High-Deductible Health Plan With Health Savings Account

High-Deductible Health Plan With Health Savings Account

 

You may be able to pay less for your insurance with a high-deductible health plan. With an HDHP, you may have:

• One of these types of health plans: HMO, PPO, or POS
• Higher out-of-pocket costs than many types of plans, but if you reach the maximum out-of-pocket amount, the plan pays 100% of your care
• A health savings account (HSA) to help pay for your care because the money you put in savings is not taxed
• A moderate amount of paperwork
• To manage your own health care or use a primary care provider, depending on the plan

W hat doctors you can see . This varies depending on the type of plan — HMO, POS, or PPO

What you pay.

• Premium: The premium is the lowest for a HDHP compared to other plans.
• Deductible: The deductible is high — sometimes more than $3,000 a year for one adult and $6,000 a year for a family. With an HDHP, though, your preventive care is free even if you haven’t met the deductible.
• Copays or coinsurance: The kind of health plan you have — HMO, POS, or PPO — determines which one you pay.

With an HDHP, your out-of-pocket spending is capped. For instance, if you have insurance only for yourself, the most you have to spend in a year is about $6,250. If your insurance plan is for your family, the most you have to pay in a year is about $12,500. The totals include your deductible. If you reach this amount, the HDHP pays 100% of your care.

Paperwork involved. The amount of paperwork varies, depending on whether you get care from a PPO, HMO, or POS plan. Keep all your receipts so you know when you’ve met your deductible.

Read more:

• Choosing a insurance plan
• Health maintenance organizations (HMOs)
• Preferred provider organizations (PPOs)
• Point-of-service (POS) plans
• health savings accounts (HSAs)