I'm currently on COBRA from my former employer.... and will remain on it for the next 15 months. Open enrollment just rolled around (9/1-8/31) and I have the option to change my plan. Given an expensive medication that my husband is now on (long-term), it might make sense to do so. His medication is ~$750/month.
Help me decide.
Current plan: HSA Choice Plus Bronze Plan (United Healthcare) - $1455/mo
Deductible: In-network $2.7k/person, $8.1k family
Out of network $5k/person, $15k family (we have yet to use any OON services - most providers in this area are in-network)
OOP Max: In network $6k/person, $12k family
Out of network $12.5k/person, $37.5k family
After deductible is met: 30% co-insurance, his prescription goes down to $150/month.
Our other leading option: Choice Plus Copper Plan (United Healthcare) - $1412/mo
Deductible: In-network $5k/person, $10k family
Out of network $8k/person, $16k family
OOP Max: In network $7.15k/person, $14.3k family
Out of network $12k/person, $24k family
Co-pays: $50 primary care, $100 specialist, $125/month for his meds
After deductible is met: 20% co-insurance
I'm a big fan of having an HSA as a retirement account, but I wonder if a change would be in our best interests.
On our current plan, we're on the hook for the first four months of husband's medication at $750ish/mo before we meet his deductible and it drops to $150/mo.... on the non-HSA plan, his meds would be $125/mo from the start.
- My medical expenses for the last year that counted towards my deductible were ~$800. That will go up a bit next year..... yay forty! mammogram! Not sure how expensive mammograms are, but I suspect I'd still be under either deductible?
- Daughter's medical expenses this year were ~$100, so no big difference between the two plans for her.
- Husband's only anticipated expenses for next year, aside from meds, are one specialist visit and maybe bloodwork.
It looks like the non-HSA plan would save us ~$3k/yr ($2400 on meds, $516 on premiums, plus some money because we'd have co-pays instead of paying sick visits in full).... which I think would outweigh the HSA tax savings. The higher deductible makes me a little nervous, though. That's silly, though, because the only year that I ever met my deductible was the year that I had my daughter.... it's husband's expenses that we need to optimize.
There are other options, but they're all $1700+/month and I don't feel like we utilize healthcare enough to justify that at this point.
So... any thoughts? I'm really on the fence. Leaning towards switching, but I just don't know.