Health Insurance, HSA, and Payment Plans
WHAT IS A HEALTH SAVINGS ACCOUNT?
A Health Savings Account (HSA) is a great way to save pre-tax dollars to pay for qualified health care expenses. Contribute as much money as you can into your HSA as a part of payroll deduction, allowing you to pay medical costs pre-tax. To sign up for an HSA, contact your company’s Human Resources Department. Don’t forget to ask if your company offers an HSA matching program.
WHAT IS THE PURPOSE OF AN HSA?
An HSA is a great way to save pre-tax dollars to pay for qualified health care costs, some of which include:
- Blood work and Labs
- Dental Cleanings and X-rays
- Eye Exams, Contact Lenses and Glasses
- Doctor’s Visits
- Home Health and Long-Term Care
- Hospital Visits and Surgeries
- Prescription Drugs and Refills
- and more!
For a complete list of eligible medical costs, visit irs.gov/pub502.
WHAT IS A FLEXIBLE SPENDING ACCOUNT?
If you do not participate in a High Deductible Health Plan, there are options similar to an HSA that allow you to save money, pre-tax. Flexible Spending Accounts (FSA) have been around for a while and essentially provide the same benefit as an HSA. Flexible Spending Accounts are commonly used to save for child care, also on a pretax basis.
WHAT IS THE HEALTH INSURANCE EXCHANGE?
Through the exchange, there are subsidies available to assist with premiums, based on your household income. While many of these plans have high deductibles, you are allowed to set up an HSA and the plans are vital in the event of a serious health crisis.
WHAT IF I DON’T HAVE HEALTH INSURANCE?
Many people without any health insurance often qualify for Medicare, Medicaid or some other third-party coverage, but they do not realize this coverage is available. Midland Memorial Hospital works with a third party to assist these qualifying individuals.
The process is simple, and best of all it is free. To learn more or find out if you qualify, call our Financial Eligibility Office at (432) 221-5257 or visit midlandhealth.org/assistance.
WHAT IF I CAN’T PAY FOR MY SERVICES IN FULL? DOES MMH OFFER PAYMENT PLANS?
Midland Memorial Hospital recognizes the issues that high deductibles create for patients. To assist with these challenges, we work with all patients before and after any transaction to secure a small deposit at registration and allow for equal monthly payments through the end of the calendar year.