- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
HSA vs Traditional Health Insurance
Posted on 3/4/15 at 7:28 am
Posted on 3/4/15 at 7:28 am
Right now I get about $100/week taken out of my check for health and dental insurance for my wife and I. Its a $400 deductible plan and is through Blue Cross, so it is pretty good insurance. I'm 27 and do not go to the doctor often but my wife does a few times a year. So my question is would I be better off putting this money into a HSA plan and what are the pros and cons of each. FYI I already have a 401k through work and IRA fully funded each year so the HSA would just act like another retirement vehicle.
Posted on 3/4/15 at 7:44 am to TigerSaint1
You do realize that with a Health Savings Account, you would have to switch to a high deductible plan?
Posted on 3/4/15 at 7:54 am to Smalls
Yes I understand this, but if I'm paying out $5,200/year for insurance and out of pocket cost would not equate to this then wouldnt it be financially beneficial to pay the out of pocket expense up to high deductible and also have the extra money in the HSA?
Posted on 3/4/15 at 8:01 am to TigerSaint1
(no message)
This post was edited on 7/30/15 at 12:23 pm
Posted on 3/4/15 at 8:05 am to TigerSaint1
quote:
Yes I understand this, but if I'm paying out $5,200/year for insurance and out of pocket cost would not equate to this then wouldnt it be financially beneficial to pay the out of pocket expense up to high deductible and also have the extra money in the HSA?
Yes. I just made the switch this year. Same age as you and don't go to the doc a lot. For me, the HSA plan premiums are 40% of what the traditional plan premiums were. Now I am taking the 60% leftover and throwing it in the HSA which rolls over each year.
If I have a major accident or something unforeseen happen where thousands of dollars in medical costs pile up, then it won't be worth it. It's a risk I'm willing to take at this point in my life.
Posted on 3/4/15 at 8:21 am to PhiTiger1764
This is my thinking as well. My only concern is my wife and I are looking to have a baby within the next year or so, so I am not sure if I should wait or just stay where I am?
Posted on 3/4/15 at 8:43 am to TigerSaint1
How much does the HDHP cost you vs the plan you have now?
You seem to be leaving that out
You seem to be leaving that out
Posted on 3/4/15 at 8:44 am to TigerSaint1
If you are having a baby, I'd definitely stay put
Posted on 3/4/15 at 9:08 am to TigerSaint1
Taking the dental part out of it (as dental is not health insurance), what's the premium difference between the two plans? That difference automatically goes into the HSA. Then, can you make up the additional amount needed to fully fund your HSA?
Be careful with this. The math makes a lot of sense for young healthy people with no kids. Getting a pregnant makes your wife "unhealthy" - in that she will have increased medical expenses - and kids always have medical expenses.
Just look very closely at what the high deductible is, and what the cost sharing is after the deductible, compared to the traditional plan.
quote:
My only concern is my wife and I are looking to have a baby within the next year or so,
Be careful with this. The math makes a lot of sense for young healthy people with no kids. Getting a pregnant makes your wife "unhealthy" - in that she will have increased medical expenses - and kids always have medical expenses.
Just look very closely at what the high deductible is, and what the cost sharing is after the deductible, compared to the traditional plan.
Popular
Back to top
Follow TigerDroppings for LSU Football News