User Story - Family HDHPs and HSAs

Know Your Benefits

Brought to you by: Creative Benefits, Inc.

Think HDHPs and HSAs are Just for Young Adults? Think Again.

High deductible health plans (HDHPs) with a health savings account (HSA) are typically thought of as a good option for young, healthy single adults who are looking to save money.

This type of health insurance, though, can be useful for many people who can afford to pay medical bills up to their out-of-pocket maximum (OOPM) and contribute the maximum allowed amount to their HSAs annually. Consider the following comparison.

Example

The Joneses are a married couple with one child. They both are highly compensated professionals who are able to pay for any medical expenses up to their OOPM. They are looking to contribute the maximum allowed amount to their HSA to invest in their future.

In this example, as long as the Joneses don’t have any major surgeries or emergencies, they would save money by enrolling in an HDHP with an HSA rather than a traditional plan. In 2025, they would also be able to invest $8,550 tax-free to set themselves up for retirement. That limit increases to $8,750 in 2026.

Summary

For more information regarding HDHPs and HSAs, please contact your plan administrator.

This Know Your Benefits article is provided by Creative Benefits, Inc. and is to be used for informational purposes only and is not intended to replace the advice of an insurance professional. © 2018, 2020-2021 Zywave, Inc. All rights reserved.