I started a new job and am in the benefits election stage. My benefits go back to my start date in June so therefore my premium pay period is 7 months for the rest of the year.
My previous health care plan was a monthly/high deductible 120/5,000 plan just to give you an idea of what my health care usage is. Though I have held off on some things (not urgent) for when I would get back on a fully-loaded health plan.
So with that in mind, I trying to figure out financially the best plan possible.
Plan 1: total premium cost/deductible of $70/1181.
Plan 2: total premium cost/deductible of 518/150
Plan 3: total premium cost/deductibleof 0/2,338. I can put up to 2,800 in an HSA. The company will contribute 500 to the HSA too. With my AGI, I figure I will save $700 in federal income taxes on the 2,800.
All three plans offer the same health services and access, the only differences are the deductibles and post-deductible pay ratio. For 1 and 2, it's 20/80 to me/plan. For #3, it's 30/70.
On the face of it, the HSA plan saves me the most money. And it may make sense if I go with this plan and not schedule any health visits or procedures this year. In January 2015, I can switch to Plan 2 if I want/need a lots of healthcare. Preventive care visits are $0 across all 3 plans.
Does my logic compute?
The spanner in the works is if I should need lots of healthcare in the next 6 months. If that's the case and I max out the deductibles, Plan 2 makes the most sense while the high deductible Plan 3 would be the most costly.
Total Cost if I max out deductibles
Plan 1:$1,251
Plan 2: $668
Plan 3: $2,338*
Again, am I approaching this comparison the right way?
*Can be counted as 1,138 when I factored in the company's $500 contribution and my $700 tax savings. But my post-deductible pay rate is 30% opposed to 20% to Plans 1 and 2.