High-Deductible Health Plans
High-Deductible Health Plans (HDHPs) are PPO health plans with higher out-of-pocket costs, so they offer comprehensive benefits with a lower monthly premium. HDHPs from BlueCross BlueShield of Tennessee are Health Savings Account (HSA) compatible and give you the opportunity to offer outstanding, cost-effective employee benefits.
HSA-compatible HDHPs are unique because they follow federal guidelines including:
- Covered expenses (except preventive services) are subject to deductible and coinsurance, including prescription drugs.
- Preventive services including wellness exams and immunizations are paid at 100 percent
- Prescription medications used for preventive purposes can be excluded from the deductible – Preventive Drug List
- New deductibles are applied at the beginning of each calendar year or benefit period (carryovers from previous years do not apply).
- These plans comply with minimum annual deductibles and maximum out-of-pocket expenses in accordance with federal regulations.
- An HSA can be set up through a financial institution. Employees may do this on their own, or we can help you set up an HSA for the workplace.
- You have a choice of deductible arrangements:
- For HDHPs with a shared deductible, if more than one person is covered (i.e., family coverage) the full family deductible must be met before benefits will be paid for any of the covered family members.
- For HDHPs with embedded deductibles, once an individual with family coverage meets the member-level deductible, plan benefits are available to that individual.
Learn more about using financial arrangements, such as an HSA, with a High-Deductible Health Plan.