Great Tips to Save More Money on Washington Medical Health Insurance

And for more information to help with your Washington health insurance decision, we’ve added more on Washington health savings accounts:

For the first part in this series on Washington health insurance savings accounts, Click here!

4. Prior to setting up an HAS you must have an existing Washington medical insurance policy.

IRS regulations are very specific on what qualifies as a plan, and not every Washington health insurance plan with a “high deductible” will work.  Verify that you are insured under a properly qualified policy, talk to someone that knows!  Find a qualified and licensed health insurance broker that understands what a properly qualified HSA plan is.

5. Being insured makes you eligible for HSA-qualified health insurance policy.

Many people don’t have a proper high deductible account and will need to switch insurance plans to qualify. If coverage isn’t offered under small group reform laws, a new high deductible policy will have to be individually underwritten by an insurance company.  And that means that some “pre-existing” conditions will not be covered.  Some health conditions such as: diabetes, chron’s disease, heart attack - will simply not be able to qualify. Underwriting requirements vary by state and you will need to see what works in Washington.

You don’t want switch to a HSA plan when other things are more important than saving up-front medical insurance premiums. Look into this Washington health insurance option if your health is strong and there are no medical concerns.

It is a straightforward process. Complete an application and the insurance company make s a determination based on that and a possible phone interview.  Based on your answers, medical records may be requested, and companies always reserve the right to order an exam.

6. While you will find that HSA insurance premiums are low, however, not always as low as you might expect. Although an HSA has a “high” deductible, companies must compensate for the risk it is assuming over the deductible amount. Most of these plans are for whole families.  TSO in some instance,  premiums for a 5000 family deductible with 100% coverage after the deductible to be comparable to a 2500 “per person” deductible plan with 80/20 coverage after the deductible.

Lower premiums are only one part of the lower net cost achieved with an HSA plan.  Lower taxes are the other piece because of the tax-deductible contribution to the HSA account.

7. Be in control of your health insurance rate increases. There will surely be rate increases with your HAS policy but the actual dollar amount increases are significantly lower in contrast to the conventional PPO and HMO plans. Insurers base their increases on percentages, and the same percentage on a lower base premium results less actual dollars. So when you are looking at health insurance WA plans, consider this as one of your options.

Click here to get your fast, free Washington Medical Insurance Quote Today!