Health Insurance question about a high deductible plan

If you have the HDHP in place when your child is born, you will come out of pocket at first, but that will eat up all of your deductible for the year. Your family's healthcare will be "free" the rest of the year. (Other than premiums)

I have an HSA that I was able to fund fully to my deductible amount in one lump sum 10+ years ago. I now have a family plan and with rollovers, I havent had to contribute more than 1-2K a year for the past 3 years. I hope Trump pushes these plans. I love mine.

Burgeman, do you know any of the Burge's in LP? Coached at Walker. Has a son and daughter around their 30's? Another Burge lives out in Walker. Not sure what he does but he has horses

Is there a deductible with your current HMO plan? B/c it sounds like you are talking about absorbing the $4,000 deductible to save ~$2,400 in premiums.

You should be able to change your plan elections when the child is born (qualifying event), but your wife's hospital stay would be covered under whatever plan you elect now. The baby is covered under his/her mother's coverage for 30 days. If you keep the same plan and add the baby, things are pretty simple. If you change plans, the baby may be covered retroactively under the new plan (I am not sure; the mother would still be covered under the old plan until the change date). In addition, the baby may be subject to his/her own deductible. And, of course, there are tons of expenses before birth to consider.

I would probably just keep the current plan and have everything covered and not have to worry about insurance headaches at the same time I am dealing with a new baby.

If you are expecting high medical expenses (like a pregnancy/birth), you are almost certainly better off electing the best coverage available (pregnancy/childbirth care is very expensive). The advantage of a high deductible plan is you come out ahead if you don't meet the deductible.

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I am trying to cut some monthly costs and switching from my HMO plan to a high deductible plan would save about $200/month. The deductible would be $4000/year and I would have a health savings account that I would be putting money into until it reached the $4000. The savings account would also roll over every year.

Me and my wife have discussed children in the next year and I am kinda worried that this may be a bad time to make a change in the health insurance. With children my HMO premium every 2 weeks would be $290, the HDHP would be $182 every 2 weeks.

Is this something I should be trying to do at this point? Am I missing something other than the monetary savings every month?

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I assume your wife is on the same plan as you, and your kids will go on it as well?

Pay attention to the family deductible rules.

If you could be assured you could wait a full year and be able to save the full $4000 before your wife gets pregnant, AND you could pay out of pocket for anything happening during 2017, doing an HDHP would not be a terrible idea. You would head into 2018 with $4,000 and that would continue to grow as your wife's pregnancy proceeds.

If you can't make that guarantee, keep the HMO until after baby is born.

Unless your child is born very late in the year meaning your ded is met very mate in the year. That would stink. We actually rescheduled an elective surgery for my husband from November to January of the next year -- doc said it was not an issue so we chose to meet our ded in January as opposed to November

That said we have the high ded plan with HSA. We only take out of the HSA for big things .. When we all need contacts at once, braces, unexpected surgery.

Good luck.

I don't know you particular situation. How much is your HMO deductible and maximum out of pocket?

The way to look at what you describe is that you will be saving (290-182)*26=$2808 per year. You will be taking a risk of $4000-whatever your deductible is on your HMO.

To me that is a no brainer. Your only risk is about $1200.

You will definitely save $2808 and you MIGHT spend $4000.

Well a child may be in the works next year early on, so I would eat that 4k pretty early in the year. So after I met the deductible I wouldn't have to worry about anything until the next year.

I would only have to meet the $4000 deductible if that is what you are asking.

I need a financial adviser to get my finances in order for retirement and college funds. I have no idea what I am doing.

I will look up my HMO deductible today, the paperwork is at my house.

Ok I will look at that as well when I make it home.