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My Insurance Has High Deductibles, What Do I Do Now?
High deductible health plans or HDHPs typically have low and affordable monthly premiums in exchange for their high deductibles. The minimum deductible for a HDHP is $1350 for an individuals (including deductibles, coinsurance and copays) and $2700 for a family. Additionally, an individual may have to pay as much as $6,650 for out-of-pocket expenses, and often the family limit is $13,300 for a family. Therefore, you need to have enough money to cover both your high deductibles and out-of-pocket expenses.
Health Savings Account and HDHP
HDHP account holders are also eligible to place pre-tax money in a tax-exempt HSA (Health Savings Account) which they have to fund. This HSA account can be used to pay for their future medical costs. While there are annual contribution limits to HSA, one is allowed to roll over the balance to the next year, therefore if you contribute to your HSA you will have the money to cover your medical expenses in the future. HSA is different than a flexible spending account in the way that it allows you to roll over your money year-after-year. Also, contributions to HSA are tax-free, means IRS will not tax you for that portion of your earnings.
Health plan for catastrophic illnesses
The basic principle behind HDHP is cost-sharing in which the patient HSA to make direct payments for the services. Increased deductibles are perceived to cut healthcare costs by decreasing its overall usage. Increased out-of-pocket expenses are expected to engage the people in a higher degree of price shopping as they will be more careful in using their health insurance products.
HDHP is mainly intended to cover catastrophic illnesses and may also offer some additional wellness benefits provided the deductibles are met.
Low upfront costs
HDHP is offered by many employers due to low upfront costs. You may have no option other than HDHP if it’s the only plan offered by your employer. You can also consider enrolling in an HDHP if you are self-employed as it will help you save money on premium amount.
Delay in healthcare due to high deductibles
However, on the flip side, high deductibles of HDHP may result in a delay in healthcare, and an increase in healthcare and hospitalization costs. A surprising number of American families are living paycheck-to-paycheck, as such; they may be forced to forgo care that is worth more than what it costs, simply because they can’t afford it.
The high cost of HDHP and the increased out-of-pocket expenses, can result in the plan becoming burdensome, especially for those with low income and in need of long-term treatment. They may have to make choices between healthcare and other valuable uses of money.
Offsetting healthcare costs with EzRx drug card
To offset the high costs of a high deductible insurance plan, you can consider having a drug discount card which is designed to help you in affording your medication costs. EzRxdrugcard.com offers a prescription medication discount card that can be used to save on medication costs. There are many medications, such as Adipex, Viagra, Abilify, Albuterol HFA inhaler, benzonatate, flu vaccine and others that you can purchase at much lower price than what you may pay as a copay with your insurance as this medications savings card can be used to save up to 85% on prescription medications at over 65,000 pharmacies in the USA, including the big chains such as CVS, Walmart, Rite-Aid, Walgreens, Kroger and Publix. Drug discounts are offered on branded and generic medications, with the average savings on branded medications being 30% while generics can be purchased with up to 85% discount with EzRx discount drug card.
Download your EzRx drug card for Free
Getting EzRx drug savings card is easy. Send the keyword “EZRX” to the phone number 21000 to get your digital drug saving card, or you can download your prescription savings card for free right away at www.ezrxdrugcard.com.
Use your EzRx medications savings card to save on meds each time you go to the pharmacy, no matter if you have health insurance or not. Simply present your EzRx prescription medications savings card to the pharmacist while filling your prescriptions to instantly get drug discounts of up to 85%. Use your EzRx drug card as a flu discount card, Albuterol discount card, Adipex savings card, or to save on benzonatate and other prescription medications that you need for your various illnesses. To ensure that you get the best and lowest price for your medications, check drug prices at the www.ezrxdrugcard.com. You will find the cost of the medications you are taking and the prices at a in network pharmacy. We have over 65,000 pharmacies in our network. Everyone can get an EzRx drug card irrespective of their age, coverage or income. No registration required simply download the card and start saving today. EzRx offers better savings and an easy choice for a healthier life.
Disclaimer: The information and content posted on this website is intended for informational purposes only and is not intended to be used as a replacement for medical advice. Always seek medical advice from a medical professional for diagnosis or treatment, including before embarking on and/or changing any prescription medication or for specific medical advice related to your medical history.