Even our patients with acupuncture coverage on their health insurance plans are finding that there are increasing restrictions and less payout each year. Insurance policies that do cover alternative care are often very expensive and may not even be justified considering what they actually pay for. First they apply the usual and customary reduction, then subtract 20% to 30% for copay and then that amount is applied to your deductible. In the end you get a fraction of your claim or nothing at all.
However there is a simple way to reduce your out of pocket healthcare expenses and that is by opening a Health Saving Account.
Many of our clients are using the advantages of a Health Savings Account. The cost of your out of pocket health care expenses can be paid from a tax free account. That means that your health care dollars will have a 30% to 50 % discount with the difference coming from reduced state and federal income tax. Often this is more money returned to you than if you do have acupuncture coverage on your policy. Acupuncture is a covered expense and there are no list of qualifying practitioners, no qualifying diagnosis issues, no reduced payments, no deductibles, or maximum yearly claims. In fact your insurance company is often not even involved, this is a relationship between you and the IRS. Any expense that qualifies for a medical deduction for the IRS qualifies for a Health Savings Account.
If your health insurance is paid for by your employer ask about a tax free account that your company may already have. Some companies even help contribute to this account.
If you are buying your own insurance it is very advantageous to purchase a high deductible HSA policy. You can save thousands of dollars on premiums each year and pay for your medical expenses with tax free dollars. If you are self employed, the money in your account at the end of the year turns over into the next year. At retirement any unused money is treated like a IRA.
If this sounds confusing, it isn’t. We have been using HSA Bank for our policy here at the office and it has been simple and easy to use. Here is a link to their home page which clearly answers many questions you might have. If there are any questions just check over the HSA Bank website; they have telephone operators that can answer your questions.
If you are looking for a new HSA health insurance policy try talking to Laurie Stryker (firstname.lastname@example.org) or Tina Kennedy (email@example.com) at Jackson Benefits Services http://www.jackson-benefit.com we have found her very knowledgeable and helpful.