You enjoy greater control over your medical care, and are often free from the system of referrals and networks associated with HMOs and PPOs.
HDHPs typically feature a Health Savings Account, which allows you to save money pre-tax to pay for qualified medical expenses. In addition to premiums, consider your total estimated co-pays and coinsurance to determine the total annual cost of a PPO.
And if your employer happens to offer you a choice between an HDHP and another plan with no out-of-pocket maximum, you might be better served with the HDHP.
Video of the Day. Featured Resource 2016 State of Employee Benefits.
Others cover chronic conditions, while other may exclude them. There is a potential for loss as well as gain that is not reflected in the hypothetical information presented.
Let me explain. Unless your HSA provider offers target date funds or index funds as investment choices, you should only use your HSA as a repository for your HSA employer contributions.
To determine which health insurance plan might be better for you, I suggest you compare your expected annual health care costs to the amount you save on your premiums and receive as a company contribution to your HSA.
Find a plan that fits your budget.
Though high-deductible health plans involve greater out-of-pocket costs, they still save some consumers money. Choice Consumerism Plan Design. Please help us keep our site clean and safe by following our posting guidelines , and avoid disclosing personal or sensitive information such as bank account or phone numbers. She received a bachelor's degree in economics and management from Goucher College in Towson, Maryland.
Then, a PPO might be right for you. I chose the PPO 500 because it strikes a balance between comprehensive benefits and a low deductible and is used by many of my colleagues based on those reasons. PPOs allow you to get both in-network and out-of-network care -- though out-of-network providers will cost you more. You can also see a specialist without a referral. Older post.
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