It's open enrollment time at my company, and the medical insurance seems egregiously priced. All prices given are for the family option.
The cheapest plan is an HMO with a $4k individual deductible.
There are other buy up options that are more expensive (my cost/wk / employer cost/wk - my cost/yr / employer cost/yr - total plan cost/yr)
HMO w/$500$4,000 ded. = $119.10 / $169.17 - $6,193.20 / $8,796.84 - $14,990.04
HRA w/$500 ded. = $154.23 / $155.92 - $8,019.96 / $8,107.84 - $16,127.80
PPO w/$500 ded. = $277.83 / $293.55 - $14,447.16 / $15,264.60 - $29,711.76
HDHP = $200.79 / $259.16 - $10,441.08 / $13,476.32 - $23,917.40
Is it just me or are these prices absolutely insane? Not only my price, but the price my company pays. I'd love to go with HDHP to get an HSA, but it's not worth an extra $4,247.88/yr in premiums, especially considering then I have to deal with paying for everything including prescriptions. I'd never come out ahead financially even though my employer would pick up almost $4,700 more of the bill if I chose that option.
How good can a plan be to justify costing $29,711.76/yr in just premiums? That's mind boggling to me.
The terms "HMO" and "PPO" refer to how you have access to doctors within a particular network.
HRA and HDHP plans can each have either a HMO or PPO style doctor network.
Even within HMO and PPO plans, some doctor networks are very broad, and some are very narrow.
It's impossible to give you a recommendation without knowing:
1) Is a large doctor network important to you? Is it important to be able to pick your doctors?
2) Is the doctor network the same or different for each of those plans?
3) What are the out of pocket maximums for each of those plans?
4) How much will your employer chip in toward and HRA?
5) How "generous" or "not-generous" are the co-pays and co-insurance for the various plans
6) Do you typically use a lot of medical services in a plan year?
7) etc etc etc
In prior years, when my employer offered a bunch of shitty plans, I would create a spreadsheet to test out various "scenarios" under each plan my employer offers -- and see how much my total expenditure would be. I'd test extreme cases of needing almost zero care, or max'ing out all expenses, or middle of the road scenarios.
In my experience, it seemed like it was always a better deal (financially) to pick the plans with the lowest up-front costs in premium. This is probably true in most cases, UNLESS you KNOW you are almost guaranteed to hit the out-of-pocket maximums. Even then, it could still be better to pick the lower premium plans.
Of course, if the doctor networks are different among the plans, and you really want a larger choice of doctors, then that can obviously take precedence over the "financial" aspect of it.
Thankfully, having to make those horrible "choices" seem to be in my rear-view-mirror for me. I recently started working for a new company that doesn't give me a whole lot of choices to pick from. Instead, they just offer one incredibly generous plan with very minimal premiums, large coverage, and low deductibles. I feel very fortunate to be in this situation again. At my previous employer, having a $10K out of pocket maximum and a very restrictive doctor network -- made me feel like I was basically uninsured.