Maximize your HSA e-Newsletter
Vol. 16, Issue 10
Creating a Buffer Zone for your High Deductible Health Plan
We’ll be the first ones to tell you that there are a lot of benefits to having a high deductible health plan. Lower premiums are the big one, especially in this day and age when we all could use the money. Certain high deductible plans also allow you to invest your money through an HSA. When combined, the lifetime savings can be incredible.
But there is no way of getting around the fact that these plans can leave you vulnerable. Accidents can happen at any time. You could fall off a chair while changing a lightbulb (guilty). Or let an unsupervised child burn themselves on a hot pan (also guilty).
The point is, even incredibly healthy people can become injured at the drop of a hat. (Or a hammer on their toe.) Under your high deductible plan, simple accidents like this can add up and cost you thousands.
You don’t want to go broke because you slipped on a banana peel, not after all that work you’ve been putting into your health. Accident Insurance Plans bring your accident deductible down to just $100, and they can work with your existing high deductible plan.
The Problem with High Deductible Health Plans
More Americans than ever are living month to month when it comes to their expenses. Healthcare has become particularly burdensome for so many of us, through no fault of our own. For many, the only answer has been to seek an insurance plan that has the lowest possible premium. After all, these days everything comes down to those monthly bills.
“It’s okay,” we think. “I’ll just try to stay as healthy as possible so I don’t have to use my insurance.” That’s a lovely idea, but not one we can hope to live up to in this unpredictable world of ours. The bleak reality is that any one of us could end up in the emergency room without notice. Accidents, it seems, do not wait for our finances to be in order.
Even a single emergency room visit can cost someone thousands if they are on a high deductible plan. By adding a supplemental Accident Plan to your coverage, this number comes down to a cool, even $100. That’s it. Weigh that against the average deductible of $5,000. Which number looks better?
Q: What is an Accident Insurance Plan?
Accident Plans are a type of insurance that is designed to pay for expenses incurred because of an accident. Concussions, fractures, stitches, burns, and all the other not-so-fun whoopsies that can happen on a daily basis are covered.
Instead of paying several thousand bucks to meet your deductible, you’re just handing over a single Benjamin. This includes X-rays, emergency room fees, and everything else associated with the accident. If your injury is serious and you end up in the hospital for a few days, Accidental Insurance can also help pay your plan’s health plan’s deductible, should the need arise.
The benefit level is based on your preference. Plans are available with $2,500, $5,000, $7,500, and $10,000 coverage levels. Each plan has a different monthly cost, but they all set the deductible for an accident at $100.
$100 vs. $6,000 … How Much Do You Want to Pay?
High Deductible Insurance Plans are a necessity in today’s reality. The insurance marketplace has very little available for people who don’t qualify for a subsidy. Or people who are simply having trouble getting through this ongoing economic turmoil.
Accident Plans can take the risk out of having a high deductible plan. Your Personal Benefits Manager can help you determine what level of accidental coverage you need. It’s a phone call that could be worth thousands, but we’re happy to do it for free.
To your health and wealth,
Wiley P. Long, III
President – HSA for America
The HSA for America Maximize Your HSA Newsletter is published monthly and emailed to subscribers at no charge. Subscribe now to stay on top of the critical information you need to know about health insurance, healthshare plans and managing your finances to achieve financial security.
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