Benefits of the High Deductible Health Plan (HDHP)

Enrolling in HDHP? Gain a Health Savings Account

Don’t let the words “high deductible” scare you. This is a good time to understand how much you use the health plan — and consider when the last time was that you met your deductible. There are advantages of enrolling in the plan, including the Health Savings Account (HSA). This account is yours and rolls over year-to-year. One major perk with the HSA? Freese and Nichols provides you with money every year to help you cover your deductible.

What is a Health Savings Account?

A Health Savings Account is a tax-exempt savings account that allows you to save money to pay for qualified medical expenses. The money in your HSA can be used to pay for qualified medical, dental, and vision costs such as deductibles and other out-of-pocket expenses. HSAs provide a triple-tax advantage – you can deposit money tax-free, it will grow tax-free until you use it, and your withdrawals are tax-free when used on eligible expenses.