GetzWell Pediatrics is not a substitute for your health insurance. However, by choosing to bring your child to us, your health insurance needs will change and you may find it advantageous to alter your current plan. Three suggestions are listed below. In the long run, your aggregate medical/insurance costs may decline if you adopt one of these options. Your situation is unique and the decisions you make should always be guided by your personal financial and tax advisors as well as a qualified insurance agent.
A. INCREASING YOUR HEALTH INSURANCE DEDUCTIBLE
Many healthy families have a Preferred Provider Organization (PPO) health plan, with a relatively low ($500-1000) deductible. However, the premiums for such a plan can be quite high. By increasing your annual deductible to more than $4,500, monthly premiums may be greatly reduced, resulting in significant annual savings. See below about high deductible health plans.
B. USING A HEALTH REIMBURSEMENT ACCOUNT (HRA) TO PAY FOR SERVICES AT GETZWELL PEDIATRICS
As an employee, you may have access to a Health Reimbursement Account from your employer as part of your benefits package. An HRA is funded solely by the employer, to use for qualified medical expenses.
C. USING A HEALTH SAVINGS ACCOUNT (HSA) TO PAY FOR SERVICES AT GETZWELL PEDIATRICS
Health Savings Accounts provide tax advantaged opportunities for individuals enrolled in a high deductible health plan. An HSA combines a tax favored savings account and a qualified high deductible health insurance policy (HDHP). To qualify, you must have an approved high deductible insurance plan with at least a $3,350 (as of 2015) deductible for an individual or $6,650 (as of 2015) deductible for your family. Your contributions to a HSA accrue interest on a tax exempt basis. Unused amounts roll over to the succeeding year and aren’t taxed if used for qualified medical expenses!
The above suggestions are not intended as specific tax or insurance advice and may become outdated without notice. Your situation and insurance decisions should be discussed with your financial and tax advisors and a qualified insurance agent.