Understanding the Benefits of a High Deductible Insurance Plans:
To get the benefits of an HSA, the law requires that the savings account be combined with High Deductible Health Insurance. High Deductible Health Insurance costs less than traditional low deductible coverage, because the insurance company does not have to process and pay claims for routine, low-dollar medical care.
For 2007, a High Deductible Insurance Plan is a health plan with a minimum deductible of $1,100 for self-only coverage and $2,200 for family coverage. The maximum out-of-pocket expenses for allowed costs must be no more than $5,500 for self-only coverage and no more than $11,000 for family.
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