INSURANCE AND HSA's
Insurance Billing
Dr. Galloway's services are not part of the insurance system or Medicare/Medicaid. We do not bill your insurance company. Payment for service is required at the time of service.
Upon request, Dr. Galloway will provide an itemized statement to the patient for services. It is the patients responsibility to understand coverage provided by their insurance policy and to submit paperwork to their insurance provider, if desired.
HSA's and certain flex plans may cover naturopathic services. In addition, some businesses have "cafeteria plans" or other devices that can cover the costs of preventive care. Ask your employer about these options.
The current insurance system does very little to provide quality health care to its consumers. Many practitioners are finding that there is greater freedom to provide you with quality care by being on the outside of the insurance system.
Health Savings Account: A Tax-free payment option
What is a Health Savings Account (HSA)?
A Health Savings Account is an alternative to traditional health insurance; it is a savings product that offers a different way for consumers to pay for their health care. HSAs enable you to pay for current health expenses and save for future qualified medical and retiree health expenses on a tax-free basis.
You must be covered by a High Deductible Health Plan (HDHP) to be able to take advantage of HSAs. An HDHP generally costs less than what traditional health care coverage costs, so the money that you save on insurance can be put into the Health Savings Account. You can contact your insurance agent, or look for an independent insurance broker in your local phone book for more details.
You own and you control the money in your HSA. Decisions on how to spend the money are made by you without relying on a third party or a health insurer. You will also decide what types of investments to make with the money in the account in order to make it grow.
How can I get a Health Savings Account?
Consumers can sign up for HSAs with banks, credit unions, insurance companies and other approved companies. Your employer may also set up a plan for employees as well.
How much does an HSA cost?
An HSA is not something you purchase; it's a savings account into which you can deposit money on a tax-preferred basis. The only product you purchase with an HSA is a High Deductible Health Plan, an inexpensive plan that will cover most of your medical expenses should your expenses exceed the funds you have in your HSA.
Do my contributions provide any tax benefits?
Your personal contributions offer you an "above-the-line" deduction. An "above-the-line" deduction allows you to reduce your taxable income by the amount you contribute to your HSA. You do not have to itemize your deductions to benefit. Contributions can also be made to your HSA by others (e.g., relatives). However, you receive the benefit of the tax deduction.
May a self-employed person contribute to an HSA on a pre-tax basis?
No. Self-employed persons may not contribute to an HSA on a pre-tax basis and may not take the amount of their HSA contribution as a deduction for SECA purposes. However, they may contribute to an HSA with after-tax dollars and take the above-the-line deduction.
