Saturday, September 29, 2007

High Deductible Health Insurance

High deductible health insurance provides coverage after the policyholder pays an established portion of the medical expenses first. This is a great type of coverage if a person seldom needs the services of a doctor or hospital. High deductible medical insurance is also an inexpensive option for employers who would not be able to afford coverage for their employees. Often times this is less expensive then plans with a lower deductible. Policies of this nature are not for everyone but they can help many individuals and families pay for their healthcare expenses.

Employers, to help offset the high deductibles, can set up a non-taxable medical savings account for their employees so they can afford this coverage. These non-taxable savings accounts are established so the employer and the employee can contribute money to the account. When the money is not used towards high deductible medical insurance or other healthcare costs, at the end of the year the amount of money in the account can be used in the next year. The accounts can help pay the deductibles as well as pay for prescriptions, medical supplies to manage diabetes, oxygen, or the supplies needed to treat sleep apnea. In addition, the savings account will help until the high deductible health insurance will pay for chronic and acute healthcare services.

This type of policy or plan is usually very inexpensive for the consumer and the employer. High deductible medical insurance is often a program that many small business owners, small non-profit organizations, or individuals who are self employed purchase. High deductible health insurance is a great way for employers to save money but it is not always the best plan for people who need frequent care. A good feature of this coverage is that once the high deductible is met, the insurance will cover all of the medical expenses without the individual having to pay co-pays.

Having medical coverage, regardless of the policy, is a great way to protect a person and their family. Having high deductible health insurance protects the individual financially in a crisis that requires a great deal of care. While these plans can be very useful, the best way to protect loved ones is to have faith in God for protection and care. Teaching children from a young age about the love, care, and healing powers of Jesus Christ will be a much better way to protect them from emergencies and other negative situations. "I am come that they might have life, and that they might have it more abundantly." (John 10:10)

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