mode provided by the company so as to enable you decide if you are able to pay for that particular plan offered. Try to find out if the free health insurance quotation being offered allows you to use the services of your personal doctor and hospital of choice or is restricted to their network of healthcare providers. You can also find free health insurance quotes that offer the choice of group based health insurance. These are quite different from individual based health insurance quotes because they offer the advantage of group based insurance as opposed to individual, this means they are not customized and each enrolled member in the group receives similar benefits. This group structured health insurance quotes is therefore less costly and doesn't involve extensive screening. Customized free health insurance quotations usually state that an applicant has to undergo broad medical screening. If you settle for this type of free health insurance quotes, the company may require a detailed medical background check, and may possibly focus at your past illness present or imagined. Free health quotations should therefore allow you to relax, because you have sufficient time to get the best health insurance. © Wings Of Success Page 16 of 38
Slide 17: Health Insurance And Health Savings Account Made Easy Health Savings Accounts: How They Work Today, with the rising costs of health insurance, employers and workers are looking for better, more economical ways to provide health insurance. One such way is through the Health Savings accounts. The idea of a health savings account is to supplement ones current health insurance coverage. However, with some policies you don’t even have to have a current policy. The money in a health savings account is designs for use on things that your current health insurance policy does not cover. Things like certain treatments or prescription drugs. A key advantage of a Health Savings account is that, the money is placed in the account by you or possibly your employer before it is taxed. This amount to paying for you medical coverage tax free. There is also the possibility with some plans for the money to earn interest. It is quite easy to set up a health savings account. Most people work through their employers. They can set up a health savings account as part of a payment and benefits package. They arrange for money to be put into the health savings account until the times comes when you need it. When it comes time for you to use your account, the company will supply you with a credit/debit card. You can use this to pay for your medical expenses that are not covered under your standard health policy. You may have to pay first and send in a receipt as with many other health policies. However, the money will then be given back to you from your health savings account. Today, with medical and insurance costs growing at an alarming rate, many are creating health savings accounts to offset the problem. A health savings account allows for money to be put in tax free. This can earn interest and be used on things that your standard health policy does not cover. Many employers are looking to health savings accounts to offset their expenses and provide better insurance for their workers. People can earn a good rate of interest with a health savings account and know that their medical needs are fully covered. © Wings Of Success Page 17 of 38
Slide 18: Health Insurance And Health Savings Account Made Easy Health Savings Accounts: The Advantages To combat the problem of rising insurance premiums, the government signed into legislation the creation of Health Savings Accounts. These are designed to offset the costs to both employers and employees. If used and set up properly, a health savings account can create many advantages. One advantage that health savings accounts help to create is the increased buying of high deductible health plans. When one pays a higher deductible, the insurance rates go down. One can possibly afford a higher deductible with the help of the Health Savings account. The health savings account also allows people to start saving for their future in terms of health. By creating this account you can have a better financial control over your possible future medical expenses. HSA's are also open to any type of employer. Previously, the medical savings accounts were only open to those places that employed less than 50 people. The health savings accounts are open to any employer regardless of size. With the vast majority of American relying on employers for their health insurance, this is a great leap forward. A health Savings account is supposed to help the account holders become more discerning I their choice of health care providers. It is supposed to create a shop around mentality that will hopefully be reflected in lower insurance premiums for all. © Wings Of Success Page 18 of 38
Slide 19: Health Insurance And Health Savings Account Made Easy Health Savings Accounts: Flexible Spending Accounts When the government allowed for the creation of the health savings accounts, they allow allowed for various types to be made. Each has their own advantages and which one is best is largely up to the individual. One form of Health savings account is known as the flexible spending account. It is easy to qualify for a flexible spending account and you don’t even need a current health policy. However, there are drawbacks. To set one up, and employee and employer decide an amount to be put into the flexible spending account. This money is to be used for uninsured medical expenses. The money then sits in the account where it can accrue interest. The funds are immediately available should you need them, even if the entire amount isn’t in the account it the time. The flexible spending account does decrease your earnings. However the program is tax sheltered so your tax burden will also go down. If you need the funds for medical expenses you simply submit your receipts and are reimbursed from your flexible spending account. This cuts down on long wait times from standard insurance companies. Flexible spending accounts can be useful but as stated before there are some drawbacks. The funds are only good for one year. If the end of the year arrives and you haven’t used the money, it cannot be carried over to the next year. They are also not transferable to other accounts. If you change employers the policy stops. Flexible spending accounts are just one way to take advantage of the health saving account schemes. They are generally cheaper but they have to be planned carefully. © Wings Of Success Page 19 of 38
Slide 20: Health Insurance And Health Savings Account Made Easy Health Savings Accounts: Health Reimbursement Accounts The health reimbursement account is another version of the Health Savings account. It can save money but it does give your employer an incredible amount of control. This program needs to be considered carefully before signing on. Some workers and employers are opting for the health Reimbursement arrangement. This arrangement makes it possible for employees to pay for medical expenses and keeps some of the costs down for employers. Anyone is eligible who works for an employer who provides this scheme. The Health reimbursement arrangement covers those medical expenses that have not been reimbursed as described by the IRS. Generally those that are not covered on your standard health insurance policy. Other types of health savings account offer a fair degree of flexibility. The Health reimbursement arrangement allows your employer to decide and set most of the rules. Your employer has the right to decide who can put funds into your account. They can also decide if you need a health insurance policy. The employer also has power to decide when you are eligible to use your account. They also decide whether or not you loose your money should you change jobs. The health reimbursement arrangement is tax free if you are the one making the contributions. The health reimbursement arrangement is a good way to create a health savings account. However it does give you employer a lot of power over your account. Other types of accounts allow you to take the funds with you if you change jobs and allow for multiple entities to deposit money. However, your employer may set good conditions for you to make the health reimbursement scheme an attractive option. © Wings Of Success Page 20 of 38
Slide 21: Health Insurance And Health Savings Account Made Easy Health Savings Accounts: Contributions and Deductibles Health Savings accounts are a good idea. However, as with anything in life there are limits. Before deciding which the best option for you is, you need to know the contribution limits of the health savings account. When opening a health savings account, many need to know how much they are allowed to put in. They also need to know what other terms and conditions apply to their particular account. There are limits to how much you can put into your account annually. However, standard health savings account allows you to carry this money over from year to year. Generally your contribution limit is based on a high deductible insurance policy. In 2007 account holders were allowed to place 2,850 $ annually for a single person and 5,650% dollars for a family. This is equivalent to the amount of the deductible on both policies. If your over the age of 55 and additional contribution of 800$ is allowed. This may not sound like a lot of money but one must remember that these funds are only used on medical expenses that your insurance policy does not cover. The money can also accrue interest and can be carried over from year to year and employer to employer. When opening a health savings account, generally you must have a high deductible health insurance policy. The minimum requirement for a high deductible health plan is 1050 for singles and 2,100 for families. You also have limits on the annual out of pocket expenses. For singles it cannot exceeds 5,250 and families 10,500. Although there are limits on contributions, a health savings account can be a life saver when it is needed. You have control over the money and don’t have to worry about if your insurance will cover the expense. © Wings Of Success Page 21 of 38
Slide 22: Health Insurance And Health Savings Account Made Easy Health Savings Accounts: The Pitfalls Today everyone is looking for more economical ways of providing health care. The health savings account was a way to offset expenses for both the employer and employee. Most of us today get our health insurance coverage from our employers. The cost of funding our own polices makes it a false economy. However, with rate of increase for medical costs insurance premiums are quickly getting out of control. Many employers are finding it harder to provide good coverage for their workers. Health savings accounts were designed to help. They encouraged the purchase of high deductible plans which brought lower premiums. They are also tax deductible and tax sheltered until they need to be used. They funds in then can also be rolled over if you change jobs and can accumulate year after year. The plan sounds quite good on paper but does come under a fair amount of criticism. Health savings accounts work best if the money stays in the account. The longer you leave it the more it accumulates. This will work if you’re a healthy person overall. However, those with health problems or chronic illnesses will have a difficult time accruing funds. They will need to use what is available to cover their day to day expenses. The health savings account also needs to be created with a high deductible health insurance plan. However, those with health problems may find this difficult. They could be rejected because they present far too great of a risk to the insurance companies. Before anyone signs up for a health savings account, they need to be aware of the fees involved. Some have administrative fees and service charges that can really add up over the long term. These can cut into your funds quite substantially. Finally, a health savings account may force people to forgo care. They may want the funds to accrue so they go without care that they need. This can add up to even more money being poured out at a later time. It can also be quite dangerous. Health savings accounts do offer advantages. However, they need to be looked into carefully. If you’re a person of general good health then they are likely a good option. However, someone with continuing health problems may find that they are of little help. © Wings Of Success Page 22 of 38
Slide 23: Health Insurance And Health Savings Account Made Easy Health Savings Accounts: Investments and Withdrawals The United States of America has some of the highest health care costs in the world. This high costs forces most of us to purchase or obtain a health insurance policy. Without health insurance, a person faces serious financial difficulty or even refusal of care should they be injured or become seriously ill. Most of us look to our employers for health insurance. The cost of individual policies is far too expensive for the average person. In 2004, President George W. Bush allowed for the creation of Health Savings Accounts. Employers of any size could offer this as part of their medical benefit plan. Health Savings accounts allow for funds to be deposited in an account. This money is tax sheltered until it is used and can accrue interest. These funds are to be used on medical expenses that your regular insurance policy does not cover. The idea behind Health Savings account was to encourage high deductible health plans and reduce insurance premiums for all. Health savings account can function similar to an investment plan. However, the funds are only used for medical expenses. The health Savings account funds can be rolled over into different health savings accounts. This offers flexibility should you change employers. However, they funds can almost never be rolled over into 401k’s, mutual or other investment type funds. A health savings account has some advantages over the employer 401k. All of the deposits in the health savings account belong to the account holder immediately. It doesn’t matter who put the funds in, they account holder has access to them as soon as they are placed in the account. Should you need immediate medical care your health insurance account funds are there and ready? Withdrawing money from the account depends on the individual company. Most are now using a debit credit card system similar to most bank accounts. The card is simply swiped and the amount deducted from the account. Some still do the reimbursement plans similar to standard health care plans. Meaning you pay initially but hen are reimbursed through your account. Health savings account can provide some advantages for everyone. Lower premiums and greater control over their future medical expenses to name a few. The account holder has access to the funds despite who put them in and the finds can be moved should the person change employers. The costs of health care are continually growing in America. A health savings account can be one way to off set some of those expenses. © Wings Of Success Page 23 of 38
Slide 24: Health Insurance And Health Savings Account Made Easy Health Savings Accounts And Small Businesses The costs of health care in America are shooting out of control. Health care cover is essential if one is to have a future free of health and financial problems. Health insurance policies are absolutely necessary but are generally unaffordable for the single person. Over 98% of us who hold health insurance policies get them through our employers. However, the rising costs of health insurance premiums are putting added pressure on businesses and other employers. Large businesses pay out an average of 6000 dollars per year, per employee in health care expenses. To make matters worse, the costs keep rising. Over the last 5 years health care costs have risen over 15% percent creating an average monthly expenditure of 700$ a month per employee. This increase far exceeds inflation and the cost of living increases. It is also the reason why nearly half of all small businesses offer their employees no health cover at all. Health savings accounts are a way to offset some of these expenses. They benefit the small business holder as well as the account holder. To qualify, one has to have a high deductible insurance policy. The higher deductible means that lower insurance premiums will be given. This makes providing health polices slightly more manageable for smaller businesses. The funds in the health savings account can then be used to pay for medical expenses that are not covered on the standard health policy. The deductible can be paid using these funds as well as drugs or any other medical costs. The Health savings accounts offer other advantages to the small business owner. The money placed in the account is tax sheltered until it is used. There are addition tax benefits for setting up these accounts for employees. With the rising cost of health care premiums in America today, it is little wonder that the small business owner finds it increasingly hard to fund health insurance for their employees. Less than 50% of small business owners today provide health cover and if current trends continue, the number will keep dropping. A health savings account is one way to help offset the costs. With lower monthly premiums, the policies will become more affordable. The higher deductible can be covered by the funds in the Health Savings account. This means that the employer gains some valuable advantages as well. © Wings Of Success Page 24 of 38
Slide 25: Health Insurance And Health Savings Account Made Easy Health Savings Accounts: Are They Worth It? The cost of health care in America today is something that is on all of our minds. The costs of insurance polices are rising at a rate much higher than inflation forcing everyone to rethink health care funding and benefits. Most of us today, which hold a health care policy, get it through our employers. However, many of them are now feeling the pinch as the cost for insurance steadily rises. Large businesses and corporations pay out a huge amount of money every year to their employee’s health plans while less than half of the small businesses in America can afford to offer any health coverage at all. The health Savings accounts were designed to offset these expenses. The advantages were to hit both sides. The employee would have to have a high deductible savings account. This would then mean lower monthly premiums to be covered by the employer. The employee would receive a tax credit on the money put in plus greater control on how to increase the worth. Health savings accounts could also be used as future investments. After the age of 65, the account holder could use the funds for whatever they wished without penalty. The health savings account was supposed to make account holders shop for less expensive health care. They were less likely to do this while an insurance policy covered all expenses. However, there is some controversy on whether or not this has worked. Some argue that Citizens are not ready to make decisions such as this. They don’t know how to shop around for doctors or health providers and have no idea what is economical and what isn’t. The consumer does not have access to enough information about the medical world to be able to make a good economical choice. They may end up paying far too much or far too little. Health Savings account could create another problem area. While many are out trying to find the best medical care for the best price, they may totally neglect preventative care. Without good preventative care, long term illness rates could increase and end up costing insurance companies much more over the long term. Health savings account does offer lots of advantages. They have helped many people gain a greater amount of control over their medical expenses. However, things do need to be considered carefully. For this scheme to work consumers need access to information regarding costs. Preventative care also must be given high consideration. © Wings Of Success Page 25 of 38
Slide 26: Health Insurance And Health Savings Account Made Easy Affordable Health Insurance Many a healthy person has woken up one day to find he/she afflicted with stroke or cancer. Many individuals are succumbing to illnesses on daily basis, in spite of the fact that there is health insurance available that is within their means. People need reasonably priced health insurance to help cover them against economic and financial pit-falls and also provide that much needed peace of mind. The saddest truth is the fact that the majority of the populace harbor habits that are detrimental to health like gobbling all the unhealthy and junk foods, drug abuse, smoking, lethargy and substance abuse. Health care cost is always and will always be a step ahead of people's wages. The high price of often sophisticated and mostly complex medical diagnostics and treatment recommended by doctors give many people second thoughts before going to the hospital. Majority of us wait till the last moment when the disease has taken toll and is beyond control. This reason is enough as to why every one needs inexpensive healthcare insurance cover. Reasonably priced health insurance is a good way to guard oneself against emergency cases of diseases and other illnesses. This assures one that if anything happens, affordable healthcare insurance is there for them. Health insurance comes in many forms and packages by many providers, but people are advised to select the best available, affordable health insurance package they can find because the different providers have their own different packages priced differently. Some reasonably priced health care insurance cover programs come with premium offers that may happen to be lower priced than others. You are therefore advised to go for a healthcare insurance program that suits your individual situation and weed out those health insurance coverage programs that provide packages you do not really need. When selecting health care insurance programs that are within your means, you ought to consider the duration required to pay for the health insurance plan. Keep in mind that there exist health insurance programs only applicable for a fixed duration and nothing more; this could be 30 or 40 years. Other health insurance programs are lengthy and may extend until an © Wings Of Success Page 26 of 38
Slide 27: Health Insurance And Health Savings Account Made Easy individuals death. Extra payments should also be put into consideration when selecting an affordable healthcare program. Managed healthcare plans are reasonably priced and are pre-arranged and do work with hospitals. Some individuals may prefer this kind of kind of inexpensive health care insurance. This kind of coverage is time saving and requires little effort because it includes physicians and hospitals to be affiliated with them. Some people may however prefer other forms of inexpensive health coverage plans that over flexibility sufficient to allow them seek treatment from their personal doctors and go to hospitals they prefer. Be extra cautious when selecting among these different affordable health care programs. Choosing bad one will drain your funds and time. Take your time to study the various options available before making up your mind on which one ideally works best for you without provoking a financial nightmare in your wallet. © Wings Of Success Page 27 of 38
Slide 28: Health Insurance And Health Savings Account Made Easy California Health Insurance One of the best things about California health insurance, and something that makes it different from health insurance in other states, is the fact that everyone can get health insurance. The state has worked hard to create a network of health insurance provides to ensure that everyone that wants health insurance can get affordable health insurance. California state law required certain provisions to be included in polices written by health insurance providers. In addition, the state also aims to see that health insurance policies are made available to all California residents, regardless of income. The state requires that all health insurance policies be renewable and that pre-existing conditions do not prevent you from getting health insurance. So, as long as you have a policy then, no matter what happens to you, the insurance company cannot simply cancel it and must give you the option to renew your health insurance. Let's say that you are a young professional just starting out and have a small business. The state makes it possible for you to get affordable health insurance that you might not have been able to get otherwise. You look at this new policy and wonder why you are getting some of the benefits that you are getting. You cannot see why you would need some of them and wonder if it is a waste of money. Then suddenly your life is turned upside down by a tragic accident and you now face a very long recovery process. Suddenly the benefits that you did not think you needed come into play and the long-term care needs are covered. You can relax and focus on getting back your life and just getting healthy again. Health insurance is designed to cover the cost of being sick, getting healthy and staying healthy. We can never forecast all the possible things that might happen to us in our lives. While certain things may look like a waste of time, everything can change in an instant. You are young healthy and live a healthy lifestyle and that is great for you and you will benefit from that. But there are always accidents and illnesses that can have a profound impact on the quality of your life. © Wings Of Success Page 28 of 38
Slide 29: Health Insurance And Health Savings Account Made Easy The California health insurance system provides residents of California with the very much needed peace of mind. They know that no matter what their finances, job or health conditions they can get health insurance and that their policy will protect them no matter what happens. We never expect a young healthy person to end up needing long-term care but, unfortunately, it happens every day. The end result is that by ensuring that everyone gets covered it keeps the cost to the state down. It should also help reduce the overall cost of health care for the residents of the state. There are no uninsured expenses that have to be absorbed by the medical community. When you look at your policy remember you may not need some of these things now but you might some day and you'll be glad they were there. © Wings Of Success Page 29 of 38
Slide 30: Health Insurance And Health Savings Account Made Easy Texas Health Insurance The Origin of Texas Health Assurance The state of Texas has established a new type of plan called the Texas Health Assurance that is aimed at ensuring Texans are on the fast lane in terms of health insurance and other human related service. This was made a reality by the collective effort that saw the integration and merging of 12 health sector agencies in the state, transform into for departments directly under the custody and management of the Texan Health and Human service commission. The Purpose and Aim of the Texas Health Assurance. Besides providing the most attentive assistance to Texans medical and health concerns, Texan Health Insurance is focused on providing a lending hand and facilitates the lowering of managerial costs and form fund generation projects that will offer directly more health services to the citizens of Texas. The citizens of Texas would like to surf and find more information related to the Texas Health Assurance and also visit other websites that provide similar information, like the Texan Health and Humanity Services, the Depart. of Aging and it's Disability service, the Branch of Family and Protection Services, and also the department of support and rehabilitative services. Advantages of Texas Health Assurance Program. All insurance holders of the Texas health insurance are allowed to a health pool benefits plan. The Texas health Insurance includes great merits like the emergency care deduction, the calendar year deduction, doctor's office visit co-payment and many more. Another advantage of the Texas health insurance, is that it excludes the charges of prescribed medication for outpatients against their co-insurance maximum. And when the insured person remits the corresponding amount of the deductible on the policy, the policy then caters to charges of the covered expenditure in surplus of the co-insurance amount before the policy constraint. It also worth noting that in Texas health Assurance transactions with the enclosed © Wings Of Success Page 30 of 38
Slide 31: Health Insurance And Health Savings Account Made Easy expenses from a favored provider, in the instance of you settling the co-insurance maximum, the policy meets the total payment by 100% of the expenses covered from favored provider for the days remaining in the calendar year. But if you are an insured person with a non-favored provider, there won't be any co-insurance maximum for the expenses covered. The Texas Health Insurance Policy might, in no event, reimburse more than the lifetime upper limit for each covered party. The amount deductible is selected party to be covered and may not change to a minimum amount once the policy has been issued. The insured can request to upgrade and go for higher deductible if provided by the Texas Health Assurance, but that can only be implemented in a calendar year. The changes made by the Texas Health Insurance usually become effective on the beginning of the month, a day after your request is received or at a later on date upon request. What's more? Besides this, you can enjoy other great offers from the Texas Health Insurance e.g. ICU care, Heart Care Unit with the maximum of threefold the average partly-private room rates, deputy surgeon or first surgical assistant together with a maximum of 25% the recommended surgeons expert charges, trained nursing service of 45 days in a years calendar, organ transplant that may include the kidney, liver, pancreas, lung, bone marrow, all subject to a lifetime consolidated maximum benefits. This also includes retail pharmacy co-payments that may last for a maximum period of 30-days of generic drug supply, formula drugs, and un-formula branded drugs. Other kinds of Texas health Assurance health pool medical program advantages are ambulance use, blood transfusion, brain injury, anesthesia, Home infusion therapy, Gene Testing and Counseling, medical equipment use, mastectomy, and other hospital services and supplies. © Wings Of Success Page 31 of 38
Slide 32: Health Insurance And Health Savings Account Made Easy Group Health Insurance Below are some of the things to consider in health insurance. * How business can benefit from group health insurance? * What are the factors to be considered before taking group health insurance? * Who can take group health insurance policy? In essence a group health insurance policy is an insurance cover applied for by the employer, with Insurance Company. The employer would usually have to pay only a part of the premium (unlike earlier when 100% employee benefits were prevalent) of the group medical insurance policy. To counter this expense to the employee, Congress passed Section 125 so that the employee pays the expenses, on a pre-tax basis, for specified benefits. The employee's net expenses for the group health insurance cover, and for various other benefits, have been greatly reduced as a result. Small and Large Business Group Health Insurance Quotes, and, as an Employer, What are the Benefits of Providing Group Medical Insurance Policies: * It is a well known fact that an employee values a group health insurance cover and its benefits. It is viewed by the employee as the second best thing next to monetary compensation, and gives the employer the added advantage of being able to employ and retain the best in the business. * As an employer, you may not have purchased medical insurance cover for your self. Do you know that by buying medical insurance cover via a company, you would be probably getting better rates than if you were to purchase an individual medical insurance policy? * Additionally, a group health insurance policy also offers your employees and yourself a special bonanza in the form of tax incentives. For instance, as an employer you could reduce payroll taxes, by offering your employees group health insurance as part of a whole compensation package, thereby deducting 100% of the premiums that you would have had to pay on a qualifying group health insurance plan. Better still, your employees, using pre-tax dollars, would be able to pay their part of the monthly premium. © Wings Of Success Page 32 of 38
Slide 33: Health Insurance And Health Savings Account Made Easy Individual Health Insurance Diseases abound in various forms and types and are damn costly to treat, and with the economic news causing many sleepless nights, due to its negative effect on the wages. This means that an average mans salary is not sufficient anymore to cover for medical needs, while receiving a serious beating from the household budget let alone school expenses. These reasons have driven many people to seek for exclusive health insurance plans that will safeguard their future. Individual based health insurance is a program that affords many people peace of mind. Subscribers to this kind of individual based health insurance schemes always have a reason to smile, and that's because of the security it offers, who wouldn't be happy to know that whatever happens to them, their loved ones or relatives they are secure and safe from the ever increasing costs of medical treatment and related diagnostic procedures. This model of individual health insurance program is stated to have began after the Second World War, the American government provided utmost assistance to its citizens, then in the 1950, a form of health insurance program named Medicare was introduced by the US government of the time, to assist the financially disadvantaged people of different states. The 1960 saw the introduction of Medical support to the old, this program offered individual health insurance to the elderly population. Medicaid and Medicare health insurance schemes were launched in 1965. This two health insurance programs offered individual insurance cover sustained by the government. Medicaid personal health insurance program was administered by the administration for Social Security, while social and rehabilitation service was the government agency that provided Medicaid. There are many personal l health insurance plan options available and a person only has to select the one that suits their individual needs. Customary individual health insurance programs allowed a person the privilege of using his own physician and hospital of choice too. HMO is a form of exclusive health insurance program that offers its own health care experts and hospitals that the insured is required to consult for medication, treatment and confinement. The problem with this type of individual health insurance program is that it is restricted by the accessibility of health care experts. The new form of HMO permits the insured to get medical attention from © Wings Of Success Page 33 of 38
Slide 34: Health Insurance And Health Savings Account Made Easy health care specialists and health centers that are non-affiliates to them, the insured is entitled to some form of payment due to this. Individual based health insurance schemes offers the insured a sure deal that ensures the majority of his requirements are met. With this mode, the insured procures the individual health insurance program straight from the provider. The insured in this individual health insurance program is the person who selects what to be covered for. Contrary to the personal health insurance program, there is group insurance policy. A simple one provides cover that includes medical costs of most people, other than a single person. This group health insurance policy covers a number of people eligible for it regardless of their respective physical condition and age. The drawback of group health insurance policy as opposed to individual based health insurance plan is that it is not personalized and the person covered by it receives the similar policy as everyone in the company. This kind of health insurance program denies the insured the liberty to exclude or include. © Wings Of Success Page 34 of 38
Slide 35: Health Insurance And Health Savings Account Made Easy The Benefits of Low Cost Health Insurance With the cost of medication increasing on daily basis, not to speak of doctor's consultation fees, hospital charges and other professional fees, this calls for the availability of a low charge health insurance that accessible to everyone. The US government statistics indicate that higher than 50 million Americans live without low charge health insurance. Healthcare charges have over the years skyrocketed and people cannot afford it anymore. Minimal cost health insurance schemes are programs aimed at offering health insurance plan at subsidized rates that are very low. The unemployed, students, and low wage families are the main focus of the low cost health insurance. This group is allowed to select from a listing of low cost health insurance guidelines that give cover at the lowest in the market price. These low cost health insurance gives the advantage of low premiums in comparison to other health insurance schemes available. most of these plans allow the employer to pay some of the premium. It is good to remember that, though inexpensive, these plans should be tailored to personal needs. The minimal cost health insurance design should also provide cover against major diseases like cancer and Stroke. De-merits of low cost health insurance is because of the low premiums, it also offers less benefits. Minimal cost health insurance at most offers the bare costs of stuff like hospital fees, surgical fees, and normal physicians' bills. Theater, examination procedures, anesthesia, and lab costs are normally covered too. Iow cost health insurance doesn't offer coverage on things like surgical expenses including deputy surgeon's fees, blood transfusions, ambulance services, oxygen, prescribed drugs, and even prosthetics. There is also student health insurance which is a kind of low health insurance that offers insurance coverage to full time college students aged between 17-19. Undergraduates in this category must be enrolled with a minimum of nine credits to qualify for this sort of insurance. Graduates also qualify to apply for this kind of low cost health insurance program. Both these category of students should be enrolled in college or campus that is well recognized and approved by the state. Colleges and universities normally offer this sort of student low cost health insurance, so if you are bound for college or university, remember to check with them for © Wings Of Success Page 35 of 38
Slide 36: Health Insurance And Health Savings Account Made Easy the cover being offered, because each college and university has it's own policy governing that. This type of student coverage is also provided by other minimal cost health insurance providers. Cost remains as the most important aspect of this low cost health insurance program with the low premiums offered. It's also recognized regardless of student transfer between colleges or universities. The basic and ordinary college student health insurance plan is this minimal cost health insurance that is priced low with fewer benefits. Independent personal customized policies cost a bit more but give you better coverage. © Wings Of Success Page 36 of 38
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