In order to qualify as a high deductible health insurance plan, an individual health insurance plan has to have a deductible higher than $1150. For family plans, the annual deductible has to be at least $2300.
Health Savings Accounts
One of the primary benefits of high deductible health insurance plans is that they make consumers eligible for a health savings account. With this account, consumers can set aside money for health expenses on a pretax basis. Individuals can save as much as $3050 per year in this account, while families can save as much as $6150 per year.
By getting a higher deductible on an insurance plan, consumers can significantly lower their insurance premiums. For relatively healthy people, this type of insurance plan can save a significant amount of money every year.
High deductible health insurance plans are used by individuals who want to lower their insurance premiums and still be protected from catastrophic losses. High deductible plans are also referred to as consumer-directed plans.