My family has had our High Deductible Health Plan (HDHP) for just under one year, and last week we discovered that what we believed to be an embedded deductible was nothing of the sort.
When you shop for health insurance you will often see an individual deductible and a family deductible quoted side by side. In our case the individual deductible was $5,200 and the family deductible was $10,400. From our reading of the insurance policy, if an individual within my family hit the $5,200, their coverage from that point forward would be at 100%. WRONG!!!
There are policies with embedded deductibles that do what I though mine did, however you need to be very careful that if that is a need you have, that your policy will actually provide that benefit. Talk to your insurance agent, and don’t forget, if you have a health savings account (HSA), don’t forget to put some money in it. It can sure help come rainy day.
Filed under: health insurance, healthcare, hsa education | Tagged: hdhp, high deductible health plan, hsa
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