Insuring the entire family's health isn't always easy even with company benefits. The agency I work for has excellent Day 1 coverage for myself but it is more coverage than my wife, Mary needs. She is in good health, and doesn't require low deductible insurance.
So we went on a search for alternatives and found an excellent agent who is an expert in his field.
Until we resolved what kind of insurance to get for Mary he provided what is called "Stop-Gap" health insurance. This is low-cost insurance that provides just a few months coverage until I decided on a travel agency and had a chance to review their health coverage for the family.
He then recommended a high deductible health insurance to reduce our monthly premium but still provide adequate coverage should Mary need it. The difference between the lower cost higher deductible insurance and the higher priced group plan is then deposited in a Health Saving Account (HSA), which was easy to set up.
The monthly deposits in the HSA are tax deductible and can be invested for tax free income. We received a debit card that can then be used for eligible purchases and be applied to the yearly insurance deductible should a major health issue arise.
I like the idea that instead of giving the insurance company higher monthly premiums, I can control where and how our healthcare dollars are used plus retain the dollars not spent including interest. Tax free!
What works for me of course may not be the best answer for yourself. I found Herschel Macy to be an expert in healthcare insurance and glad to offer advice without the sales pressure.
You can view his web page www.hminsuranceadvisors.com.
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