Trying to decide between a HDHP with HSA VS a "traditional" (low deductible) plan
Hey everyone!
It's open enrollment time at my company and we have 3 plans to choose from (all plans are from Cigna after a few years with Anthem Blue Cross Blue Shield). One of the plan is a low deductible but pretty basic plan so I'm not going to choose that one. I'm trying to decide between a HDHP with an HSA (with lower premiums) and a more traditional, low deductible (and higher premiums). The plan will be just for me, my wife has her own plan though her employer. The plans:
OAP Buy Up Plan ("traditional")
$117.72 biweekly ($235.44 a month) In Network deductible of $500 Copay of $25/$50 (PCP/Specialist) Coinsurance of 90%/%10 In Network Maximum Out-of-Pocket of $4,000 Out of Network Deductible of $1,000 Out of Network Maximum – Out-of-Pocket of $10,000 $0 Deductible for prescriptions with $10/$40/$60 for Tier 1, Tier 2 and Tier 3 and maximum out of pocket combined with medical
HDHQP OAP (the high deductible plan)
$83.84 biweekly ($167.68 a month) In Network Deductible of $2,500 Copays are all deductible Coinsurance is 100%/0% In Network Maximum Out-of-Pocket is $4,000 (same as the other plan) Out of Network Deductible of $5,000 Out of Network Maximum Out-of-Pocket of $10,000 Prescriptions are deductible (combined with medical) – with $10/$40/$60 for Tier 1, Tier 2 and Tier 3 with maximum out of pocket combined with medical
This plan makes me eligible for an HSA, with contribution limits of $3,850, and an employer contribution of $750. However, it's not a lump or annual sum, but a $62.50 a month (or $31.25 per pay period). I am assuming it'll also save me money on taxes (but I guess around $500-$600 as I'm in the 24% tax bracket).
My question is, given all these parameters, which one is better for me? I am not a young, super healthy guy who only goes for annual checkups, I do have a monthly appointment with a nurse practitioner and weekly therapy sessions, some prescription drugs but vast majority are generic. BUT I'm also not a huge spender on healthcare and don't expect (knock on wood) any major procedures or expenditure on healthcare this year. So my worry is I'll end up paying a lot out of pocket but with the possibility of not reaching my deductible and having the insurance take over the expenses.
What should I do? What would be the best course of action for me? I'm leaning towards the "traditional" plan for my peace of mind, but wondering if I'm "leaving money on the table" by not taking the HDHP + HSA. Thank you so much!
submitted by /u/Adi_2000
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