Insert tags and/or convert text to tags by highlighting a textphrase

is it possible to markup eg. the text This is the headline in

$output = "This is the headline";

and then do an automatic update to

$output = "<h1>This is the headline</h1>";

by typing a hotkey, eg. ALT+STRG+F1  for "<h1>...</h1>"
And the same for other tags and hotkeys ... h2 ... p ... whatever.
Couldn´t find anything similiar in the settings, help, plugins ...

Thanks for a hint!