Choice + HSA vs. Signature PPO?
I’m beginning a new role soon and my employer has provided the option to choose between a Choice + HSA Plan or Signature PPO Plan through Blue Cross NC.
Right now, I have an HSA from a previous employer and this option would be my preference due to the tax advantages and investment options (I have about $1,400 in HSA funds through Fidelity at the moment) but I have recently experienced several health complications where I was in the ER and will be regularly seeing doctors throughout the year and being prescribed various medications. Outside of my HSA funding, I have a little over $5,000 tucked away in a high-yield savings account that earns 5.05% APY for medical emergencies as well and I am based in WA state.
Which option makes the most sense? I could choose HSA and my employer would contribute $500 and I could leverage my previous HSA funds and tap into my medical savings fund for things like prescription medication and follow up visits or I could choose the Signature PPO Plan through Blue Cross NC since I anticipate routine visits and regular prescriptions refills which would only require a copay.
The HSA would be non-embedded with $1,600 Calendar Year Deductible and the PPO would be embedded with $500 for the Calendar Year Deductible. The Calendar Year Out-of-Pocket Maximum would be $3,500 (including deductible) for HSA and $2,100 for PPO (including deductible). For coinsurance both plans pay 80%.
Edit: I don’t have kids so this is all for single individual and prescription drugs for PPO has three tiers ($8, $25, $80 copays). I would also still be able to use my states insurance benefits via Amerigroup in conjunction with the PPO but not with the HSA plan option.