Are High Deductible health plans popular?
If you’re like most people, your health insurance benefits likely changed in 2017. Coverage is shifting from standard plans, which provide co-pays for office visits and pharmacy, to High Deductible Health Plans (HDHP).
High Deductible Health Plans don’t have co-pays for office visits or pharmacy. Instead, you must pay all costs until you meet the out-of-pocket maximum before the insurance company pays any claim. Premiums for high deductible plans are increasing slower than other types of health insurance plans.
If you chose a high deductible plan because it was the lowest cost option, educate yourself on how to best use your benefits. Set up a Health Savings Account (HSA) to fund claims for medical expenses. For additional information on this type of plan, contact your insurance provider.