Use California Health Insurance HSA Plans as Affordable Catastrophic Coverage Strategy

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Use California Health Insurance HSA Plans as Affordable Catastrophic Coverage Strategy
Use California Health Insurance HSA Plans as Affordable Catastrophic Coverage Strategy

Consumers on the lookout for affordable California health insurance plans have seen the trend: The annual deductibles and maximum out of pocket features of the more affordable California health insurance plans are heading higher.

While that in itself can be a discouraging notion to consumers, there is an important option to consider when looking for the California health insurance strategy that is uniquely right for you: The option of buying a great California health insurance plan product that is the HSA-compatible high deductible health plan. As we have discussed many times here at our Vitality Blog with our numerous buying guides for California health insurance plans and specifically our many articles on the consumer advantages of the Health Savings Account, the HSA-compatible health plan offers not only typically more affordable monthly premiums but also the opportunity to save money for any future qualified medical expenses within a tax-advantaged Health Savings Account!

Right along with our always free quotes for California health insurance plans here at our website, along with the ability to download paper applications for a California health insurance plan of your choice, we feature an impressive array of clear, concise information and blog articles that talk about the most cost effective way to create winning health insurance strategies for residents of our state.

We’ve all seen the news: For some, the cost of health coverage is rising. One clear option is to secure a health plan strategy that will cover you and your family in the event of catastrophic health events. We all know that in line with rising health insurance costs there are rising health care service costs too: Going without insurance and dealing with a major illness or injury for yourself or a family member can devastate your family’s finances. Medical bankruptcies can and do occur in this country so while catastrophic health plans do come with higher annual deductibles and maximum out-of-pocket costs, they are still a consumer’s greatest asset in protecting a family’s long term financial wellbeing.

Fortunately, there is one product concept that has the potential to lessen the negative connotation consumers might associate with a high deductible plan – and that is the opportunity to match up a high deductible plan with a Health Savings Account option! These HSA plans give the individual an opportunity to save $3,050 annually in a tax advantaged Health Savings Account – while a family using a HSA plan strategy can save $6,150 – allowing plan owners to save for anticipated future health care expenses within a tax advantaged account. The amount of your HSA savings should eventually offset the high annual deductible of your health plan. An added bonus can also come in the form of tax deductions for your HSA contributions!