High Deductible Health Plans
There are many different options for health insurance coverage. Whether you are getting your health coverage from your place of employment or from a private provider, you should know and understand all of your possible options so you can make the best decision possible. One new health insurance option is called a high deductible health plan.
High deductible plans are alternatives to HMOs and PPOs. They give customers traditional health care coverage along with a way to build up savings for future medical needs, tax-free. To make sure you are getting the best possible health insurance coverage, contact California health insurance agents from Catherine Michaels Insurance Services today at 888-875-9888 today to speak with a qualified health insurance professional.
Advantages of High Deductible Plans
There are pros and cons of every health care plan. The benefits of high deductible plans include:
- Eligibility for a health savings account where you can deposit money for future medical costs, tax-free
- Portable balance in the health savings account
- Ability to withdraw the money from this account for any reason without paying taxes on it after the age of 64
Disadvantages of High Deductible Plans
The drawbacks of this type of health care plan include:
- You must to pay a minimum of $1,100 for an annual deductible or $2,200 for family coverage
- You have to meet certain requirement to be eligible
- Before you reach the age of 64, any withdrawal from the health savings account for non-medical reasons is taxed
It is important to weigh the pros and cons of this type of plan with a knowledgeable California health insurance agent to decide if it is best for you.
Contact Us
To make sure you are getting the best health care for you and your family, contact the California health insurance specialists of Catherine Michaels Insurance Services at 888-875-9888 today.