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Posted: 2/23/2006 7:31:33 PM EDT
I am looking for some type of high deductible or catastrophic health insurance plan. My current plan is costing way too much per month for my wife and I and we are young and never used it anyway. I feel like a sucker but if I have a wreck and get sent to the hospital I could lose everything. Any ideas are apprectated.
Link Posted: 2/23/2006 7:32:59 PM EDT


Google Health Savings Account or HSA.

Switching cut my premiums almost 50% last year.


Link Posted: 2/23/2006 7:37:20 PM EDT
Check into an MSA / HSA. Golden rule is the biggest, iirc.

There are different levels of deductibles. Money rolls over every year. You can pay expenses out of the checking account they set up for you with those funds. You can also use the money for other purposes (with a penalty / tax hit) now, or after you reach a certain age, you can take them out without penalty (think it's 65).

Goldenrule.com should have more info, as should a site like clarkhoward.com. Also try this one:

http://www.hsainsider.com/

Very good deal if you want low monthly payments and you don't use the doctor much. Also there are tax benefits as well.
Link Posted: 2/23/2006 7:39:40 PM EDT
[Last Edit: 2/23/2006 7:46:04 PM EDT by dmaas]
Yeah what you want is a High Deductible Health Plan (HDHP) and accompanying Health Savings Account (HSA). The HDHP gives you a low premium in exchange for a high deductible, and the HSA lets you put away money tax-free to cover your out-of-pocket expenses.

I'd love to have one, but the New York state government basically outlawed high-deductible plans here. Gee thanks! I pay over $3k per year just for catastrophic coverage (and it goes up about 20% per year). In some states I could get much better coverage for under $1.5k.

(If you are employed and can get coverage from your employer, check that first, since it's likely to be cheaper. Individual health coverage is always going to be more expensive than group coverage.)
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