Little League baseball and CDHP’s; it is all about efficiency.

My son plays on our towns 9-10 year old Little League All Star baseball team. They won their district, then they won the State tournament, now they are representing Maine in the first ever Regional tournament for this age group in Rhode Island. As a parent, this is my first experience in All Star tournaments, and I have learned quite a lesson about the need for efficiency, especially for your pitchers.

In order to protect the pitchers young arms from overuse, there is a schedule of the number of pitches thrown and when the pitcher can pitch again. If they throw under 20, they can pitch the next day, 21-35 they need a day’s rest, 36-50, 2 days rest as so on.

A manager has to be especially aware of his pitchers pitch count and how the game is going because at some point they are going to have to make the decision to keep the pitcher in the game and risk not having him available for the next game, or take him out so he can pitch sooner.

With more and more people being insured with high deductible health plans, you need that same efficiency in how to spend your health care dollars. Many now have deductibles of $5,000 or more meaning that they are responsible for paying that amount each year before their insurance pays anything.

The lack of transparency in health care pricing today makes it difficult to be efficient. Also, medical bills can be confusing and difficult to understand. Furthermore, studies show that 8 in 10 medical bills contain errors. Just like the Little League team needs an effective manager, sometimes individuals need a health care expert or advocate who can help them.

I usually save the last paragraph of blog entries for a plug for INSNET services, but i’m going to end this one with a note about my efficient son who pitched his teams last game. He came in as a reliever and ended up finishing the last 4 2/3 innings of the game and threw only 42 pitches, meaning he only needs to rest 2 days before helping his team again. Yes I am a little proud!

We didn’t stop the oil spill, but we can stop money from pouring out of Health Savings Accounts

It has been reported recently that the massive oil spill in the Gulf has stopped. Although, there are many who will believe it is a temporary fix, which may not end up being a fix at all, as the solution has never been tested or implemented before.  By contrast, negotiating medical bills for HSA account holders is proven to stop money from pouring out of accounts and increase the amount of savings in them.

A health savings account works like any type of bank account, you make deposits and withdrawals. The idea of a bank account is for it to grow, and the best way to increase the amount of money you have in an account is to deposit more into it. With HSA’s there are limits to the amount that can be deposited. Another way to increase the amount in a HSA is to limit the amount of withdrawals. This is easier said than done.

Most people are confused and suffer from sticker shock when they see a medical bill. The lack of transparency makes it very difficult for an individual to determine if their bill is accurate and fair.

INSNET, LLC provides risk free medical bill review and negotiation for individuals who have a medical bill over $200. INSNET was formed by the founders of Insurance Negotiating Service, who have negotiated medical claims for insurance companies since 1985, and in the process have saved them millions of dollars. Today the same cost saving tools are available to individuals, that their insurance company has had access to for decades.

The oil spill is thought to be contained due to the idea of a plumber; who better to call when you have a leak? When you have a medical bill, and want to limit the amount withdrawn from your HSA, who better to call than INSNET?

Have a hospital bill to pay out of your HSA? We can help you save money.

JP Morgan Health Savings Account released a study of the saving, spending and investing habits of it 500,000 HSA accountholders. The study showed in increase in the number of account that have balances over $1,000 and $2,000.

The study also states that the average spent or distributed per HSA in 2009 was $1,305, or about $109 per month. Purchases made at a drugstore accounted for the highest volume of transactions. Not surprisingly, hospital expenses had the highest average dollar amount per transaction at $212.

INSNET offers risk free medical bill review and negotiation services on any medical bill with a patient balance over $200.  That means if you have a hospital bill and plan on paying it with funds from an HSA, we can save you money and keep more of your money in your HSA.

How to increase the amount in your HSA

Health Savings Account are a great way for consumers to be more involved in their health care. Health Savings Accounts are bank accounts which are paired with a high deductible health plan. You pay for qualified expenses out of your HSA until your deductible has been met, at which time any further medical expenses are paid by insurance.

One concern is being able to fund enough in a HSA to cover anticipated expenses in a calendar year and also in the future, after retirement. According to a report by the Employee Benefit Research Institute, EBRI, the average husband and wife turning 65 in 2010 will need $376,000 to pay for out of pocket medical expenses not covered by Medicare.

The EBRI report predicts that HSA’s will replace employer provided healthcare the same way 401k’s replaced pension funds. One big concern is how can you save enough when you have a limit of $3,000 you can contribute yearly? One way is to reduce the amount paid out of the HSA.

Patient Advocates such as INSNET, LLC help individuals reduce what they pay on their out of pocket medical expenses. Patient advocacy services are a great fit for those who have high deductible health plans.  Studies show that 8 in 10 medical bills contain errors. Many assume their insurance will review their bill for accuracy, but what incentive do they have if they are not paying the bill?

INSNET’s service is risk free, they keep a percentage of the amount saved on your bill, and there is no fee if there is no savings. Any medical bill with a patient balance exceeding $200 is eligible. To learn more visit www.myinsnet.com.

HSA’s could be a big winner in healthcare reform

Now that the healthcare reform bill has been signed into law, many people have healthcare and health insurance on their mind. A portion of the bill has many focusing their attention on health savings accounts.

The bill contains mandates that businesses with over 50 employees must purchase health insurance. The bill will require businesses to insure their employees by the year 2014. According to a Wells Fargo Benefits Marketplace Survey, many employers were already shifting health care costs to employees in 2010.

“Those who will subject to mandates in the future are looking for ways to control their costs before they get locked into something down the road” said Roy Ranthum, President of HSA Consulting Services. “Employers are already moving to HSA’s”

What does this mean to the average employee? The health savings account is paired with a high deductible health plan, meaning you pay your medical expenses (out of your health savings account) up to the deductible before your insurance pays anything. Depending on your health, it could lead to higher out of pocket medical expenses. To assist those with higher bills, we are available to review and negotiate their medical bills. INSNET performs risk free medical bill review and negotiation services for any medical bill over $200.00