How To Optimize a High Deductible Health Insurance Plan

The first thing to understand is what a high deductible plan is, and why anyone would want one. A high deductible plan is one that is typically $1,200-2,000 per individual per plan year. They are quite attractive for companies as, typically, the higher the deductible, the lower the premium.  

An important statistic to note is that less than 15% of people will spend $2,000 per year on health care. Therefore, we here at Sherpaa like to prescribe that companies set up a comprehensive HRA (health reimbursement account) for their employees. This account can cover just the deductible, or it can be widened to include things such as out of network visits. To reduce the amount of paperwork and administrative headaches, we put that amount of money on a smart debit card for each employee. The employee can use the debit card just as they would their own personal credit cards to cover appropriate health expenses.  To make this smart card even smarter, we offer employees the opportunity to load it with an FSA (flexible spending account), should they desire.  It’s an easy one stop shop for all their medical expense needs!

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