Choosing between two plans with recurring therapy bills
I’m a 39-year-old male in Michigan who is in psychoanalysis. This treatment is very important to me. I’m starting a new job at the beginning of the year and I’m having a hard time choosing between them. I’m currently not on any prescriptions and am in good health overall. No kids or spouse. This coverage is just for me.
I do therapy 3 times a week. We average about 140 sessions a year because of holidays, vacations, etc. This is obviously expensive without insurance. Her billed rate is $175 per session. My therapist accepts this insurance (Blue Cross / Blue Shield of Michigan) and we’ve used them in the past.
1500 Plan PPO3000 Plan PPOMonthly Premium230210Co-insurance20%0Deductible15003000Therapist visit after deductible35 (20% of $175)0Out of Pocket Max45006000
It seems to be me that meeting my out-of-pocket maximum is a foregone conclusion given my circumstances and that I’m better off going with the plan that has the lowest out-of-pocket maximum (the PPO 1500).
Questions
Am I best off going with the lowest out-of-pocket max plan?
If I go this route, could I help reduce my costs by maxing out my HSA for the year?
Is there anything else I should consider here?
