MAJOR MEDICAL INSURANCE

The MVP Instant Health Quote Sytem does a Comparison Quote for the best major medical insurance comanies in your area.  After quoting and comparing, you can click on apply now and get an application or please call one of our friendly, experienced insurance brokers who will help you with an application or answer any questions you may have.  1-888-299-0369.  We represent other health companies that do not have auto quotes.

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ACCIDENTAL INJURY INSURANCE

http://www.gacquote.com/quote/quote_result.php?quote=24hour&AgentID=1508#

SHORT TERM MEDICAL

http://stmdirector.eassuranthealth.com/agentlink.aspx?linkid=4868fa563c603c4e

STUDENT MEDICAL INSURANCE

https://www.etdbw.com/fh/ss/servlet/agententry?linkid=64079fa37c7b17ab

A SIMPLE OVERVIEW Health Savings Accounts HSA's

With an HSA, you divide the money you would normally spend for health insurance into two parts:

Part One: You buy a much lower cost medical insurance plan to cover the BIG BILLS-the deductibles range from $1,100 to $5,500 for a single and $2,200 to $11,000 for families (2 or more).

Part Two: The rest of the money you would normally spend on health insurance you can put into a TAX DEDUCTIBLE Health Savings Account (up to the amount of the deductible). This money belongs to you; what you dont spend is yours to keep. Some HSA accounts pay 5% interest compounded monthly on any balance in the account and the interest accumulates TAX-FREE. You can pay out-of-pocket medical, dental, vision expenses from the HSA or simply save it.  You can also use the HSA money tax-free for long term care premiums and Medicare Part B premiums, once you turn 65. 

Beginning January 1, 2004 individuals under the age of 65 are eligible to contribute to an HSA if they have a qualified health insurance plan. Contributions may be made by individuals, family members and employers and are tax deductible, even if the account beneficiary does not itemize.

A qualified health insurance plan for one person must have a minimum deductible of $1000 with a $5000 cap on out-of-pocket expenses. For families, $2000 deductible with an out-of-pocket expense cap of $10000. Both are indexed annually to the rate of inflation.

Individuals age 55-65 can make additional ýcatch-upý contributions of up to $800 in 2007, increasing to $1000 annually in 2009 and thereafter. A married couple can make two ýcatch-upý contributions as long as both spouses are at least 55.

What is the maximum annual tax-exempt savings deposit in an HSA?

Will a traditional high deductible policy qualify? My policy has a $2000 deductible per person. For my wife an I that would be $4000.

No, that plan will not qualify. The law is specific and clear. For a family (2 or more persons) the deductible must be one family deductible (all covered expenses add up to one deductible). The traditional high deductible policy does not fall within these requirements.

Is it possible to have a Health Savings Account without the qualifying insurance? No.

If I start insurance coverage in the middle of the month can I still fund the deductible to the max?

No, the deposits are pro-rated by the month, 1/12th per month. So if you start July 1st , you can only put in 6/12ths of the deductible into the Health Savings Account.

If I have extra money from time to time, can I fund my HSA savings at those times or do I have to do it with my regular insurance billing?

Funding the HSA is extremely flexible and the amount is totally optional. For ease and convenience, the deposit can be added to your insurance bill or use a deposit envelope and mail a check whenever you wish. As a matter of fact, you have until April 15th of the following year to make a deposit to the Health Savings Account

May Health Savings Account money be used on medical expenses that do not count as covered expenses under the insurance policy?

Yes. This is another of the great advantages of the Health Savings Account. The typical person is out-of-pocket a considerable amount every year for medical expenses that are not covered under the insurance plan due to the fact that the plan may not cover dental, or because of deductibles and co-payments. The individual is presently paying those amounts with after-tax dollars. If you have a daughter that needs braces for her teeth at a cost of $4000, it typically means you need to have $6000 in pre-tax income. With a Health Savings Account, you are going to cut out all of the extra cost by paying for dental work, eyeglasses, and other expenses not covered by the deductible with tax-free money from your Health Savings Account.

Can HSA money be used for non-medical expenses?

Yes, but money withdrawn before age 65 for non-medical purposes is subject to income taxes and a 10% federal excise tax.

What happens to the money in the HSA that I do not spend?

At the end of the year, the money not spent will simply continue to earn interest. The interest is not taxable if you use it for medical expenses.

If I accumulate a bunch of money, way over the deductible in my HSA, when I reach retirement age can I use the funds for living expenses?

Yes. At age 65 the HSA functions like a traditional IRA. You can withdraw money without penalty, paying only normal income taxes. And after retirement you can still withdraw the accumulated HSA savings tax-free to pay out-of-pocket medical expenses like nursing home care or other expenses not covered by Medicare.

Any other questions please call one of our friendly agents who can easily answer your questions and explain in very undertandable terms why an HSA is great for you and your family.  Toll free 1-888-299-0369 or e-mail our HSA expert Donna Petri at donna@mvp-insurance.com