What is a Health Insurance Deductible? | HDHP, High Deductible Health Plan, Affordable Insurance
This video explains the basics of what a health insurance deductible is. It goes over two different types of deductibles, High Deductible Health Plans (HDHP) and Deductible+ Plans. Deductibles are one of the most confusing aspects of Health Insurance in part because they are so different from the deductibles in car insurance. Also, each health care provider uses the term deductible in their own way. This video gives a definition of health insurance deductible that can be used with various providers, but applies best to Kaiser Permanente. Health insurance providers use deductibles, because they are then able to offer medical insurance at lower rates and it becomes more affordable for the average person. For the most part, the lower a deductible is the more coverage you have and the more expensive that coverage will be. Conversely, a higher deductible means you have less coverage and the price will be less. This is where we get the term High Deductible Health Plan or HDHP. These plans usually come with the option of opening a Health Savings account (HSA). An HSA is a special type of bank account where the money that you put into the account is tax deductible. The down side is that you can then only use that money for health related expenses. This is a good way of lowering your taxable income, building an emergency fund for your health, and saving money of health insurance all at the same time. The opposite of a Deductible Health Insurance Plan would be a Copayment plan. A standard copayment plan for medical insurance is where you pay specified amounts for each health service that you use. Copayment plans offer a lot more predictability than Deductible plans, but they are also a lot more expensive.
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