My employer is having open enrollment next month and I am considering switching from my current PPO plan to the high deductible plan with HSA, which also functions as a PPO.
Currently I contribute $130 per monthly paycheck, if I switch only myself (currently covering only myself) this would go down to $50/month, if I add myself and husband, $113/month. Employer contributes to HSA on Jan 1 $500 for individual coverage, $1000 for family/spouse. Deductible is $1300/individual, $2600 family/spouse.
Husband has free healthcare for life through the VA given the level of his service-connected disability (he can work, just not very physical things and is currently in school studying accounting). However, getting care from VA can be a headache. Took a year to get him in to look at a suspicious mole that turned out to be melanoma (Stage 0, hacked it out of his arm and all is fine now with regular mole checks). Actually asked for help from a VA doc that I work with who scheduled him for his own non-primary care clinic and made the referral to dermatology for us.
For me, I am generally healthy although I have some issues with anxiety/depression. I currently take medication for anxiety prescribed through my PCP. It's apparently a controlled substance so I have to see her every four months or so to get a refill, and about once a year I get a cold or something and need to see the doc. Preventive care is 100% covered on the high deductible plan ($20/copay with current plan), but I'm not sure if the refill appointments are considered preventive care or not.
We are currently hair-on-fire debt. We have one year to go and that will be over (September 2016). I don't want to make any decisions that will slow this down.
Question:
1. Should I switch?
2. Should I add my husband to my policy or not?
3. If I do switch, given debt-payoff constraints, is it reasonable to contribute say, $50 or $75 (pre-tax) per month to the HSA given the annual employer contribution?
I need some help with weighing out the math, and I don't want to sacrifice the debt-free in 11 months goal, I would like to accelerate it if possible.
Thank you!
Added info after questions: Co-pay after reaching deductible is 20% in network, 40% out of network. I don't have a reason to go out of network at the moment, my PCP is in-network. So based on the rate on past statements the co-pay would end up being $50 in-network.
My only meds are contraception and anxiety med. The contraception is covered 100%, and the anxiety drug is only about $20 at full price with no insurance for a supply that lasts me 2 - 3 months.
OPM: for the high deductible plan in network individual is $4K, family is $6400. Out of network: $8K individual/ $16K family.
For my current plan, the coming year the OPM will be for preferred provider $1500 individual/$4500 family, non-preferred: $3K individual, $9K family.
I'm starting to think that I should make the switch and add my spouse. He probably won't use it, but then we get the lower monthly contribution (only $20 under my current contribution), and $1000 v. $500. And we have the option to use it for him if he needs it if there is an insurmountable issue with the VA.