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Individual Health Insurance Plans and Health Savings Plans

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One great option for those looking for an individual health insurance plan is a health savings account plan. Anybody involved in more control over how their health care dollars are spent will benefit greatly from a health savings account plan. Families who are interested in one annual deductible per family, and those interested in trading low deductible health insurance for a higher deductible plan will save money on monthly premiums and taxes by choosing a health savings account plan.

As an individual health insurance plan, a health savings account plan offers the quality coverage and the additional benefit of added savings. Health savings account plans have two components: a lower cost, high deductible individual health insurance plan and a tax favored savings account.

The money you save on lower premiums can be put into your tax favored health savings account. You are able to withdraw the money to help pay your deductible or other qualified health care expenses. Once your deductible is met, the individual health insurance plan starts paying for covered expenses.

Additionally, your unspent savings roll over year after year. And so, if you ever need it for health care expenses, the money will be there, at a tax savings.

Compared to a traditional individual health insurance plan, the health savings plan offers lower premiums, tax favored savings, and an attractive interest rate. Your health savings grow tax deferred, and can be withdrawn tax free to help pay your deductible or for other qualified health care expenses like prescriptions, vision, or dental care.

Many items qualify as health care expenses that can be paid with the money you save in your health savings account. Deductibles and other out of pocket payments to doctors, as well as many over the counter and prescription drugs are all able to be paid from your health savings account.


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