Low-cost health insurance plans are usually offered through policies that may offer a higher deductible, in exchange for a lower premium payment each month, but consumers have been using these policies combined with health savings accounts as a way to find health insurance coverage that can meet their needs if expensive medical costs happen to arise due to an illness or injury. Obviously, some consumers who are unemployed or who simply may not have health insurance often worry about costs that may be associated with either a surgery, medical treatment, or a stay in the hospital if an accident were to occur, but for those who do not have a great deal of money to spend on a comprehensive individual health insurance plan, these high deductible plans coupled with a health savings account have been a more popular option.
When it comes to choosing a health insurance plan, advisers often suggest that individuals look at multiple options from individual health insurance plans, short-term health insurance, and these high deductible policies that can be used alongside a health savings account, as some men and women may be in a position to acquire more long-term insurance which could bring more coverage for smaller medical costs. One of the reasons that individuals often choose a high deductible health insurance account is, again, because of the low monthly premiums but also some individuals who need health insurance simply do not go to the doctor that often, and feel that a more comprehensive plan will be a waste of their money.
Yet, as stated by financial advisor Clark Howard, “You decide what you’ll pay out-of-pocket–essentially acting as your own insurer–and what you want to submit as a claim for your high-deductible insurer.” Essentially, consumers who have this type of health insurance and a savings account as well can simply pay the costs of a visit to the doctor out of pocket if they may be going for a routine checkup or have a minor illness. Obviously, this type of health insurance may not be helpful for someone who does go to the doctor multiple times throughout the year, as again, a health insurance savings account could quickly be depleted as out-of-pocket costs may build up and leave a consumer with little funds to pay their deductible were high medical costs incurred.
However, individuals who do opt for this particular plan will want to do their research as, again, different insurers may offer a variety of high deductible options or may cover various costs despite being a high deductible plan, yet there are some insurance agencies who may attempt to get a consumer to use a flexible spending account, which could be unhelpful as the funds in this type of account will not roll over if they are unused. For consumers who may be simply looking for a safety net at the present time, these high deductible plans have become more popular, and in some cases more employers are even implementing high deductible health insurance and health savings accounts due to affordability, but consumers must make sure that this particular plan will be cost-efficient and meet their medical insurance needs so that excessive costs will not have to be met out-of-pocket.