New York Health Insurance and Health Savings Accounts

This is continuation of an article on New York Health Insurance and Health Savings accounts -  To see the first part, click here!

5. To qualify for the HSA-qualified health insurance policy you have to be insurable.

Since most people do not have a properly qualified high deductible insurance policy, they will need to switch insurance plans to qualify. Unless coverage is being offered under small group reform laws, the new high deductible policy will be individually underwritten by an insurance company.  WIth that, some “pre-existing” conditions may not be fully covered.  Some companies may opt to cover certain “pre-existing” conditions but charge slightly higher premiums. Some health conditions such as: diabetes, chron’s disease, heart attack – will simply not be able to qualify. Underwriting requirements vary by state.

Don’t switch to a HSA plan when the management of existing medical expenses is more important than saving up-front medical insurance premiums.Only consider this if your health is strong and there are no upcoming medical concerns to deal with.

Most insurance companies offering HSA coverage make it a simple process based on your application answers and occasionally there a follow-up telephone interview. Based on your answers, medical records may be requested, and companies always reserve the right to order an exam.

6. HSA insurance premiums are low but not always as low as you might expect.
With insurance it is all about risk.  Although it has a “high” deductible, the insurance company still must compensate for the risk it is assuming over the deductible amount. These insurance companies are offering plans for whole families.  Therefore, it is not uncommon for 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 represent just one element of the lower net cost achieved with an HSA plan.  The additional cost savings is achieved after factoring in the benefits of lower taxes because of the tax-deductible contribution to the HSA account. So if you are looking for the lowest possible gross premium, you may want to consider a high deductible, non-HSA policy.

7. With an HSA you can keep a cap on health insurance rate increases.
While you will have rate increases with your HSA insurance policy, you can expect the actual dollar amount of any future rate increases will be substantially lower compared to traditional health insurance plans (regular PPO and HMO plans).  This is because insurers base increases on percentages, and the same percentage of a lower base premium results in a lower dollar increase. While not a perfect solution, it is the most cost efficient solution for many qualified people.

So when you are looking at New York health insurance plans, you might want to consider this as one of your options.

Get Your FREE New York Health Insurance Quote TODAY!  Click Here -

New York Health Insurance – What About an HSA?

When you are looking into New York medical insurance, you might want to see a variety of options.  one of the newest things to consider would be any New York health insurance options called health savings accounts. Health savings accounts, or HSA’s as they are commonly called, are wildly popular. There have been approximately 2.5 million Americans enrolled in these consumer driven health plans since they started in 2204.  However, HSA’s are not for just anyone.  We’ve come up with some top tips to figure out if an HSA will work for your New York health insurance plan.

1. For many people having an HSA will cut your insurance costs by an average of 40%.
To realize significant savings, you are someone that pays all of your own health insurance premiums.  This is frequently someone who is self-employed and are fairly healthy with few medical costs.

2. Health savings plans increases your freedom of choice.
By having an HSA plan, consumers are now back in control of their own health care. This also means that each individual must be more responsible for his or her own health care decisions. This isn’t always popular with or appropriate for everyone, especially those who enjoy the HMO-type “co-pay” plans.

3. You can also reduce income taxes with an HSA.
Each dollar that you contribute to your HSA is deducted from your taxable income.  Whether you spend it or save it, it counts as as deduction similar to your IRA contributions. Also like an IRA interest and earnings accumulate tax free. Withdrawals are tax-FREE when used to pay qualifying medical expenses.

4. Prior to setting up an HSA, you must already have an insurance plan in place.
IRS regulations, however, are quite specific as to what qualifies as a plan.  Not just any policy with a so-called “high deductible” will work.  Make sure that you are insured under a properly qualified policy. Be sure to find a qualified and licensed health insurance broker with knowledge on properly qualified HSA plans.

To read the rest of the Health Insurance New York – HSA’s and You – Click Here!

Get Your FREE New York Health Insurance Quote TODAY!  Click Here -

What Will Help Lower Your New York Health Insurance?

Cheap Health Insurance

Finding a cheap New York health insurance policy can be difficult for some people.  However, the old saying that “health is wealth” come into play in this situation.  It’s a true statement that the healthier you and your family are, the lower the cost of your insurance plans.  Now the question is, can you really do something to bring down your premium? Here are some fast tips that will allow you to reduce your rates quickly and easily:

1.    Maintain or adopt a healthy lifestyle

We’ve all heard a number of benefits for living a healthy life. Your healthy lifestyle can easily help you in bringing down NY health insurance premium. The combination of exercising regularly, eating a healthy diet, avoid smoking and heavy drinking and your visits to the doctor will surely be minimized. The healthier you are, the lesser you are considered a risk for the insurance company.  Lower their risk exposure, lessens the cost of obtaining health insurance for you in New York.

2.    Comparison shop for the best available rates

One of the best options to keep your premium lowest is to go out and shop around for the health care policy. This will ensure that you find the best available health insurance policy that fits in your budget. Do a thorough research before investing in any policy. You can get information from your friends and relatives and quickly compare companies on the internet.

3.    Choose plans with higher deductibles

Health insurance plans with higher deductibles tend to have lower premiums. Your deductible is the amount you are expected to pay toward hospital, doctor, and other medical bills. When you choose a plan with a higher deductible you have the potential of paying more for your medical care. If you are generally healthy and do not fall ill very frequently, then this may be the plan for you.  For those with a history of some major consistent illness, you might want to consider other options.

4.    Make sure to have health insurance at an early age

New York health insurance premiums are based in part upon a person’s age.  The younger you purchase your health insurance plan, the lower the rates.  Even if you have the same policy from 25 to 50, your rates will be lower than the person first getting the policy at age 50.  So not only are you covered for all of the years, your rates are lower in the end as well.

5.    Get in touch with independent insurance agents

You can get great assistance from independent insurance agents. These agents represent several insurance agencies and can guide you to pick the right kind of health insurance policy and then plan your premiums at an affordable rate. Since independent agents will compete to get the business you can get quick, serious offers that will enable you to determine what would work best for you and your family.

Click HERE for your free, fast New York health insurance quote TODAY!

5 Steps to Lower Your New York Car Insurance

Cheap New York Car Insurance

There’s no getting around car insurance these days!  Whether you live in Manhatten, Albany, Syracuse or Poughkeepsie, you are going to be getting New York car insurance! But you do not need to pay more than you have to for a good solid policy. By doing these easy steps and making some time to search for competitive New York car insurance rates you can save a substantial amount of  money at renewal time.

Step 1 – Low Risk Equals Low Cost
The easiest way to cut your car insurance premiums is to cut the risk and accept a higher deductible level. An insurer’s standard deduction may be $100 but if you meet the first $250 or even $500 of any claim, you’ll see a huge reduction in your premium. This is because you’re taking on more of the risk so you get a discount. But it’s a gamble, be aware that you might have to meet the cost of a broken window after an attempted theft or a bill for repairing bodywork damage after a car park crunch.

Step 2 – Security Means Great Savings
Fitting security devices can also result in cheap car insurance premiums. All major insurers insist on Thatcham rated security equipment, usually a minimum of an alarm. If you live in a high-risk area for car crime, it makes sense to fit extra security. Hello!  Do you think in New York car insurance safety features would make sense?  It saves you money when your insurance renewal is due and gives you extra peace of mind.

Step 3 – Less Miles Means More Savings
If your annual mileage is, 5,000 miles or less, ask insurers if they offer discounts for agreed mileage restrictions.

Step 4 – Adding Named Drivers to Policy
Based upon the drivers age, sex and driving record, adding a named driver to your policy can increase or reduce your premiums. If you add a young driver your premiums will increase, particularly with a limited or poor driving record. However, adding a driver over 30 years old with a long and clean driving record can cut premiums, particularly if the named driver is female!

Step 5 – Shop, Compare and Save
The biggest New York car insurance savings come from comparison shopping. There can be massive differences between the lowest and highest car insurance quotes for exactly the same car and driver or drivers. Start off by getting online comparison quote sites, take their best quotes and go directly to the cheapest car insurance company for more specific quotes.

So the next time your car insurance renewal quote arrives, don’t just accept it, use the steps above and get the right coverage at the right price.

To get your New York auto insurance quote TODAY, click here!

Make Sure to Check These Health Insurance Points

NY Health Insurance

You know the big ticket items and what you need when you are looking for health insurance, or do you?  There are a number of key points that agents won’t bring up that you ought to check before you choose a New York health insurance policy!  Here are some top points that you need to know!

1. Are You Fully Covered in All Events?

You need to check your health insurance policy!  There are a number of New York health insurance plans that have exclusions that eliminate your benefits for anything that “could have” been covered under Workers Compensation or similar laws.  This can have a huge impact on you in the event of certain health issues!

There are designed insurance plans that will cover you on and off the job each hour of a day, if you are not required by law to have Workers Compensation coverage.

2. Taking All the Deductions?

Are you taking advantage of owning your own business?  Independent contractors (1099′s), home based business owners, professionals and other self employed people generally are not taking advantages of all the tax laws available to them.

Many people who are paying 100% of their own costs are eligible to deduct their monthly health insurance payments even in New York! Just that alone can reduce your net out of pocket costs by as much as 40%. Ask your tax professional to see if you are eligible and check out the IRS website for more information.

3. Know the Internal Limits for Your Plan

Know what an “Internal Limit” is?  In an insurance plan, the insurance company has pre-set controls for what they will be paying out for each particular service or or health procedure. There are two basic methods.

The first is scheduled benefits.  Many plans, some of which are specifically marketed to self employed and independent people, have a clear schedule of what they will pay per doctor office visit, hospital stay, or even limits on what they will pay for testing per 24-hr. period. This structure is usually associated with “Indemnity Plans”. If you choose one of these plans, be sure to see the schedule of benefits, in writing. It is important that you understand these type of limits up front because once you reach them the company will not pay anything over that amount.

Usual and Customary refers to the rate of pay out for a doctor office visit, procedure or hospital stay that is based on what the majority of physicians and facilities charge for that particular service in that particular geographical or comparable area. “Usual and Customary” charges represent the highest level of coverage on most major medical plans.

4. Make Sure to Shop Around

If you are reading this you, are probably shopping for a health plan. Every day people shop, for everything from groceries to a new home.  With this in mind, it is very disconcerting that most people never ask what a test, procedure or even doctor visit will cost. In this ever-changing health insurance market, it will become increasingly important for these questions to be asked of our medical professionals. Asking about price will help you get the most out of your plan and reduce your out-of-pocket expenses.  With rising costs in everything, saving money on your New York health insurance would be a step in the right direction!

5. Networks and Discounts

Almost all New York health insurance plans and benefit programs work with medical networks to access discounted rates. Networks consist of medical professionals and facilities who agree, by contract, to charge discounted rates for services rendered. In many cases the NY health insurance network is one of the defining attributes of your program. Discounts can vary from 10% to 60% or more. Medical network discounts vary, but to ensure you minimize your out of pocket expenses, it is imperative that you preview the network’s list of physicians and facilities before committing. This is not only to ensure that your local doctors and hospitals are in the network, but also to see what your options would be if you were to need a specialist.

Ask your agent what network you are in, ask if it is local or national and then determine if it meets your own individual needs.

Click HERE for your free, fast New York health insurance quote TODAY!