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richardnday > Intel > Save Up To 50% On Your Health Insurance Plan

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Save Up To 50% On Your Health Insurance Plan

By Richard Day

Health Savings Account type plans are the least expensive way to insure you and your family. The high deductible health plans, which are linked with your health savings account, are cheaper because they don't include copays to see the doctor and they don't include copays for drugs.

So, what does it cost to see a doctor? Typically it costs approximately $70 for a physician's consultation. Even though it costs more to visit a doctor, it costs you less each month in the form of premium.

You would have to see a doctor more than five times per year just to spend enough money to equal a typical copay plan's premium.

Most people see a doctor two or perhaps three times per year, if they are healthy. One of those two or three visits is an annual physical, which is included at no cost, with most high deductible health plans.

If I haven't lost you so far, here is the kicker.

If you choose a high deductible health plan, you have the right to open up a savings account - a health savings account - at your local bank. Your contributions to that account are not taxed. (Not by the state, not Federally.)

As an example, if you are an individual and you choose to contribute the maximum amount to your health savings account, ($3,050). You will decrease your tax liability by about $102 per month. (Typically: Federal Income tax rate of $28% and state tax of about 7.5%, not to mention employment taxes.)

In summary, you not only save on the premium, cut you save on income taxes.

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Contributed by richardnday on January 30, 2010, at 5:32 AM UTC.

PLEASE VISIT THE CONTRIBUTOR'S WEBSITE
All Major Medical Health Insurance Providers
Understand Health Insurance Plans
www.RichDayHealthPlans.com/blog

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