Open enrollment: how to pick the right insurance plan

The video tutorial provides guidance on managing health insurance costs, exploring options through employers and government programs, understanding deductibles, and planning for medical expenses. It explains the benefits of Flexible Spending Accounts (FSA) and Health Savings Accounts (HSA), highlighting their tax advantages and usage. The tutorial emphasizes the importance of reviewing options and planning for future medical needs to avoid financial strain.

What is a deductible in the context of health insurance?

• The total cost of a health insurance plan

• The amount you pay out of pocket before insurance covers expenses

• The fee for visiting a doctor

• The monthly payment for insurance coverage

Why might someone choose a high deductible health plan?

• To ensure immediate insurance payouts

• To avoid paying any out-of-pocket costs

• To receive more comprehensive coverage

• To have lower monthly premiums

What is a key difference between an FSA and an HSA?

• HSAs do not offer tax benefits

• FSAs require you to use funds by year-end

• HSAs are only available through employers

• FSAs have no expiration date for funds

Which account type allows funds to grow over time if not used?

• Employer Health Account (EHA)

• Government Health Account (GHA)

• Flexible Spending Account (FSA)

• Health Savings Account (HSA)

What is a benefit of using a medical savings account?

• It allows you to pay for non-medical expenses

• It requires no planning for future expenses

• It increases your taxable income

• It provides tax savings on medical expenses