HDHP stands for High Deductible Health Plan. This is a type of health insurance that features a high annual deductible, meaning before an individual can receive any health care benefits they must first meet the deductible. This form of health insurance has become an increasingly popular option in the United States, as it typically offers a lower premium than traditional health policies.
The main benefit of an HDHP is that it allows people to pay lower premiums each month while also allowing them to contribute pre-tax dollars to a Health Savings Account (HSA). With an HSA, individuals can save and invest money to use specifically on qualified medical expenses. However, it’s important to note that coverage and costs associated with an HDHP will vary from one plan to another, so it’s essential to do your research and shop around for the option that best fits your needs.
If you’re interested in learning more about the benefits and drawbacks of an HDHP, here is an article from the U.S. News and World Report that can help:
https://money.usnews.com/money/personal-finance/articles/what-is-a-high-deductible-health-plan.
I hope this helped answer your question about what HDHP stands for!