The world of group health insurance is never an easy task to navigate for most business owners, and there are lots of options out there, like an HDHP. But is it the right choice?
Is considered a HDHP one where you have to pay $1,400 out of your pocket if you are an individual or $2,800 or more for a family. Employers who offer HDHP have many ways to counter the higher out-of-pocket expenses these plans usually carry in order to offer their employees a more comprehensive benefits package.
One way to do it is by offering a health savings account (HSA) which can provide greater flexibility to the health plan and help them save for future medical expenses. But, is your HDHP eligible for an HSA?
Taylor Benefits Insurance Agency can help you find out.
With an HSA, you can save pre-tax money that you can then use to pay for various medical expenses, including deductibles, copayments, and more. Some notable advantages of HSAs include:
The short answer is yes, however, many don’t realize that not all HDHPs can qualify for an HSA. In general, there are some criteria high deductible health plans must meet in order to be eligible for HSAs:
Understanding the requirements that both HDHPs and HSAs demand can be difficult for a lot of employers. When you’re looking to discover if your health plan is HSA eligible, an easier way to navigate this task is to simply work with an insurance broker who can help you determine your eligibility and even shop for a new plan that will offer your employees better benefits.
If you’re wondering whether your HDHP is eligible for an HSA, the Taylor Benefits Insurance Agency team is happy to assist you!
As an independent insurance broker, we can provide you with all the relevant information you need to make an informed decision that will benefit both your employees and your company. We understand that the world of group health insurance is complicated, to say the least, but our services are designed to help you access a faster, easier, and better way to create your insurance package.
Here’s how our process works:
The Taylor Benefits Insurance Agency team is here to help both your business and your employees access the best health insurance package for them. If you want to learn more about our services and how we can assist, we encourage you to get in touch with our customer service team today!
Still have questions about your HDHP and whether it’s HSA eligible? Taylor Benefits Insurance Agency is at your service!
Call our office directly at 800-903-6066 for a chat, or use our contact form to get a free, no-strings-attached proposal.
We’re ready to help! Call today: 800-903-6066