Hi all!
I have a question about which new health plan to choose. My husbands employer has a habit of changing health plans every year (chasing teaser rates no doubt), and this year is no exception. We received the new paperwork yesterday, and its due back tomorrow. They are offering a HDHP/HSA and PPO through Premera. The monthly premiums are covered by the employer for both of us, as he has been employed with this company for 10 years now, so its not so much a mater of the monthly cost, but more a long term question.
We are currently expecting, and are interested in minimizing out out of pocket expenses. Being born in the US an expensive endeavor! Knowing full well I will need a c-section, it will certainly not be cheap by any means.
The deductible for the HDHP is $5,000, coinsurance is 10%, and out of pocket maximum is $10,000 PCY, office visit cost share is deductible, then 10%.
The deductible for the PPO is $ 3,000, coinsurance is 10%, and out of pocket maximum is $6,000 PCY, office visit cost share is $40
We are typically very healthy people, who don't go to the doctor more than absolutely needed. I think we have been to the Dr. 3 times in the last five years, for anything other than basic checkups. Neither of us take medication, but I may need blood pressure meds for the pregnancy.
The employer is offering a $1,000 contribution for anybody willing to sign up on the HSA plan. I also understand that it gives us a quality savings vehicle in terms of reduced taxable income, and potential to use contributions for retirement medical expenses, and non taxable growth. But does this really offset the vast differences in the deductibles, OOP maximums and such? We are open to changing to the HSA next year when we don't have a birth to plan around, and using it as yet another savings opportunity. We are already contributing to both 401(k) and Roth IRA accounts, and saving 35% of take home pay, if that makes any difference.
Hopefully I have given enough information for some responses from the awesome forum. I'm feeling pressured by the tight deadline, and don't want to make a short sighted decision.