Almost every morning, you open the newspaper to find an article about health care crisis.
The growing fee of health care is making it increasingly complicated for health insurance companies to pay attention to every need of the policy holders and offer economical prices for the coverage at the same time.
Majority of the Americans are covered under group health insurance schemes provided by their place of employment.
However the demand for family health insurance is escalating as more and more people are leaving their employers to start their own ventures, while others are being forced to leave due to illness or lay-offs.
The market is competitive, and insurance companies are coming up with new plans every day to meet the various demands.
Higher deductible health insurance plans have been proven to be more profitable in the long run that the low deductibles plans offered in the past.
The higher deductibles radically bring down the overall cost of health insurance.
The low deductible plans are no longer viable because of the higher premiums necessitated by the low deductibles.
The up-coming trends include: High Deductible Major Medical policies:The deductible is the amount you will have to pay before the benefits of the insurance begins.
Under these plans, you are sufficiently protected in case of a major injury or ailment, but you will have to manage your finances prudently so that you can amass an emergency fund, from which you can pay for minor medical expenditures like the occasional physical examination and possibly prescriptions.
The premiums are considerably lower for such health insurance plans.
Health Savings Accounts: anyone under the age of 65 and who takes out an individual health insurance policy with a deductible of at least $1000, or a family health insurance plan with $2000 as deductible, is qualified to opens a health savings account or HSA.
This account is set up for meeting out of pocket medical expenses only.
Any money that is used for medical expenses is tax-exempt.
The savings that you make on the cost of high-deductible health insurance policy can effectively make up for the medical expenses you have to pay yourself, and you enjoy tax benefits as well.
The growing fee of health care is making it increasingly complicated for health insurance companies to pay attention to every need of the policy holders and offer economical prices for the coverage at the same time.
Majority of the Americans are covered under group health insurance schemes provided by their place of employment.
However the demand for family health insurance is escalating as more and more people are leaving their employers to start their own ventures, while others are being forced to leave due to illness or lay-offs.
The market is competitive, and insurance companies are coming up with new plans every day to meet the various demands.
Higher deductible health insurance plans have been proven to be more profitable in the long run that the low deductibles plans offered in the past.
The higher deductibles radically bring down the overall cost of health insurance.
The low deductible plans are no longer viable because of the higher premiums necessitated by the low deductibles.
The up-coming trends include: High Deductible Major Medical policies:The deductible is the amount you will have to pay before the benefits of the insurance begins.
Under these plans, you are sufficiently protected in case of a major injury or ailment, but you will have to manage your finances prudently so that you can amass an emergency fund, from which you can pay for minor medical expenditures like the occasional physical examination and possibly prescriptions.
The premiums are considerably lower for such health insurance plans.
Health Savings Accounts: anyone under the age of 65 and who takes out an individual health insurance policy with a deductible of at least $1000, or a family health insurance plan with $2000 as deductible, is qualified to opens a health savings account or HSA.
This account is set up for meeting out of pocket medical expenses only.
Any money that is used for medical expenses is tax-exempt.
The savings that you make on the cost of high-deductible health insurance policy can effectively make up for the medical expenses you have to pay yourself, and you enjoy tax benefits as well.
Source...