Though both are great tools for helping with medical costs, many aren’t taking full advantage of what these plans offer.
In 2016, those with a high-deductible health plan and a health savings account contributed on average only 40% of the annual maximum they could to the account, leaving some of the tax benefits and employer contributions unused.F14
Also, though hospital indemnity insurance or similar hospital and doctor fixed indemnity plans provide those who use them with benefits “when they encounter unexpected medical expenses,” Benefitfocus found only 36% of large employers offered those plans and few people enrolled (14% of employees tracked in the 2016 report).F15
The message is clear: Help exists for both expected and unexpected medical costs. Use these two tools close at hand.
If you have an HSA available, use it to its fullest.
And if your employer doesn’t offer fixed indemnity insurance or if you’re shopping for insurance on your own, learn more about indemnity plans for individuals and families with almost any budget or lifestyle. These plans can provide that insurance benefit to make your medical expenses more manageable.