INNOVATIVE INSURANCE SOLUTIONS

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Written by Innovative Medicine Health Staff

It isn't easy to get coverage for alternative therapies. Even with the growing number of Americans searching for new health methods, insurance companies still shy away from covering alternative, holistic, and complementary medicine. But don't give up so easily; there are ways of getting the most out of your holistic care.

Health Savings Account (HSA)

Recent Medicare reform has brought about some good changes for those in search of relief from paying out-of-pocket for alternative treatments. Tax-sheltered Health Savings Accounts can lower your taxes while allotting funds for out-of-pocket medical expenses including alternative treatments and evaluations, homeopathic remedies, and nutritional supplements. The theory behind HSA's is that combined with a low-cost high-deductible insurance plan, the savings from tax relief and monthly premiums on insurance policies with high-deductibles can pay for alternative medicine care.

In order to qualify for an HSA plan, three requirements must be met:

You must be under the age of 65
You must have a high-deductible insurance policy
You may not be declared as a dependent on another person's tax return

If you pass the three requirements, you're next step would be to contact a HSA administrator (bank, financial institution, insurance company, etc.) and see if the plan is right for you.

Tips for Saving on Holistic Care

When choosing a low-cost, high-deductible insurance policy, choose a $2,500 deductible plan. This way the monthly premiums saved can accrue in your HSA account.
Don't be tempted with setting up your HSA account with an aggressive stock fund that is volatile and can fluctuate greatly as the market goes up or down. But don't make the mistake of establishing a regular savings account with a low interest rate. Go with a money market account or mutual fund (possibly a conservative government bond) for greatest reward without extensive risk.
Create another account (savings, money market, mutual fund) that can hold other out-of-pocket alternative medicine expenses that are not covered by your insurance or HSA. This way you have a back up plan that can still accrue yet will be there if you need it for your holistic needs.
Research what HSA is best for you. Visit www.hsainsider.com for more information, and consult with your insurance company to know what alternative and holistic medical expenses are covered.

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