1. Do you have to have a High Deductible Health Plan to open a Health Savings Account?
Yes. Before you open an HSA, you must have the HDHP in place. Get quotes and purchase online at websites like this one for your HDHP.
2. Do you have to get a Health Savings Account if you want to get a less expensive HDHP health insurance plan?
No. You do not have to fund a Savings Account when you open your less expensive HDHP. You can fund the Health Savings Account with tax free funds as you need it, or even not at all.
3. Is a High Deductible Health Plan as good as real health insurance?
Yes. Do not worry about losing coverage with an HDHP. A High Deductible Health Plan is a traditional major medical policy which invites you to get involved with the cost of your health care. Everything is covered subject to your deductible. There are no copayments for doctors visits and medicine with an HDHP.
4. If there are no copayments for doctors visits, are doctors visits covered under a High Deductible Health Plan?
Yes. Doctor's visits are covered under HDHP programs. Most HDHP's even include some preventive care such as mamograms covered at 100% and no copayment. Doctor's visits will be covered subject to your calendar year deductible.
5. What is the maximum tax exemption for Health Savings Accounts?
$2650 for an individual plan and $5250 for a family plan. Often agents recommend the plan with 100% coverage after the maximum annual contribution to your tax free account. For individuals you would have a 100% coverage after a $2650 deductible, and familys you would want a 100% plan and $5250 deductible.
6. Do the high deductible health plans cover prescription drugs?
There are no copay prescription drug plans associated with High Deductible Health plans. However there are NEW programs available to allow you to get a free discount card available for prescriptions at major pharmacies like this one.