High-deductible health plan

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A 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.[1] 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.[2]

In the United States[edit]

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,[3] 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
2014 $1,250 $2,500 $6,350 $12,700

References[edit]

  1. ^ "High-Deductible Health Plans". Health 401k. Retrieved 25 May 2011. 
  2. ^ "Publication 969". Internal Revenue Service. 11 January 2012. Retrieved 9 June 2012. 
  3. ^ Revenue Procedure (Rev. Proc.) 2009-29