Low deductible health insurance plans were once very popular, offering low out-of-pocket expenses in the event of a major medical claim or an emergency. Low deductible health insurance plans still exist, but the trend now is to buy high deductible plans instead.
There are a number of ways to buy a high deductible health insurance plan, with the most common way being to buy a Health Savings Account (HAS). Customers with families are able to save several hundred dollars per month by opting to buy a Health Savings Account plan. HSAs offer one deductible for the family with no co-insurance and once the deductible is met, those on the plan are 100 percent covered.
Many people have difficulty with HSAs and are not able to utilize the full benefits offered. Often, many people do not invest their savings into the account. Regularly adding money the account means the funds in it are tax deductible and any interest earned is tax deferred. HASs are a good investment in you and your health. Perhaps the biggest benefits for account holders is their account can pay for any medical bills. Additionally any funds left over will roll over each year.
When buying a high deductible health insurance plan it is best to add supplemental benefits. In fact the two most often bought plans are the Accidental and Critical Illness plans. Having extra coverage is a smart thing to do as roughly 59 percent of all medical claims filed are for critical illnesses and approximately 19 percent are filed as a result of an accident. It is also important to remember that a health savings account plan covers all wellness exams 100 percent. Wellness exams include immunizations, pap smears, PSA exams, mammograms and colonoscopies.
With the current administration the health insurance marketplace is in flux, if you take the time to research your options, you will find plans that suit your lifestyle and budget.
Millions of Americans do not have health insurance because of the cost, the coverage or they don’t think they have an actual need for it. While it’s certainly a personal choice, one thing should always be kept in the back of your mind. At some point, everyone will need medical assistance; that’s just how life happens to be.
Get educated about the various plans on the market. While they may appear to be confusing, talking to a health insurance broker will take care of that for you. After all, it might be as easy as finding out what the differences are between a Health Savings Account, a Co-Pay or Major Medical Insurance.
For example, one of the most reasonable plans is the Co-Pay plan. It co-pays expenses for doctors, medication and prevention. Instead of paying the full bill for a visit to the physician, you only pay a portion of the fee and most people find that to be affordable.
Everyone wants health insurance that works for them, gives them the coverage they need, and offers reasonable premiums. This isn’t something you can just go out shopping for and find within half an hour. You will need to speak to an expert insurance broker. They know all the insider knowledge you won’t find on websites and they can tell you right away the differences between a co-pay plan and a Health Savings Account. There are other options and they have the expertise to help you through all the questions you have and get what you want and need.
Just because something is on a website, don’t assume that what you get is exactly what is written on the site’s description. Why? Because everyone who needs health insurance needs something different and no two people will have the same thing. Every provision or condition may be interpreted differently by different companies. Don’t assume something is the case; ask to be sure.
To learn more about Health insurance quotes, affordable health insurance, affordable health insurance quotes, health insurance plans, visit Benepath.com.
If you have a co-pay plan, this is NOT the same thing as a Health Savings Account. We’re not sure why there is this kind of confusion over the two, but a lot of families who tried HSAs found out they don’t care for paying full freight at the doctor’s office. We’ve even heard stories of those who had HSAs wanting to switch back to a co-pay plan. The co-pay is a whole lot more popular because the cost of paying for medical care is lower at the doc’s office.
The likely reason that co-pay plans are preferred is because the benefits are visible right away when you pay that doctor’s bill. With the HSAs you save aside money every month for medical expenses and you have a High Deductible Health Plan. In plain English it means you pay for health benefits up to a certain dollar amount. If the bill is more than what the benefits cover, you pay for them out of your Health Savings Account.
To learn more, visit https://www.benepath.com.
There’s always been a debate about Health Savings Accounts and they may not be the right thing for some people. They got a lot of press attention, but still, many people don’t truly understand what they will do for them. Ideally, if you don’t understand what the benefits of an HSA are, call your local health insurance broker for information.
An HSA is a savings account, and if you don’t think you’d be opening one, then this may not be the way to save for your medical expenses. You also have to have the “save money” mindset to make this work. So, if you spend what you get when you get it, a health savings account might not suit your lifestyle. But, it does have some terrific advantages that you could at least check out.
To learn more, visit https://www.benepath.com.