Explaining a High Deductible Health Plan HDHP
You’ve probably heard of a High Deductible Health Plan (HDHP)—1/3 of our SelectHealth membership has chosen this type of plan. We’ll explain what this means and what you should expect from a HDHP.
You’ve probably heard of a High Deductible Health Plan (HDHP)—1/3 of our SelectHealth membership has chosen this type of plan. We’ll explain what this means and what you should expect from a HDHP.
Features of a HDHP:
- Lower monthly premium
- Higher deductible (typically at least $1,350 a year for individuals and $2,700 for families)
- Certain HDHPs be combined with a Health Savings Account (HSA) to help pay for medical expenses
- An HSA allows you to save money to pay for things like a doctor visit (copay) or prescriptions
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Step 1: Pay your monthly premium |
The amount you pay each month for insurance coverage. |
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Step 2: Meet your deductible |
For certain medical services and prescriptions, you pay this every year before your plan will pay for eligible charges. |
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Step 3: Pay a copayment |
An upfront fee you pay to a doctor for medical services. |
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Step 4: Pay coinsurance |
A percentage of charges that you pay a provider or facility after the deductible has been met (most commonly, 80/20 coverage). |
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Step 5: Out-of-Pocket Maximum |
The maximum amount you will pay out of pocket on an annual basis (consists of your deductible, coinsurance, and copayments). If you meet the out-of-pocket maximum, eligible charges for most services are covered 100% for the rest of the year. |
Reference: healthcare.gov
