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Health insurance question
Posted on 4/12/21 at 5:09 pm
Posted on 4/12/21 at 5:09 pm
I’ve always had HDHP and an HSA. I file taxes single. This year our options have changed.
One option has a 3k ded, 6k max OOP
Option two has 5k ded, 7,150 max OOP
Option two is $900 less per year. Based on the max OOP it appears that option 2 isn’t HSA eligible, but option 1 is. Assuming this is correct, is the $900 premium worth it to be able to fund an HSA? I was under the impression that HSA eligible HPs were typically cheaper than the alternative.
One option has a 3k ded, 6k max OOP
Option two has 5k ded, 7,150 max OOP
Option two is $900 less per year. Based on the max OOP it appears that option 2 isn’t HSA eligible, but option 1 is. Assuming this is correct, is the $900 premium worth it to be able to fund an HSA? I was under the impression that HSA eligible HPs were typically cheaper than the alternative.
10
Posted on 4/12/21 at 8:21 pm to jimbeam
How often do you go to the doctor or pick up a script? Does your employer contribute to the HSA?
If you routinely require access to care, you might be best suited for the copay plan. If you seldom access your providers and if it does not break the bank or if you know you will satisfy your deductible then it’s a no brainer to pay the additional $900 to be able to set aside pre-tax dollars. My 2cents
If you routinely require access to care, you might be best suited for the copay plan. If you seldom access your providers and if it does not break the bank or if you know you will satisfy your deductible then it’s a no brainer to pay the additional $900 to be able to set aside pre-tax dollars. My 2cents
Posted on 4/12/21 at 8:29 pm to jimbeam
Both plans look like high deductible plans to me and both should be hsa elitible.
Posted on 4/12/21 at 9:12 pm to meansonny
Agree. Both look like HSA plans. Get a 100% pay after deductible is satisfied. Those 80/20 plans can still bankrupt you. HSA plans are the best deals out there. Get a high deductible plan and max out your contribution. Never look back.
Posted on 4/12/21 at 9:22 pm to jimbeam
If you’re a man you don’t need insurance
I’ve regretted having insurance every time I’ve had it and when I had something go wrong and had insurance I ended up paying most of it out of pocket and what the insurance covered wasn’t worth what I paid in premiums. Welcome to blue cross
Just drink if you’re sad and lose weight if you’re fat baw. That’s probably what’s wrong with you. Women go to the doctor every Day but you’re a real man right? Tough it out
I’ve regretted having insurance every time I’ve had it and when I had something go wrong and had insurance I ended up paying most of it out of pocket and what the insurance covered wasn’t worth what I paid in premiums. Welcome to blue cross
Just drink if you’re sad and lose weight if you’re fat baw. That’s probably what’s wrong with you. Women go to the doctor every Day but you’re a real man right? Tough it out
Posted on 4/13/21 at 7:13 am to meansonny
quote:
Both plans look like high deductible plans to me and both should be hsa elitible.
The max OOP is too high (barely) for individual coverage on Option 2 to qualify.
Posted on 4/13/21 at 8:07 am to jimbeam
Does your company match anything for the HSA?
Posted on 4/13/21 at 8:10 am to jimbeam
This is a pretty tough call.
HSAs are so superior that I tend to think it is still worth it here.
HSAs are so superior that I tend to think it is still worth it here.
Posted on 4/13/21 at 8:15 am to jimbeam
quote:
7,150 max OOP
That’s such a shitty OOP deductible. It’s like it was intentionally designed to avoid an HSA.
Posted on 4/13/21 at 8:15 am to slackster
I have the break-even at a little over 4k of my medical expenses in a year. Cdhp being cheaper below that threshold.
That's not counting for the obvious HSA tax advantages and is based on the limited info he's posted so far
That's not counting for the obvious HSA tax advantages and is based on the limited info he's posted so far
Posted on 4/13/21 at 8:16 am to jimbeam
Stupid question... I have a hernia surgery I have been putting off. I assume I should wait for the surgery before I go high deductible plan...?
Posted on 4/13/21 at 8:18 am to AndyJ
quote:
assume I should wait for the surgery before I go high deductible plan...?
The way you worded this is weird. You should have the surgery whenever it is cheapest for you. A lower deductible plan could provide that savings.
Posted on 4/13/21 at 8:20 am to AndyJ
Can't make that blanket statement. You have to do the math.
Posted on 4/13/21 at 8:21 am to slackster
quote:It sure as heck seems that way.
That’s such a shitty OOP deductible. It’s like it was intentionally designed to avoid an HSA.
Posted on 4/13/21 at 8:29 am to jimbeam
What’s your marginal tax rate?
I think maxing the HSA is worth it here. Worst case is you are out $900 per year to do so, but the immediate tax savings are probably similar and the future tax savings could be incredible. Also, it’s entirely possible the lower deductible plan saves you money above and beyond the $900 premium cost.
I think maxing the HSA is worth it here. Worst case is you are out $900 per year to do so, but the immediate tax savings are probably similar and the future tax savings could be incredible. Also, it’s entirely possible the lower deductible plan saves you money above and beyond the $900 premium cost.
Posted on 4/13/21 at 8:30 am to slackster
While we’re on this topic, do you all save your HSA for the future or use it as you go?
Posted on 4/13/21 at 8:35 am to slackster
We were.
And then we had kids
And then we had kids
Posted on 4/13/21 at 8:39 am to castorinho
quote:
We were.
And then we had kids
That’s been my play so far. Cash for everyday stuff and HSA for anything “major”. I probably need to spend more time weighing the options though. An HSA in retirement is huge, especially if you anticipate having large pre-tax balances elsewhere.
This post was edited on 4/13/21 at 8:42 am
Posted on 4/13/21 at 8:58 am to jimbeam
Power of HSA investments is what still leads me to take it and spend the extra $900 a year for it even in this instance. Especially if you have an employer that contributes to it (free money). But be disciplined there and max that thing out and invest it, dont just use to use it.
That 2nd plan is extremely weird to have a setup with such a high deductible but a max OOP that puts it just out of range of having an HSA.
That 2nd plan is extremely weird to have a setup with such a high deductible but a max OOP that puts it just out of range of having an HSA.
This post was edited on 4/13/21 at 8:59 am
Posted on 4/13/21 at 9:48 am to el Gaucho
quote:
If you’re a man you don’t need insurance
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