QHDHPs can be combined with an HSA, allowing you to pay for certain medical expenses with money free from federal taxes. Certain plans that meet IRS guidelines are called qualified high deductible health plans. The monthly premium is usually lower, but you pay more healthcare costs yourself before the insurance company starts to pay its share (your deductible). The money rolls over from year to year.Ī plan with a higher deductible than a traditional insurance plan. If you don’t use all the money in your account by year-end, don’t worry. In general, you can use the money in your HSA to pay for deductibles, copayments and other expenses not covered by your health plan, like dental or vision expenses. To qualify for an HSA, you must have a qualified high deductible health plan (QHDHP). Non-emergency services received out of network are not covered.Īn HSA allows you to pay for qualified medical expenses with tax-free money. There is no out-of-network coverage except for emergency services. A good place to start is with some of the industry’s most common terms related to choosing your plan and using your benefits.Ī type of health plan where you receive healthcare services only from doctors, hospitals, and specialists in your plan’s network. The better you know your health insurance, the more informed decisions you can make about your health and when choosing a plan this Open Enrollment season. 7 Minute Read Definitions You Should Know for Open Enrollment
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