The Money Mustache Community
Learning, Sharing, and Teaching => Ask a Mustachian => Topic started by: NancyRose on November 07, 2018, 01:55:59 PM
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Need some help.
I'm a small business owner who buys health insurance from the ACA exchange. My kids' dad covers the kids so I only buy for myself. Annual income is around 100,000.
I've narrowed my choices down to two high-deductible plans - one that is not HSA eligible for $425/month and one that is HSA eligible for $453/month. The $425/month plan covers doctor visits for $35, generic drugs for $30. The $453/month plan covers doctor visits and generic drugs at 50% after deductible. I'll likely never hit the deductible for either plan.
My actual "usage" based on the past several years is no more than 1-3 doctor visits, including an annual checkup, and one very affordable prescription.
I do not currently have an HSA account, but if I did (thanks to all the mustachian moves I've been implementing) I would likely be able to contribute the max amount every year.
Thoughts? Do the potential tax savings justify the difference in cost? The "all-in" calculator estimates that my annual costs will be $300 more with the HSA-eligible plan...
I appreciate your help!
-NancyRose
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The "all-in" calculator estimates that my annual costs will be $300 more with the HSA-eligible plan...
Don't know what the "all-in" calculator is, but it might be worth putting your numbers into a couple more comparison tools, e.g., Health Savings Account (HSA) vs. Traditional Health Plan (https://www.dinkytown.net/java/HSAvsTraditional.html) and the 'HDHP Analysis' tab of the case study spreadsheet (http://forum.mrmoneymustache.com/forum-information-faqs/case-study-spreadsheet-updates/). If you get the same general answer from all, it's probably correct. If you get different answers, ...?