With open enrollment winding down, I'm still confused about the benefit of the HDHP vs the PPO. I'd start by saying that I have really, really good insurance so maybe that is the issue here with why I just don't see the benefit of the HDHP. Everything below is for employee only, not family or +1 or anything else. Also, pay periods are biweekly, so 26 total per year.
PPO: $24 per pay period / $100 annual deductible / 100% Coverage Preventative / 100% Coverage After Deductible for all else / $2500 Annual Out-of-Pocket maximum / $15-$50 misc. copays (walk-in, Urgent Care, Eye Exam, MRI, etc.)
HDHP: $25 per pay period / $1500 annual deductible, $750 provided by employer / 100% Coverage Preventative / 90% Coverage After Deductible for all else / $3000 Annual Out-of-Pocket maximum / No copays, just the 90% Coverage after met deductible / HSA is with Wells Fargo...just assuming that is bad, I haven't looked to see the investment options.
Other factors:
1) I'm generally healthy, with plans to only go to doctor for annual physical (free regardless of plan), but it seems like the past few years I've always ended up going a 2nd time in the year (bad sprain requiring MRI and physical therapy, influenza another, weird rash, etc.). In some cases, I went because I knew I have awesome insurance and it wouldn't cost anything.
2) No ongoing medications or anything like that. If I did, the PPO has a separate pharmacy annual out-of-pocket maximum of $750 and $10-$75 copays. HDHP is again, 90% after deductible with no separate annual out of pocket max.
3) My paycheck is maxed out as it is for tax-deferred savings so I really can't put any more money away in the HSA.
4) Hope to retire in 8-11 years, roughly around age 40
5) My partner has own awesome, cheap PPO insurance too.
So, am I crazy for not thinking the HDHP at my job is amazing? Why am I paying more money each pay period to have the luxury of potentially paying more money out of pocket each year? I was reading a thread yesterday where the OP said his PPO was $446 a month and the HDHP was $116 a month...that makes financial sense to me to go with the HDHP, but to pay more each month for it? I get that I have the $750 in free money to basically cover anything minor that comes up, but if something even slightly more serious happens, I end up paying the $1500 easy and potentially the $3000 out-of-pocket max pretty easily. Does 8-11 years of socking away the $750 given and blowing through $1500 or even $3000 every now and again really mean I'd come out so far ahead that is worth the "hassle" of the HDHP.
Am I missing something critical here?? Thoughts or advice please!