High Deductibles for Your Health Insurance

When most people learn that their family’s health insurance coverage is going to cost more, they shop for a more affordable policy. Often the solution is a combination of an insurance plan and a Health Savings Account. More than million Americans have made a similar choice, signing up for health insurance policies and associated since the program was introduced in late according to the industry group, America’s Health Insurance Plans. The new plans are a bit complex, but a growing number of insurers offer them.

Under federal law, the policy must have a minimum deductible of $ a year for an individual and $ for a family; maximum out of pocket expenses; for example, required for surgical procedures, cannot exceed $ for individuals and $ , for families. People Help With Their Own Health Insurance Policyholders, meanwhile, can set up that they fund with their own money. Employers also can contribute to their workers. http://www.rig-associates.com/raffles-health-insurance/

HSA contributions, generally set an amount equal to the policy’s deductible, can best be used to cover health care costs, and unused money can be carried over at year’s end. This differs from company sponsored Flexible Spending Accounts, health care savings plans in which unused money is forfeited after Dec of each year. Some companies are replacing existing catastrophic health coverage plans with the new plans because they see HSAs as a good way for workers to handle the higher deductibles. Others see them as a way of making workers more mindful of health care spending.

Health Insurance For The Young And Uninsured The new policies are especially attractive to young singles, people in relatively good health and higher income people who can afford to cover higher out of pocket costs. The new policies also are attractive to small businesses and the uninsured. Of the new policies purchased through more than were purchased by people with annual incomes below almost half were families and more than  had been uninsured.