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Going to a High Deductible with HSA health plan
Posted on 9/19/17 at 5:34 pm
Posted on 9/19/17 at 5:34 pm
My company is now going to offer High Deductible health plans with HSA. I have worked for them for more than 10 years and this is the first time they are offering plans structed like this.
The company is going to deposit $1,000 in seed money into my HSA in January and I will begin making payments myself into the fund.
My family deductible will be $4K, and obviously I will not have that much in my HSA at first, but will get there… hopefully….
My question is, until I get to a balance in my HSA to cover the deductible and max possible out of pocket ($13K) should I invest in a Supplemental Insurance (Hospital Indemnity) to cover me for a couple years?
If so, what companies would you recommend I look into?
The company is going to deposit $1,000 in seed money into my HSA in January and I will begin making payments myself into the fund.
My family deductible will be $4K, and obviously I will not have that much in my HSA at first, but will get there… hopefully….
My question is, until I get to a balance in my HSA to cover the deductible and max possible out of pocket ($13K) should I invest in a Supplemental Insurance (Hospital Indemnity) to cover me for a couple years?
If so, what companies would you recommend I look into?
1
Posted on 9/19/17 at 9:44 pm to Dock Holiday
I would put the money you would pay for the supplemental into your HSA. It’s tax deductible. Those supplemental plans usually aren’t worth the costs.
Posted on 9/20/17 at 8:28 am to lsufan1971
quote:
I would put the money you would pay for the supplemental into your HSA. It’s tax deductible. Those supplemental plans usually aren’t worth the costs.
This!
Posted on 9/20/17 at 8:30 am to lsufan1971
quote:
lsufan1971
Nailed it
Posted on 9/20/17 at 12:29 pm to YipSkiddlyDooo
Thanks guys. This makes a lot of sense, and I thought of this, but trying to evaluate risk in the infancy of the HSA account. It feels like I am exposed up until the point the HSA has dollars to cover the higher deductible.
Posted on 9/20/17 at 1:23 pm to Dock Holiday
quote:
Thanks guys. This makes a lot of sense, and I thought of this, but trying to evaluate risk in the infancy of the HSA account. It feels like I am exposed up until the point the HSA has dollars to cover the higher deductible.
You're looking at it the wrong way. What's your current Max OOP?
Go with the hdhp, especially with the company contribution and never look back. And as pointed out, put anything extra in your HSA...The difference between your current premium and your new premium for example.
Posted on 9/20/17 at 9:02 pm to castorinho
quote:
You're looking at it the wrong way. What's your current Max OOP?
Current Max OOP is $2,500.
quote:
Go with the hdhp, especially with the company contribution and never look back
I plan to, that was never the question, but was getting thoughts on the additional Hospital Indemnity coverage in addition to the HSA, but only until the HSA has a balance near my new higher deductible or perhaps until I hit a number close to the new max OOP.
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