re: Health Insurance question about a high deductible plan

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.