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"With as much competition as there is in the
healthcare industry, customer service and prompt attention to detail is more important than ever when deailing with insurance vendors. The City of Azle is grateful to Tammera and her team who are always
there to answer our questions.
- Cat Schlueter, PHR
Human Resources Manager, City of Azle
If youıd like to talk about your options, please
contact us. Our service is free, and it doesnıt stop
once you purchase a plan.
Youıll get our expert advice and help through every
step of owning an insurance policy.
Healthcare Blue Book is a free consumer guide to help you determine fair prices in your area for healthcare services. Click here to find fair prices for surgery, hospital stays, doctor visits, medical tests and much more.
Insurance Benefits by Tammera Hollerich & Associates is designated by the National Association of Health Underwriters as a Small Group Specialist (SGS). This licensing assures you, our client, that we are certified to provide you the most complete Health Insurance portfolio. Designation as a Small Group Specialist is only awarded to agents who have passed the rigorous examination and are qualified to provide this level of expertise. We look forward to working with you as your Small Group Specialist.
Insurance Benefits Most Asked Questions
What is a Health Savings Account ('HSA')?
Health Savings Account is an alternative to traditional health insurance; it is a savings product that offers a different way for consumers to pay for their health care. HSAs enable you to pay for current health expenses and save for future qualified medical and retiree health expenses on a tax-free basis. You must be covered by a High Deductible Health Plan (HDHP) to be able to take advantage of HSAs. An HDHP generally costs less than what traditional health care coverage costs, so the money that you save on insurance can therefore be put into the Health Savings Account. You own and you control the money in your HSA. Decisions on how to spend the money are made by you without relying on a third party or a health insurer. You will also decide what types of investments to make with the money in the account in order to make it grow.
What Is a 'High Deductible Health Plan' (HDHP)?
You must have an HDHP if you want to open an HSA. Sometimes referred to as a catastrophic health insurance plan, an HDHP is an inexpensive health insurance plan that generally doesn't pay for the first several thousand dollars of health care expenses (i.e., your deductible) but will generally cover you after that . Of course, your HSA is available to help you pay for the expenses your plan does not cover. For 2009, the maximum can you can contribute to a Health Savings Account is a $3,000 for single coverage and $5,950 for family. For 2009 the minimum deductible is $1,150 (self-only coverage) or $2,300 (family coverage). The anual out-of-pocket cannot exceed $5,800 (self) or $11,600 (family). HDHPs can have first dollar coverage (no deductible) for preventive care and higher out-of-pocket (copays & coinsurance) for non-network services.
Does an HSA pay for the same things that regular insurance pays for?
HSA funds can pay for any qualified medical expense, even if the expense is not covered by your HDHP. For example, most health insurance does not cover the cost of over-the-counter medicines, but HSAs can. If the money from the HSA is used for qualified medical expenses, then the money spent is tax-free.
What happens if I don't use the money in the HSA for medical expenses?
If the money is used for other than qualified medical expenses, the expenditure will be taxed and, for individuals who are not disabled or over age 65, subject to a 10% tax penalty.
Do unused funds in a Health Savings Account roll over year after year?
Yes, the unused balance in a Health Savings Account automatically rolls over year after year. You won't lose your money if you don't spend it within the year.
