Know About High Deductible Insurance
To secure the financial future of our loved ones we all invest in health insurance plan(s). However, deciding which plan to pick can be a tricky business but if you managed to get a good plan then it can relieve you of your worries for future. As the plan you pick depends largely on your budget and requirements. So before buying a plan do your homework thoroughly. High deductible health insurance plan might be the plan for you. For it you pay lower premiums but higher deductibles. It also means that you'll have to pay for your healthcare needs until deductible is met.
What Kind of Cover High Deductible Offer
Before purchasing this plan know that it's called "catastrophic insurance" for a reason. And that reason is, you will have to take care of all the small medical expenses all by yourself. This plan only covers larger bills resulting from a sudden illness or accidents. If you are looking for a cover for preventive care then don't purchase high deductible insurance plan. Also, know that pregnancy, diabetes and AIDS are not generally covered under high deductible insurance plan.
About Health Savings Accounts (HSA)
Health saving accounts comes in are conjunction with high deductible health insurance plans and from which pre-tax dollars can be used to pay for medical expenses. You can save money on premiums and out-of-pocket medical costs, if you use HSAs with high deductible medical insurance plans. The HSA can help save money on health care before the individual meets the deductible for coverage. If you have HSA and a high deductible health insurance plan, you can decide whether or not to use HSA funds towards the deductible or continue to save the account funds for a later date.