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Save A Lot On Your Premiums With Catastrophic Family Health Insurance

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With the rising cost of living, everyone needs to find a way to cut back on expenditure. These economic constraints have made even basic necessities like health care to become a luxury to many people. Life for an individual may be bearable but things are a bit different for a family setting. By 2010, 20 percent of an average American family’s income went to paying health insurance premiums. If such a large percentage goes to insurance, what is there to say about other wants and needs of the family? Because of this, some families have resorted to drastic measures. Some parents decide to forego cover for themselves for the sake of the children while others have gone all out and dropped the insurance cover for the whole family and trust that the worst won’t come. This decision leaves the family vulnerable in case a medical emergency occurs and they may end up in dire financial consequences.

The best solution to such a predicament is not dropping your family’s traditional cover but instead, switching to catastrophic Health Insurance plan. A Catastrophic insurance scheme may help you save loads of money as compared to other traditional schemes for a couple of reasons. First, is that this plan has higher deductibles than others. An insurance cover that encourages higher deductibles in essence requires lesser premiums. This means that you will have to pay more from your pocket than what will be paid by the insurance coverage in the event of a visit to the hospital. This particular advantage favors families that are generally healthy and do not have frequent visits to the hospitals.

For this to work, one needs to make sure that the whole family stays healthy and has no unhealthy habits. This, however, is a disadvantage to families that have sickly children or spouse. Also, prescriptions and consultations will only be covered after your deductible has been met. This means that you may choose to pay for these medical costs out of what you will have saved from the reduced premium payments of previous months. For those who are fortunate enough to have qualified high deductible health insurance policies, they are eligible for certain tax benefits. These benefits enable one to open a health insurance savings account. In this account, you can deposit a pre tax amount that you may use in the future to pay for medical expenses that will be absolutely tax free. An account for such transactions is called a Health Savings Account (HSA). It is basically a checking account only to be used in health related matters.

The Catastrophic Family Insurance plan is a viable solution that has been proven to work with many households across America. To find out about companies that offers such a health plan around you, enter your Zip at the top of this page and find out.