Affordable Health Insurance in Illinois with a higher deductible can be attained by buying only catastrophic coverage. Or there is another way; by partnering with a Company with your own HSA or Health Savings Account.
What is a Health Savings Account?
It is a non-taxable savings account which is interest bearing, depending on where you set it up, and serves as a reserve in case you have a qualified medical expense. It could be something major like a heart attack or something as minor as a visit to your dentist. Since you have your own money at stake, the Health Insurance Company realizes that their risks are highly minimized. Since you are taking more risk for upfront coverage they are willing to lower the price of your monthly premium. Because you are responsible for all claims up until you reach your deductible. The higher your deductible is on your High Deductible Health Plan the lower your premium will be.
Remember Health Insurance Companies like to collect premiums, not payout huge dollars in claims, after all these are corporations which must answer to their shareholders and thus, prove they are on pace with their quarterly profits so they can match or “beat the street” on their earnings and maintain their stock price.
Now then, HSAs or Health Savings Accounts are not the right strategy for everyone, and we really need to take a look at what you have now, your individual and specific health care needs, and your budget to see if it even makes sense. For some folks, it does make sense – it makes a lot of sense in fact.
This is one of the ways you can create an affordable health insurance plan by keeping your premium payments ultra-low. Perhaps, your tax person has discussed this with you, or mentioned it previously. In any case if you are looking for such a policy and are ready to set up an HSA or Health Insurance Account, you’ve come to the right place.
Give me a call and I can get you a quote, and see if this makes sense for you?
Think about your reward – No More Stress – No More Worries – and Mission Accomplished!