High Deductible Health Plan Rules

High Deductible Health Plans (HDHP)are popular due to their low premiums compared to other health insurance plans in the industry. This is great for individuals and families who do not use health insurance often, but the downside to this type of plan is the fact that they require a large out-of-pocket pay out before the insurance company kicks in. If you are looking into taking out a high deductible health insurance plan,be sure you look through the rules of how the plan works and that you set aside enough funding to cover the deductible.

What are the rules and stipulations with a high deductible health insurance plan?

To begin with for a health insurance plan to be considered a high deductible health insurance plan under the remit of the IRS, it needs to include a minimum deductible amount of at least $1,200 for a single person with the plan or $2,400 for cover for your family.

The maximum deductible and out-of-pocket expenses on an annual basis should not exceed $5,950 for single person claiming on the health insurance plan and $11,900 for coverage for the whole family. These totals do not include any deductibles or expenses raised for any out-of-network services.

Are there any other benefits to a high deductible health insurance plan?

Depending on the plan that you subscribe to, it could also include some preventative care benefits such as health evaluations, prenatal care and child immunizations. This is based under the IRS rules. To find out full benefits available it can be worth your while speaking to a high deductible health insurance plan specialist. There are many insurance specialists that are independent that will be able to analyse your circumstances to see which high deductible health insurance plan is most suitable for you and your family. By getting quotes online, you can often get the opportunity to speak with health insurance specialists.  It can be rather a minefield when it comes to insurance at the best of times so having an expert to guide you in this is imperative.

Can I get a high deductible health insurance plan through my employer?

Over the last few years employers and large corporations have took to providing their employees with health insurance, especially high deductible health insurance plans as a basic level of protection for their staff. It is predicted that in the United States the amount of companies offering this health insurance policy benefit will rise to 25% by 2014. AS we stand in 2012 that figure of companies is 17%. So as you can see it is high on the agenda for companies in the United States to have some responsibility to protect their employees.

If you are shopping around for a high deductible catastrophic health insurance plan, then it is essential that you check with your employer first to see if they offer one if you are currently working. If they do offer one then often employee health plans are more desirable than one obtained on the open market.  Why?  Companies can negotiate better deals for their staff as they are essentially spending more money with these insurance companies. Just make sure that you do your homework before you take the plunge.

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High Deductible Health Plan Rules
High Deductible Health Plan Rules