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re: Health Insurance Coverage help
Posted on 11/3/14 at 12:34 pm to CHiPs25
Posted on 11/3/14 at 12:34 pm to CHiPs25
Thoughts?
Yeah, the "Freedom" deductible is too high given the $516 monthly premium or vice versa. I personally would eliminate that as an option.
Just looking at what you've given, your wife has the better options. Since you're expecting a child soon, the lower deductible PPO looks safest. Otherwise I'd go with the HSA, because I love HSA's.
Yeah, the "Freedom" deductible is too high given the $516 monthly premium or vice versa. I personally would eliminate that as an option.
Just looking at what you've given, your wife has the better options. Since you're expecting a child soon, the lower deductible PPO looks safest. Otherwise I'd go with the HSA, because I love HSA's.
1
Posted on 11/3/14 at 1:02 pm to bayoubengals88
I'm just learning about the HSA and I am liking what I see so far. From what I understand, all funds deposited into the HSA are tax free and need to be used for approved medical expenses. After the age of 64 (i think) all funds can be removed (tax-free) and used for whatever you want. The trick is to pay for medical expenses out of pocket and then reimburse yourself for those expenses. I did a calculation of a hypothetical situation where I spent $10k in medical expenses this year.
My Independence - $3,528 (premium) + $5,000 (deductible) = $8,528 spent on the $10k.
My Freedom - $6,192 + $2,800 = $8,992
Wife PPO - $5,760 + $1,500 = $7,260
Wife HSA - $3,888 + $3,000 = $6,888
So, if that's right I would spend $6,888 on that $10k hypothetical number which would be the best scenario.
Am I looking at that correctly?
My Independence - $3,528 (premium) + $5,000 (deductible) = $8,528 spent on the $10k.
My Freedom - $6,192 + $2,800 = $8,992
Wife PPO - $5,760 + $1,500 = $7,260
Wife HSA - $3,888 + $3,000 = $6,888
So, if that's right I would spend $6,888 on that $10k hypothetical number which would be the best scenario.
Am I looking at that correctly?
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