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If you are looking for over 50 health insurance (not yet on Medicare), you may consider some of the advantages of HSA (Health Savings Accounts) combined with higher deducrtible major medical insurance. If you are not sure how HSAs work, let us give you a quick summary.
There are two parts to HSA health plans.One is a tax advantaged savings account, and this account may even earn interest. In addition, any money that is not used can roll over from year to year. This gives you an opportunity to build up a fund in case you do have medical expenses. If the money is not used, it can be withdrawn at retirement without any tax penalty, so it may also give you another way to save for retirement.The second part is a higher deducrtible health insurance policy. Since the deductible is higher, the rates should be more moderate. Sometimes you may find that policies with high deductibles will have more relaxed underwtiting rules too.
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We think that these key points make HSA health plans a good choice for many middle aged people who need to purchase major medical. If you you think that combining another tax deduction with a way to control health costs appeals to you, we urge you to explore this option.
However, HSA plans do not work for everybody. Individuals and families who do not (or cannot) save well, or who really cannot take advantage of another tax deduction, may do better with another type of coverage like an HMO or a PPO. Learn more here… Are PPOs Better than HSAs for some people?
Other Over 50 Health Insurance Concerns
Many older people have health insurance concerns today. Health reform may be helping some as federal high risk pools get established, but there are still many problems. If you are shopping for a medical plan, consider reading :The Grim Truth about Over 50 Health Insurance.
Since unemployment is still a huge problem with older workers, you may want to explore some options you can take advantage of if you have no health insurance.
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