Should I sign up for high deductible insurance?

[Free4Life11]

Open enrollment starts today and I can't decide what plan to choose.

Comprehensize if $1361 a year, $300 deductible, $2000 OOP max, 80% coinsurance.
High deductible is $704 a year, $1500 deductible, $3000 OOP max, 80% coinsurance.

I would save about $650 by doing high deductible and could put that into the HSA throughout the year. What do you think? I'm leaning to the comprehensive as I don't think the savings are big enough.

 

[aclov]

I'm in a HDHP and to me I consider it more of a catastrophic type of plan. It's there is you need the insurance should something major happen. Under the HDHP, wellness is covered at 100%. I also like the HSA as you can use this as another 401k, your contributing pre-tax and the money goes with you, you don't lose it. My employer also makes a contribution to help offset that high deductible in my HSA.

For me it's work out and I prefer having the cheaper premium deductions.

 

[CoP Luv]

I have also been on the HDHP for the last 6 years. DH is on a PPO through his employer since he has a lot of prescriptions. I only have had to go to the doctor (besides wellness visits - which are 100% covered under my plan) on three separate occassions.

One year I did go through my deductible, but every other year has just been minimal costs. This year I had my first doctor bill of $50 in 4 years which I pay with my HSA that my employer and I fund.

I am lucky that I haven't had any major illnesses or get sick often besides a cold. I wouldn't recommend this type of coverage for someone that needs a lot of meds, goes to the doctor a lot, or happens to be ill more than a few times.

 

[Disneefun]

We have one and I don't mind it. We have a $5,000 deductible/max oop, but DH's employer takes care of the first 3k. If we go over that, we pay the remaining 2k and then everything else is covered. Wellness stuff is covered 100%. Even with DH's allergy shots we haven't paid for anything in a couple of years b/c we haven't exceeded the 3k that the employer throws in. We don't even have to pay copays.

I didn't think I'd like it at first, but I really do. It's a good plan and even if we had to pay the 2k, that's small potatoes compared to the cost of medical procedures. And I love the savings. We pay $200 less per month than if we were on the "normal" plan. That's $2,400 per year. Your savings isn't going to be as great, but I'd say to go for it if you don't go to the doctor very often or have a lot of meds.

 

[PrincessSuzanne]

That's a tough one for me, that $1500 is not that high of a deductible to me, mine was $4000, so we switched to Tricare and have a $50 deductible.

I would consider my healthcare needs. Generally, I go to the doctor 3 to 4 times a year just for follow up and med refills, but this year has been bad for DH and I and not the year to have a high deductible plan, but we did.

If you know that you will put away that $600 and not touch it except for medical needs, I would choose that plan.

 

[bear_mom]

We have had one for the last three years and really like it. Our deductible is higher (~$2400?) and we met it one year when dh landed in the ER in November, then everything was covered at 80%.

I like that well visits are covered 100%, where as with standard insurance there is still a deductible. Most of our sick visits don't cost the amount they charge either, we pay the negotiated rate that they bill the insurance companies.

Emily

 

[Taja]

I grew up in the era of hospitalization insurance. Very few people had major medical insurance for doctor visits. That's more of an out-growth of HMOs becoming popular in the late 60s and 70s.

You really need to base your decision on the needs of your family. If anyone regularly visits the doctor--or expects to in the upcoming benefit year--for anything not covered by the high-deductible plan, it makes more sense to pay the additional premium to minimize the OOP costs.

Or if, like me, you rarely visit the doctor (I pay my gynecologist OOP as I don't want to change doctors every time my insurance changes), the high deductible works very well. The HSA is a nice option if you are concerned about covering the higher OOP costs.

 

[tinker&belle]

Check to see how prescriptions and office co-pays work in the plan. Our old PPO had a co-pay for prescriptions above the deductible and office visits had a co-pay even if I had met our OOP max. With our HDHP there is no co-pay on top of the deductible and presciptions count toward the deductible (in our PPO they didn't) and once I hit our OOP max they are covered at 100%.

 

[descovy]

It works well for our family. The job contributed a chunk of money in the HSA and we chose to pay into the HSA the difference in premiums between it and the more expensive option... Something you might consider!

Well visits are free... We get camp/sports physicals at that time. Overall we are a healthy family, but when we are sick it makes us smarter consumers about our healthcare. Because it is "our" money we are spending.

Suspect strep? Do we need a full dr visit with a name-brand antibiotic (that labels the doc's clipboard) or will a ready-clinic and amoxicillin do the trick?

And yet because there always is money in there (and it's not use it or lose it) we don't stress about needing healthcare when it comes up. Just needed to pay $500 from oral surgery... No sweat it was in the HSA account.

If I were you, I'd do it. And I'd put the difference between the expensive plan and the HSA plan in your savings account. That way you are out the same amount of $$$ but you can use it on actual HEALHCARE instead of premiums

 

[Alsobrook]

I'm in favor of HD for everything.... Health insurance, Automobile, and Home Owner's.

That said, I also am in favor of a cash stash that will cover all deductibles....so, if you have $3K on health, $2500 on house and $1000 on auto....you keep at least $6500 in cash/CD, etc.