Illinois Health Insurance - Why Self-Employed People Choose HSAs
By Troy Truman
As a self-employed Illinois resident, you may find it challenging to locate affordable health insurance for you and your family, since you obviously do not get benefits from your employer. One option that is highly underutilized by people in your position is a health savings account, or HSA. The number one reason this Illinois health insurance option is so beneficial is that any money you put into your health savings account and take out again to be utilized for the payment of medical expenses is tax-free! The way that HSAs are set up make them a perfect option for a self-employed individual looking for a plan that will provide proper coverage for his family in an affordable way.
HSA Illinois health insurance plans have very high deductibles, much higher than standard plans. The direct result is a very low monthly premium. The company you work with in the state will require a different premium than another, but they can run as high as $5,000 for a single person and up to $10,000 for a family on an HSA plan. These are high deductibles to be sure, but once they are reached, your medical expenses are covered comprehensively for the remainder of the year.
In the meantime, you save extraordinary amounts of money with your low premiums. To properly utilize the system, you should invest the money you save with such low premiums into a health savings account. You can deposit up to $2,850 if you insured individually and $5,650 under a family plan. The question that comes into play here is what happens if a catastrophic medical event occurs before your account has had time to build up proper savings? Especially as a self-employed worker, you should be extra cautious when choosing HSA Illinois health insurance plans with high deductibles.
Fortunately, you are not out of options if a costly medical procedure should be required before your HSA is built up. If you have proper accident and critical care coverage when you open your HSA, you can offset the costs of a major shock with the ability to receive $10,000 to $20,000 immediately when you need it. There is truly no better Illinois health insurance combination than an HSA plan along with the correct ancillary coverage for self-employed residents of the state. Combining low premiums with tax benefits and a safety net in case a tragedy occurs is exactly what you need to have adequate, affordable coverage for your family.
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