Author Topic: Which Insurance Plan is the best for our situation?  (Read 720 times)

jlgriffin15

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Which Insurance Plan is the best for our situation?
« on: May 28, 2017, 10:24:56 AM »
It's open enrollment time for me currently and I'm looking for advice on my personal situation- I'm having a hard time knowing how exactly to "run the numbers" for us.  I'm the breadwinner in my family, because my husband has renal failure (genetic disease, his kidney's failed in childhood), so he has a lot of medical expenses, but his renal failure also qualifies him for Medicare. I did an HSA for a couple years before we got married and then I continued with an HSA for the past 2 years we've been married, but, seeing how its drained our funds, I'm trying to decide if it's the right choice for us.

I work for our local city and they give us 3 options for health plans- 2 traditional and one HSA- and they give us an allotment to go towards paying for our health plan.

Option one has a deductible of $1000 ind/$2000 family, and covers 80/20- it'll cost me $57.14 per pay period (every other week: 26/yr) after accounting for the allotment. (-$1485.64/yr)

Option two has a deductible of $1500 ind/$3000 family, and covers 70/30- it'll cost me $29.21 per pay period (every other week: 26/yr) after accounting for the allotment. (-$759.46/yr)

Option three (the HSA) has a deductible of $2000 ind/$4000 family, and covers 80/20- I'll have $29.78 per pay period (every other week: 26/yr) left over from the allotment to put into the HSA. (+$774.28/yr)

So, essentially, I never meet the deductible for myself, but we're pretty much guaranteed to meet it for my husband. A lot of our expenses are prescriptions, which all 3 plans cover exactly the same. The rest of the expenses are doctor and ER visits. 

It's just the 2 of us right now, but we're hoping to start a family soon, so I don't know how to take possible childbirth into account either.

I don't make a ton of money, so even with how frugal we are, we can't afford to fully fund the HSA, though we could afford to fund up to the deductible for my husband and possibly for myself also (I'm working on upping my income)

Any help or opinions would be welcome! Thank you!
« Last Edit: May 28, 2017, 11:28:17 AM by jlgriffin15 »