Are you getting the most out of your high-deductible health plan?

Follow me on Twitter @RobShmerling Picking a health insurance plan can be maddeningly complicated. It may seem that no matter what you do, you’re picking the wrong plan. Should you go with the one with high monthly premiums that covers just about everything and even pays for medications? Or maybe it’d be best to go with one with lower premiums but that covers fewer expenses. Picking the one that’s best depends on your medical conditions, the medications you take, and, to some degree, your ability to predict future medical expenses. And it only gets more difficult as costs rise and medical care gets more complex. Enter the “high deductible health plan” (HDHP). While these health insurance plans have relatively low monthly premiums and cover catastrophic illness, they have high deductibles — the out-of-pocket payments charged before the insurance plan kicks in. For example, a typical HDHP might require you to pay out of pocket for health care expenses up to $1,300/year (or $2,600/year for families), in addition to your monthly premiums, before insurance covers most medical expenses. HDHPs are often chosen by young, healthy people who don’t anticipate the need for a lot of healthcare or medications. Of course, anyone’s healthcare needs can change; a new illness or injury can make what seemed like a good choice at the time even more expensive than traditional healthcare insurance. Do high deductible health plans lead to more cost-co...
Source: Harvard Health Blog - Category: Consumer Health News Authors: Tags: Health Managing your health care Source Type: blogs

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