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Eric Wilson
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Eric Wilson   My Press Releases


Published on 11/2/2018
For additional information  Click Here

The health insurance industry is very unique. When you compare it to other types of insurance, you will find that most insurances are based on the catastrophe.

Your auto insurance does not cover new tires or oil changes. Your homeowner’s insurance does not pay for a new paint job or if your oven breaks down.

Somehow, health insurance pays for doctor visits (new tires) and prescription drugs (oil changes). These two benefits are what adds most of the cost to a health care plan.

With health insurance, you pay for these benefits whether you use them or not.

This is why health savings accounts (H.S.A),  make a lot of sense. The HSA is used in conjunction with a High Deductible Health Plan (HDHP). The deductible, as you might guess, is higher and only covers the doctor visits and prescriptions after you meet that deductible. It protects you from the catastrophic loss and kind of puts you in control of your healthcare dollars. They often times cost half as much as a co-pay plan would cost.

H.S.A plans were we created in Medicare legislation and signed in to law by President, George W. Bush, on December 8, 2003.  They were originally called Medical Savings Accounts (MSA). They were designed by Senator Bill Archer, R-Texas.

Mr. Archer’s project was to reduce the cost of health insurance for the self-employed without sacrificing coverage for a major illness.  Mr. Archer’s brilliant idea was to eliminate the part of the traditional health plan that cost the most money.  These expensive benefits include doctor visit “co-pays” and outpatient prescription drug “co-pays”.  Archer proposed to Congress that if you eliminated these features from the health plan it was conceivable to cut your health premiums considerably.  He was absolutely right!

Here is an Illinois example.  A family of four with Blue Cross Blue Shield of Illinois parents in the Chicago Area 40 years old with two children $2500 deductible individual deductible $7500 family deductible is $683 per month.  That plan has co-pays, Rx coverage and an annual out of pocket maximum of $9000 ( 80% paid by insurance 20% paid by insured until they have spent $9000).  That is significant because it is a high out of pocket maximum plus your premiums.  And how often do you see a doctor in a given year?

Now let’s look at the same situation, the same carrier with an H.S.A plan.  This we will choose a $5200 family deductible.  This plan is 100% coverage after the deductible, so my out of pocket maximum is lower as well.  It is better coverage for the big, more catastrophic things that can happen.  This plans premium $473.

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