- 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
Open Enrollment Question
Posted on 11/14/22 at 11:24 am
Posted on 11/14/22 at 11:24 am
Wasn’t sure if this belonged here or the OT but I figured I’d get more mature responses here.
What considerations do you consider when deciding on the amount of coverage? I ask because I have two kids under 3 and I’m having a hard time deciding. Kids are healthy and have had no issues.
Plan A is a $1500 deductible and my employer puts $1200 in a HSA for use. Plan B is a $250 deductible with no amount from employer. Both plans cover the same with a few small exceptions. Plan A covers 80% where plan B covers 90% on the same benefits.
I can save over $300 a month by going with the lower plan but the fear of a major incident happening is concerning. The out of pocket maximum between the two aren’t substantial either way. Would a major medical expense cause that much more of a bill considering?
What considerations do you consider when deciding on the amount of coverage? I ask because I have two kids under 3 and I’m having a hard time deciding. Kids are healthy and have had no issues.
Plan A is a $1500 deductible and my employer puts $1200 in a HSA for use. Plan B is a $250 deductible with no amount from employer. Both plans cover the same with a few small exceptions. Plan A covers 80% where plan B covers 90% on the same benefits.
I can save over $300 a month by going with the lower plan but the fear of a major incident happening is concerning. The out of pocket maximum between the two aren’t substantial either way. Would a major medical expense cause that much more of a bill considering?
This post was edited on 11/14/22 at 2:00 pm
7
Posted on 11/14/22 at 11:36 am to GAFF
Do you get the option to fund your own HSA with Plan B? If so, I'd go that route.
ETA: I'm assuming Plan B is the plan with cheaper premiums since its coverage is lower. If Plan A's premium is cheaper, I'd go Plan A.
ETA: I'm assuming Plan B is the plan with cheaper premiums since its coverage is lower. If Plan A's premium is cheaper, I'd go Plan A.
This post was edited on 11/14/22 at 12:11 pm
Posted on 11/14/22 at 12:09 pm to GAFF
Go Plan A and put the $300 difference monthly into your HSA. As long as nothing catastrophic happens for a couple years you will be set when/if a major expense comes along.
HSAs are great, especially once you get one built up with $15-20K in it.
HSAs are great, especially once you get one built up with $15-20K in it.
Posted on 11/14/22 at 2:09 pm to idontyield
quote:
Plan A and put the $300 difference monthly into your HSA
This was my thinking. That would be an additional $3600 to my HSA on top of the $1200 from my employer. I already have $2000 in my HSA now and have the potential to earn an extra $720 every year. So if I can get past the first year I should have around $7200 in reserve.
Just gambling on not having any major issues or back to back claims or I should be good, correct?
Posted on 11/14/22 at 2:22 pm to GAFF
are you sure those are family deductibles and not individual?
i switched to an HSA plan a couple years ago and one of my kids needed major surgery. We were subject to the family deductible and family OOP maximums which were quite a bit higher than the individual
something like 6000 deductible and 9000 OOP
Those deductibles you posted seem low for a HDHP that would qualify for an HSA. They seem like individual deductibles.
i switched to an HSA plan a couple years ago and one of my kids needed major surgery. We were subject to the family deductible and family OOP maximums which were quite a bit higher than the individual
something like 6000 deductible and 9000 OOP
Those deductibles you posted seem low for a HDHP that would qualify for an HSA. They seem like individual deductibles.
Posted on 11/14/22 at 2:39 pm to Croacka
quote:
i switched to an HSA plan a couple years ago and one of my kids needed major surgery. We were subject to the family deductible and family OOP maximums which were quite a bit higher than the individual
Damn, that doesn't seem right.
Posted on 11/14/22 at 3:11 pm to jmorr34
Our plan has a true family (aggregate) deductible as opposed to an embedded deductible.
Embedded would have been better if most of the costs were attributed to one member, which it was, but our plan wasn’t written this way.
Embedded would have been better if most of the costs were attributed to one member, which it was, but our plan wasn’t written this way.
Posted on 11/14/22 at 4:17 pm to Croacka
quote:
Those deductibles you posted seem low for a HDHP that would qualify for an HSA.
Yeah, the minimum family deductible for a HDHP in 2023 is $3k.
Posted on 11/14/22 at 5:45 pm to GAFF
Plan A:
$0/month
$1200 HSA
$2500 deductible
80% Coinsurance
Plan B:
$300/month
$0 HSA
$250 deductible
90% Coinsurance
Plan A Potential Costs (assuming $3k put into HSA):
$0/mo x 12 + $1500 deductible - ($1200 HSA + 20% x $3000 Tax Savings) = -$300 (negative because I used $0/mo)
Plan B Potential Costs:
$300/mo x 12 + $250 deductible = $3,850
$3,850 - (-$300) = $4,150
So, with a 10% difference in Coinsurance, you’d have to have a procedure that amounted to $41k to make up that difference in costs. Which would put your out of pocket over $8k, likely over the limit.
Assuming the “lower plan” is correct here, it would never make sense to go with the Plan B. $300/mo difference + HSA is huge in this scenario.
$0/month
$1200 HSA
$2500 deductible
80% Coinsurance
Plan B:
$300/month
$0 HSA
$250 deductible
90% Coinsurance
Plan A Potential Costs (assuming $3k put into HSA):
$0/mo x 12 + $1500 deductible - ($1200 HSA + 20% x $3000 Tax Savings) = -$300 (negative because I used $0/mo)
Plan B Potential Costs:
$300/mo x 12 + $250 deductible = $3,850
$3,850 - (-$300) = $4,150
So, with a 10% difference in Coinsurance, you’d have to have a procedure that amounted to $41k to make up that difference in costs. Which would put your out of pocket over $8k, likely over the limit.
Assuming the “lower plan” is correct here, it would never make sense to go with the Plan B. $300/mo difference + HSA is huge in this scenario.
Posted on 11/14/22 at 6:51 pm to LSUtigerME
Honestly both plans are great. My last two jobs and my wife's last two plans at same job are much much much shittier than the numbers you are posting. Kinda pisses me off to be honest.
Posted on 11/14/22 at 7:15 pm to deeprig9
quote:I got seriously depressed just reading this thread. I have to get coverage through the exchange. $1,200/month...$4,000 family deductible...$8,000 OOP max...75% coinsurance after deductible...I could go on.
My last two jobs and my wife's last two plans at same job are much much much shittier than the numbers you are posting. Kinda pisses me off to be honest.
Posted on 11/14/22 at 7:18 pm to Croacka
quote:
Are you sure those are family deductibles and not individual?
You are correct. Deductible is $3000 (family) and out of pocket max is $6000 (family) vs $250 deductible and $2000 OOP max individual and $6000 family on the other plan. The HD plan covers 80% of basically everything after deductible is met. The higher premium plan covers 90%. Main difference come in to play if you have an ER visit or admission. High premium plan is a flat $100 for the visits where the HD plan is still 80% after deductible. That’s the only thing I’m hesitant about. One trip to the ER with admittance and I’m paying out the arse.
Still thinking the higher deductible plan is the way to go?
This post was edited on 11/14/22 at 8:09 pm
Posted on 11/14/22 at 8:12 pm to GAFF
What is your household income?
Posted on 11/14/22 at 8:21 pm to GAFF
quote:Thats what I would do and then also max out your HSA each year.
Still thinking the higher deductible plan is the way to go?
Posted on 11/15/22 at 6:39 am to GAFF
I have four kids and pick the absolute highest deductible possible. I have never hit a deductible in my life, it’s basically an emergency number.
We take advantage of preventative care and basically never go to the doctor unless something is needed. For instance, if a kid is sick, we don’t go and just treat at home.
We take advantage of preventative care and basically never go to the doctor unless something is needed. For instance, if a kid is sick, we don’t go and just treat at home.
Posted on 11/15/22 at 8:25 am to GAFF
I would definitely go with the higher deductible and the HSA. If something changes with someone's health, you can always switch next year to the better plan, but the $3,600 savings plus the $1,200 in the HSA will likely be the better option. Remember all the kids' well visits and age appropriate vaccinations are covered under both plans, so you're way better off if they stay healthy or have 1-2 doctor visits, and if a major medical event happens, you still have 80% coverage after the deductible. Also, hospital bills are non-interest bearing, so even if you end up with a higher balance than you can pay off immediately, you won't get dinged for it.
Posted on 11/15/22 at 10:43 am to LSUfan20005
quote:
if a kid is sick
quote:
basically never go to the doctor unless something is needed.
This is when "something" is needed.
Posted on 11/15/22 at 3:33 pm to Billy Blanks
quote:
This is when "something" is needed.
If a kid is seriously ill/injured, yes take them to doctor/urgent care/ER.
If I know there is a virus going around their school and they pop up with the same symptoms, no I'm not taking that kid into the doctor. We monitor the vitals and treat the symptoms, but we don't run to the doctor asking for antibiotics for every stomach bug (usually on the mend in 24 hours), cough/congestion/runny nose (usually better in ~5 days), etc. Having said that, we are overall healthy and have no major health concerns. If I had a kid with serious health issues, I would likely proceed differently.
Posted on 11/16/22 at 7:49 am to Lightning
It's a risk I would not take but you do you.
I'd be worried about waking one morning after three nights of the kid suffering "Daddy my head still hurts" and we go to the doctor and find out it's not "just" a headache...and I don't have good insurance.
But it's true, the probability is small.
I'd be worried about waking one morning after three nights of the kid suffering "Daddy my head still hurts" and we go to the doctor and find out it's not "just" a headache...and I don't have good insurance.
But it's true, the probability is small.
Posted on 11/16/22 at 2:11 pm to Eurocat
quote:
I'd be worried about waking one morning after three nights of the kid suffering "Daddy my head still hurts" and we go to the doctor and find out it's not "just" a headache...and I don't have good insurance.
In this OP's case, neither choice is 'bad' per se, one is just better than the other, and comes with an extra $3600 price tag to save $1,250 in deductible and 10% coinsurance, and the $1250 deductible is more than offset with the $1,500 in the HSA.
Page 1 of 1
Back to top
Follow TigerDroppings for LSU Football News