New York Times

Patient Money, a feature the newspaper has developed to enable readers to understand the big changes happening in health care costs to consumers, has a must-read Q and A today on high-deductible health plans.

It is important to understand how many different ways you may have to pay before your coverage really kicks in.

The most reliable protection against staggering medical bills is a high deductible plan linked to a health savings account because:

• Health savings plans must follow federal regulations, says the story, on limits on out-of-pocket costs and the amount of the deductible.

The biggest mistake you can make is applying for too many plans. Shopping around, normally a smart move, can cause you real trouble. Only apply for the coverage you are most likely to want and to get, says the Times column.

• The more denials you have, and plans have many reasons for denying, the higher your risk profile is. Plans share information about those who apply for coverage and are declined. Normally, people use the Internet to shop around for premiums. This is one time when comparison shopping this way is not a good way to get the best coverage.
• Beware of premiums which are so low, they seem too good to be true. There likely are hidden costs to you. Read the fine print carefully. If you have a human resources department, take advantage of their expertise. Ask questions before deciding.

You can join the discussion about these high deductible insurance at: well.blogs.nytimes.com

Source: New York Times, May 30, 2009