HSA-qualified health insurance plans have grown by 30% in just the past year. Contrary to statements by those who wish for a single-payer bureaucracy controlling your healthcare, Health Savings Accounts are not just for the rich. In fact, HSA owners range from recent college graduates, to couples nearing retirement.

Health Savings Accounts for Young People

One of the reasons that HSA plans are so popular among young people is that they are very inexpensive. It is common for someone in their 20’s to be paying less than $70/month for a plan that offers up to $3 million in lifetime benefits.

Young people have such low premiums because they tend to be very healthy, and less likely to use their coverage. If that is indeed the case, then any money they put in their Health Savings Account has the opportunity to earn compounded tax-free returns, possibly for 40 years or longer. With the Medicare trust fund scheduled to run out of money in just eight years, having a private nest-egg for retirement has never been more important.

Because a young person is much more likely to need their health insurance to cover an accident as opposed to a sickness, most young HSA owners add a $100 accident plan to their high deductible HSA plan.

HSA Plans for People in Their Middle-Years

Having a family can mean a lot of medical expenses, even if everyone is pretty healthy. There are checkups, immunizations, eyeglasses, braces, cough syrup, and who knows what else. But fortunately, having a Health Savings Account makes all of these expenses tax-deductible. Simply pay for the medical expense with pre-tax dollars from your Health Savings Account. Or simply save your receipts for reimbursement at a later date (after the funds have had a chance for more tax-free growth).

Remember to always maximize the contribution to your HSA before funding your IRA or other retirement accounts, since only Health Savings Account withdrawals are tax-free for medical expenses.

Health Savings Accounts for Those Approaching Retirement

It is kind of a scary time to be looking at retirement. It is inevitable that government retirement benefits will be cut, as there is simply not enough money available to even cover current costs. Even if Medicare does not run out of money, the average couple retiring today is expected to spend $240,000 on medical expenses during their retirement. If your retirement is in about 20 years, you can expect to spend nearly $400,000 on medical expenses.

Most people approaching retirement are looking at ways to put aside more money, and protect their assets from taxation. The very best vehicle to do this, out of everything available in the investment universe, is a Health Savings Account. That is because you get to deposit pre-tax dollars (like with a Roth IRA), but you do not have to pay taxes upon withdrawal if the money goes towards a medical expense. The 2009 HSA contribution limits are $3000 for individuals, and $5950 for families. Those over age 55 can contribute an additional $1000.

Health Savings Accounts are Your Best Bet

If you are reading this, chances are you already have joined the over 8 million people who have HSA plans. If so, you should take advantage of the tax benefits by maximizing how much you contribute, and making sure you track every single little medical expense you incur so you can reimburse yourself tax-free.

The time to act is now, if you don’t yet have an HSA plan. As more and more people carry HSA plans and become educated and involved healthcare consumers, the medical marketing place will respond with more competitive pricing and all consumers will benefit. A consumer-driven healthcare solution truly is the best bet, for you, and for our nation’s healthcare challenges.

When you’re considering buying anything, it’s important to consider all the information to hand and the same goes for health insurance. There are a few common misconceptions about private health insurance, so it may be worth re-considering your pre-conceived ideas before making a decision about whether a private health policy could be right for you.

Here are a few of the common misconceptions about private medical health policies that you might want to re-consider before deciding whether private health insurance is right for you.

I never get ill

Nobody wants to think the worst but even if you’re young and fit, you never know what’s going to happen. If you were to become ill or injured you could have to wait a long time on the NHS or risk having to pay a large lump sum for private treatment.

With private health insurance you can rest assured that if you were to become ill you’d be treated fast and that the financial side of things would be taken care of.

I can’t afford private health insurance

We all have to live within our means and that means making choices about what we spend on and areas where we can save. Think carefully before you discount private health insurance though – it’s free to get quotes on policies and you might be surprised at how low the costs could be. What have you got to lose?

Additionally, don’t forget to consider the bigger picture. It’s unlikely, if asked, you’d say that you could afford to take lots of time off work or to pay out a large lump sum for medical treatment either. However, these things are possible and could mean a significant financial blow. Paying a small monthly sum for a private medical plan would mean you get treated much faster and avoid long and recurring work absences. It will also mean that should you want private treatment, the payment for your treatment is already sorted.

Private medical insurance could actually save you a lot of money, rather than being “too expensive”.

I’ll get treated anyway

Of course it’s true that if you become ill or injured, you’re entitled to treatment on the NHS. However, the system is under increasing strain and financial pressures and this can be reflected in long waiting times.

With a private health insurance policy, you’ll be treated far more quickly than you’re likely to be on the NHS. Additionally you’ll have a lot more freedom to choose your doctor/consultant, hospital, and your time and date of appointment. You’ll also have much more privacy whilst you’re in hospital and comforting facilities such as your own TV and access to a phone.

Private medical health insurance isn’t for everyone. However, before you make any decision make sure you have considered all the information and challenged any misconceptions.

About the author

S Cornish – Patient Choice

Patient Choice is a medical organisation providing cost-effective private medical plans for individuals and businesses in the UK. For more information visit the Patient Choice website.

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Despite many businesses making cash savings wherever they can, a growing number are still choosing to invest in private medical insurance for their employees. Many organisations are realising the long-term benefits and savings which staff health insurance can bring them.

This article looks at the advantages of investing in private healthcare insurance and the benefits it could bring your business.

According to research spending on employee healthcare benefits, in the form of health cash plans, increased by 180% between 2008 and 2009.

The annual survey, conducted by Employee Benefits magazine reveals that 14% of companies across the UK now offer a company-paid healthcare scheme.

It is SMEs that are the most proactive, with over a quarter (27%) of companies that employ less than 100 people now implementing a health cash plan, whilst just 17% of companies with between 100 and 500 employees and 3% of businesses with between 501 and 1,000 employees offer this initiative.

This trend looks set to continue as 22% of employers confirmed they plan to increase the healthcare benefits that they offer within the next 12 months to help employees look after their health and wellbeing in these times of need.

Commenting on the research, Debbie Lovewell, Deputy Editor of Employee Benefits magazine said: “Despite the difficult economic conditions, many employers are committed to employee health and wellbeing. This is essential if they are to retain the talent and skills necessary to weather the recession and emerge with a strong business on the other side.”

If you don’t already offer healthcare insurance to your employees, here are a few reasons you might want to start:

Reduced absences

Offering private healthcare insurance to staff is likely to significantly reduce the length and frequency of staff absences. This is because with private health insurance, staff needing treatment will receive it more quickly than they would on the NHS and are likely to recover faster and require less time of work. Additionally, fast action reduces the risk of recurring problems.

Improved morale

Staff who feel that their employer cares about them and their well-being are more likely to feel valued at work and therefore be more productive and committed.

Staff retention

Offering private health plans for employees could help you attract talented staff and, just as importantly, retain them. Research has shown that, after pensions, workplace health benefits such as private medical insurance are most important to staff. Over half of those that responded in a survey said they would be more likely to accept a job which offered a private healthcare plan over one that didn’t.

Savings

Investing in private health insurance for staff could save your company significant amounts of money in the long run. For example, private medical insurance will save money on sick pay, absence cover and recruitment costs.                    

The number of employers offering private healthcare insurance for staff is on the increase and for good reason – it can save businesses money, as well as improve staff morale and productivity.

About the author

S Cornish: Patient Choice

Patient Choice is a medical organisation providing cost-effective private healthcare insurance for individuals and businesses. For more information visit the Patient Choice website.

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Recent research has shown that many men are failing to take adequate steps to look after their health or protect themselves financially in the future, should they experience health problems.

This article will look at some small steps men can take to better protect themselves physically and financially.

Research has shown that although a lot of men (30%) say they are concerned about their health and 27% actually worry about their health, they are still taking significant risks by ignoring symptoms of ill health and not carrying out health checks

For example, a massive 77% of men said they have ignored physical symptoms of ill health in the past year, while almost half (44%) don’t check themselves regularly for signs of cancer.

Over half (52%) of men have also ignored a letter urging them to attend a medical check-up in the past year and in the same time frame only one third (32%) attended a regular check-up or test.

Additionally, the survey showed that a high percentage of men don’t have critical illness cover or other protection such as health insurance to cover them should they become ill.

Here are a just a few small steps you can take to greatly improve your overall health:

Eat smart

Try to eat at least five portions of fruit and vegetables a day as part of a balanced diet. This will keep your energy levels up and stop you reaching for sugary, fatty and salty snacks. It will also help you maintain your weight at a healthy level.

Alcohol aware

Drink in moderation. Aim to stay within the guidelines for health of no more than three or four units of alcohol per day. Try to have at least two alcohol-free days per week too.

Up the exercise

Try and take at least 20 minutes of exercise three times per week. Do exercise that you enjoy so that it becomes a fun part of your routine rather than a chore. Looking into doing exercise with friends too so it becomes social, as well as good for your health.

Health checks

Don’t ignore symptoms of ill health or injury – if you think something could be wrong, see a doctor as soon as possible. Better safe than sorry. Additionally, learn how to check yourself for signs of illnesses such as breast and testicular cancer. It takes minutes and saves lives.

Protect your future

Consider investing in private health insurance and critical illness insurance to provide you with access to fast treatment and peace of mind. With private health insurance and critical illness cover, you know that if you do become ill, you’ll be back at work as quickly as possible and your income will be protected.

Men are more likely than women to ignore medical problems and take more risks with their health. It isn’t worth the risk, though, and with just a few small changes you could ensure that you are happier and healthier in the long-term.

About the author

S. Cornish – Patient Choice

Patient Choice is a medical organisation providing easy-to-understand, cost-effective private health plans for individuals and businesses. For more information visit the Patient Choice website.

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It is your responsibility to keep your child as safe as possible at all times. Keeping your baby safe in your home is not as daunting a task if you keep the following tips in mind.

Electrical outlets are a hazard for your baby. Babies explore their worlds by using their fingers and electrical outlets are very tempting. You can buy outlet covers at most discount and hardware stores. Along with covering up the outlets, watch for electrical cords hanging down within baby’s reach. Baby can get tangled in the cords and injure or strangle him/herself, as well as pull an object down on him/herself. If your baby is in a walker, make sure all cords are out of reach of the baby as he/she reaches out from in the walker.

Other hazards for your baby are cleaners, home chemicals and medications. Make sure you keep all cleansers, chemicals, and prescription and non-prescription medications out of baby’s reach. Even with cupboard latches, it is always best to keep dangerous materials out of your child’s reach.

Windows with or without screens can be hazardous to a baby. If the baby is able to push on or lean against the screen or go near an open window, you will need to prevent baby from getting access to the window. It is not uncommon to hear on the news that a baby has fallen from a window and gotten seriously injured or killed by the fall.

Once your baby is crawling, open or unlatched doors are a danger to your baby. Little fingers can get pinched in doorways. Make sure you hook or latch the door or screen door high enough that the baby cannot unlatch it or somehow get the door open.

Know your pet and his temperament and. If you are not able to be in the same room as both your baby and pet, it is safest to keep your baby away from your pet.

If you have other children, make sure they know your “rules” about how to handle the baby, what is safe for the baby, and what is not safe. Being a big brother or sister carries with it a responsibility of keeping the baby safe and helping mother and father do so, and this responsibility usually lies with the parent(s)/caregiver if the sibling is quite young.

When anyone on the premises is using a vehicle or lawn tractor, make sure your baby is not in the path of these vehicles. The best protection is for the caregiver to know where the baby is located at all times and to protect him from all danger. If the baby needs to be left alone for even a few seconds, the baby should be placed somewhere that the caregiver knows the baby will be safe, such as a play yard or child carrier. Accidents can happen quickly and can be severe.

Being a parent/caregiver for a baby is a huge responsibility; take your responsibility very seriously.