Health Insurance Comparisons
When you begin your search for health insurance plans, make sure to thoroughly read through each of the policy’s benefits and rates. See what the comparisons bring for you.
Health Savings Accounts, or HSAs, are a great way to be in control of your medical care needs. This acts as a regular saving account and IRA; it is also tax-deferred. You are only supposed to use the money you withdraw and deposit for medical expenses – otherwise there may be some expenses you will have to pay. It is also a combination with a high-deductible health plan. This is a form of consumer-driven health care; it is a system for the individual and not third parties, unlike most health plans. Another good thing about this plan is that if you don’t end up using all of the money in the HSA, you can use it for retirement – this is how the IRA characteristics kick in. It is necessary for you to withdraw the money after retirement age to avoid penalties.
The deductibles for HSAs are usually between $1,100 and $5,600 for individuals and $2,200 and $11,200 for families.
Health Reimbursement Accounts, or HRAs, are also available. These are similar to HSAs, but instead, you pay for the medical expenses and are reimbursed for some or most of it – this is after you pay your deductible. These too are tax-deferred.
You should also look to your employer for health benefits. If the company has a package that looks attractive, check it out and sign up for it. You will be able to put your spouse and children on there as well. Also, take a look to see if they have COBRA; this is a continuation of coverage and will protect you and your family should you lose your job. It is temporary coverage and will hold you until you find another health plan.