According to surveys, the cost of getting medical care has been cited by most middle-income U.S. families as a financial burden that can drain their life savings. You may read the outrageous stories of those who died for lack of health care, or who were forced into bankruptcy by medical debt in the U.S. Since health insurance is not something you can do without, I’ve got some tips to help you save on coverage.
Health insurance plans with high deductibles generally have lower premiums than plans with more comprehensive coverage. Under the Affordable Care Act that’s been law since 2010, recommended preventive health care services are covered at 100 percent with no deductibles, co-pays or co-insurance. Health insurance companies are required to cover annual check-ups, immunizations, and certain procedures to screen for cancer, diabetes, heart disease and other common diseases so long as you use in-network providers, who bill with the right code.
By covering recommended preventive care and major medical expenses, high-deductible health insurance plans offer a lot more value now. If you want to save more, you can look into the high-deductible plans that allow you to open a Health Savings Account or an HSA.
Health Savings Accounts allow your savings to grow without being taxed. As long as you use the money to pay for qualified dental and health care expenses, HSA withdrawals are also free from taxation. This type of account can help you prepare for retirement because any funds not needed for health care keep growing year and year. HSA plans also allow you to claim your HSA contributions as a tax deduction when you file tax returns.
You can get more detailed information about Health Savings Accounts here on our site. It only takes a few minutes of your time to learn about this option, but the savings can last a lifetime and help make health care more affordable.