Just moved to the US. Help me understand these plans.
I'm a doctor who just moved to the US (Alabama specifically), my income as stated in the offer letter pre-tax is $70k + $40k "differential pay". The hospital I work for offers a few insurance plans. I am 30, male, with no chronic conditions, and have never been admitted to a hospital, touchwood. No dependents. I have to choose a health insurance plan, people tell me to get the cheapest one, but I'm really confused about two plans.
Plan 1
Premium: $83 per month
HSA: $600 by employer
Deductible: $1600
Office visit: 90% coverage
Outpatient hospital services: 90% coverage
Inpatient hospital services: 90% coverage
Emergency room visit: 90% coverage
Prescription drugs: 90% coverage
Out-of-pocket max: $3500
Plan 2
Premium: $109 per month
No HSA
"Limited network plan"
Deductible: $150 (Rx only)
Office visit: $25 PCP, $40 specialist
Outpatient hospital services: $150
Inpatient hospital services: $250
Emergency room visit: $100
Prescription drugs: generic $15/$30, preferred $45/$113, non-preferred $70/$175, specialty 20%
Out-of-pocket max: $5000
I tried to google these terms and I now kinda understand what they mean, but I'm having difficulty comparing these plans cause one of them is in dollars and the other in percentage, so I don't know which one is better. Plan 2 is listed as a "limited network plan" and basically it covers just my hospital, but my hospital is a large university hospital so I don't think I will ever go to a different hospital as long as I'm working here. Both plans offer out-of-network coverage only for emergencies. The provider is Viva, and as far as I can tell they are only available in Alabama.
My simple breakdown was: Under plan 1, I pay a low premium, but will have to pay up to $1000 on my own (in addition to $600 by my employer) if I need any healthcare before the insurance will pay a dime. But I shouldn't have to pay more than $3,500 per year. With plan 2, I pay a higher premium, have to pay only $150 out of pocket before insurance kicks in, but the maximum I might have to pay per year is $5,000. So essentially plan 2 has me paying a higher premium + higher OOPmax, which seemed odd to me, although it offered a lower deductible.
So, can someone break this down for me in terms of what they *actually* mean, and which one might be better? Any help would be appreciated. Thank you so much.
submitted by /u/quizdoc94
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