Health Savings Accounts are becoming more popular as people try to lower their medical insurance premiums.
According to the government accountability office the number of people opting for high deductible health plans increased from 3 million in January 2005 to more than 6 million in January 2006.
High deductible medical insurance plans offer significantly lower healthcare premiums and when coupled with a Health Savings Account offer the consumer additional tax deductions. The increased popularity of Health Savings Accounts can be attributed the rising cost of healthcare coverage.
The trick to finding the best health insurance policy is to find the balance between your risk exposure and your monthly premium. Don’t be afraid of a high deductible medical insurance plan. If you want cheap health insurance, health savings accounts are the way to go.
This is especially true if you are looking for medical insurance in Miami, Ft. Lauderdale, or West Palm Beach, where medical insurance premiums tend to higher than the rest of Florida.
You can read the full BusinessWeek article here: GAO: High-deductible insurance on rise