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Low Cost Indiana Health Insurance Account (HSA) Options

Indiana Health Savings Accounts (HSA) are available from most major insurers and are quite affordable. An Indiana HSA is a low cost alternative to conventional health care coverage.

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Low cost Health Savings Accounts (HSAs) in Indiana are available. Anthem Blue Cross, Aetna, UnitedHealthOne and Humana feature affordable Indiana HSA plans with low premiums and comprehensive benefits. Assurant and Celtic also offer HSA policies, although rates in many parts of the state are not competitive.

Low cost Indiana Health Savings Accounts have become extremely popular among individuals and families that want to take greater control of their medical spending and medical decisions. Also, by paying out of pocket health care expenses with tax-deferred dollars, even more savings is realized. Nationwide, more than 10 million persons utilize HSA plans, up from 8 million in 2009.

An HSA is an affordable alternative to your traditional comprehensive health care plan. You are the owner and have complete control of the funds in your Indiana HSA plan. Any investment decisions are made by you, and not a third party. Also, by contributing into the side account, you will reduce your taxable income for the year of contribution. If you leave your job or retire, you keep the money in the account. And unused funds roll over to the following calender year and can be used.

Some of the most popular features of an Indiana Health Savings Account are the provided preventive benefits that are NOT subject to any deductible, copay or waiting period. Some of these benefits include pediatric immunizations, mammograms, cervical cancer screenings including a Pap smear test and pelvic exam, annual physicals, prostate cancer screenings, colonoscopies and OBGYN exams.

To take advantage of an HSA, you must have an active “High Deductible Health Plan” (HDHP). An HDHP is a high-deductible catastrophic health care plan that frees up money that you can deposit into your HSA account. These types of plans are available from most of the major Indiana health insurers and are fairly inexpensive. Often, you can request a debit card to be used for qualified purchases and aid in the recordkeeping of purchases. For 2010, the minimum deductible requirement was $1,200 for individuals and $2,400 for families.

Insured banks and credit unions can establish the HSA account portion of your coverage. Normally, at the time you purchase the HDHP, you will be given the opportunity to set up the HSA. You can also make a minimum deposit into the Indiana HSA prior to the effective date of the HDHP effective date. As soon as the HDHP is approved, your HSA is in effect.

Health Savings Account Rates in Indiana remain very affordable. For example, a healthy 45 year-old male in the Indianapolis area can purchase an HSA for only $161 per month (UnitedHealthCare 5,000 Deductible) or $203 (Anthem Lumenos $2,500 Deductible). A healthy family of three (45 year-old parents and one child) would pay a rate of $421 (UnitedHealthCare $5,000 Family Deductible). Naturally, rates are subject to underwriting and could be higher or lowerFree Reprint Articles, depending on other factors.

 

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ABOUT THE AUTHOR


Ed Harris is one of the nation's premier resources for affordable health insurance. His websites provide low cost health care to US residents, and allow them to view, compare and apply online for health insurance coverage.



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