How Can A High Deductible Health Plan Help Me?
#028 – What Is A High Deductible Health Plan And How Can It Help Me? explains what kind of health insurance plan you can have so you can open and fund a Health Savings Account. Scott explains the basics so that you can get 100% covered and spend the least amount of money possible.
High Deductible Health Plan Requirements
In order to open and fund a Health Savings Account, the Internal Revenue Service requires that a the insured be enrolled in an eligible High Deductible Health Plan. The requirements are straight-forward.
*To be an eligible High Deductible Health Plan, the plan must:
- Have an Individual Deductible no lower than $1,400 ($2,800 for spouse, dependent, family)
- Have an annual Individual Out Of Pocket Maximum no higher than $7,000 ($14,000 for spouse, dependent, family
- Finally, the deductible is first – it must come first – NO COPAYMENT
*Limits apply to 2021 tax year
Disconnect between HDHP and HSAs – More Education Needed
The Journal of the American Medical Association commissioned a study on Health Savings Accounts that concluded few US adults enrolled in High Deductible Health Plans are using HSAs to save for health care. As a result, more education is needed to make HDHPs and HSAs more valuable and effective.
Get 100% Covered And Tell A Friend
We’re on a mission to get you 100% covered and spend the least amount possible. So please subscribe and tell your family, friends, co-workers, boss, office manager, HR director or firm administrator to listen to Doxcost on Apple Podcasts or wherever you get your shows.
Next up, we’ll talk about affordability so you’ll know how to structure your HDHP/HSA to get started.
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