So you’re interested in a High Deductible Health Insurance Plan? This option has been growing in popularity as of late, and it’s important to understand how they work, how they can save your money, and are they the best fit for you?
For starters, what is a High Deductible Health Plan?
A HDHP is a type of Health insurance plan you can elect through any insurance carrier. You can purchase one on your own, or in some cases it may be the plan your employer is offering.
Just like the name promises this plan comes with a high deductible, however the savings is in the lower monthly premium. So, should you be an overall healthy individual, and for-see minimal doctor's visits in your future this is a great option, while still having coverage should an accident occur. Like most health insurance plans preventive care is covered 100%, and once you hit your deductible your plan should cover 100% of the costs.
Pair it with an HSA for maximum savings
One unique feature of an HDHP is that most plans can be combined with a Health Savings Account, or HSA. An HSA gives you the ability to set aside funds from your paycheck pre-tax to be used for eligible medical expenses. Your HSA acts like a savings account, and you are free to use it whenever you need it.
For a lot of individuals an HDHP is a great way to:
- Keep monthly costs low
- Save money for the future
- Be covered for serious medical emergencies
Navigating your health plan can be tricky. But that’s why you have access to your Benfica advisor! We are here to help and always encourage people to call in if they’re unsure about a certain expense or aspect of their plan. If you would like to learn more about our Employee Benefits, feel free to give our team a call today at 651-287-3253 or send us a message,
and we’ll be in touch promptly.
