Major medical insurance plans are an excellent solution for individuals to battle rising health insurance costs and still keep catastrophic protection.
Here's more about how individual major medical plans can help you save money and protect yourself against major expenses.
Affordability Because these plans have higher deductibles and don't cover everyday expenses, they are much less expensive than traditional health insurance plans.
Although this may not be the coverage you have been used to, it serves its purpose well.
These plans cover you against catastrophic expenses, typically with an annual stop-loss or maximum out of pocket to limit your risk.
Major Medical Expense Protection Many of these plans offer 100% coverage once you meet your deductible.
Some don't, so make sure you ask how the plan covers your expenses after your deductible.
Some plans also cover preventive care, or annual physicals, before you are required to pay toward your deductible.
In addition, many plans offer supplemental accident and cancer benefits to help cover the unexpected if it does arise.
Tax Advantages Qualified high deductible health plans are one of the most popular types of major medical insurance for individuals.
Owning these types of plans allow you to open a health savings account (HSA).
Health savings accounts allow you to deposit money pre-tax and use it to pay for medical expenses throughout the year.
Best of all, when you have medical expenses, the money comes out of your HSA tax free.
The balance in your account rolls over from year to year.
There are many advantages to major medical plans for individuals.
On top of being affordable, they offer great medical protection for catastrophic expenses, and significant tax advantages.