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High Deductible Health Insurance
High deductible health insurance or high deductible health plans (HDHP) are insurance plans that have higher deductibles but lower premiums. In exchange for paying less and having a higher deductible, out-of-pocket expenses tend to be higher should the individual need health care. High deductible health insurance means that the individual pays for health care until the deductible is met.
High deductible medical insurance is sometimes referred to as catastrophic insurance since all smaller medical expenses are paid by the consumer. Catastrophic insurance refers to the larger bills incurred as a result of accidents or sudden illness. High deductible insurance should not be purchased by individuals looking for health care coverage for preventative care. Pregnancy is generally not covered under a high deductible medical insurance plan. Chronic diseases such as diabetes and AIDS are also no typically covered under these plans.
Health Savings Accounts
Typically, Health Savings Accounts (HSA) are used in conjunction with high deductible health insurance plans. Health savings accounts are accounts in which pre-tax dollars can be used to pay for medical expenses. When used with high deductible medical insurance plans, HSAs can help an individual save money on premiums and out-of-pocket medical expenses. The HSA can help save money on health care before the individual meets the deductible for coverage. If an individual has both an HSA and a high deductible health insurance plan, he or she can decide whether or not to use HSA funds towards the deductible or continue to save the account funds for a later date.
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