Insight Life Care - Blog #health savings accounts

Employee health care options that supplement health insurance

Wed, 26 May 2021 15:03:53 +0000

For individuals, health insurance premiums have spiked in recent years. In 2020, the average person paid $380 per month for single coverage premiums. That number is even higher for families, with the average family paying $1,500 or more for their monthly premium. Even if some people can afford this, there are other issues with some health insurance policies, like hefty premiums and procedures that are not necessarily covered by one’s insurance policy. For employers, health insurance is also costly. On average, an employer will pay around $6,000 for single person coverage while family coverage will cost an employer around $15,000 per year.

Health savings accounts

There are three different types of health savings accounts that can be driven by both employer and employee contributions. These include HSAs (health savings accounts), FSAs (flexible spending accounts), and HRAs (health reimbursement arrangements).

If you have a high deductible health plan, you may set up an HSA through your employer or through a third-party provider. This allows you to contribute up to $3,600 per individual or $7,200 for your family. This money is pre-tax, can earn interest, and is not subject to taxes if used for qualified medical expenses.

Flexible spending accounts allow individuals and their employers to contribute up to $2,750 per year. This is typically a payroll deduction that is used to reimburse employees for their qualified medical expenses.

Lastly, an HRA is a benefitted plan that is solely eligible through an employer. Only employers contribute to these benefitted plans and an HRA is used to help an employee offset out-of-pocket health expenses.

Membership-based medical services

There are two primary options available for medical care for individuals who don’t have insurance: direct primary care and concierge medicine. Some primary care physicians offer a monthly membership fee that includes visits to a doctor’s office (where you might be seen by a nurse practitioner or other medical professional who is on hand). Sometimes, it can take quite some time to get an appointment set up. Also, these types of services do not always include monitoring, testing, and other needed health care services.

Concierge medicine is a type of service that is very affordable, costs start at $150 per month with Insight Life Care, that gives you all the treatment options that you need. Insight Life Care’s concierge medicine model includes:

Doctor appointments available within 24 hours
Unhurried appointments with a doctor, not a nurse or physician's assistant
Telemedicine whenever your need it, if you can't visit us in our private doctor's office
Remote monitoring of your blood pressure, pulse, oxygen saturation, and EKG readings
Expedited appointments with specialists when the need arises
Hospital admission and in-hospital care by Dr. Chris Nussbaum, a Fellow of Hospital Medicine
Your physician's personal cell phone number, which you can text, call, and video chat anytime of day
Home/office visits - your doctor will come to you

Another benefit of Insight Life Care’s concierge medical service is that if you prefer your privacy, patient visits at the clinic are truly private, as you will be the only patient in the clinic for the duration of your visit.

Short-term health insurance

For some people who are in between health insurance, there are plans available that are known as short-term health insurance. Sometimes, short-term health insurance is less expensive than comprehensive health plans, with some plans costing as little as $60 per month. Generally speaking, short-term health insurance is not a good fit for people who have pre-existing conditions.

Telemedicine

Telemedicine is an option that is included with most concierge medical services, but some healthcare providers offer telehealth as a standalone option. There are many benefits to telemedicine:

Some healthcare providers offer telemedicine as a lower-cost alternative to an in-person visit.
For people who are just needing a doctor’s consultation or a prescription, telemedicine is often more convenient.
Patients don’t have to be in a waiting room before their telemedicine appointment.

Many telemedicine companies accept insurance if you have it. The price of a virtual doctor visit is often far less. In 2017, a study found that the average cost for a telemedicine appointment was about $80 compared to $150 or more for a doctor’s appointment.

Insight Life Care offers unlimited telemedicine appointments to membership patients at no additional cost, which means you can have an appointment from the comfort and ease of your own home or while you are traveling out of state or country. Individuals who are not members of Insight Life Care can schedule one time telemedicine consultations for only $50. Click here to schedule an appointment today!

Health and wellness education

If you use a concierge medicine service, your provider can educate you on health and wellness decisions that will improve your overall health and reduce the likelihood of illness. Offering an employee wellness program can help improve the health of a workforce. In 2019, about 84% of employers had some sort of employee wellness program that helped educate employees on:

Healthy diet and nutrition.
The benefits of stopping unhealthy habits, like smoking.
Habits like good posture, exercise, as well as other lifestyle and behavioral coaching.

Some people who lack adequate health coverage also will sometimes make lifestyle choices that improve their overall health. A healthy diet can reduce the risk of obesity, heart disease, diabetes and certain types of cancers.

Finding a health care option that is right for you

Finding the balance of affordable health care that is convenient and hassle-free will take a little bit of time and vary based upon your needs. A concierge medical service can often meet all of your needs whether or not you have insurance.

Insight Life Care takes the guesswork out of your costs. We offer a membership-based primary direct care model that makes healthcare affordable and convenient. We have plans that cost $150/month, $250/month, and we even have a program for employers to help their employees get the healthcare that they need. Some of the benefits of our membership-based concierge direct primary care model include:

Your costs are controlled: For $150/month, you have unlimited access to a doctor with over 30 years of experience practicing internal medicine in Tampa Bay. In our office, we can cover 80-90% of your healthcare needs. If we encounter an issue that needs specialist intervention, we will schedule, manage, and follow up with all outside providers for you.
More time with your doctor: Developing a personal relationship with your doctor enables you to truly engage in your healthcare. Also, having a doctor you can call 24/7 helps to keep you out of urgent care clinics and emergency rooms. It’s like having a doctor in the family!
No health insurance needed: We provide the same level of care to our patients regardless of their health insurance status. Although our services are not a replacement for health insurance, we can meet most of your healthcare needs in our office for a low monthly cost. For our uninsured patients, we have negotiated cash prices with outside providers to make your entire healthcare experience more affordable. Contact us to learn more.
Accessible visit options: Our doctor and nurse will see you wherever you are, whether via telemedicine, an in-office visit, or a home doctor visit in Tampa. We understand that traveling to our office is not always convenient or available to you - just let us know which visit option works best for you.

MEET DR. NUSSBAUM

Chris Nussbaum, MD, FHM founded Insight Life Care after 25 years of primary care and hospital practice in order to create an environment where patients are at the forefront of care. Click here to learn more »

What is Concierge Medicine?

What is Internal Medicine?

Benefits of Concierge Medicine

Employer Sponsored Direct Primary Care

Why Membership Based Care?

INSIGHT LIFE CARE

Our Philosophy

Our Services

Frequently Asked Questions

Membership Options

Employee Health Plans'

Patient Testimonials

Schedule an Appointment

LET'S CONNECT

What can you do if you don't have health insurance?

Wed, 19 May 2021 15:38:54 +0000

Despite the Affordable Care Act, there are still millions of Americans without health insurance. In 2018, approximately 27.5 million Americans did not have health insurance. That number increased to 28.9 million people in 2019. There are several different reasons that people elect not to obtain health insurance:

Their current employer does not offer a true health insurance plan.
Some people live in states that did not expand Medicaid and some people make too much in order to be eligible for Medicaid.
The cost of health insurance is just too high; for 73.7% of uninsured adults in 2019, this was the case.

Let’s take a look at some of the ways that people who don't have access to health insurance get the affordable healthcare that they need.

Health Savings Accounts

Health Savings Accounts are becoming more commonplace in 2021. By the end of 2021, there will be 30 million Americans with HSAs, with $88 billion in assets. HSAs are very similar to personal savings accounts. In the simplest of terms, you put money into the HSA and then use it to cover healthcare expenses. The biggest benefit of an HSA is that the money you put into the account is not taxed. Here are some of the ways an HSA can help you if you are without health insurance:

A wide array of services are covered, ranging from medical, dental, and mental health services.
Your employer, a relative, or a friend can easily contribute to an HSA that you have set up.
HSAs are not subject to tax penalties if you do a withdrawal for health-related expenses.
Many HSAs come with a debit card, so you can easily pay for your medical expenses as you accrue them.

Direct primary care and concierge medicine

Some healthcare providers offer medical services for a flat monthly fee. Insight Life Care offers this type of service for patients. Starting at $150 per month, members can get access to a doctor in as little as 24 hours, telehealth, remote monitoring and testing, and other services. Health insurance does not cover the cost of the membership fee, however, patients can use their health savings account to pay for membership. One of the advantages of the concierge medical service model is that the attention is much more focused and specialized than the typical primary care model. With Insight Life Care’s membership-based option, patients get:

24/7 access to a doctor and not a doctor substitute.
Same day and next day appointments with no waiting.
Lengthy, personalized appointments to fully address their healthcare concerns.
Lab work and injections done at the office and remote monitoring.
Your doctor at Insight Life Care will also take care of you if you are hospitalized.
80-90% of your healthcare needs met for an affordable, flat monthly fee.

Concierge medicine is not new and it is estimated that there are roughly 12,000 physicians practicing concierge medicine throughout the United States today.

Medical cost sharing programs

Medical cost sharing programs, also called health care sharing plans, are very similar to health insurance and even count as such under the affordable care act. These are somewhat complex in nature and their specific terms will depend upon the organization that is providing the medical cost sharing program. Each month, you are responsible for paying a certain amount (like a premium) as well as an unshared amount annually (much like a deductible) for your own expenses. You might look at an annual deductible from around $300 to $500 if you are an individual and anywhere from $1,000 to $5,000 if your plan is for your family. Monthly cost depends upon your specific plan details and coverage.

Generally speaking, a medical cost sharing program may be a good fit for you if you are in good health, lack access to insurance through your employer or the healthcare marketplace, and can’t afford health insurance premiums.

Pharmacy and medical services discount cards

Some people without health insurance elect to get pharmacy and medical services discount cards. These are best for people who operate on a cash-only basis for their medical costs. Different types of cards are available for hospital care, doctor visits, prescriptions, or a combination thereof. Some cards come with a one-time membership fee while others have a small monthly fee. Discount services cards often can only be used at certain providers and certain types of services, so it’s very important to read the fine print to see if these are a good fit for your needs.

Catastrophic health insurance policies

These are fairly common for people who are self-employed or do not have health insurance through their employer. Catagraphic health insurance is commonly purchased by younger adults in good health who do not expect high incurrence of medical costs throughout the year. Generally speaking, these types of policies have a low monthly premium, but have a high deductible for major injuries or illnesses. Many people who have a catastrophic health insurance policy often will set up an HSA to help offset a high deductible in the instance that they become ill or injured.

What healthcare option is best for me?

Your own healthcare needs will depend upon what you can afford and whether or not your employer offers health insurance. Many people might benefit from utilizing a membership-based concierge medical service, like Insight Life Care. Starting at just $150/month, Insight Life Care gives you access to a doctor whenever you need it, testing and monitoring under the umbrella of one clinic, and specialist referrals if you need them. Some people might elect to use a concierge medical service in combination with a health savings account, giving them affordable access to medical care while also covering for the costs of hospital care and other unforeseen medical expenses.