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High deductible health plans are part of a trend toward "consumer driven health care", which emphasizes more custom-built policies and flexibility in health care financing.
A high deductible health insurance policy is one in which the individual or family deductible (depending upon the nature of the policy) is, generically, substantially higher than in the typical health insurance policy. The "deductible" is the amount of money that the insured has to pay from his/her own funds before the insurer's obligation to pay is triggered. In such a policy, it is not unusual to see a deductible of several thousand dollars.
This sort of policy is often paired with a health savings account (HSA), An HSA permits the participant to set aside a stated amount of money per year, up to a statutory maximum to be used toward health care expenses (such as meeting the deductible and co-payments of the insurance policy). The funds that are set aside get tax advantaged treatment. If all are not used for approved medical purposes during the year, the remaining funds can be carried over and used in future years when expenses may be higher.
What else can I help you with?
Where can one find a high deductible health insurance plan?
There are a number of places where one could find a high deductible health insurance plan. Some businesses that offer high deductible health insurance plans include Aetna and United Healthcare.
What does hdhp mean?
It could stand for "Hippie Dan's Hewlett Packard. But, since this question is in the insurance section of Answers.com, you are probably looking for "high deductible health policy" A high-deductible health plan (HDHP) is a health insurance plan with lower premiums and higher deductibles than a traditional health plan. Participating in a "qualified" HDHP is a requirement for health savings accounts and other tax-advantaged programs. High-deductible health plan - Wikipedia, the free encyclopedia (21 December 2009) http:/enzperiodzwikipediazperiodzorg/wiki/Highzhyphenzdeductible_health_plan http:/snipurlzperiodzcom/tsjnn
What is the normal deductible for bodily injury liability car insurance?
The deductible for bodily injury liability car insurance depends upon what you select. The deductible portion is not covered by the insurance policy and thus high deductible policies have a lower premium. Car insurance requirements also vary from state to state.
What are my options for Low Deductible Insurance?
A low deductible insurance policy simply means that, a low deductible, possibly $200 as compared to $2,000 which would be a high deductible. Often you are also given the option of choosing 80, 90 or 100% co-insurance. Co-insurance is the amount that the insurance company pays (after deductible) up to whatever is the maximum out of pocket amount.
How much can I expect to save on a high deductible insurance policy over a low deductible policy?
On average you can expect to save about 15%. Keep in mind your driving record will influence your rates.
Is it better to get a low deductible insurance policy for my teenage son?
A low deductible will mean higher premiu. Your premium will already undoubtably be high with a teenage driver on your policy so you may want to consider it.
How to get enrolled in HSA plan?
Health Saving Account is a plan that allows you to contribute pre-tax money to be used for qualified medical expenses and must be linked to a high-deductible health insurance policy. contact your employer
What is the cheapest health insurance option available to avoid the tax penalty?
The cheapest health insurance option available to avoid the tax penalty is usually a high-deductible health plan.
Where can I get an HSA?
You can get a Health Savings Account (HSA) through some banks, credit unions, and insurance companies. It is typically offered as part of a high-deductible health insurance plan.
What are the benefits of a high deductible insurance plan?
Whether for health or automobile insurance, these plans require you to pay a greater part of the cost of insured services. The benefit is that your premium is lower--with auto insurance, frequently increasing your deductible can reduce your premium by more than the deductible (i.e., if you raise your comprehensive from $250 to $100, you would save $160 a year). There is also a secondary benefit in that you will make fewer claims which will reduce the likelihood of your policy being cancelled or having your premiums go up in the future.
How does someone become eligible for an HSA in the United States?
In order to qualify for a HSA in the United States, a person interesting must be a part of a health plan with a high deductible, which is health insurance coverage that does not cover members until they meet their costly deductible.
Can you have a Flexible Spending Account (FSA) without having medical insurance?
No, you typically need to have a qualifying high-deductible health insurance plan to be eligible for a Flexible Spending Account (FSA).
