HHI

How To ‘Hack’ Your Health Savings Account

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How To ‘Hack’ Your Health Savings Account

On the latest edition of the Houston Healthcare Initiative podcast, respected Houston based neurologist Dr. Steven Goldstein describes how people can best use the often-overlooked benefit known as the Health Savings Account.

The Health Savings Account, or HSA, is a type of savings account that is used for medical expenses. Congress established them in 2003 for those with high deductible health insurance. It is a way to pay cash for routine medical care with pretax dollars. Because the HSA requires a high deductible health insurance account, routine healthcare expenses are not covered, but can be paid for by the HSA. HSA’s are potentially a good value for those who can take advantage.

The High Deductible Health Insurance Plan

A high deductible insurance plan is one where the deductible is higher than with other policies. The ‘deductible’ is the amount the patient has to pay out of pocket before the insurance kicks in. A high deductible is usually between $3,000 – $10,000. “Of course, the higher the deductible; the lower the premium,” Dr. Goldstein told his listeners.

Who Should Consider an HSA?

First, who is this not for? “If you are already sickly and have $5-10,000 in medical expenses every year, the high deductible policy with HSA is probably not for you,” Dr. Goldstein said. “The time to start a high deductible plan with HSA is when you are young and well. Even if you had $10,000 in expenses in one year, it is highly unlikely these expenses would continue every year.”

Tax Free Deposits

The money deposited into the HSA account is not taxed. Many companies contribute to an employee’s HSA to encourage its use. Further, HSAs feature a triple-tax benefit: money the employee contributes to the HSA can be written off on taxes and thus reduce an income tax bill. “Money in your HSA grows tax free, Dr. Goldstein reported. “When you withdraw money for qualified medical expenses, no tax is paid on the withdrawal. However, if you withdraw money for non-medical expenses, you do pay tax as well as a penalty.”

About the Houston Healthcare Initiative Podcast

The Houston Healthcare Initiative podcast with Dr. Steven Goldstein is an information vehicle for people who want to know all medical options for themselves and are interested in reforming the healthcare industry. To hear the podcast go to: SoundCloud, iHeartRadio, Stitcher, Backtracks, LibSyn, or the website at www.houstonhealthcareinitiative.org. Dr. Goldstein insists that for the health and welfare of the American public, the congress must pass reforms that limit the influence of the pharmaceutical industry and its lobby. Houston Healthcare Initiative seeks to change the way people think about healthcare. Find healthcare pricing and local provider rates!

 

Press Background Houston Healthcare Initiative

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The Houston Healthcare Initiative (HHI) is a member owned, non-profit medical co-op. Led by Houston based neurologist Dr. Steven Goldstein, the HHI will replace traditional health insurance for qualified individuals and families and provide incentives for members to adopt healthier lifestyle habits. HHI will provide affordable medical coverage through a combination of negotiated rates, low monthly payments, personal accountability and lifestyle incentives. The medical co-op promises to save qualifying individuals and families money on health insurance. At the same time, HHI will help uphold quality care by asking members to bear some responsibility and individual accountability for maintaining their personal health.

How Did HHI Come About?

While the promise of the Affordable Care Act was to lower the cost of health insurance, most Americans experience the opposite with much higher rates. The founder of HHI, Dr. Steven Goldstein, wanted to find a way to help patients and others find affordable health insurance and landed on the idea of the medical cooperative. The ‘medical cooperative’ or co-op as it is commonly known is possible because plans like HHI are exempt from the Obamacare tax penalties assessed to those who do not have health insurance.

What Are Health Care Co-Ops?

Consumer based cooperative purchasing arrangements are not new. The basis of the success of co-ops is they use the ability to buy large amounts on good terms. Health care cooperatives are much like other co-ops. For example, consumer cooperatives are owned by the people who buy the goods or use the services of the cooperative. But instead of electricity or milk, the medical co-op employs physicians, has access to negotiated hospital rates and prices and often own health care facilities.

How HHI Members Benefit

For a co-op to work as well as it might means that the cooperative health plan can obtain the lowest price charged to the most favored customer. For HHI, members benefit from Dr. Goldstein’s expertise and knowledge of how the hospital and pharmaceutical industries assess prices. At the same time, HHI members benefit from discounted rates with local health care providers. In the greater Houston area, health care providers, hospitals and others are able to push back their rates because HHI is in effect buying ‘in bulk’. It sounds odd and most people think of ‘Sams’ or ‘Costco’ when they think of bulk purchase, but there are discounts for large purchases of just about anything including healthcare.

The Health Care Commodity

Health care is not often thought of as a commodity, but in essence it is. It is definitely a business, but the normal laws of supply and demand do not always apply as the government regulations and insurance companies intercede and disqualify many free market concepts. It is only recently that health care has been thought of as a ‘right’ to which Americans are entitled. The public discussion and policies the government has implemented have not yielded better or more affordable medicine. Doctors are leaving their practices as large medical companies buy them out or because of the regulations imposed on them.  Dr. Goldstein has found a way to take the existing laws and build an acceptable alternative to traditional health insurance in the form of a non-profit organization owned by the members.

Details about qualifying for membership in HHI along with prices for coverage are available from the HHI web site at https://houstonhealthcareinitiative.org.

Houston Healthcare Initiative Offers Affordable Health Care Via “Cooperative” Payments

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Houston (September 4, 2018) – The cost of health care and what causes rates for services and insurance to go up at a startling rate are complicated. What is not that complex is the need for an affordable way to pay for most medical and doctor related expenses. That is what the Houston Healthcare Initiative (HHI) is offering in the form of a member owned co-op. Led by Houston based neurologist Dr. Steven Goldstein, the HHI initiative can replace traditional health insurance for qualified individuals and families. HHI will provide affordable medical coverage through a combination of negotiated rates, low monthly payments, personal accountability and lifestyle incentives. The medical co-op promises to save qualifying individuals and families money on health insurance. At the same time, HHI will help uphold quality care by asking members to bear some responsibility and individual accountability for maintaining their personal health.

What HHI Offers

The HHI is similar to traditional insurance but with some unique distinctions. One is the health of the person(s) applying impacts the price charged by the co-op. The amount of the monthly payment is based on personal lifestyle outcomes. For example, a non-smoker who has a body mass index of less than 25 and can walk a mile in less than 30 minutes gets the best rate because he/she is the healthiest.

People who do not match these criteria pay more but have the opportunity to get the lowest rates if their weight and fitness levels improve. “We wanted to have a system that rewarded people who are healthier with lower rates while at the same time, provide incentives for them to improve,” said Dr. Steven Goldstein, founder of HHI. “With the exception of charging more for smokers, traditional insurance generally does not distinguish between healthier people nor does it give them a financial incentive to lose weight or become more physically fit. HHI does both.”

HHI Issued Debit Card

Members of the co-op receive a personal/family healthcare account that allows payment for routine medical procedures with a member debit card, issued by the HHI bank. The other is a trust that is maintained to allow members to pay for non-routine charges like hospital stays, specialists, surgery, and extensive tests to name a few. In addition to the cost savings, members receive a free screening (check-up) and access to the 24-hour free doctors’ hotline for routine questions. “Not every question for a doctor requires an office visit, which is why the hotline is so handy,” Dr. Goldstein said. “We believe that this approach to paying for health care will be a big help to people who are unable to afford it or do not receive employer subsidized health insurance.”

Summary of Benefits Defining Types of Health Care/Health Challenges

  1. Preventative – covered by the free yearly HHI check-up and doctor hot line.
  2. Behavior modification – leads to lower priced coverage under HHI.
  3. Injury treatment – covered by HHI.
  4. Acute illnesses – covered by HHI.
  5. Degenerative and/or genetic illness – covered by HHI.
  6. End stage care – covered by HHI.

 About HHI

The Houston Healthcare Initiative (HHI) is a non-profit, member owned medical cooperative that combines affordable health pricing with personal accountability and lifestyle incentives. With a single payment, members pay monthly into two separate accounts. To learn more visit the company website https://houstonhealthcareinitiative.org.