A HDHP is a type of health plan that gives you more control of your health care expenses. It is designed primarily for people who are relatively healthy and don't plan to make many trips to the doctors office besides basic preventative checkups. However, others can benefit from this type of plan as well. A person who chooses this type of plan will pay a lower premium than they would with the HRA or POS plans. However, since the premiums are lower, the deductible is higher than the other two plans. In order to help offset the higher deductible, this plan comes with an attached Health Savings Account (HSA) where you can contribute funds on a pre-tax basis to pay for your health expenses. Employees will also be eligible to receive cash contribution from Tulane pending completion of wellness activities.
Cut Costs with the HDHP
- Protect yourself with preventative care. Fend off serious medical conditions before they require expensive treatment with preventative care. Preventative care is covered at 100% when you see an in-network provider. This means that services such as annual physical exams, immunizations, and screenings are provided at no cost.
- Make sure your doctor is in-network. Before you get care, verify that your health care provider is in-network. You pay less when you go to an in-network provider because you pay negotiated rates.
- Ask your doctor about generics. If you take a brand name drug, you understand how expensive they can be. Ask you doctor about switching to a generic. Generic drugs meet the same FDA standards, quality, strength, and purity as their brand-name counterpart, at a fraction of the cost.
- Switch to mail-order prescriptions. Ordering on-going prescriptions drugs through mail-order saves you a trip to the pharmacy and reduces your costs.
Highlights of a HDHP
- You can use any doctor or hospital, but you'll pay less when you use in-network providers.
- In-network preventative care is covered at 100% .
- You do not need to select a a primary care physician and no not need a referral to see a specialist.
- Once you reach the out-of pocket maximum, the plan pays 100% of eligible expenses for the rest of the year.
- The plan comes with a Health Savings Account (HSA) to help pay for eligible expenses and your annual deductible if you choose to use it.
To compare all three plans visit the Plan Comparison Tool & Provider Search page or for more information see guide. If you have questions about this plan, email the benefits team at 2020HealthPlans@tulane.edu.
A HSA is a tax-advantages account created for individuals who are covered under high-deductible health plans (HDHPs), intended to help people save for medical expenses that HDHPs do not cover. The funds in this account are triple-tax-advantaged since the money goes into the account tax-free, comes out tax free, and earns interest tax free. Contributions to this account are deducted from your paycheck on a pre-tax basis and available for use only when money is contributed. The funds will roll over from year to year and grow over time, unlike FSAs where the unused money you contribute expires at the end of plan year. Your HSA is yours to keep even if you retire or leave Tulane. Also, the funds are available conveniently through a debit card as well.
HSA vs. FSA
You cannot be enrolled in a HSA and Healthcare FSA at the same time but you may enroll in the Dependent Care FSA.
Starting January 1, 2020 Accrue Health will be administering the HSAs and FSAs for Tulane.