June is a good time to check in on your high-deductible health plan (HDHP) performance in order to make sure you are spending your healthcare dollars efficiently.
How do you know if you’re in an HDHP? If your monthly premium is relatively low, and your deductible is in the thousands of dollars, then it’s likely an HDHP. If you are still unsure, check with your health plan.
HDHPs require a little more attention than traditional PPOs or HMOs because the existence of the high deductible means the timing of your care can make a big difference in the cost of your care. But even more traditional plans should be monitored.
“Everybody should be checking their plans mid-year or very frequently, because all plans come with deductibles, out-of-pocket costs,” said Deepak Goyal, MD, executive medical director for Monument Health in South Dakota. “Having a frequent check helps people budget their healthcare needs,” he said.
People can’t plan for emergencies. But for elective surgeries and procedures and specialist needs, regular check-ins help people manage their whole healthcare plan, Goyal said.
“For example, if somebody is doing a mid-year check, it might be insightful to know if my deductibles are met, (what) my co-pays (are), if my out-of-pocket maximum is met, and if something could be done this year and everything could be covered for those health care needs,” Goyal said.
Perhaps it’s better to get this done rather than push it to next year. Then the clock might reset, he said.
There are multiple ways to monitor your health plan status. “The best way is to go through the portal, the electronic portal of the of the insurance company you have. That’s where the best information is available,” Goyal said.
Other ways to get this information could be to call the customer service number on your insurance card or to rely on the explanation of benefit statements you receive for medical bills.