Have you been struggling to figure out the right health insurance plan for yourself? Are you unhappy with your current plan? Do you think you are paying too much money and not getting the best use of your insurance? Or perhaps you do not have an insurance plan yet.
Health insurance can be complicated and finding the right health plan for you and your budget, health, and lifestyle may take some figuring out. We’re here to help you understand all your policy options, but for now, let’s focus on high-deductible plans and exploring how it might be a good option for someone that is relatively healthy.
What is a High Deductible Health Plan?
A high deductible health insurance plan may also be referred to as catastrophic health insurance. This plan has significantly lower monthly premiums, but a higher deductible than traditional plans.
But what does all that mean? A deductible is the amount you pay out-of-pocket before your insurance plan will cover any of the medical costs. A premium is what you pay every month to your insurance company for your plan, whether you use it or not.
Related > A Healthy Future: Health Insurance Options for Millennials
Is this the Right Plan for Me?
Having a high deductible plan is typically a great choice for people that do not have any immediate health issues or health history. Most people are “younger” and only need insurance for the “what if” events, hence the name catastrophic.
Without a health insurance plan, if you are in an accident or get very sick and need medical attention it can cause thousands of dollars or more in bills. This is why it is very important to have a budget-friendly health insurance plan to have the protection you need every day.
If you are looking to save money by having lower monthly premiums and risk paying higher out of pocket expenses—if and when you need to—then this is a great way to cut costs if you are on a budget.
Should you need help finding health insurance, McKnight & McKnight Insurance in Tampa, FL helps keep the promise of affordable coverage with simple, fast and friendly insurance solutions. In just a few minutes, we can discuss your options including high-deductible plans. Call today or schedule your phone appointment online!
Related > Explaining Health Savings Accounts (HSA)
Additional Benefits of High-Deductible Plans
Typically, you may contribute to a health savings account (HSA) only if you have a high-deductible health plan (HDHP) and aren’t enrolled in Medicare. Health savings accounts allow you to contribute money, pre-tax, for any unforeseen medical expenses. Having an HSA allows you to save money for qualifying medical costs such as copays, deductibles, and therapy.
Your HSA will never expire, so if you do not use your savings it will carry over each year. This is a great feature if you are on a budget and need to pay for an unexpected medical expense without worrying about your other personal bills.
If you are relatively healthy and do not need additional health services this is a great way to save money overall. However, some people may not be eligible for an HSA according to IRS rules; learn more about current eligibility rules here or call our health insurance pros.
Considering a Low Price, High Deductible Plan
If you are considering a switch to a high deductible health insurance plan and want to make sure this is the right plan for you at McKnight & McKnight Insurance, we can talk you through all your options. We offer complimentary, no-obligation quotes and policy reviews. We can help you find the perfect health plan for your budget and health needs without you feeling like you are overpaying for unnecessary coverage.
We make insurance EASY! Call us at 813-792-2301 or fill out a free online questionnaire to learn the best affordable health insurance options for your lifestyle and budget.
