Your Health Insurance Deductible - A High Deductible Health Plan
One of the questions we get quite often here at HSA for America is
, what is the best deductible to go with. That's a very good question because the deductible that you choose will have a powerful impact on how much your premium is for that health insurance.One of the first things you want to look at is, if you're considering a co-pay plan - that's where you pay $25.00 for a doctor visit and the insurance company pays the rest - it can be a nice little benefit. One of the things that you need to look at is, how often are you and members of your family going to the doctor, because if the doctor visits say would you cost you $75.00, if you paid direct, but now it's only costing you $25.00, then obviously you're going to get a $50.00 benefit from the insurance company if you go to the doctor four times a year. That's $200.00 in benefits that you receive.
The question is, are you paying more than $200.00 a year for that benefit and chances are the answer is yes. Most of our clients, when they look at this and they do the math, they realize that paying for a plan like that that covers the little things like doctor visits is usually going to cost more than it's worth. When you compare this to automobile insurance, for example, your car insurance does not pay for your oil changes. If it did, it would be quite expensive and so people carry car insurance to protect against the catastrophic things and health insurance is really the same. You should carry it to protect against the catastrophic event, but usually it's not going to be worth it to pay for those smaller things.
There is one exception to this though. If you have a high deductible plan, you may want to consider adding a supplemental accident plan to that. what an accident plan does is it pays 100% up to five or ten thousand dollars for any accident after a one hundred dollar deductible.
So if you have a $5000.00 deductible in your health insurance and you have an accident, you're still just left with $100.00 out of pocket. These accident plans are very inexpensive to add. They're very popular especially with families with children who are riding their bikes and playing sports and doing things where they may have to go to the emergency room. So consider adding one of those to your plan, but regarding your deductible, do the math and look to make sure that you're not paying too much for a low deductible plan when you could really save a lot of money by going with a much larger deductible.
For more information on how to make the most of your Health Savings Account go to www.HSA-Resources.com. There you will also find information about how to open a Health Savings Account, about how health care reform will affect your HSA and why you should take advantage of the opportunity to own a Health Savings Account now.
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