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The healthcare and health insurance world can be confusing!  Whether this is the first year you're choosing a health insurance plan for yourself, or you've been in the game for awhile, knowing the basics is helpful.

I’ll be doing a series of articles here to give you some terms to know, basic information, and insight into what to consider while choosing a health insurance plan.  The goal is for you to feel more confident in choosing the right health insurance plan. Also, I’ll share some tips and advice for how to get the most out of the insurance plan you have.

Today I’ll be showing you some advice to get the most out of your high deductible insurance plan.


How to get the most out of your high deductible plan

High deductible plans are usually the cheapest, but don’t provide much benefit before the deductible is met.  Obviously, this can be painful finacially, or scary to think that you will have to pay out of your own pocket for costs until you meet that high number.  But, the benefit to this plan is that they are usually Health Savings Account qualified.  You will need to make sure that the plan you are choosing is HSA qualified, but if it is, here are the benefits to an HSA.

Health Savings Account (HSA):  This is an account you can open at your bank to put money away for health, dental or vision expenses.  This money is tax deductible and rolls over year to year.  In 2018, you can contribute a maximum of $3,450 for an indvidiual and $6,900 for a family.  If you are 55 or older, you can also contribute an extra $1,000.

You can contribute to an HSA account when you have an HSA qualified plan, but the money stays with you from year to year and you can use it any time for medical, dental or vision expenses.  So, if you're someone that doesn't go to the doctor very often, it could make sense to save money month to month, and put that money into an HSA to pay for any medical, vision or dental expenses.  Also, after age 65, you can use that money for your Medicare premiums.

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