Small business health insurance premium increases each year have cut deeply into Dr. Bradshaw’s practice income. Being a health-conscious chiropractor, she rarely used her personal health insurance for medical care. “My staff is healthy and they’re really interested in health benefits for medical emergencies. We all eat healthfully, work out, and do pro-active things to keep ourselves from getting sick.” Dr. Bradshaw heard that a Health Savings Account could provide a satisfactory solution that would offer lower cost health insurance covering catastrophic care and at the same time provide options for improving or sustaining health.
The premium costs of health plans have been overwhelming for employers and individuals
“None of my staff took expensive medications so I dropped prescription coverage a few years ago to save some money,” admits Dr. Bradshaw. “Even so, the premiums and copays continue to go up and all of us still pay a lot of out-of-pocket expenses for things like our dental and eye care.”
No one wants to get sick. But there is a real fear of not having adequate insurance coverage causing financial ruin from medical expenses. People stay in jobs just so they have health benefits. Businesses continually switch health plans or drop certain benefits so they can stay profitable.
Investing in our own wellness seems like a good idea
What are we willing to pay and to do not to get sick? Larger companies recognize the value of healthy employees and spend thousands in wellness initiatives in order to save on health expenditures. There are those individuals who delight in their health-diligent choices and spend their own money on fitness programs, stress reduction, healthy foods, and alternative medicine. For these people there is a medical insurance plan that invests in their health.
An HSA saves you money and your health
Back in 2003, our Federal Government made Health Savings Accounts (HSA) available. Tied to a much less expensive high deductible medical insurance plan, the tax-advantaged funds in the HSA could be used for medical expenses but also for health-promoting expenditures like dental care, chiropractic adjustments, and acupuncture treatments. Any funds that aren’t used roll over to the next year collecting tax-free interest. When you reach age 65, the funds left in the HSA act much like an IRA and can be used for non-medical expenses.
Sensible Personal and Small Business Medical Insurance Plans
Dr. Bradshaw immediately saw the benefits of the Health Savings Account. It was the best solution for her personal medical insurance and for her small business employee benefits. Her employees loved having the control of their health care dollars and choice of practitioners.
Now she thought, “This would also be a great personal health insurance plan for my patients who could use their HSA to pay for chiropractic services. What a sensible wellness plan.”
Copyright © 2008 Dr. Andrea Brockman T-Horizons, LLC All Rights Reserved
Dr. Andrea Brockman is CEO of T-Horizons, LLC; a nationwide brokerage firm specializing in Health Savings Account compatible health insurance plans for individuals, small businesses, and health practitioners. She is also the President of OraMedica International, LLC; a company dedicated to educating the public, health professionals, and employees about the dental connections to chronic disease, pain, obesity, stress, and pregnancy complications.