As the name implies, a HDHP has lower monthly premiums but a higher deductible than other health insurance plans. An HSA can help by allowing workers to set aside pre-tax income to contribute towards the deductible and other health expenses as they occur.
Lastly, I wanted to ensure we would have access to our same doctors and a high-level understanding of any prescription coverage changes. This took a bit of research and phone calls to HR to determine. In our case, it's the same insurance company that administers all plan options, so our doctor and hospital network doesn't change.
With an FSA, if you don't spend the money by the end of the year, you lose it. You also don't need to be covered by a particular health plan to use it. With an HSA, remaining balances work for you — you can use them to pay future medical costs or as an investment for retirement. You can only contribute to a HSA if you are covered by a high-deductible plan, and companies often contribute to these accounts for employees.
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