There are many different pieces of health insurance that can be confusing for some people. Oftentimes people don’t even know what they need or what they are looking for when looking for private pay health insurance. Each person and each family has their own specific set of needs when it comes to the coverage they should select.
Beyond just choosing what healthcare provider is best for you, there are multiple different types of plans, as well. The two main types of healthcare that you can choose from are a PPO and an HMO. PPO stands for a Preferred Provider Organization and this will provide you with the most flexibility when it comes to visiting doctors or specialists, though you will likely have a higher premium.
An HMO plan stands for Health Maintenance Organization and it is a fairly strict plan with a network of providers you can see. You don’t have much flexibility with an HMO, but your premiums will be much lower and sometimes you won’t have a deductible at all.
Both HMO and PPO plans can be eligible for a Health Savings Account. If you are not familiar with HSAs, here is what you need to know.
What is an HSA?
A Health Savings Account is a member-owned account that lets you save pre-tax dollars for future qualified medical expenses. You invest in your own HSA and the funds usually don’t expire. This is only available for those who have a qualifying private pay health insurance plan and does not apply to those that are on Medicare, are claimed as a dependent on someone else’s tax returns or have received Veteran Affairs Benefits within the past three months.
How to sign up
If you would like to sign up for an HSA and begin saving money towards future medical expenses, it isn’t too difficult. Your first step should be checking with your health insurance provider to see if they partner with any HSA financial institutions. Oftentimes you will find that they do. If not, you can check with your bank to see if they offer an HSA option that will meet your needs.
Make sure you get as much information as you can about the HSA options available to you because they may differ slightly. Some will have fees associated with opening or closing the account. The way that you can deposit money into the account may also differ. You want to be sure that the HSA you choose fully meets all of your needs.
What can an HSA be used for?
An HSA is such a great investment because it can be used for many qualifying things. Of course, you can use it for doctor visits, emergency room visits and surgeries you may need, but you can actually use it for a whole lot more. Your HSA can also be used for things like physical therapy, prescriptions, contact lenses, wheelchairs, and dental and vision expenses. Each HSA account is different, so you will want to check what qualifies, but an HSA is a great way to save your money in an organized way to be used for medical expenses.
If you need help picking out the perfect private pay health insurance for you or your family, Health Server Solutions is here to help! We can even help you create a custom plan that fits all of your needs. Give us a call today and let’s get you covered!