Finding Affordable Health Insurance - Catastrophic Health Insurance Plans Are the Prescription
Finding affordable health insurance that provides quality benefits is anything but easy.
If you are looking to save money, but want to make sure you or your family still have quality medical protection, make sure you consider catastrophic health insurance plans, high deductible health plans, and health savings accounts.
How Things Have Been As Americans, most of us are used to excellent benefits through our employer.
Group plans used to be even richer in benefits than they are now.
On top of that, employers are known for paying some or all of the premium for their employees.
Rising Costs Have Put Most Americans in a Different Situation As costs continue to rise, employers are reducing benefits for their employees and even reducing the percentage of the premium they pay.
Some employers have dropped benefits altogether.
This has resulted in many individuals and families searching for their own health insurance coverage in the private market.
If you have ever received quotes for medical insurance for you or your family, you know how expensive it can be.
A Powerful New Idea There's a new, powerful idea that has crept upon our country over the last few years, the idea of catastrophic only health insurance, or high deductible health plans with HSA's.
They aren't one in the same, but they are similar.
Catastrophic health insurance plans pay for the big stuff...
not the everyday small stuff.
So, if you move from a plan with co-payments for office visits and prescriptions to a catastrophic insurance plan, you will lose your "up-front" coverage for office visits and prescriptions.
In fact, you will be required to pay all of your medical expenses out-of-pocket until you reach your deductible.
Deductibles for these plan typically range from $1,500 - $5,000 per person, or $3,000 - $10,000 per family.
It sound like a huge risk, and it might be, but if you or your family are healthy and don't use your benefits excessively, it may be the financial prescription you have been looking for.
The Big Benefit Price.
Plain and simple.
You do take on more risk, and you are required to pay more out of pocket expenses.
The price difference between a "full benefits plan" and a catastrophic, or high deductible health plan, can be ridiculously significant.
It's enough of a price difference, in most cases, to make you think twice about what plan is right for you or your family.
In fact, in most cases you will have saved enough money in the first year or 18 months to pay for the difference in deductible in the case that someone needs major medical care.
On top of that, you can receive tax deductions for medical expenses, if you use a health savings account with you new plan.
Is a Catastrophic Health Plan Right for Me?
If you are looking to save money, but want to make sure you or your family still have quality medical protection, make sure you consider catastrophic health insurance plans, high deductible health plans, and health savings accounts.
How Things Have Been As Americans, most of us are used to excellent benefits through our employer.
Group plans used to be even richer in benefits than they are now.
On top of that, employers are known for paying some or all of the premium for their employees.
Rising Costs Have Put Most Americans in a Different Situation As costs continue to rise, employers are reducing benefits for their employees and even reducing the percentage of the premium they pay.
Some employers have dropped benefits altogether.
This has resulted in many individuals and families searching for their own health insurance coverage in the private market.
If you have ever received quotes for medical insurance for you or your family, you know how expensive it can be.
A Powerful New Idea There's a new, powerful idea that has crept upon our country over the last few years, the idea of catastrophic only health insurance, or high deductible health plans with HSA's.
They aren't one in the same, but they are similar.
Catastrophic health insurance plans pay for the big stuff...
not the everyday small stuff.
So, if you move from a plan with co-payments for office visits and prescriptions to a catastrophic insurance plan, you will lose your "up-front" coverage for office visits and prescriptions.
In fact, you will be required to pay all of your medical expenses out-of-pocket until you reach your deductible.
Deductibles for these plan typically range from $1,500 - $5,000 per person, or $3,000 - $10,000 per family.
It sound like a huge risk, and it might be, but if you or your family are healthy and don't use your benefits excessively, it may be the financial prescription you have been looking for.
The Big Benefit Price.
Plain and simple.
You do take on more risk, and you are required to pay more out of pocket expenses.
The price difference between a "full benefits plan" and a catastrophic, or high deductible health plan, can be ridiculously significant.
It's enough of a price difference, in most cases, to make you think twice about what plan is right for you or your family.
In fact, in most cases you will have saved enough money in the first year or 18 months to pay for the difference in deductible in the case that someone needs major medical care.
On top of that, you can receive tax deductions for medical expenses, if you use a health savings account with you new plan.
Is a Catastrophic Health Plan Right for Me?