COVA HDHP
COVA HDHP is the result of 2005 General Assembly legislation. It features a plan year deductible of $1200 for one person and $2400 for two or more people that must be met before the plan pays. The deductible applies to your medical, behavioral health and prescription drug benefits. Once the deductible is met, you pay 20% coinsurance for most covered services, and the plan pays the remaining 80%. When two or more people are covered, the entire $2400 deductible must be met before the plan pays any expenses for any one person covered under the plan. Under the HDHP, you pay more in out-of-pocket expenses each year before the plan pays 100% of the cost; $5000 for one person and $10,000 for two or more people. The deductible applies to this limit.
Enrollment in the COVA HDHP allows you to set up an individual Health Savings Account (HSA) through a bank or other financial institution. An HSA is a tax-favored account that allows you to make tax-deductible contributions that can be used to pay for medical expenses. (From Understanding the Commonwealth of Virginia High Deductible Health Plan (HDHP).)
For more information see COVA HDHP
