So my megacorp is offering a HDHP plan with an HSA next year, and they will put in $1,000 into my HSA just for signing up for the HDHP plan. The name of the HSA company they are using is Health Equity. It sounds like a great deal, but want to make sure I'm not blinded by the free money they are going to give me. I am trying to compare the pros and cons with my current health insurance plan to see if its worth the risk of a high deductible plan when I have 2 kids, ages 8 and 6. We barely even reached our family deductible of $900 this year, however I keep hearing from coworkers that I would be nuts to take the HDHP with 2 kids that could land in the ER at any time. I also have controlled type 2 diabetes, which since I have controlled for some time, I only have to get a fasting lab and follow up visit once a year now. My wife only goes to the dr once or twice a year for birth control. Any minor illness, we go to a quickcare for $49 instead of going to a dr. I would like to hear what you all would do in this scenario. The higher deductible really doesn't phase me, but should it? Here is a comparison between my two options. Both are through UnitedHealthcare.
Sticking with my current PPO plan -
Cost - $228/month
Deductible -$800 individual/$1600 family (this year it was $450/$900 so it is going up!)
Max out of pocket - $3,000 individual/$6,000 family
80% covered after deductible is met, all generic and "tier 1" prescriptions are $0 which covers all prescriptions we ever need.
HDHP plan -
Cost - $70
Deductible - $3,000 individual/$6,000 family, however you have to reach family deductible before they start paying 80%
Max out of pocket - $5,000 family/$10,000 deductible
80% covered after deductible is met, only preventative prescriptions are $0 which would include my diabetes medication. My wife's birth control would not be covered, but would be probably around $30 a month.