When I started my new job in September, I had the option to sign up for either a Preferred Provider Organization (PPO) or High Deductible Health Plan (HDHP). I have always used a PPO in the past, so moving to an HDHP wasn’t something I was excited about. However, when I ran the numbers, I found that the way my company structured our plans the HDHP was going to be thousands of dollars less per year under almost any circumstance.
As a bonus, when signing up for a high deductible plan, I became eligible for a health savings account. An HSA is a pretty nifty way to save big on your taxes. And, it can have some pretty great uses that most of us had never thought of before.