I just started a new job and I need to decide between a High Deductible Plan or a Traditional Plan. I've tried running the numbers but I'm not confident in my calculations. Here is the info. Please tell me what I am missing. This is important to me not just because of the money, but because I had surgery earlier this spring to remove a mass from my kidney. I have (had?) kidney cancer and while it was grade 1, stage 1 and therefore a good prognosis (no follow up treatment) I do have to go in for yearly blood work and CT scans for the next five years. Therefore, I know my health care costs will be significant over the next five years. I am also anticipating that both of my kids will need braces (maybe $3000 oop for each of my two children). Also, I am single, so these plans are Employee + Children. Besides the braces, one child will need yearly audiology screenings which run about $200, I think. His CT came back fine, so as long as nothing changes, they should just be screenings.
Traditional Plan HDHP
Premiums $415 mon/$4980 year $201 mon/$2412 year
Ind. Deductible $1,000 $2,000
Family Deductible $2,000 $4,000
Ind OOP Max $3,000 $3,350
Family OOP Max $6,000 $6,650
Coinsurance % 20% 20%
My currently monthly Rx $10 (Tier 1) $189 (but contributes to deductible)
Yearly amount I would likely $1440 $4000
put into an FSA (traditional) or
HSA (HDHP)
Other info: there are other Rx Tiers of $35, $70, and 25% (max $150) on the traditional plan.
No copays. they all say Deductible, then coinsurance.
On the HDHP the family deductible is aggregate (I think that means I can hit the family deductible by myself).
The plans start June 1 for me due to new job (open enrollment in the fall for Jan 1 start)
My first blood work/doctor visit/CT scan is scheduled for the end of July. My EOB for my CT earlier this spring shows me a cost of around $2700 pre insurance. And that's just the scan, not the blood work, consult, etc.
Also, I don't know if the FSA is pre-funded like my last employer? Where it was available immediately. But my understanding is that my HSA is funded monthly, so the other sticky thing is that I would only have about two contributions before my CT scan at the end of July.
Thoughts?