Hello, fellow mustachians! I started a new job last week and will be able to enroll in their medical plan soon, but there are several different options and I need help figuring out how to pick one. Some information about me for reference: I'm not married and have no dependents to enroll, I'm 22 years old, and I have no current health conditions.
The three main options I have are a PPO plan, an HMO plan, and a high deductible plan with an HSA. I've heard a lot of praise of HSAs on this forum, but never paid much attention to it before because it wasn't an option at my old job. More information:
- PPO plan: Employee contribution is $60.41 biweekly, deductible is $250 and after that the plan pays 90%, the out of pocket max is $1750, routine preventative care is covered 100%, PCP copay is $20, specialist/urgent care copay is $40, ER copay is $100.
- HMO plan: Employee contribution is $53.28 biweekly, no deductible, $6350 out of pocket max, $20 PCP copay, $40 specialist copay, $30 urgent care copay, $150 ER copay, routine preventative care covered 100%.
- High Deductible plan with HSA: Employee contribution is $15.06 biweekly, deductible is $1300, out of pocket max is $2300 including deductible, and I pay all office visit fees/etc until the deductible (so no copays), and then plan will pay 90% of everything. Routine physicals are always covered 100%. My employer would contribute $300 a year to my HSA, and I have to contribute at least $120 a year if I choose this plan.
I'd appreciate any advice, because I'm fairly clueless here. I'm looking for the most cost effective choice, without making a stupid decision I'll end up regretting if something does happen. Please let me know if I skipped any information needed to compare these plans.
Thank you in advance! :)