Traditional PPO plans (Preferred Provider Organizations) have high monthly costs. At the end of the year, all of the money you’ve spent on premiums is gone. On the other hand, with a HDHP (High-Deductible Health Plan), the premium is lower and some of the money you would have spent can go into a Health Savings Account (HSA) instead—saving you money on taxes.
If you’re healthy and if you would be able to cover the higher deductible and maximums for an unexpected illness or accident, then HDHP may be right for you. The HDHP is designed to protect you from major medical costs, such as catastrophic illness, prolonged hospitalization, and excessive medical bills.
If you know you’re going to need some health care, but are still likely to come under the out-of-pocket maximum, or if the higher deductible would be difficult to afford, then it may be worth it to pay more each month for the traditional PPO plan that will have co-pays for doctor visits but a lower deductible.
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