The Pitfalls Of High Deductible Health Insurance
The
average consumer should be very careful to consider all the various aspects of
any high
deductible health insurance policy before signing on the dotted line. Also known as
catastrophic insurance plans, these forms of health insurance require that the policy holder must be able
to afford all of the out-of-pocket medical expenses associated with any
incident of accidental injury or serious illness.
You'll find that if you do not completely
understanding all the policyâ??s characteristics as spelled out in the fine
print, a low income family could easily go broke just trying to meet the planâ??s
deductible payment requirements. If the same low income family also had a
health savings account, they would not be in as good a position to take
advantage of the associated tax breaks as their higher paid counterparts. This
would be a case where the unrealistically low monthly premium would have lured
an unsuspecting family into a situation that would ultimately lead to their
financial ruin.