HSA with HDHP vs Standard Employer Insurance
So, I’m driving myself batty with this and looking for someone to help me make sense of it all and make a choice. I hope all of this makes sense; please let me know if my train of thought is going in the right direction, or if I’ve got something all wrong!
I currently have a silver plan with BCBS that covers my daughter and I at $151.20 biweekly (almost $4k a year). Deductible per person is $3k. I’d essentially be paying almost $7k before insurance covers everything (if the deductible is all for one person).
My husband will be arriving in the US in the next few months (immigrating) and I will need to get him covered. I was looking at the same silver plan, which is $275.40 biweekly ($7160/year) for a family, with the same $3k person/$6k family deductibles. But then I’m looking at the HDHP with an HSA which, to me, seems to make more sense. For 2023, the family HSA limit was $7,750, not all that much more than I’d pay in insurance fees. And it grows tax-free, rolls over each year (in contrast to the FSA), etc. Plus, we could actually use instead of it going off into the netherworld of expenses.
We are generally healthy people – go for annual checkups, I have a few medications; my daughter will need orthodontic work in the future. I don’t see the point in paying all that money to essentially get very little use of it.
So, I know you have to be enrolled in a HDHP to have an HSA, but here is where I’m lost – do I need to pay for a family plan (HDHP) in order to have a family HSA? Or can I pay for an individual on the HDHP and be able to save the family amount HSA?
Edit to add: 35F, zip 13601, annual income currently $64k; 8YO daughter; 49 YO husband