When coupled with a health savings account, a high deductible plan helps you save premiums and taxes - very cost efficient!
See how much you can save. Use our easy quote form to start.
For even faster service, call my direct line and I'll personally work up your quotes while you're on the phone: 702.425.5250
Tips on Obtaining an IRS-Qualified High Deductible Health Plan
A qualified high deductible health plan (HDHP) is one that meets IRS requirements for an HDHP. Not just any "high deductible" plan will work - it must be an IRS-qualified high deductible plan.
An HDHP will have a maximum deductible and maximum out-of-pocket that fits within IRS guidelines. Click here to learn more about current HDHP guidelines established by the IRS. (new browser will open - disengage pop-up blockers)
In general, a deductible for a one-person plan cannot exceed $5950. For a family, defined as two people or more, one of whom is an adult, the maximum deductible is $11,900.
Most high deductible plans on the market pay covered expenses at 100% once the applicable deductible is met.
You are not required to carry the highest possible deductible, but you are prohibited from carrying a deductible higher than the maximum allowed. Premiums will be lowest with the higher deductibles. With most plans, there is a clear line above which it does not make sense to keep taking the deductible higher.
In addition to the size of the deductible, federal law has some restrictions on plan designs. The most important restriction relates co co-pays.
Co-pays are not allowed. By law, the plan cannot have co-pays that bypass the deductible for Dr. visits or Rx drugs. If you can't sleep at night without a co-pay for Dr. visits or Rx drugs, then an HSA plan may not be for you. On the other hand, the required plan design does help keep premiums as low as possible.
EXCEPTION: Expenses for preventative care benefits required by law are covered at 100% with no deductible, no co-pays, and no co-insurance.
If you think you can't live with a health plan that has no co-pays, it may be helpful to understand how much "extra" it costs to carry co-pays. Co-pays can add a substantial load to the premium you pay and in most cases, it is a losing proposition. Click here to learn about the true cost of co-pays.(new browser will open - disengage pop-up blocker)
How to Get Started?
Easy. Get some quotes. None of these details matter much if you think the premiums are not low enough, or if you are not insurable. Use our easy form - it only takes about 3 minutes. Or better yet, call my office direct at 702.425.5250. I'll personally work up quotes for you and help you understand the advantages of establishing an HSA plan.