If you live in the US, you are probably aware that many people are concerned about health plans. In particular, those people who need individual health insurance because they do not have a group plan, have concerns. People who do without any medical coverage worry about getting sick or having an accident because they know that one trip to the hospital can ruin their finances for years to come. But even people who do have a health plan are concerned about their benefits, the chance that premium rates may make their health plan to expensive, and about the amount of money they have to budget to pay the premiums now.
My suggestions for affordable health plans are to look at tax advantaged health savings accounts (HSA). These work with high deductible health plans. The money in the account earns interest and can be used to pay for many medical services. Within limits, contributions are tax deductible, and if any money is left over when the insured person becomes ready for retirement, it can be added to other retirement savings! The high deductible major medical portion covers any large bills.
A PPO plan is also an affordable option. They offer better benefits and lower prices for using network medical providers who agree to stick to the plan’s rate schedule. Some will offer a doctor’s visit copay and prescription coverage too. The deductible would be apply to other medical services like a hospital visit, outpatient testing, and therapy.
If you are coming from a large company group health plan, you may be in for some sticker shock when you see the high deductibles you must accept for the premium you must pay. But remember, your old company was paying a lot of the premium then, and now you are. Welcome to the world of individual health insurance. You an probably find an affordable plan in your are if you adjust your thinking about health care and study all of the available options.