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We may have answered some of your questions in our Healthcare Blog. Take a look at some of our posts and maybe that can help answer your questions.
An HSA is a tax free savings account that allows you to set aside pretax money to cover health care not covered by your insurance. To be eligible for an HSA in 2020, you must have a qualifying, high-deductible health plan (HDHP) with an annual deductible of at least $1,400 for an individual or $2,800 for a family. You can’t contribute to an HSA if you’re enrolled in Medicare or a dependent listed on someone else’s tax return.
High-deductible health plans (HDHPs) are more common than ever. The reason is simple, the
cost is a lot less expensive than traditional plans like PPOs and HMOs. But there’s a lot of
confusion about what exactly they are and how they work.
The Short Answer: Deductibles are a major part of any health plan. The deductible amount for your health plan is the amount of money you must pay for healthcare in one year before you insurance company pays (instead of you). For 2020, the minimum deductible that qualifies for a Health Savings Account (HSA) is $1,400 for an individual and $2,800 for a family. That is a common threshold for most employers. Now, there are a lot of caveats, but that is the short version
Healthcare sharing ministries (HSMs) are non-profit organizations that have created a mechanism for sharing health care costs among members who have common ethical or religious beliefs. An HSM does not offer health insurance. Rather, they offer to share healthcare expense among members as they are able. They do not accept risk, make no guarantees and do not purchase reinsurance policies.
Co-Insurance is way to split payment for specific services between you and your insurer. Typically only certain high cost services will have a co-insurance payment, like hospitalization. With a co-insurance amount (usually a percentage of the allowable charge), you will always pay that percentage each time you use that specific service.