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How to Transition to a High Deductible Health Plan

We’re seeing it everywhere. More and more employers are moving their employees over to high deductible health plans in an effort to offset rising costs and sustain benefit offerings. While some may already feel comfy navigating this type of consumer-driven plan, we’ve got tips for those who need a little extra guidance during the transition.

Maximize Your HDHP

The most important thing to remember with a HDHP is: every decision you make counts. Since HDHPs have a high deductible, a lot of costs will come straight from your pocket. Recognizing and acting on opportunities to save is crucial and simple with these tips.

 

1. Supplement your HDHP with an HSA.  A health savings account is a way to set aside money for your healthcare, tax-free. They’re available only to people with high deductible health plans. You deposit funds before they’re taxed, they grow tax-deferred in the HSA, and withdrawals are tax free too! Use your HSA account to pay for any medical expenses that aren’t covered by your HDHP, like your premiums and deductible.

Plus, dollars not used by December 31 are rolled over to the next year. While many employers provide HSAs to employees with HDHPs, you can always sign up independently with a financial institution. Your bank or investment broker are options.

2. Find Affordable, In-Network Care. Every time. Now that you have some tax-free dollars set aside, make sure to stretch them! We’re always stressing the importance of ‘shopping for care’ at HooPayz. That’s because in-network prices for the exact same procedure can vary by up to 500%. It all depends on where you go! And unless you research prices ahead of time, you’re gambling on pure luck.

If you’re not a HooPayz member, call around to ask for in-network costs. Once you have your local options’ prices, you can compare and make an affordable decision. HooPayz member? We do this for you. Just submit your request and we’ll send affordable options right to your inbox.

 

3. Review, Review, Review! 50% of all the medical bills contain errors. Yikes! Overcharges are a big problem that end up costing consumers more. While the bills can be intimidating, and it’s tempting to just pay to get them out of the way, set aside time to take a closer look.

If you’re not a HooPayz member, use our step-by-step guide to review your own medical bills and reconcile issues. HooPayz member? Yep, we do this too! Submit your request and our billing experts can take over from there.

 

Have a Question?

Comment below with questions about high deductible plans and HSAs.

 

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