I would like to talk to you today about Florida Health Savings Account plans (Florida HSA). This is a type of health insurance plan that offers very low cost premiums with a somewhat higher deductible.
Many of you have discovered how great these plans can be and have already taken advantage of them. The rest of you still have a frame of mind that prevails you from buying these cost-saving Florida health insurance plans. You still think that you will be able to buy a plan with low co-pays, covers everything and has a $ 100 deductible. Then again, many of you still hold on to the hope that Santa Claus is a real person.
Let's say you are sitting in your living room and a baseball flies through the window. It breaks a pane of glass. You call to have it repaired and the charges total $ 100. Your homeowner's policy has a $ 5,000 deductible so you pay out of pocket.
Chances are you do not spend the next day shouting about your rotten homeowner's policy that would not reimburse you the $ 100. Chances are that you do not shout at your home owner's insurance agent about "What the hell do I pay premiums for?"
Why? It is because you bought the policy to help pay for the things that can happen to a home that cost a lot of money. Situations like a fire or a hurricane. You are smart enough to know that if they paid for the broken window, your homeowner's plan would be even more outrageously expensive than it already is. You can pay for the window and your children will still eat tomorrow.
The purpose of insurance, any type of insurance, is to provide financial help for those situations that would have a hardship if we had to pay out of own pockets. The degree to which you want to be protected, in other words the amount of compensation you receive and the deductible (the amount you have to pay before the insurance company does), will determine how much you pay for insurance. It is as simple as that.
Those of you looking for a Florida health insurance plan with $ 10 co-pays, $ 100 deductibles, vision, dental and a limo to pick you up and take you to the doctor are living in a dream world. Health insurance premiums in Florida, in case you did not notice, are going up each year 8% to 20% depending on the carrier and plan.
Now, let's talk about an intelligent solution. The rest of this discussion will assume a working knowledge of 4th grade arithmetic. You do NOT have to smarter than a 5th grader to understand all of this.
All of our HSA plans are PPO's. In other words, if you go to a network provider (physician, lab, testing facility, etc.) you are owed to the discounted PPO rate for services. You will pay the reduced rate the insurance company pays. A physician …