Leading Industry Experts say Act Now to Save on Health Care

Dec. 21, 2010 - PRLog -- Fort Collins, CO (PRWEB) December 20, 2010 – As the leading online specialist on how to save on health care with health savings accounts, the professionals at HSA for America are urging people to act before January rate increases hit.


Rates historically are raised on January 1, and many steep increases have already been announced for 2011.  In some states, rate increases have been approved ranging from 8.4 to 12.3 percent for multiple insurers.  In other states, insurers have been granted rate increases of up to almost 19 percent.


It is widely known that the best way for consumers to keep rates low is to buy in December because insurance companies generally apply rate increases last to the newest policyholders.  However, not as widely publicized is the fact that many carriers have extraordinary rate increases in store for policy holders.  HSA for America President, Wiley P. Long points out that, "Time is running out for consumers to keep premiums low because some insurers only honor their December quotes through December 24."  


One of the most popular ways to get low premiums is with high-deductible health insurance plans.  Consumers using this strategy may combine certain high-deductible plans with special tax-advantaged savings accounts to double their savings on health care.  Instructions on how to combine low-premium coverage, tax deductions and accounts that earn tax-free interest will be available Tuesday, December 21 and again on the following Tuesday, December 28 at 2 PM Eastern via a two-part series of free teleseminars presented by HSA for America.


Long advises, " HSA plans not only cut your health insurance costs by about 40%, but also help you reduce the amount of your income you pay in taxes to federal and state governments."


A health savings account or HSA Plan works with a high-deductible plan.  This type of coverage typically has lower premiums than full-coverage plans.  To be prepared for unexpected medical bills not covered until a deductible is met, consumers can earn tax-interest.  When it’s necessary to withdraw funds to pay for healthcare, the withdrawals may be claimed as tax deductions and it’s not necessary to itemize deductions.  Use the money saved on premiums and taxes along with the IRA-like untaxed earnings to cover unexpected medical costs.


An HSA works during economically unstable times because HSA owners can keep their account independent of employment.  Changing jobs and retiring do not put HSA funds in jeopardy, and any unused balance is not lost at yearend as flexible spending account funds are.


HSA balances roll over from year to year until the owner is ready to retire.  When 65, HSA owners may use their savings to buy anything, whether it’s health related or not.   They have the option of continuing to use their HSA funds for health care without paying taxes on the withdrawals or using the money for other expenses that are taxed.  This tax-deferral strategy is similar to how IRAs are used, except an HSA offers the additional benefit of making health care costs tax deductible.


Consumers can gain important information to control of their health care costs during a special series of two live teleseminars being presented by HSA for America on Tuesday, December 21 and again on Tuesday, December 28 at 2:00 PM Eastern - 11:00 AM Pacific.  Registration is available at http://www.health--savings--accounts.com/teleseminar.htm, and spaces are reserved on a first-come, first-served basis.


HSA for America offers instant quotes and online applications for a wide variety of health insurance plans at http://www.health--savings--accounts.com.   HSA for America will also help customers choose a bank for their HSA and set up their account.  In addition, they offer special member benefits to cut the cost of health care ranging from discounts on lab tests and prescriptions to medical bill negotiation services and international medical treatment options.


About HSA for America

HSA for America is the nation's leading independent health insurance firm specializing in individual and family coverage that works with a Health Savings Account.  HSA for America President, Wiley Long states, "Through our comprehensive website, we offer complete information on Health Savings Accounts and the health insurance plans that work with them. We offer instant quotes, online health insurance applications, and access to several banks that can act as an HSA administrator for HSA accounts."

# # #

HSA for America is the nation's leading independent health insurance firm specializing in individual and family coverage that works with a Health Savings Account. We offer complete information on Health Savings Accounts at www.HSAforAmerica.com.