What is an HDHP high deductible Health Plan

An HDHP, or High Deductible Health Plan, is a type of health insurance plan that has a higher deductible than traditional health insurance plans. The deductible is the amount you have to pay out-of-pocket before your insurance kicks in to cover your medical expenses.

To qualify as an HDHP, the plan must meet certain criteria set by the IRS.

HDHPs typically have lower monthly premiums than traditional health insurance plans, but you will pay more out-of-pocket when you need medical care. However, HDHPs are often paired with a Health Savings Account (HSA), which allows you to save money tax-free to pay for medical expenses.

It's important to consider your healthcare needs and budget when choosing a health insurance plan, including whether an HDHP is right for you. If you're generally healthy and don't expect to need a lot of medical care, an HDHP with an HSA may be a good option. However, if you have ongoing medical needs or anticipate needing significant medical care, a traditional health insurance plan with lower deductibles and copays may be a better choice.

Want to learn more.

Call us: 877-480-4325

info@MMinsuranceAgency.com

www.MMinsuranceAgency.com

#insurance #healthinsurance #money #medical #health #healthcare #tax #hsa #hdhp