8 Insurance Types All American Youths will Suffer for if they don’t have

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2. Health Insurance


Medical debt adds to almost 50% of all liquidations in America. If you’re uninsured, you’re leaving yourself prone to helplessness against potential financial catastrophe. One unexpected major medical emergency could amount to hundreds of thousands of dollars of expenses. Try not to place yourself in that circumstance.

The high cost of medical insurance isn’t a reason to go without coverage. regardless of whether you don’t go to the doctor frequently. One alternative is a high-deductible health insurance plan combined with a Health Savings Account (HSA).

With a high-deductible plan, you’re responsible for more of your up-front healthcare costs, but you’ll pay a lower monthly premium.


A high-deductible health plan qualifies you to open an HSA—a tax-advantaged savings account specifically for paying medical expenses. Speak to an independent insurance agent about high-deductible health plan options you can combine with an HSA. Other HSA benefits include:

  • Tax deduction. You can deduct HSA contributions from your gross pay or business income. In 2017, the tax deduction is $3,400 for singles and $6,750 for married couples.
  • Tax-free growth. You can invest the funds you contribute to your HSA, and they grow tax-free to use now or in the future.
  • Tax-free withdrawal. You can use the money tax-free on qualified medical expenses like health insurance deductibles, vision and dental expenses.

Some companies now offer high-deductible health plans with HSA accounts as well as traditional health insurance plans. Compare your options and see if a high-deductible plan could end up saving you money.

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