Open enrollment is upon us and my company is changing insurance up on us. Me and the wife don't have extensive medical problems and would probably be best with a HDHP, but we just had our first baby on 10-29-17. He is healthy so far, but I really have no idea what to expect going forward. Would really love some input and advice from the community on what would be the best option for my family.
My gross annual salary is $75k plus about $5-15k annual bonus (not guaranteed though - and the company was just purchased 4 months ago, so we'll see if they follow through on bonuses). Wife has no income.
So these are the options I have:
1. Cigna OAP PPO HDHP with HSA 6550 (HDHP)
2. Cigna OAP PPO 3000 (3000)
3. Cigna OAP PPO 1000 (1000)
Here is the relevant information for each (deductible and out of pocket max [OOPM] given as individual/family):
HDPD - annual premium $5,340. Deductible is $6,550/$13,100. OOPM is also $6,550/$13,100. I can have an HSA with this account, my company gives me $500 free, I can contribute another $6,400. My actual costs will fall somewhere between $4,840 and $17,940 (accounting for free $500). No copays, I just pay 30% after deductible. Deductible and OOPM are the same though, so I'm not sure how this makes sense. Seems like I pay 100% of costs until deductible/oopm is met, then insurance pays 100% because I'm at the OOPM, no?
3000 - $8,108.52. Deductible is $3,000/$6,000. OOPM is $5,000/$10,000. No HSA with this account. My actual costs will fall somewhere between $8,108.52 and $18,108.52. $30 copay, insurance covers 20% after deductible reached.
1000 - $9,774.48. Deductible is $1,000/$2,000. OOPM is $4,000/$8,000. No HSA with this account. My actual costs will fall somewhere between $9,774.48 and $17,774.48. $20 copay, insurance covers 20% after deductible reached.
It seems like if I have no or low medical expenses the HDHP is the clear winner, then as we have more expenses it gradually shifts towards the other plans. If we have a catastrophic amount of medical expenses then all plans are very similar. It also seems that if all the expenses are incurred by a single family member that the HDHP will be the lowest overall cost. I have no idea where we will fall on that spectrum.
Any advice and input is appreciated.