Alright it is that time of year for healthcare selection and the first year post baby.
The baby just turned 1 my wife and I are in our early 30s and healthy. We only go to the doctor for annual checkups/baby checkups.
I enrolled in option 1 for 2016 and currently have $1,000 in my company funded HRA. If I were to stay in option 1 or 2 I would receive another $1,000. I also fund our FSA up to $500 as this is the amount I am able to roll over to the next year.
My company offers 3 plans (Low Deductible/Medium Deductible/High Deductible). HSA is only applicable to the High Deductible. My company also provides $1,000 in an HRA for options 1 & 2. Unused amounts roll to the next year - no cap. Once I reach 65 I get to keep the funds I have in the HRA. If I switch plans from option 1 or 2 at any time before 65 I forfeit any amount in the HRA.
Upon my review of the 3 plans there are no differences in coverage - only in premium/deductible/Out of Pocket Maximum
Plan 1 (Low Deductible)
Annual Premium: $3,775
Deductible: $2,500
OOP Max: $6,000
Plan 2 (Medium Deductible)
Annual Premium: $2,864
Deductible: $3,750
OOP Max: $8,250
Plan 3 (High Deductible)
Annual Premium: $927
Deductible: $5,000
OOP Max: $10,500
*In accordance with requirements under the Affordable Care Act (ACA), no individual family member can pay more out-of-pocket in 2017 than $7,150 (Options 1 & 2) or $6,550 (Option 3), or the combined family out-of-pocket maximum for the plan option in which they are enrolled, whichever is less. Once the combined family out-of-pocket maximum is met, the plan will pay 100% of eligible expenses for the remainder of the year (including for a family member who has not met the individual out-of-pocket maximum).
I am torn between which option to select. If I forego selecting option 1 or 2 I forfeit the 1,000 currently in the account as well as the 1,000 I would received for next year (Jan 1, 2017), but the premiums are huge. The deductibles suck for each option if you ask me, just need to pick my poison I guess.