Health Savings Accounts (hsa): Do I Still Submit My Bills To Insurance When Using Hsa Money?
The Health Savings Account (HSA) is becoming well-known as an incredible tool to reduce health insurance premuims and still provide good security for healthcare emergencies.
This article is about submitting your medical bills while you are still under your insurance deductible, and what to consider before doing that.
Generally, submitting your documentation to your insurance company even when you are paying with HSA money is still a good idea.
I say this for two reasons.
First, if you using services from an in-network doctor, or you require prescriptions or any type medical device, submitting your bills through your insurance company will reduce your costs for these services and products.
This is because the insurance company has already pre-negotiated a set of prices with those suppliers (doctors, pharmacies, etc.) and they need to give you those prices whether or not you have reached your deductible.
The difference between the "average Joe price" and the "insurance company price" is often dramatic. I've personally seen cases where a the price of a CT-Scan went from $1200 for the average Joe down to $275 for the insurance company price. That's a 77% discount! Take advantage of the prices your insurance company has negotiated, you'll be happy you did. It won't apply to everything, but you'll be surprised how often it helps you out.
Secondly, it makes sense to submit your HSA-funded doctor visits and prescriptions through your health insurance, even though they won't pay for it because you haven't reached your deductible amount.
You may notice that, as you continue to submit the seemingly small amounts here and there throughout the year, it may eventually add up to your deductible and your health insurance will kick in automatically. Although those years will be rare when you spend $2,500 or $5,000 on these healthcare services, it still might happen in any particular year. So, for this reason too, it is good to submit those bills into your insurance company.
Your doctor may be willing to fill out the paperwork for you, or you may have to send it in yourself. In particular, the opted-out doctors, that is, doctors, who do not take any form of insurance, will not do the paperwork for you, in order to keep their fees low. In these cases, you'll have to fill it out yourself.
The cases where you should not submit the claims to your insurance are those where the claim will be rejected. For instance, if you see a naturopath, acupuncturist or reflexologist, you'll have to explain to your insurance company why you think these services should be covered. Almost no insurer covers these services, even though they are tremendously useful, effective and inexpensive. We'll just have to wait for the insurers to catch up to the rest of us on that one!
Health Savings Accounts (HSA) will help usher us into a new era of healthcare and out of the crisis we are in today. Be part of the future! HSAs are available today!
Daryl Kulak is the author of the book Health Insurance Off the Grid - A Wonderful Way to Use Alternative Medicine and Save Money on Insurance Using the New Health Savings Account (HSA). The book provides a nine-step plan to get your self-employed or small business health insurance costs under control using a unique approach you won't find anywhere else. The book is available for sale as an e-Book or paperback at the Website http://www.healthoffthegrid.com
Indemnity Insurance For Landlords
As a property owner it is essential to protect yourself from the potential legal claims that could be made by tenants, contractors and members of the public who are injured whilst living in or visiting your property.All landlords are at risk of being sued if found to be negligent or in breach of their duty of care. For exa...(related: Insurance)
5 Steps To Cheap Car Insurance Premiums
Although car insurance is compulsory, it's not necessary to pay more than you have to. A few simple steps combined with some time surfing for competitive car insurance rates really can save you hundreds.Step 1 - Cut the Insurer's RiskThe easiest way to cut your...(related: Insurance)
Cheap Car Insurance ? 7 Tips To Reduce Your Car Insurance Costs
With the cost of car insurance becoming more and more of an issue for the average American family, there are increasing numbers of people looking for cheap car insurance. But although it...(related: Insurance)
A Free Term Life Insurance Quote Is Only Easy To Obtain
By searching online for life insurance, you can get a free term life insurance quote with no obligation to buy. In order to get the free term life insurance quote, you fill in the form on the appropriate page of the life insurance company website. You do have to make sure you provide honest answers to all the questions in order to get the life insurance you need....(related: Insurance)
Cheap Insurance - Ten Ways
Cheap insurance? Auto insurance, life insurance, health insurance, liability insurance - whatever type of insurance you need, you can buy it for less. Try the following:1. Raise you deductible. Why have a $100 deductible if a $1000 deductible won't break you? It may hurt to pay the first thousand someday, but what if meanwhile you saved several thousand? High deductibles mean lower rates. Of course, get quotes with various deductibles, to be sure you're saving enough for the higher risk.2. Lower your coverage. Insurance agents secretly admit that people usually get sued according to policy limits. You'll be sued for more if your limit is a million than if it's a hundred thousand. A judgement beyond the polic...(related: Insurance)
How Much Can My Auto Rate Increase After One Accident?
Accidents almost always make your insurance rates increase. Whether or not the accident was your fault, your insurance company may have to pay for your involvement in it. Most 'at fault' accidents result in an increase in premium, because the accident will get...(related: Insurance)
What Does Buildings Insurance Cover?
You will find that your lender will insist that you have this cover when you take out a mortgage. The lender, remember, owns your home until you have paid off the mortgage. However, because they don't live in it, you are responsible for it, thus you need to insure the building. Should the property fall down, the lender wants it to be covered for the catastrophe.But buildings insurance cover permanent fixtures and fittings as well. It will also cover toilets, baths and fitted kitchens, your interior decorations and bedroom cupboards. To know what your buildings insurance will cover, try this simple test ? can you reasonably remove the fixture and take it t...(related: Insurance)
The Surety Bond Domino Effect
I have written many articles about the hard surety bond market. To my surprise many want to know more details as to how we got to where we are at. Like all industries the surety bond industry is heavily influenced by the economy. We can all remember the strength of the US economy at the end of the millennium; it seemed that businesses were flourishing with prosperity everywhere you turned. By the end of 2000 the economy began to slow down. The success of any contractor is directly...(related: Insurance)
If You Rent A Home, Protect It By Buying Renters Insurance
Renters insurance is often overlooked by people who are renting their house or apartment. Many people don't realize that their landlord's insurance only covers the building that you live, there in no coverage for your personal belongs. Renters insurance...(related: Insurance)