Health Savings Accounts offer a way to save for – and pay for – healthcare expenses. They are usually offered by employers, as they are a way to give benefits that are not subject to income taxes. For the employee, HSA’s work great with High Deductible Health Plans, since HSA’s have no deductible and can be used for all sorts of outpatient health services.
What if you don’t have an HSA though? Do you want something that helps you pay for healthcare expenses and has no deductible? Private healthcare companies offer great HSA alternatives called Fixed Indemnity Plans.
Indemnity plans are great HSA alternatives for individuals with private health insurers. BUT, you have to look closely at how much the plan pays for hospital and outpatient care. There are a lot of plans out there that offer a choice between affordable indemnity plans with little benefits, and expensive indemnity plans with reasonable benefits. United Healthcare is the only insurer that I’ve seen in my years of experience that provides good benefits at prices that accurately reflect your odds of using the coverage. That is, if you’re young, a good indemnity plan is very inexpensive, but if you’re in your 50’s or 60’s, expect the pricetag to be a bit more.
The bottom line: have a look at our simple chart, below, to compare your options.
Our best advice is to understand buying health insurance in the United States is extraordinarily complicated. Our agents can quickly learn about your situation and show you viable options to obtain coverage.
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