The IRS Deductions Blog

Posts Tagged ‘deductible plan’

Question: What does your employer call your High-Deductible/HSA plan?

If your employer offers a high deductible plan tied to a health savings plan (HDHP/HSA) (commonly known as a consumer-driven health plan, what do they call it? Is there a special name for the plan, or do they just call it the “high deductible plan”?
I’m just interested in how different plans are marketed to employees. I’m planning to rename our plan, and am looking for ideas!

Answer: The proper name is “High Deductible Health Plan“, which is the origin of the acronym HDHP. (The savings plan, properly known as a “health savings account”, is the HSA.)

Items on Amazon Right Now for Deductible Plan:

Understanding Your Deductible Plan

Question: how much would this plan typically run if I bought it on my own?

How much would I expect to pay for a plan like this: 1,000 deductible for hosp inpatient things, 20 to 60 dollar copays depending on whether its pcp, er, etc., then everything else is covered after that. I am 23 female, healthy, not overweight, non smoker, no conditions, no pregnancy any time soon. How much can I expect to pay for a plan for this? At work I pay 188 a month for this, for me, I think its high but I dont know, just not sure if you think I could get it cheaper at my own considering Im so young.

Answer: With no maternity benefits ever, you could expect to pay $150 to $200 a month in most states for this. Maternity, if you have it under your plan, is worth another $300 per month – you pretty much can’t buy it in most states anymore, except through a group policy.

So it sounds like your employer is kicking in about half, maybe more, if you have maternity coverage – but if you don’t want maternity, you could match what you’re paying on the private market. In most states.

The only way to know for sure, though, is to call a local agent and get some quotes.

“Someone” is way off base. The vast majority of her answers here in insurance, are flat out wrong. Insurance is still regulated on a state basis, not federal. And rates ARE different, in all states except NY, based on your age.

Items on Amazon Right Now for High Deductible Plan Pregnancy:

Health Reform and Insurance Industry Oversight (04/30/2010 Web chat)

Question: High Deductible HSA?

My husband’s company just dropped ALL insurance plans except a high deductible HSA with a $6,000 annual Family Deductible. Before the insurance will pay one cent we will have to come up with over $10,000 a year (premiums plus deductible). Our previous plan was an HMO and the premiums were the same as this HSA plan except we only paid a $20 copay for most services. I don’t understand how this plan is supposed to save us money and improve our health (according to the literature sent to us). Does anyone who have kids have this type of plan? Would it be better for us to shop around for our own coverage (since based on the premiums, it appears hubbies employer is not paying any portion of them)?

Answer: You come out ahead if you don’t use the insurance much. The HSA can be used for any medical expenses (some include OTC medications like Tylenol!) HSAs are also from your pre-tax income, so you’ll come out a little better tax-wise too. And the newer ones can be rolled over year to year, so if you don’t use it this year, you’ll have it for next year. (Find out if yours is like this.)

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County to participate in discount prescription program

Hunt County residents will soon have access to a new discount prescription program.

High Deductible Health Plans – Important Questions to Ask

Question: What is the point of a health insurance plan if you never met your deductible?

I am 22 and applying for my first health insurance. I do not need much medical services, and want a low affordable premium. However, when I look at sites such as Blue Cross, it seems that low premiums go with high deductibles. I don’t think I would ever meet the yearly deductible, and thus, cannot get any health services covered. So what is the point of such a plan? Thanks.

Answer: That’s a fair question and, to be honest, shows how “differently” people consider health insurance from, say auto or fire insurance. Here’s the question for you to consider:

Do you want health “insurance,” or “health care financing?”

“Insurance” helps you pay for unforeseen expenses that you can’t handle yourself (like, say, that $87,000 hospital/surgical bill after the car wreck, etc.). “Health care financing,” like anything else you usually finance, lets you “make payments” to buy things that you don’t want to pay for all at once (like, say, that $2300 big screen HDTV).

Here’s a few tips:
1. Buy a plan with a big deductible ($2,500 – 5,000) to keep your cost down. REMEMBER: even with a big deductible you can still find plans with the things you like: doctor and drug copays.
2. Stick with the “brand name” companies, like Blue Cross, Humana, Aetna, etc. There are a lot of other plans that “look good” but, if or when you have that big claim, they’ll vanish like an honest politician.
3. Talk to a broker who specializes. Visit NAHU.org (see below) to find one near you. NAHU is the professional association of brokers like me who specialize in health insurance.
4. Get you own quotes online. Visit my site (below) or go to Norvax.com to get prices.

Hope this helps a bit!

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Grants, resolutions top School Board agenda

A number of grants and resolutions forwarded from the St. Tammany Parish School Board Committee as a Whole for Administration and Business Affairs last Thursday were approved at the regular meeting of School Board Thursday night.

High Deductible Health Plan Comparison

Question: Anyone have any experience with SureHealth medical coverage? My plan at work stinks and I am looking elsewhere

Currently some Aetna plan that has a high deductible, minimal coverage, and costs $650 a month for my family. I am working in NY but live in NJ if that helps.

Answer: tri going to usnews.com it looks like some good plans for NJ residents.

Items on Amazon Right Now for Aetna High Deductible Plan:

Consumer Reports: Picking A Health Insurance Plan

With open enrollment season now underway, consumers with employer-based health insurance can take advantage of the once-a-year opportunity to switch plans. To help consumers compare health insurance plans, Consumer Reports Health recently published rankings of 227 HMOs and Point-of-Service (POS) plans.

4 Steps to Saving Money on Health Insurance and Medical Expenses