DEDUCTIBLE ON INSURANCE PLAN
Employers, to help offset the high deductibles, can set up a non-taxable medical savings account for their employees so they can afford this coverage. These non-taxable savings accounts are established so the employer and the employee can contribute money to the account. When the money is not used towards high deductible medical insurance or other healthcare costs, at the end of the year the amount of money in the account can be used in the next year. The accounts can help pay the deductibles as well as pay for prescriptions, medical supplies to manage diabetes.
A high deductible health plan is designed to protect you and your family from high medical costs and encourage preventative health care. If you are relatively healthy, this plan can save you a lot of money. This is how it works:
- You choose from a selection of high deductible amounts ranging from $500 all the way up to $10,000 depending on which insurance company you are working with.
- You agree to a health insurance plan in which you are responsible for medical costs up to the deductible amount you have chosen.
- After you have reached your deductible amount, the insurance company agrees to cover up to 100% of your medical costs, up to the policy limits.
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