It is open enrollment time and my employer is now offering a high deductible plan. I am wondering if I should move to a high deductible plan. My concern is we have a 6 month old son. If it was just me and my wife then a no brainer to do it but with a 6 month old son I am concerned if I should make the switch or wait.
Here are the details of each. Both plans cover preventive care at 100%
Regular Plan:
Premium per pay period (24 pay periods): $200.00
Deductible (Single/Family): $500/$1,000
Coinsurance: 20%
Copay: $20 primary, $40 specialist
Out of pocket maximum (Single/Family): $2,000/$4,000
High Deductible
Premium per pay period (24 pay periods): $80.00
Deductible (Single/Family): $2,000/$4,000
Coinsurance: 20%
Copay: NA
Out of pocket maximum (Single/Family): $4,000/$8,000
Employer HSA Contribution: $1,000
If I were to do High Deductible plan then of course I would max out my HSA which would be me contributing an additional $5,650 since my employer would contribute $1,000. My concern is with a 6 month old if it is best that I wait a year or 2 before switching to a high deductible plan just to ensure all is well. My wife currently works part time since we have the baby so she cannot qualify for benefits at her company (I wish she did, when she was full time her medical plan was way cheaper and basically same coverage)