An Answer To Sky High Health Insurance Premiums

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An Answer To Sky High Health Insurance Premiums Powered By Docstoc
					                                              Presented by Daniel Toriola

     Health insurance has become a necessity in today's world considering the rise in the cost of medical care and
    treatment and the huge population of the country. The escalating cost of medical treatment today is beyond the
                                              reach of the common man.
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                                 An Answer To Sky High Health Insurance Premiums
                                                              By Vern Bell

   Actuaries at the Centers for Medicare and Medicaid Services calculate that national health
expenditures grew from about 7.0 percent of GDP in 1970 to 15.3 percent in 2003. And, they forecast
that medical expenditures will reach 20 percent of GDP by 2015. It's no longer possible for business,
our government, or individuals to ignore these rising costs.

Clearly, something must be done. We baby boomers can remember a time when we never gave health
insurance a thought. It just automatically came with employment as a free perk. It's not that employers
were all that much more generous way back then. Just like today, business was driven by profit. But,
businesses needed workers, and workers were a scarce commodity at the end of World War II. Health
insurance was a cheap benefit. Once one employer started throwing it in they all had to just to stay

Since that time the cost of health care has skyrocketed. There are two chief reasons for this. First,
medical science has advanced greatly over the past 50 years. At the end of World War II there was no
open heart surgery. And, only a few decades earlier even diabetes was a death sentence. Countless
lives have been saved and the quality of life, for virtually everyone, has been greatly elevated by the
enormous advances made in medical science over the past five decades. But, these wonderful
advances have come at a cost.

The second reason that health expenditures are nearing 20 percent of the GDP is simply a lack of
diligence. Because we have come to view medical expense as “free” we've failed to manage the cost
of these services adequately. Collectively, we've been careless consumers. Our benefits packages and
appetites have all contributed to our failure to keep an eye on medical costs. The government has
complicated the matter by stepping in with legislation that, in effect, guarantees healthcare for all. And,
first class healthcare with the latest technology at that!

So where does this all end? Do we just keep spending until medical expenses consume 25% or even
30% of GDP? That may suit the medical industry. But, it spells financial disaster for the nation.
Congress took a major step in the right direction in 2004 when it passed legislation which created a
special class of tax deferred savings account - the Health Savings Account or HSA. The goal of this
legislation is to put consumers back in control of medical expenses while providing insurance products
that would cover high unexpected bills. Health Savings Accounts can only be set up in conjunction with

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                                                                                                                   Page 1
                                                 Presented by Daniel Toriola

the purchase of a qualified High Deductible Health Plan (HDHP). The HSA HDHP combination is a
good way to go for individual and family plan purchasers, especially if you're overall health is relatively

The idea is to purchase a less expensive health insurance plan and then deposit the premium
difference in a savings account. The higher deductible insurance plan creates financial incentive to
control cost while providing financial relief should a major illness or injury occur. By depositing the
premium difference in a Health Savings Account the consumer builds equity which can be used for
healthcare costs which aren't covered under the medical insurance plan.

The beauty of the HSA is that contributions are tax deferred when you put money in, and tax exempt if
you use the money for qualified purposes. I repeat: When you use the money you save for qualified
medical purposes you never have to pay taxes on the money or on any earnings the money may have
accumulated - this is huge! A number of banks have web sites to explain the intricacies of setting up a
Health Savings Account. And, your insurance agent can help you select a qualified High Deductible
Health Plan.

Vern Bell, MBA, CBC is an independent consultant and creator of

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                                              Presented by Daniel Toriola

                              How to Lower Your Health Insurance Premiums in Texas
                                                           By Jordan FeRoss

For many people that live in Texas, it’s getting difficult for them to keep their health insurance. The cost
for health insurance in Texas increases year after year, with no end in sight. If this keeps up, soon very
few people will be able to keep their insurance coverage. However, it doesn’t have to be all doom and
gloom with paying for insurance in Texas.

 You just have to shop around to see where you can find lower priced premiums that will provide the
health coverage you need. There is a light at the end of the tunnel—you can find lower premiums for
health insurance and still get good coverage. Health insurance in Texas can sometimes take time as
far as looking for low cost coverage.

 There are some things you need to know about health insurance in Texas when you’re looking for
premiums that are reasonably priced. The premiums are based on your age. The younger you are, the
less you will have to pay for your health insurance premium. Of course, if you are older, you will have
to pay more.

 When looking for low priced premiums, look for the most efficient way to get one so that you can save
money. What you can do when you’re looking for premiums is to see which options you need. The
options that you don’t need, you should leave out. You may find out that you may not need as much as
you think. This can help you cut costs with your health insurance in Texas. Get an insurance plan
where you can add on later if you need to and if it’s economically feasible for you.

 There are some surgeries and body replacements that you may need later on. You can find a health
insurance plan in Texas that will allow you to pay for those services when the time comes. Ask your
insurance provider the best way to do this. In addition to that, find out what payment options you have
to pay for your premium. They will be able to advise you on the best way to pay your health insurance

 Make sure to check out as many health insurance premium plans in Texas as you possibly can. It’s
always a good idea to check out more than one. This way, you will be able to determine what will be
the best coverage for you. You may be surprised at what you find.

 If you want to do a simple search online, type in where you live along with “health insurance”. You can
do this with any search engine. You will have a lot of choices to choose from in the state of Texas.
Narrowing it down to where you live in the state will help you moreso than using the state. Because the
state is so big, it may take you forever to find what you’re looking for. Make sure you conduct your due
diligence to find the right health insurance company in Texas that will work for you.

This article about health insurance in texas is brought to you by Texas Health and Jordan FeRoss. You
need to check them out at

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                                             Presented by Daniel Toriola

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