Please help me decide between basic coverage or HSA
Hi, I have read the stickied thread for deciding between plans, and I’m still not sure whether to choose the basic plan or HSA that my new job is offering. Please see the image attached. I think both of these are HDHP plans.
My overall goal is to end up with the most amount of money over the long term (not necessarily the lowest monthly payment unless it’s extremely different). Everyone says online that an HSA will be great, but I’m not so sure about this particular plan. What stands out to me is my deductible would be higher if I go with the HSA requiring me to pay $650 more to meet it before I start benefiting from coverage. Realistically, I don’t think I will ever meet them. I don’t plan to use my plan much right now in my mid 20’s other than for maybe the annual check-up and maybe poison ivy meds since I sometimes manage to get it bad in the summer.
With either choice, I’ll lose the same amount of money each year to my total yearly premium which amounts to the same for both. However, where I’m confused is I will have to put more money away each month into the HSA if I want to meet the yearly amount I can put into it. Where I’m torn is, that’d mean less money in my pocket at the end of the year (or because I’m contributing to an HSA, should I expect significantly more back on my tax refund at the end of the year).
I have a good amount of savings to lean on so can probably put more toward retirement. I know I can benefit from the triple tax advantage and save it for retirement if I don’t use it for health expenses. But am I overthinking it? Should I just go with the basic and not worry about making my own monthly contributions to the HSA ON TOP OF(!) the monthly premiums? That monthly contribution i make is what really seems to be worrying me. Any chance to get a portion of that back at the end of the year in tax return? Thanks for any advice.