Highly Deductible Health Plan (HDHP)
Busy Bee Has You Covered For Highly Deductible Health Plan (HDHP)
So why do I need Highly Deductible Health Plan (HDHP)? A High Deductible Health Plan (HDHP) is a good option for people who want to pay less each month for health insurance but still have coverage for major medical costs. For people wishing to reduce their monthly medical expenses, HDHPs are a desirable option because their premiums are generally lower than those of regular health insurance plans. In addition, many plans provide the option to fund a Health Savings Account (HSA), enabling tax-free savings for medical costs, like as copayments and deductibles. HDHPs are the best option for people who are generally healthy, do not plan on visiting the doctor frequently, but yet want financial security in the event of a serious sickness or accident. Furthermore, because members of HDHPs frequently pay more out-of-pocket before meeting their deductible, they promote cost-conscious healthcare decisions by raising members’ understanding of healthcare expenses and utilization.
At BusyBee Cover we have you covered for all your Health Insurance needs, just simply fill in the form below and we will find the best plan to cover your individual needs at a competitive price.
Types of Health Insurance
There are few different types of heath insurance to consider
At BusyBee Cover, we partner with a wide network of top-rated insurance carriers, giving you access to a diverse range of options that fit your needs and budget. Our experts guide you through the entire process, from comparing plans to enrollment, providing clear, unbiased advice and support every step of the way.
We prioritize your peace of mind by ensuring you have comprehensive coverage that protects you from unexpected medical expenses while also offering essential benefits such as preventive care, prescription drug coverage, and mental health services. Trust BusyBee Cover to deliver a seamless, stress-free health insurance experience that prioritizes your well-being and financial security.
At BusyBee Cover our partnerships with top insurance carriers allow us to present you with a variety of comprehensive coverage options, ensuring you get the best protection at the best price. Choose BusyBee Cover for a truly customized and customer-centric insurance experience
A High Deductible Health Plan (HDHP) is a type of health insurance plan with higher deductibles and lower premiums compared to traditional health plans. It meets specific criteria set by the IRS for eligibility to contribute to a Health Savings Account (HSA).
HDHPs have higher deductibles than traditional health plans, meaning you pay more out-of-pocket before insurance coverage kicks in. They often have lower monthly premiums and typically cover preventive care services before the deductible is met.
Yes, individuals covered by an HDHP are generally eligible to open and contribute to an HSA. Contributions to an HSA are tax-deductible, grow tax-free, and can be withdrawn tax-free for qualified medical expenses.
HDHPs offer lower monthly premiums compared to traditional health plans, making them cost-effective for individuals who do not anticipate frequent medical expenses. They also provide access to an HSA, which can be used to save for medical costs and provides tax advantages.
HDHPs have higher deductibles than other health plans, as defined annually by the IRS. For 2024, the minimum deductible for an HDHP is $1,450 for an individual and $2,900 for a family.
Yes, HDHPs are required to cover certain preventive care services, such as annual check-ups, vaccinations, and screenings, without requiring you to meet the deductible. This encourages preventive healthcare.
You are responsible for paying the full cost of medical services and prescriptions until you reach the deductible amount. After you meet the deductible, the HDHP will begin to share the cost of covered services.
Yes, you can switch health plans during the Annual Enrollment Period or, if eligible, during a Special Enrollment Period. Keep in mind that switching plans may impact your ability to contribute to an HSA if you no longer have an HDHP.
HDHPs typically cover prescription drugs, but you may need to pay the full cost until you reach the deductible. Some HDHPs offer tiered cost-sharing for medications, where generics may have lower costs.
When choosing an HDHP, consider your anticipated healthcare needs for the year, including any ongoing medical treatments or prescriptions. Evaluate whether the lower premiums and tax advantages of an HSA outweigh the potential higher out-of-pocket costs due to the deductible. Additionally, ensure that the HDHP covers your preferred doctors and healthcare facilities.
