Down But Not OutRecently lost employer health coverage? Or perhaps the cost of employer-sponsored health insurance is too expensive.
You’re not alone. Over the past five years, 40% of employed adults in the United States have seen their employee benefits packages decreased—or eliminated entirely.1 If you’re part of the 40%, the loss of benefits can be frustrating.
You may be tempted to forgo coverage, especially if the cost of your employer-sponsored health plan goes up dramatically. However, going without health insurance is a gamble. Accidents can happen at any time. Even a broken bone can lead to thousands of dollars in medical expenses.
Are you prepared to pay for major medical bills?
Your employer may cut back on sponsoring health coverage, but you don’t have to go without health insurance. Discover UnitedHealthOneSM private health insurance plans.
Picking the Best Health Plan
Choose from Three Types of Health Insurance Plans
For example, employer-sponsored health insurance is commonly considered a copay health plan. This means you pay a set fee each time you see the doctor. The advantage to having a copay plan is that if you or your family visit the doctor frequently, you can more easily manage your health care expenses.
This advantage comes at a price. It’s only beneficial if you actually need it. If you and your family don’t visit the doctor often, a copay health plan may not be your best option.
An HSA puts you in control of your medical expenses. It combines lower-cost, high deductible health insurance with a tax-advantaged health savings account. This means you pay out-of-pocket health care expenses with tax-advantaged savings. An HSA can also increase your health insurance buying power. It lowers your health insurance premium and still provides quality coverage.
HSA qualifying expenses include a variety of health care services and products, from crutches and contact lenses to chiropractor visits and pregnancy. View a more complete list, which the Internal Revenue Service determines.
A high deductible health insurance plan could fit you and your family best. It’s for people looking for “just-in-case” coverage, including catastrophic health insurance.