Mike Montes

I’ve been there, too

Back in the days before I began my career in the health insurance field, the topic of health care plans was extremely confusing. I remember my wife and I getting so overwhelmed when searching for a policy to cover our medical expenses. After weeks of research and phone calls, we ended up settling for a policy our agent sold us that turned out to be good for him—and not so good for us.

We ended up paying thousands of dollars unnecessarily. It was a hard lesson, but it’s what spurred me on to make sure that kind of situation never happened again. I made up my mind that I would become an expert on insurance myself. Thankfully my wife and I were able to recover, but it was one of those experiences I wouldn’t wish on my worst enemy.

Going forward, my motivation has been to protect my clients’ interests in every way possible. Unfortunately, not everyone is working in your best interests when a sizable commission is on the line.

That’s why I love working with HSA for America so much. They believe in standing up for the little guy in the health care industry by offering unbiased information and expert guidance to people regarding their health savings accounts, Medicare and health insurance policies.

Here at HSA for America, we share how to avoid common pitfalls that people can fall into without assistance from someone who knows the industry and who can help them find what would be best to do in their situation.

Health savings accounts 101

Health savings accounts (HSAs) are savings accounts linked to your health insurance plan that you fund in order to pay for health care costs. When you get a health savings account plan, you’ll be responsible for a yearly deductible, but you get 100 percent preventive health care coverage. Under the new health care reform law, you are eligible for preventive coverage regardless of what plan you have or even if you don’t have insurance at all.

What if I get hurt or sick?

Health savings accounts usually have lower premiums than most traditional plans. I can help you find an HSA plan that will minimize your maximum out-of-pocket costs compared to more traditional plans. In the long run, an HSA plan can actually save you money in years when your health is good, and in years when you need extra health care, too.

The great news about health savings accounts

With an HSA account, you can deduct all kinds of health care from your taxable income, including acupuncture, braces, medical massage, etc. with an HSA. Just look at all of the tax-subsidized medical expenses you’ve been missing out on capitalizing on!

There’s also a trick to switching to a plan with a higher deductible as you build up your savings. Start with the deductible that’s easy for you to manage while you fund your HSA. Reinvest the money you save by deducting your HSA contribution off of your taxable income to grow your HSA balance. When that’s big enough to cover a higher deductible, switch plans for a lower premium and save even more!

Why I’m a fan of healthshare plans?

Healthshare plans are a great option for many people. Their affordability is one of the main selling points for the one million members. More and more people are seeing the perks of abandoning their insurance and switching to medical-cost sharing. If you don’t qualify for a subsidy to help with insurance premiums, a healthshare plan is often the difference between having coverage for medical expenses and having none.

Your health isn’t something you should take for granted.

I’m healthy. Why do I need health insurance?

On a very personal level, I can relate to people who are healthy and not feeling too concerned about having health insurance. After all, health insurance is mainly for sick people, right?

My mom was what you’d call “healthy as a horse.” She was one of the few people over 60 I knew who wasn’t on any prescription drugs. But, at the young age of 62, she passed away suddenly because of a brain aneurism in 2004. She had to have brain surgery and needed to stay in the ICU for observation. All of this costs money. And if she didn’t have adequate insurance, we might still be paying her hospital bills to this day.

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