What to Know if You Have a High Deductible Health Plan (HDHP)
It’s a new year and your deductible has just reset. Unfortunately, it’s grown higher than last year and sure enough, you’ve got a bout of low back pain or your knee is acting up again. Your doctor recommends that you try physical therapy before prescribing addictive pain medications or expensive MRIs, but you’re worried about the cost and not exactly sure how your High Deductible Health Plan (HDHP) works.
Don’t sweat it – we’ve got you covered! Here’s what you need to know:
What is a High Deductible Health Plan?
A High Deductible Health Plan (HDHP) is an insurance plan that requires patients to pay a large amount of their healthcare costs out of pocket before their insurance kicks in to help lighten the load. The IRS says that a health plan is considered an HDHP if….
- The deductible is $1300 or more, for individuals
- The deductible is $2600 or more, for families
In 2016, Price Waterhouse Coopers’ Health Research Institute reported that 40% of employer-driven health plans are expected to be High Deductible Health Plans (HDHP) over the next three years. Half of all employers have annual deductibles of $1000 or more.
Additionally, more than 90% of persons enrolled in an Exchange Plan are in High Deductible Health Plans, in which the average deductibles are even higher: $3572 for an individual and $7474 for a family.
How Has COVID Affected High Deductible Plans?
A High Deductible Health Plan (HDHP) can provide for testing and treatment of COVID-19 without a deductible or with a deductible below the minimum deductible. An employee who is enrolled in a High Deductible Health Plan (HDHP) that covers COVID-19 testing and treatment may continue to make contributions to a health savings account (HSA).
How Can PT Help With a High Deductible Plan?
Getting PT early has been proven to save time, money, and unnecessary treatment down the road. Early PT can actually eliminate the need for MRIs, medications, and even surgery. Baton Rouge Physical Therapy’s therapists are specialists, not generalists, which means you get results in fewer visits, saving you time and money. In fact, care at Baton Rouge Physical Therapy costs 32% less than the national average. Point being, pay a little now or pay big later.
All that considered, it can still seem daunting to dip into your pocket for care, especially when you don’t know what to expect from a cost standpoint. Fortunately, we’re well versed in High Deductible Health Plans (HDHP) and have a variety of options at our disposal to ensure that you get the care you need without breaking the bank.