This Medical Savings Health Insurance Company Review will discuss the company known as Medical Savings Insurance Company. The company was originally based out of Indianapolis, Indiana. It was a company that sold health savings plans. Unfortunately, the company went through liquidation in 2009 so this review will discuss that briefly and then review health savings plans in general.
If you would like to compare health insurance quotes for companies in your local area all you need to do is fill in your zip code below and you will be able to compare health insurance quotes for a variety of companies.
Medical Savings Location
If you need to correspond with Medical Savings Insurance Company, their address is:
5835 W. 74th St.
Indianapolis, IN, 46278- 1757
Phone number: 317-329-8222
Fax number: 317-329-3080
Toll free phone number is 1-800-589-8911
Medical Savings Liquidation
On February 26 of 2009, Medical Savings Company was ordered to liquidate by the Circuit Court in Marion County. This was petitioned for by the Indiana Department of Insurance, who determined that the company was insolvent.
The Liquidator appointed was Jim Atterholt who is the Indiana Commissioner of Insurance. He appointed the president of Noble Consulting Services, Randolph Lamberjack, as the Special Deputy Liquidator who would oversee the process of liquidation.
In May of 2009, premium refunds were mailed out to insureds in:
- North Carolina
In June, refunds were mailed to insureds in Louisiana.
The complete timeline for the liquidation process, including the dates when specific EOBs were mailed, can be found on the website.
Medical Savings Health Insurance Accounts
The main product sold by Medical Savings Insurance Company was Health Savings Accounts, or HSAs. Health Savings Accounts are offered by most of the major health insurance carriers, as well as smaller carriers. People who have health savings accounts can save up to 50% on their health insurance. Another benefit of health savings accounts are that the medical expenses are tax deductible and taxes can be cut by a large amount.
How do Health Savings Accounts work, you may ask. An HAS is a health insurance plan with a high deductible that is combined with a savings account. What you do is you deposit funds that are tax-deductible into an account. This account is used only for medical costs and is a good way to take charge of your own health care choices.
Not all high deductible insurance plans can be combined with a savings account. There are certain plans that are qualified to partner with a health savings account and these can be found through a wide variety of insurance companies.
The deductibles range between $1200 and $6000 for individuals and between $2400 and $1200 for families. Once your policy is effective you are able to deposit funds into your health savings account.
Health Savings Account Contributions
Once you start contributing to your account, you can deposit as much as you would like, up to a maximum amount. There are no restrictions as to the minimum amount you deposit; it can even be $0. There is a maximum amount as to how much federal income tax you can legally avoid. For individuals you can contribute up to $3,050 and for families it is $6,150.
You are allowed to rollover funds from your flexible spending account (FSA), health reimbursement arrangement (HRA), or individual retirement account (IRA). This can be done one time. Your employer can make a contribution to your health savings account which is considered excluded from your income and such, will not be taxed.
Some states will allow you to take a deduction from your state income tax for the contributions made to your health savings account. Check with your state to see if they allow tax deductions.
Health Savings Account Medical Expenses
The funds in your health savings account can be used for a variety of expenses. They can be used for regular medical expenses as well as other expenses not covered by a traditional health insurance policy. These expenses may include:
- Dental expenses
- Mental therapy
- Physical therapy
- Alternative treatments
- Preventive health programs
- Nonprescription medications
- Maternity expenses
- Insurance premiums for qualified long-term care