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 […]
