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S wants to open a tax-exempt health savings account. To qualify for this type of account, Federal law dictates that s must be enrolled in a high-deductible health plan. Those who have a high-deductible health plan are often granted permission to have a tax-exempt health savings account. This type of account allows people to put money into it and withdraw tax-free. Due to how much they pay in medical bills, this allows them a little bit of extra money to contribute towards the bills by depositing the funds into a tax-free account.
S wants to open a tax-exempt health savings account. to qualify for this type of account, federal law dictates that s must be enrolled in a high-deductible health plan.
What are the cons of a high-deductible health plan?
Low monthly payments are maintained with the high-deductible health plan. However, they may also increase the likelihood that you will accrue substantial medical expenses that you may not be able to pay. An emergency or accident may require very significant out-of-pocket expenses because HDHPs often only cover preventive care.
By making people more aware of medical costs, high-deductible health plans are believed to reduce overall health care costs. The reduced insurance premiums that result from the higher deductible make the monthly payments more manageable. Healthy individuals who require coverage for catastrophic medical situations will profit from this arrangement.
Learn more about high-deductible health plans here:
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