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Applying High Deductible Health Insurance Plans
Applying High Deductible Health Insurance Plans
Nowadays, the costs of medicines are getting higher and thinking solely that high costs make us sick. Your doctor may have recommended you to take a health savings account to keep your personal and financial life healthy. Combining with your health savings account is a High Deductible Health Plan (HDHP). This type of health insurance provides a medical coverage and a tax free way in which to build funds to cover expenses in times of medical emergencies.
Times are getting rough and many can no longer afford regular health insurance premiums. For people who are comparatively healthy and don't visit their physician more often, a High Deductible Health Insurance can be the right choice that gives them peace of mind. Basically, this will charges a fairly low monthly premiums, bur require a high deductible upon use. This could also mean that you will pay out of pocket for usual checkups and prescriptions, but you will have a full back when a catastrophic situation occurs which normally holes your wallet out of hand.
Of course, no one desires to have disastrous incidents to happen making the medical expenses out of reach, yet it is best and wise to insure for the unexpected.
However, the downside of this major medical insurance is that it is limited to those who can fit to it and not for everyone. Hence, up to a prescribed deductible, you would cover most of the costs for your health care out of your pocket. In addition thereof, if you have a "co pay policy", you will pay a percentage beyond your deductible until you reach your out of pocket maximum. More so, as early mentioned, this type of insurance will not work for others like those who have certain conditions are usually not qualified. Some of those conditions include HIV, emphysema, diabetes, heart diseases, and multiple sclerosis. If a person has any of such illnesses, most likely would not be approved with catastrophic health insurance. The most drawback of HDHP is that it suits for people who can't spend a large amount towards the medical expenses.
Having laid down the pros and cons of high deductible insurance in health category, it is advisable to spare some time to sit down and calculate your yearly medical bills, with that you can be able to assess how much you can afford to pay. Having said that, it is best to ask questions straightforward with your insurance agent and that you have understood about the policy before agreeing to take the coverage. This is so because you might confuse yourself with the plan to take whether the "catastrophic only plan" or "comprehensive catastrophe plan" will suit you. More so, even this kind of insurance has different coverage, so it is important to gather and compare.
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