Health
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Health Insurance In Santa Cruz
Health insurance has seen a lot of changes in the recent months, and will continue to change in the coming years. There is a variety of different types of health insurance coverage – below are some brief descriptions of different plans.
Individual and Family Health Insurance
Simply put, health insurance is protection against medical costs. A health insurance policy is a contract between an insurer and an individual or group, in which the insurer agrees to provide specified health insurance at an agreed-upon price (the premium). Depending on your policy, your premium may be payable either in a lump sum or in installments.
Health insurance usually provides either direct payment or reimbursement for expenses associated with illnesses and injuries. The cost and range of protection provided by your health insurance will depend on your insurance provider and the particular policy you purchase. If your employer does not offer a health insurance plan, you may wish to purchase health insurance on your own. For an instant online health insurance quote for you or your family, please fill out our online form.
Health Savings Account (HSA) Plus PPO Insurance Plans
If you don’t go to the doctor frequently, you may want to consider a PPO/HSA program. Many people are a bit confused about these plans, but they are very simple.
First of all, these plans have a higher deductible, but they also have lower monthly premiums. This will allow you to make tax-advantaged contributions to your Health Savings Account, which you manage yourself. Any money you deposit into your HSA is yours to use towards your medical expenses, and it continues to accumulate over the years if you don’t deplete the funds.
Since your deductible is usually around $3,500.00 per year, you will be using your HSA money to re-imberse yourself for any of your medical expenses up to the $3,500.00 (or whatever the deductible of your plan may be.) Any expenses above your deductible will usually be paid in full by your PPO plan, as long as you are using in-network doctors and hospitals.
So to recap: HSA/PPO plans offer lower premiuns, the abiltiy to contribute to a Health Savings Account, higher deductible, 100% pay-outs once deductible has been met, HSA cash accumulation if you stay healthy and continue to contribute.
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