One of the biggest challenges in store for people as they start to use their health plans in 2015 will be dealing with high deductibles. Nearly one-third of employers are offering only high-deductible plans with no alternative, according to the National Business Group on Health, and people who buy insurance on their own are choosing high-deductible policies as a way to lower their ever-rising premiums. The average bronze plan on the state health insurance exchanges had a deductible of more than $4,300 in 2014, according to a study by Avalere Health.
It can be tough to adjust your family budget to cover a large deductible, but there is one benefit: A high deductible may make you eligible to contribute to a health savings account. An HSA gives you an attractive triple tax break. Your contributions are tax-deductible (or pretax through an employer’s plan), the money grows tax-deferred, and you can use it tax-free for medical expenses in any year. Many employers are pitching in, too.
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