What Are Potential Drawbacks of a High-Deductible Health Plan (HDHP)?

One significant downside to a high-deductible health plan (HDHP) is that you’re responsible for paying everything out-of-pocket until you reach your deductible (which typically ranges from $1,000 to $5,000 on these plans). You’ll pay 100 percent of the cost of prescriptions, doctor visits and emergency room visits. You’ll also pay for the cost of surgeries and out-patient […]

What is a High-Deductible Health Plan (HDHP)?

A high-deductible health insurance plan can provide affordable coverage for unexpected major health and medical expenses. Essentially a form of catastrophic insurance, these plans charge a high annual deductible – from $1,000 to $5,000 and higher – in exchange for lower monthly premiums. You’ll have to pay out-of-pocket costs for routine doctor’s office visits or trips to the […]

Who Should Consider a High-Deductible Health Insurance Plan?

If you’re healthy and have some money in the bank, you might want to consider a high-deductible health insurance plan. The plans offer cost savings over plans because of the high deductible, and they protect you from catastrophic health events. If you’re in good health, rarely need prescription drugs, don’t have a pre-existing condition and don’t intend […]

Health Saving Account

In 2003 the Medicare Prescription Drug, Improvement, and Modernization Act went into place and created the Health Savings Account. The health saving account is a high deductible health insurance plan.  All medical claims go towards the deductible for the exception of wellness. All preventive and wellness procedures are covered at 100% with no cost to […]

Health Savings Accounts

This will be the 7th year since Health Savings Accounts have been available.  We have seen a few different plan designs since inception but the principles have stayed the same. The Health Savings Accounts in Indiana have been much more popular than other states. There are few theories on why this is but I think […]

HSA Contribution Limits For 2009

Eligible individuals with self-only coverage under a high-deductible health plan (HDHP) may contribute an annual maximum of $3,050 to their Health Savings Account (HSA) for 2010. Eligible individuals with family coverage (coverage for two or more individuals) under an HDHP may contribute up to $6,150 to their HSA. Individuals age 55 or older who are […]