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Health Insurance question about a high deductible plan
Posted on 11/11/16 at 2:26 pm
Posted on 11/11/16 at 2:26 pm
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?
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?
Posted on 11/11/16 at 2:38 pm to burgeman
if it were me i would keep the HMO plan AND continue to contribute to the health savings account.
You always want the best insurance plan for the year you have a kid. trust me it will come in handy. it also protects you for some other tests and stuff that hopefully you don't need. also the appointments leading up to the delivery add up quick.
You always want the best insurance plan for the year you have a kid. trust me it will come in handy. it also protects you for some other tests and stuff that hopefully you don't need. also the appointments leading up to the delivery add up quick.
Posted on 11/11/16 at 2:41 pm to burgeman
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.
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.
This post was edited on 11/11/16 at 2:43 pm
Posted on 11/11/16 at 3:01 pm to slinger1317
quote:
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)
That's what I was kinda thinking, it might hurt at the beginning but after the deductible is met it would free up money later in the year.
Posted on 11/11/16 at 3:17 pm to burgeman
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
Posted on 11/11/16 at 3:36 pm to FishinTygah84
I don't know any of them, I'm sure they branched off somewhere up the family tree.
Posted on 11/11/16 at 3:41 pm to burgeman
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.
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.
Posted on 11/11/16 at 3:48 pm to dallastiger55
quote:
if it were me i would keep the HMO plan AND continue to contribute to the health savings account.
You can't do an HSA without a high deductible plan
Posted on 11/11/16 at 4:11 pm to burgeman
quote:
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?
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.
Posted on 11/12/16 at 5:10 pm to burgeman
I think high deductible/HSA plans are better suited for single guys or couples who don't really have a lot of medical expenses...
Based on what I have seen, your HMO will be your best friend for the next 10 or 15 years.
Based on what I have seen, your HMO will be your best friend for the next 10 or 15 years.
Posted on 11/12/16 at 7:48 pm to burgeman
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.
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.
This post was edited on 11/12/16 at 7:51 pm
Posted on 11/13/16 at 3:22 pm to tiger91
Thanks for the advice everyone. I will weigh the options and make a decision.
Posted on 11/13/16 at 8:28 pm to burgeman
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.
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.
Posted on 11/13/16 at 9:12 pm to burgeman
We used a two year process for this.
Last year my wife and son got insurance with her company (PPO) and I did a single HSA plan with my company so I can build the cash in HSA.
They contribute to the plan some, and I put money in it this year as well.
Next year we're all moving to the HSA and we already have a head start with because I have built in more money than the out of pocket max for the plan.
It's not a bad idea of the kid is going to be born in 2018. But run the numbers by comparing both plans.
Last year my wife and son got insurance with her company (PPO) and I did a single HSA plan with my company so I can build the cash in HSA.
They contribute to the plan some, and I put money in it this year as well.
Next year we're all moving to the HSA and we already have a head start with because I have built in more money than the out of pocket max for the plan.
It's not a bad idea of the kid is going to be born in 2018. But run the numbers by comparing both plans.
Posted on 11/15/16 at 6:23 am to I B Freeman
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.
Posted on 11/15/16 at 6:55 am to burgeman
quote:
So after I met the deductible I wouldn't have to worry about anything until the next year.
What is your out of pocket max?
Posted on 11/15/16 at 8:06 am to TigerGrl73
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.
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.
This post was edited on 11/15/16 at 8:09 am
Posted on 11/15/16 at 8:15 am to burgeman
Make sure that you don't have a different out of pocket max beyond your deductible. We have a $5600 ded BUT we have a $10,000 out of pocket max. After we meet $5600, we pay 20%, they pay 80% as long as we're in network. SO it's not just "free and covered" once our ded is met.
Make sure of what yours is. Policy papers should say it.
Make sure of what yours is. Policy papers should say it.
Posted on 11/15/16 at 8:23 am to tiger91
Ok I will look at that as well when I make it home.
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