High Deductible Health Plans- low cost, but risky medical insurance? « Health Insurance Advisory

High Deductible Health Plans- low cost, but risky medical insurance?

Looking to save money in a weak economy?  Americans are increasingly turning to health deductible medical insurance paired with a Health Saving Account that feature lower premiums.

According to the Los Angeles Times, the number of workers nationally with an individual major medical insurance deductible of at least $1,000 has nearly tripled over the past four years, reaching about 20 million.  Some have pushed their medical insurance deductibles as high as $10,000. Historically, to keep medical expenses low individuals sometimes skipped colonoscopies, blood tests and other preventive screening procedures. A new study by UCLA’s Center for Health Policy Research found that 504,000 out of 3 million Californians with high deductibles held off seeing doctors and specialists and that half cited cost as the primary reason.  However, under the new the new healthcare law, medical insurance plans are required to cover preventive screening services and vaccinations free of charge.

Health experts say preventive care is key to reducing the cost of medical care, and the nation’s new health-care reform law provides an incentive for people to get regular checkups.  Under measures that started to take effect in September, insurers will be required to pay for several costly procedures such as colonoscopies and mammograms that people with high deductibles might now seek to avoid.

High-deductible medical insurance plans have become a growing necessity in recent years not only for individual consumers looking to cut corners but also for financially strapped businesses. Small companies, in particular, that pay all or part of their workers’ insurance have seized on the strategy. Raising deductibles lowers premiums, cutting their costs.

The highest deductibles are often found in the individual market, where consumers buy insurance and lack the leverage enjoyed by businesses to negotiate rates and benefits. The average deductible for an individual medical insurance plan, which provides coverage for about 14 million people, is nearly $2,500, according to a survey by the Kaiser Family Foundation. It’s more than $5,100 for families.

Health-care advocates say that high-deductible plans can be useful if tied to Health Savings Accounts that allow policyholders to set aside tax-deductible money for medical expenses.  More than 10 million people are now covered by such arrangements that were introduced in 2004, according to America’s Health Insurance Plans, an insurance-industry trade group in Washington.  That’s up from just 438,000 six years ago.

At healthinsuranceadvisory.org, we can help you secure low cost medical insurance.  We specialize in self-employed medical insurance, including individuals and families that want to save money. Our interactive decision making tools and research provide accurate and timely information that will support the decision making process.   We offer no obligation, free online medic-al and dental insurance quotes.   Our wide selection of plans from top rated medical insurance companies give you the ability to make an accurate medical insurance comparison.

Contact us at 800-403-8511 to get started today.

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