Many employers offer high deductible health plans (HDHPs) to employees to defray the costs of insuring the entire company. Often, small business owners offer HDHPs to ensure employees have a health insurance option. Insuring all the employees in a business that employs less than 50 people can be expensive, but HDHPs decrease that cost for the employer and the upfront cost to the employee. Because high deductible health plans are growing in popularity, there are a multitude of companies offering health insurance quotes to those seeking an HDHP. Health savings accounts are good complements to the HDHP. These two tools work together to save the individual money and protect the greatest asset a person can have – health.

In order to participate in a health savings account, an individual must have an HDHP. It is possible to have an HDHP without having an HSA, but it is not possible to participate in an HSA without having an HDHP. There are other requirements outlined by the Internal Revenue Service (IRS), but the most important qualification for an HSA is to have an HDHP. By the IRS's definition, an HDHP is a health insurance plan that has a deductible higher than the average health insurance plan. The minimum annual deductible in 2010 for an individual is $1,200 and the maximum is $5,950. When pairing the HDHP with an HSA, an individual can place money into an interest bearing account to withdraw when there are out-of-pocket expenses to be paid.

The best part of this set up is that the money put into an HSA is tax-deductible up to $3,050 for individuals in 2010. HSAs are not only tax-deductible; they are accounts that can be built upon for years, meaning the individual does not forfeit the money at the end of the year. The money can stay in an interest bearing account for as long as the taxpayer has the HSA. Even if the taxpayer no longer participates in the HDHP, the money deposited into an HSA may be withdrawn, penalty free, to pay for healthcare expenses. An added bonus of the HSA is that once the individual is 65, distributions may be taken from the account for any reason with no penalty.

HDHPs are growing in popularity as more employers attempt to find ways to boost profits but keep employees happy and healthy. These types of health insurance quotes offer low rates for employers and smaller monthly payments for employees. The amount of out-of-pocket expenses with this type of plan varies from plan to plan. The health savings accounts offers tax-free way for plan participants to ensure these costs are covered.