Saturday, 10. July 2010
Health Savings Accounts allow you to set up a tax-deductible account to pay for medical expenses that are not covered by your health insurance. These include expenses to cover your deductible, and other medical expenses like dental and eyeglasses. But many don’t realize that HSA funds can be used to pay for virtually any type of medical service, as long as it pertains to the treatment or prevention of a specific health condition.
Because money withdrawn from a health savings account to pay medical expenses is tax-free, anyone who has an HSA can funnel all alternative medical expenses through their HSA and get a tax write-off. This could include biofeedback, naturopathy, Ayurvedic medicine, aromatherapy, magnetic healing, reflexology, and the list goes on.
People who use complementary therapies are often very health conscious, and go to traditional physicians less often. So it does not make sense for them to be paying a high premium for a traditional health insurance plan with a co-pay, particularly when their medical treatments are not covered anyway. Instead, many are choosing a low cost high-deductible HSA plan.Alternative Therapies Becoming Mainstream
Many hospitals are now offering complementary treatments. The website for the Memorial Sloan-Keating Cancer Center states that complementary therapies are used to “help alleviate stress, reduce pain and anxiety, manage symptoms, and promote a feeling of well-being.”
Some group health insurance plans are beginning to cover more complementary expenses, but there is still very little coverage for these expenses in individual or family plans. Those that cover chiropractic limit coverage to 12 – 20 visits per year, and a few will cover a limited amount of acupuncture. But very few if any cover hypnotherapy, Reiki, iridology, or faith healers.Why Complementary Medicine
The conventional medicine practiced by most MDs is called allopathic medicine. The philosophy of this system is to treat disease and injury using counteractive methods. For instance, if you have a fever you may take aspirin to make it go down, if your cholesterol is elevated you may take a statin to reduce it, if you have heartburn you may take an antacid. The thinking is mostly focused on removing the symptoms of disease, and the primary treatment modalities are surgery and prescription drugs.
But there are other ways to look at things. Naturopathic medicine is based on the belief in the body’s own healing powers, which can be strengthened through the use of certain foods, vitamins, herbs, or other “natural” treatments. Traditional Chinese Medicine (TCM) is based on ancient Chinese theories about the balance of yin and yang. Ayurvedic medicine is based on principles of movement, metabolism, and structure.
Part of the growing use of complementary therapies is a reaction to the costs, side effects, and philosophy of conventional allopathic medicine. Physicians get much of their continuing education from the pharmaceutical industry, and they work in an environment where the insurers and the patients are both looking for a quick fix. The result is that the average 60 year old is now taking 5 regular medications, yet there is little expectation that those drugs will ever cure the health problems for which they’re being used. Many consumers see this, and instead are using other methods to try to get to the root of their illness.What is Considered a “Qualified HSA Expense”
Qualified medical expenses have been partially defined in IRS Publication 502, and through various federal court rulings. There is no definitive list, but there are really very few restrictions as long as the procedure is for the treatment or prevention of a specific health condition. For instance, you could not use your HSA funds to pay for a relaxing massage for your own personal pleasure. But if your doctor recommends you get a massage for specific medical reasons, this is considered a qualified expense. Yoga would not normally be considered a qualified medical expense, but it would be if it was recommended as a physical therapy following some sort of accident.
Some may question why the government would give a tax deduction for someone to use some crazy energy vibration machine to cure their cancer. But this is as it should be. No one but you should be able to decide what type of treatment you will use for your own illnesses. By empowering individuals to manage their health as they see fit, HSAs encourage personal responsibility and help loosen the monopoly on healthcare that conventional medicine has had for the past few decades.
Posted in Articles by Prescription Savings -
Monday, 5. July 2010
Americans spend over $30 billion each year on complementary and alternative therapies, mostly out of their own pocket. That is because few health insurance plans cover expenses like homeopathy, acupuncture, or Chinese medicine. But if you own a Health Savings Account, these expenses are 100% tax deductible.Health Savings Accounts allow you to set up a tax-deductible account to pay for medical expenses that are not covered by your health insurance. These include expenses to cover your deductible, and other medical expenses like dental and eyeglasses. But many don’t realize that HSA funds can be used to pay for virtually any type of medical service, as long as it pertains to the treatment or prevention of a specific health condition.
Because money withdrawn from a health savings account to pay medical expenses is tax-free, anyone who has an HSA can funnel all alternative medical expenses through their HSA and get a tax write-off. This could include biofeedback, naturopathy, Ayurvedic medicine, aromatherapy, magnetic healing, reflexology, and the list goes on.
People who use complementary therapies are often very health conscious, and go to traditional physicians less often. So it does not make sense for them to be paying a high premium for a traditional health insurance plan with a co-pay, particularly when their medical treatments are not covered anyway. Instead, many are choosing a low cost high-deductible HSA plan.Alternative Therapies Becoming Mainstream
Many hospitals are now offering complementary treatments. The website for the Memorial Sloan-Keating Cancer Center states that complementary therapies are used to “help alleviate stress, reduce pain and anxiety, manage symptoms, and promote a feeling of well-being.”
Some group health insurance plans are beginning to cover more complementary expenses, but there is still very little coverage for these expenses in individual or family plans. Those that cover chiropractic limit coverage to 12 – 20 visits per year, and a few will cover a limited amount of acupuncture. But very few if any cover hypnotherapy, Reiki, iridology, or faith healers.Why Complementary Medicine
The conventional medicine practiced by most MDs is called allopathic medicine. The philosophy of this system is to treat disease and injury using counteractive methods. For instance, if you have a fever you may take aspirin to make it go down, if your cholesterol is elevated you may take a statin to reduce it, if you have heartburn you may take an antacid. The thinking is mostly focused on removing the symptoms of disease, and the primary treatment modalities are surgery and prescription drugs.
But there are other ways to look at things. Naturopathic medicine is based on the belief in the body’s own healing powers, which can be strengthened through the use of certain foods, vitamins, herbs, or other “natural” treatments. Traditional Chinese Medicine (TCM) is based on ancient Chinese theories about the balance of yin and yang. Ayurvedic medicine is based on principles of movement, metabolism, and structure.
Part of the growing use of complementary therapies is a reaction to the costs, side effects, and philosophy of conventional allopathic medicine. Physicians get much of their continuing education from the pharmaceutical industry, and they work in an environment where the insurers and the patients are both looking for a quick fix. The result is that the average 60 year old is now taking 5 regular medications, yet there is little expectation that those drugs will ever cure the health problems for which they’re being used. Many consumers see this, and instead are using other methods to try to get to the root of their illness.What is Considered a “Qualified HSA Expense”
Qualified medical expenses have been partially defined in IRS Publication 502, and through various federal court rulings. There is no definitive list, but there are really very few restrictions as long as the procedure is for the treatment or prevention of a specific health condition. For instance, you could not use your HSA funds to pay for a relaxing massage for your own personal pleasure. But if your doctor recommends you get a massage for specific medical reasons, this is considered a qualified expense. Yoga would not normally be considered a qualified medical expense, but it would be if it was recommended as a physical therapy following some sort of accident.
Some may question why the government would give a tax deduction for someone to use some crazy energy vibration machine to cure their cancer. But this is as it should be. No one but you should be able to decide what type of treatment you will use for your own illnesses. By empowering individuals to manage their health as they see fit, HSAs encourage personal responsibility and help loosen the monopoly on healthcare that conventional medicine has had for the past few decades.
By Wiley Long – President, HSA for America (http://www.health–savings–accounts.com) – The nation’s leading independent health insurance firm specializing in individual and family coverage that works with a Health Savings Account.
Posted in Articles by Prescription Savings -
Monday, 8. March 2010
I was in the past month hospitalized twice.I lost my job,have run out of food,have no money in savings or in hand.I feel I should not ask to borrow money from anyone because i have NO income,therefore i am unable to repay any “borrowed” money.I need prescription medicine NOW. My LIFE depends on it!
I DO NOT HAVE ANY DEPENDENTS UNDERAGE,THEREFORE I DO NOT QUALIFY FOR WELFARE TYPE PUBLIC ASSISTANCE. I ALSO AM WITHOUT ANY TYPE OF TRANSPORTATION..
Posted in Answers by Prescription Savings -
Sunday, 7. March 2010
The increasing costs of prescription drugs, combined with a lack of prescription drug coverage, is leaving patients without the medication they need. Fortunately, help is available. A national study has shown that 17% of the population lacked any type of health insurance whatsoever. Even more amazing, a staggering 26% did not have insurance covering prescription drugs.
Those numbers are escalating as drug prices continue to grow. The AFL-CIO Task Force on Prescription Drugs reports there are a few factors that contribute to the quick increase in prescription drug expenditures: a.) the increasing number of prescription drugs per person; b.) the availability of newer, more expensive prescription drugs that replace older, less expensive medicines; and c.) the price increases of existing drugs. In response, governments have tried to control increasing prices by limiting the useage of prescription medicine, pressuring pharmaceutical companies for price breaks, and changing the Medicare payment system. It is estimated that total spending by and for Medicaid beneficiaries will more than triple over the next decade, from $71 billion in 2001 to $228 billion in 2011.
Having a condition or disease can put a lot of strain on a person’s body and mind. To compound the problem further, many patients have low income, with little or no drug insurance and limited “disposable” income which can be designated for medical care. Even those with medical insurance know there are no guarantees: many have had to meet increasing deductibles and had drugs go partially covered – or totally uncovered. There are several ways around every healthcare roadblock.
Lack of insurance coverage is a prescription for disaster, while most drug costs are quickly escalating, the cost of brand name drugs is escalating even more quickly. Can you take the generic version of your medicine? Ask your doctor and pharmacist if your prescriptions can be filled with the lower-cost generics. In some instances, this isn’t possible because the brand names are more efficacious than their generic alternatives. Many healthcare providers will assist their patients by giving free samples of the prescription medicine. While samples are not a permanent solution they can help in time of need. Ask your healthcare provider.
One of the best ways to get low cost or free prescription medicine is to talk to the manufacturer. Contact the company and ask about their Prescription Assistance Program. Almost all drug companies offer these programs, which enable patients to receive prescription drugs they need at a price they can afford. You and your physician will need to complete an application. Patient Assistance Programs run by manufacturers have been in existence for over 17 years. These programs are designed to assist eligible patients who can’t afford their prescription drugs due to limited income or other financial hardships. Pharmaceutical companies did not want their low income customers to be forced to make a choice between paying for life saving prescription medicine or for paying for rent or groceries. As a result, patient assistance programs came into being as part of the company’s philanthropic efforts. Until relatively recently, very few patients knew about the existence of these programs or could follow the complicated application process that was necessary for participation. In many cases several applications had to be filed with several different drug manufacturers in order to gain access to a prescription advocacy program.
The manufacturers seem to believe that providing information on their websites and toll-free numbers is essentially all that people need to access PAPs. They just don’t understand the inability of many patients, particularly those on multiple prescriptions from 2 or more physicians to follow through with the confusing application process. It also places an unfair burden on the doctors that are already overburdened with paperwork. Fortunately there are companies that will perform the task for people for a fee. These prescription assistance companies will generally coordinate the process from beginning to end. Of course the prescription assistance is free and if people are capable of doing it themselves they should, but for those people that just do not have the ability to do it themselves, the hiring of a company to do the job is a better option than not taking the prescriptions they need.
Kirby Horton is Founder, President and CEO of Rx HELP
, a Prescription Assistance Company. He has over 30 years experience helping Americans with their healthcare needs. He can be reached at 866-960-9497
Posted in Articles by Prescription Savings -