Is a High-Deductible Health Plan Right for You?

This week, Craig Siminski, of CMS Retirement Income Planning, shares an article discussing what distinguishes HDHPs from preferred provider organizations (PPOs):

In 2020, 31% of U.S. workers with employer-sponsored health insurance had a high-deductible health plan (HDHP), up from 24% in 2015. These plans are also available outside the workplace through private insurers and the Health Insurance Marketplace.

Although HDHP participation has grown rapidly, the most common plan — covering almost half of U.S. workers — is a traditional preferred provider organization (PPO).2 If you are thinking about enrolling in an HDHP or already enrolled in one, here are some factors to consider when comparing an HDHP to a PPO.

Up-Front Savings

The average annual employee premium for HDHP family coverage in 2020 was $4,852 versus $6,017 for a PPO — a savings of $1,165 per year.

In addition, many employers contribute to a health savings account (HSA) for the employee, and contributions by the employer or the employee are tax…

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Craig Siminski is a CERTIFIED FINANCIAL PLANNER™ professional, with more than 23 years of experience. His goal is to provide families, business owners, and their employees with assistance in building their financial freedom.

Please let Craig know that the Green Bay News Network Sent You.

CMS Retirement Income Planning

Craig Siminski is a Retirement Income Planner professional with twenty two years of experience. His goal is to help ensure his clients will have enough income to maintain their dignity and independence in retirement.

Craig is committed to designing and implementing financial strategies that focus on his clients’ needs.  He seeks to be a lifetime resource for each and every client.

Give him a call at 920-569-8363 or email him at csiminski@equitydesigngroup.com and tell him the Green Bay News Network sent you!