What Is HDHP Health Insurance?

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   Ben Simpson

   President, Simpson Financial Solutions, Omaha, NE

   HDHP stands for High Deductible Health Plan. Many companies and individuals have selected these types of plans to help reduce the cost of insurance. The deductible for these types of plans range from $2500 up to $15,000. Typically once you reach the set deductible the insurance company picks up the rest of the medical bill. HDHP's are also qualified plans, which means you could open a Health Savings Account (HSA) to help pay for doctors visits and prescription drugs. The savings account grows much like your own personal 401k and has similar tax treatment. These plans are ideal for people who never go to the doctor or who go regularly. Remember, that you will pay everything out of pocket before you reach the deductible. Contact an agent in your state that only handle's Health Insurance or Employee Benefits for a plan design that works for you.

   Answered on June 24, 2013

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