Health Incentive Accounts (HIA)
One of the biggest items being set into motion in the health insurance reform is creating a consumer- driven health care environment. Consumer-driven health insurance plans provide individuals the ability to take control of both their health and insurance. The idea is to educate individuals about their options, and create a health insurance market that allows individuals to compare plans, as well as force carriers to offer competitive prices.
With a HIA plan, a very prevalent policy with Anthem, individuals actually receive an annual allowance put into a Health Incentive Account. This money is to be spent in any manner you wish on covered health insurance expenses, and the money rolls over to the next year.
What happens if you spend all the money in your HIA? Once the money has been exhausted, you will then enter what is called a Bridge. The Bridge is a limited out-of-pocket used to satisfy one’s remaining deductible. After the deductible has been met, then you enter into your “traditional” health insurance plan which protects you from financial ruin.
Furthermore, in conjunction with most HIA plans are healthy living incentives, reward money that you can receive in your account for implementing a healthier lifestyle; for example, quitting smoking.
HIA plans are a great way to take control of your health and your health insurance. By implementing healthier habits into your life, I guarantee you will be saving money on health care expenses the rest of your life.
To learn more about HIA plans pay us a visit at MyInsuranceExpert.com and speak with a licensed Advisor today.
Tags: health incentive account, HIA