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Taxes, Fees & Exemptions
One way to manage your health care expenses is by enrolling in a High Deductible Health Plan (HDHP) in combination with opening a Health Savings Account (HSA).
Under the tax law, HDHPs must set a minimum deductible and a limit, or maximum, on out-of-pocket costs.
For calendar year 2020, these amounts for HDHPs are:
Minimum deductible (The amount you pay for health care items and services before your plan starts to pay) | Maximum out-of-pocket costs (The most you’d have to pay if you need more health care items and services) | |
---|---|---|
Individual HDHP |
$1,400 |
$6,900 |
Family HDHP |
$2,800 |
$13,800 |
HDHP deductibles are often significantly higher than the minimums shown above and can be as high as the maximum out-of-pocket costs shown above.