Insurance Plan | | Deductible | | Out of Pocket Maximum |
Aetna HDHP | $6,000 | $13,100.00 |
Non HDHP | $0 | $4,000.00 |
FICA Tax Savings (7.12%) | $491.28 |
Tax Savings (25% bracket) | $1,725.00 |
Insurance Premium Savings | $2,243.80 |
Employer Contribution | $500.00 |
Total Savings | $4,960.08 + Compound Interest |
You probably don't pay income or FICA tax on your current insurance premiums, so I suppose to be completely correct you shouldn't consider tax savings on the entire HSA contribution, only amount of the contribution that exceeds the insurance premium savings.
The missing cost is, what are your typical health costs? What is the risk of having a large cost, like pregnancy or a sky diving accident? I know there is a lot of uncertainty in forecasting these costs. My Rx is cheap, but if you take something expensive with hidden cost because of your gold plated plan, you should add that in.Exactly.
With my high deductible plan, I have to pay the full cost of Dr. visits, lab fees, and other bills that you may only be paying a $30 copay now. A typical check in includes $120 doctor + $75 lab bill. If there is a fancy test in there, I get a $100 pathologist bill also. This is for monitoring "issues" and nothing is actually wrong.