|December 2018||Maximize your HSA e-Newsletter||Vol. 14, Issue 12|
Reminder: Open Enrollment Period Will End Soon
Just a friendly reminder that the open enrollment period (OEP) will end on December 15, 2018, in most states. If you are changing plans and you meet this deadline, you’ll have a guaranteed effective date of January 1, 2019.
Still haven’t decided which plan suits your healthcare needs? Feel like not enough information is available to help guide your choices? Here are some valuable tips that will help maximize coverage, lower costs and assure your health needs are cared for in 2019 and beyond.
If you think you may want to change plans during this open enrollment period, shop around. Spend time learning what healthcare plans have been introduced since you last enrolled. By shopping around, you might find cheaper alternatives that perform better than your current health coverage provider.
One convenient way to discover what’s out there is getting a free quote here. It costs nothing and will reveal more options than you thought existed. Rates may differ based on your area and may be comparatively better than national insurance companies.
Check out short-term plans
When the Affordable Care Act (ACA) cancelled insurance plans for millions of Americans, those in dire need of medical coverage were left holding the bag. Even more have lived without employer-sponsored health coverage due to layoff or work injury.
Short-term plans work similarly to normal health insurance plans, yet last for a predetermined amount of time. Most plans offer coverage in 30-day increments that last up to (but not over) 12 months. And, although short-term plans are not HSA-qualified, they could provide immediate coverage until more suitable options are available.
You can see some short-term insurance plans here.
Ever wondered whether tax-free contributions diverted into a special health care spending account actually helps control healthcare spending? Perhaps during this enrollment period, you’re ready to dive into these specialized plans.
Health savings accounts (HSA) are seen as virtual “escape routes” from the limitations and restrictions imposed by providers. By using an HSA to pay for qualified expenses by the provider or facility of your choosing, patients are given greater control over how their health spending is used long-term.
Need a secondary source of retirement funding? HSA plans can do that. With tax-free rollovers each year, when you’re ready for retirement, funds are immediately available for use as you see fit. Pay daily expenditures, cover medication, or take off and golf–you decide!
We cover HSA plans, discuss some how-tos and offer access to an HSA search engine right here.
Consider healthshare plans
Looking for an Obamacare penalty-exempt cost-sharing program with much cheaper premiums than traditional insurance? You may have heard of healthshare plans (HSPs) but aren’t aware of what benefits come with pooled resources.
These specialized plans aren’t offered by traditional insurance companies but rather healthcare sharing ministries (HCSMs).
One popular healthshare plan we’re seeing great success with is MPowering. This partially HSA-qualified self-directed plan affords you, the recipient, an opportunity to control costs while still receiving solid health coverage. Other healthshare plans we’re offering include Altrua HealthShare, AlieraCare, and Medi-Share along with another great HSA-qualified plan, Sedera.
Decide before OEP expires!
Before you know it, the open enrollment period will have come and gone. You’ll want to take advantage of the December 15 deadline if you’re wanting something established on January 1, 2019, which means you still have time to shop around and decide.
Your skilled personal benefits manager (PBM) is standing by should you need assistance. Your PBM can answer questions, help with quotes, assist with signing up for these plans, and more.
Take charge of your healthcare and make 2019 your healthiest, most affordable healthcare year yet!
Click here to schedule an appointment, or call 800-913-0172 to get started.
To your health and wealth,
Wiley P. Long, III
President - HSA for America
The HSA for America Maximize Your HSA Newsletter is published monthly and emailed to subscribers at no charge. Subscribe now to stay on top of the critical information you need to know about health insurance, healthshare plans and managing your finances to achieve financial security.
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