Benefits Buzz

4 Reasons to Be Thankful for Your HDHP

Posted on November 13th, 2012

More and more, employers are starting to offer high-deductible health plans (HDHPs) in their benefits program. Correspondingly, the rate of employees enrolled in a HDHP has grown year-over-year. Even though this isn’t the standard health plan option you might be used to, here are four reasons to be thankful for your HDHP this enrollment season:

  1. Covers 100% - Just like a traditional health plan, basic preventive services such as vaccinations and wellness exams are covered at 100%! You can stay proactive with your health care and save money.
  2. Tax savingsWhen coupled with a health savings account (HSA), you can pay for your health care expenses tax-free. Plus, your employer may even contribute to your plan during the course of the year, offering you even more savings!
  3. Transparency It is easy to plan ahead to see if a HDHP is the right fit for you since your max out-of-pocket plus your annual premium IS the worst case scenario. All costs after that will be covered at 100%. There are no co-pays! The IRS determined 2013 max out-of-pocket is $6,250 for individuals and $12,500 for families.
  4. Lower Premiums – On average premiums for HDHPs are $1000-$2000 less annually than with a traditional health plan. These lower premiums can often offset the high deductible, if you are a moderately healthy individual.

Do not miss out on the savings that are available to you this enrollment season. An HDHP could be just the reason to give thanks that you've been looking for.

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