With an HSA Secure Plan in Colorado, You Can Lower Your Monthly Costs AND Get Access to a Tax-Advantaged Health Savings Account (HSA)
In Colorado and across the country, more and more people are looking for ways to lower their insurance rates.
Health Care Cost Sharing (HealthShare) is emerging as one of the most effective ways to cut monthly health expenses. These low-cost plans are not health insurance, but rather a community of individuals who are committed to sharing the cost of healthcare. The result is a plan with lower rates, no network restrictions, and big rewards for individuals who like to stay healthy.
Now, with HSA Secure, Coloradans have access to one of the best health sharing plans in the country. It is also the only healthshare plan in the state that is also paired with an HSA-qualified minimum-essential-coverage insurance plan, making it one of the most effective cost-saving plans in the state.
What is Healthcare Sharing? (Healthshare)
With the skyrocketing costs of insurance premiums, more and more Americans are making the switch to health sharing plans. And an HSA Secure plan in Colorado is a great option for savings.
Never heard of health sharing plans? Here’s what you need to know.
HSA Secure Healthshare Plans: Overview
Healthshare plans are about half the monthly cost of unsubsidized insurance.
Healthshare plans may have waiting periods on pre-existing conditions, and are a better deal for individuals who are in good health.
Many health sharing plans are faith-based, but the HSA Secure has no religious requirements.
How an HSA Secure Plan in Colorado Can Lower Your Health Costs
100% Preventive care coverage
Your plan will cover 100% of required preventive benefits. This includes annual checkups, important vaccinations, health screenings, and more.
Tax-advantaged savings account
Your plan gives you access to a Health Savings Account (HSA), a specialized investment tool that makes it easy to save pre-tax dollars for healthcare costs. Your HSA contributions roll over from year to year, and grow on a tax-deferred basis. When you use your HSA funds on qualified medical expenses, the withdrawals are totally tax-free.
Affordable monthly contributions
One average, health care sharing plans are about half the monthly cost of unsubsidized ACA insurance. Even if you do qualify for an ACA subsidy, health sharing plans do not cost as much as insurance.
HSA Secure: Colorado’s Only HSA-Qualified Healthshare Plan
What is a Health Savings Account (HSA)?
Health Savings Accounts (HSAs) make it possible to set aside pre-tax money to pay for future medical costs. Your HSA contributions are allowed to grow on a tax-deferred basis, and withdrawals are tax-free if used for medical expenses.
For individuals who don’t use their health benefits that often, HSAs are a great way to boost your retirement strategy. HSA funds can also be invested in other stocks and assets, increasing the value of this remarkable account.
What makes a healthshare plan HSA-qualified?
This health sharing plan is paired with an HSA-qualified MEC Preventive Health Insurance Plan. These low-cost plans are only designed to cover preventive care benefits, including annual checkups, vaccinations, and certain health screenings.
How the HSA Secure Plan Works in Colorado:
1. Decide if HSA Secure is a good option for you
Health care cost sharing is not for everybody. These plans come with waiting periods for pre-existing conditions, and tend to be a better deal for people who don’t use their health insurance that often.
In addition, all HSA Secure members are required to comply with specific Principles of Membership. This includes committing to good health measures and abstaining from illicit or illegal drugs. Tobacco users will be required to pay a higher contribution amount.
2. Choose your HSA Secure membership options
Just like traditional health insurance, you can choose from three different plan options. Each option has different monthly costs (contributions) and out-of-pocket requirements (Initial Unshared Amount or IUA).
Your personal benefits manager can help you decide which plan option is best for you.
3. Pay your monthly contribution & maintain eligibility
A member’s health costs are only eligible for sharing if their monthly contributions are being made. If a contribution is not made within thirty days from the billing date, the membership will become inactive.
In addition, all members agree to continue to adhere to the Principles of Membership, which are designed to encourage good health and member accountability.
4. Submit your medical needs
In order for medical expenses to be shared, just submit proof of your medical expense anytime within six months. The sharing dispersement team will review the documentation to determine whether the cost is eligible for reimbursement according to the Guidelines.
They will also work with your providers to negotiate the bill and payment options if necessary.
5. Learn how to use your Health Savings Account (HSA)
After enrolling in the HSA Secure, you can set up your HSA bank account, and start funding it. By meeting your annual HSA contribution and only using the funds for medical expenses, you are maximizing the amount of money you can save.
READ MORE: Health Savings Account (HSA)
Get a no-cost consultation for health sharing in Colorado
Ready to find out how much you could be saving on healthcare with a health sharing plan? You can enter your zip code below to compare rates, or call 800-913-638 to set up a no-cost consultation with one of our expert Personal Benefits Managers.
HSA Secure FAQs in Coloorado
What is the HSA Secure healthshare?
Answer: HSA Secure is a health sharing program that provides a community of individuals who come together to share their medical expenses. It incorporates a minimum essential coverage (MEC) health insurance plan that is HSA-qualified.
Is the HSA Secure healthshare considered insurance?
No, the HSA Secure is not considered insurance, it is a health sharing program. However, it does contain a MEC insurance policy that covers preventive care, and makes it HSA-qualified.
What are the eligibility requirements for HSA Secure healthshare?
Answer: To be eligible for HSA Secure, you must be self-employed or have some verifiable independent income, or a business license.
What medical expenses does HSA Secure healthshare share?
Answer: HSA Select covers eligible medical expenses as defined in the program’s guidelines, including doctor visits, laboratory tests, and hospital stays, among others, after you pay your initial unshared amount.
Can I use my HSA Secure healthshare membership with any doctor or hospital?
Answer: Yes, you can use your MPB Health Secure membership with any doctor or hospital that accepts payment from the program. However, it is recommended to verify with the healthshare concierge before scheduling services.
Health Insurance Instant Quote
HEALTH INSURANCE INFORMATION
- Plans approved and authorized under the Affordable Care Act
- Covers Pre-Existing conditions
- Low cost subsidized plans available to those earning
< 400% of the federal poverty level
- Unlimited lifetime benefits
- Available during open enrollment (November 1 – January 15), or if you qualify for a Special Enrollment Period
Healthshare Instant Quote
HEALTH COST-SHARING INFORMATION
- Not health insurance, but a way for like-minded individuals to share medical expenses
- Waiting periods on pre-existing conditions
- May exclude sharing for certain conditions or activities
- Enroll any time
- Much lower monthly cost than unsubsidized health insurance
HSA Secure Reviews
Great for freelancers
As a self-employed creative and programmer, I’ve had a hard time finding a good healthcare plan that suits my needs.
I wanted something that just focused on catastrophic costs, and kept premiums down. I also wanted to maximize my contributions to an HSA for myself and my family.
But because make too much money, and have few deductions, I don’t get an Obamacare subsidy. My wife and I were paying full price for a health insurance plan that 1.) made us pay for a lot of things we didn’t need or want, 2.) was overpriced as a result, and 3.) didn’t even let us choose our own doctor or hospital.
Finally, a client of mine suggest health sharing, and told me about HSA Secure. Which we both like because it is the only health sharing plan we could find that is compatible with HSA contributions.
I’ve been a member for three years now, and they’ve shared every bill promptly. They’ve been easy to work with. And they’re way more affordable than regular insurance.
When my daughter needed to see a specialist, we didn’t have to worry about out-of-network doctors. We were able to see the best doctor in town for her condition, and use the best hospital. If I had stayed with our old plan, that wouldn’t have been an option.
Overall, I’d have to give HSA Secure 5 stars. We haven’t had a problem yet. And although our member responsibility amount is high, it’s easy, because we save so much money compared to health insurance premiums. It’s a no brainer.
Definitely recommend it to all my fellow freelancers and creatives. I’ve already shown it to several other clients and three have signed up themselves, because of the HSA component.
EVERYBODY NEEDS THIS!
Great concept. Love being able to combine HSAs and healthsharing.
The only improvement I’d make is to make HSA Secure available to everybody! Right now you can’t join unless you own a business or you’re self-employed. But everybody needs this!
Especially successful independent contractors. I wish I found HSA Secure years ago.
Stop throwing money away on premiums and use an HSA!
We were paying over $1200 per month for a health insurance plan to cover me, my husband, and two children. Most of our friends get a subidy for health insurance, but my husband and i earn too much.
Finally, our financial planner told us we should look at HSA Secure. The HSAs are a good idea because contributions aren’t taxed. Which saves us income and self-employment tax. And without a subsidy, health sharing saves us hundreds of dollars every month compared to our old health insurance plan.
I thought you couldn’t do a healthsharing plan and contribute to an HSA, but our planner suggested HSA Secure. Which letsz us do both.
With HSA secure, we’re able to keep our savings in premiums and keep them in an account that grows tax free. Whatever we don’t use for health care we can use for retirement expenses when we turn 65.
This seems like a much better deal than sending our money to insurance companies and having nothing to show for it, year after year. Especially since we’re both in very good health.
As far as our planner knows, HSA Secure is the only healthsharing plan that’s eligible for HSA contributions. So that’s a big plus.
We haven’t had to use the plan yet, so I can’t say how good they are at paying. But so far, the switch has been very good for us.
HSAs + Healthsharing = ❤️
LOVE HSA SECURE! I own a business with my wife and no other employees, so it’s a great fit for us. Monthly costs are affordable, and way cheaper than our old Anthem plan. And the fact that we can contribute to an HSA is a big bonus.
Only downside is there was a glitch with paying one bill. But it was resolved quickly. And it was easy to find someone to talk to on the phone.
We’re sticking with HSA Secure.