#028 - What Is A High Deductible Health Plan And How Can It Help Me?  explains what kind of health insurance plan you can have so you can open and fund a Health Savings Account.  Scott explains the basics so that you can get 100% covered and spend the least amount of money possible.High Deductible Health Plan RequirementsIn order to open and fund a Health Savings Account, the Internal Revenue Service requires that a the insured be enrolled in an eligible High Deductible Health Plan.  The requirements are straight-forward.Learn more in IRS Publication 969 linked here*To be an eligible High Deductible Health Plan, the plan must:Have an Individual Deductible no lower than $1,400 ($2,800 for spouse, dependent, family)Have an annual Individual Out Of Pocket Maximum no higher than $7,000 ($14,000 for spouse, dependent, familyDeductible must come first - NO COPAYMENT*Limits apply to 2021 tax yearHSA Rules for 2021Disconnect between HDHP and HSAs - More Education NeededThe Journal of the American Medical Association commissioned a study on Health Savings Accounts that concluded few US adults enrolled in High Deductible Health Plans are using HSAs to save for health care.  As a result, more education is needed to make HDHPs and HSAs more valuable and effective.See the JAMA study hereWe're on a mission to get you 100% covered and spend the least amount possible.  Please subscribe and tell your family, friends, co-workers, boss, office manager, HR director or firm administrator to listen to Doxcost on Apple Podcasts or wherever you get your shows.Next up, we'll talk about affordability - how to structure your HDHP/HSA to get started.I appreciate you very much!  See ya next time.....Clarence Davis, #28 Oakland Raiders - Sea Of Hands - watch hereLike the music on Doxcost?  Listen to my pal, Morgan Fingleton, here

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