High Deductible Medical Plans

High Deductible Medical Plans are becoming more popular and actually pushing individuals to invest in their health now instead of later. The Washington Post reported earlier this year (June) that High Deductible Plans have now become a thing for Fortune 500 companies. Having a high deductible medical plan motivates individuals to be proactive about their health and fitness now and avoid having to acquire medical expenses in the future.

Here’s a quick run down on the facts:

§ Higher Deductibles make for lower monthly payments. Federal rules require these plans to have deductibles of at least $1,200 for an individual and $2,400 for family coverage for 2012.
§ These plans are also considered “Consumer-Directed Health Plans.”
§ Most high deductible health plans cover basic preventative services for free.
§ These plans are great for employers because it limits their deductible and costs.

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 High Deductible Medical Plans 

§ These plans have limits as well, so make sure you find out the amount your out-of-pocket cost is capped out at.
§ Health Savings Accounts sometimes come with High Deductible Health plans and allow individuals to contribute tax-free funds to go towards their medical expense.
§ The benefit of having a Health Savings Account is that the funds roll over every year and stay with the individual and the not the employer.