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high-deductible health plan (HDHP) is a health insurance plan with lower premiums and higher deductibles than a traditional health plan. Being covered by an HDHP is also a requirement for having a health savings account.   Some HDHP plans also offer additional “wellness” benefits, provided before a deductible is paid. High-deductible health plans are a form of catastrophic coverage, intended to cover for catastrophic illnesses.

member-tips-150Combining a supplement plan such as the REALTORS® Core Health Insurance plan with a High Deductible Health Plan (HDHP) can lower the cost of your overall insurance premium and might even increase your health benefits.

High Deductible Health Plans (HDHP):

  • Provide a safety net for major health expenses
  • May offer affordable monthly premiums
  • Typically have high annual deductibles of $2,500 or more
  • May have higher out-of-pocket costs for covered services
  • Don’t always provide coverage for preventive care, office visits, and/or prescriptions

A High Deductible Health Plan may be right for you if:

  • You are relatively healthy
  • You are not actively taking prescription drugs
  • You only want coverage in case of emergency
  • You are able to supplement the plan with another insurance plan which offers benefits which the Catastrophic plan lacks.

HDHP and Health Savings Account:

In the United States, participation in a qualifying HDHP is a requirement for health savings accounts and other tax-advantaged programs. As of 2012, HDHPs are plans with a minimum deductible of $1,200 per year for self-only coverage and $2,400 for self-and-family coverage. The maximum amount out-of-pocket limit for HDHPs is $6,050 for self-only coverage and $12,000 for self-and-family coverage. (However, according to the instructions for IRS form 8889, “this limit does not apply to deductibles and expenses for out-of-network services if the plan uses a network of providers. Instead, only deductibles and out-of-pocket expenses for services within the network should be used to figure whether the limit is reached.”)   The Internal Revenue Service released the 2010 amounts on May 15, 2009, which will be modified each year to reflect the change in cost of living.

Year Minimum deductible (single) Minimum deductible (family) Maximum out-of-pocket (single) Maximum out-of-pocket (family)
2009 $1,150 $2,300 $5,800 $11,600
2010 $1,200 $2,400 $5,950 $11,900
2011 $1,200 $2,400 $5,950 $11,900
2012 $1,200 $2,400 $6,050 $12,100
2013 $1,250 $2,500 $6,250 $12,500

 

NAR members have access to health, dental, and supplement insurance programs through the www.realtorsinsurancemarketplace.com; which is managed by SASid (Smart and Simple insurance development) who is a Proud Partner of the REALTORS Benefits Program.  SASid has helped thousands of NAR members nationwide find savings and gain access to the following insurance programs designed for members of the NAR:

REALTORS Core Health Insurance – Limited Indemity Medical Insurance which supplement Major Medical plans
REALTORS Dental Insurance – Exclusive Dental insurance rates and plans designed for members
Member Health Insurance Exchange – Members can quote, compare, and apply for top rated major medical plans such as United Health, Aetna, Blue Cross and Blue Shield, and more…
Drug Card America – discount prescription program

 

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