Stressed- Insurance decisions

[Iowajes]

You cannot have both an FSA and an HSA at the same time. Since your FSA is with your own employer, they will definitely let you continue contributing to it because they don't know about the HSA with your husband's plan. BUT you will pay for it at tax time since the IRS does not allow it.

This was a HUGE problem at my old employer. My husband has an HSA, but one of our benefits was to get $90 a month into FSA. I legally could not have an FSA (you can have a limited FSA for dental and vision only, but they didn't offer that). Every year it was a huge fight for them to take me off this benefit,
and then I had to watch my paychecks because mid-year someone would always "fix" the omission and I'd have an FSA again!

 

[puffkin]

This was a HUGE problem at my old employer. My husband has an HSA, but one of our benefits was to get $90 a month into FSA. I legally could not have an FSA (you can have a limited FSA for dental and vision only, but they didn't offer that). Every year it was a huge fight for them to take me off this benefit,
and then I had to watch my paychecks because mid-year someone would always "fix" the omission and I'd have an FSA again!

You cannot have both an FSA and an HSA at the same time. Since your FSA is with your own employer, they will definitely let you continue contributing to it because they don't know about the HSA with your husband's plan. BUT you will pay for it at tax time since the IRS does not allow it.

Ok. So it looks like we would be stuck trying to come up with the $3K deductible in the first few months of the year unless we were able to get onto some type of payment plans with providers. That makes this decision a lot harder to make....especially in the first year. Wouldn't be as big of an issue in future years.

Just know that none of those expenses will be covered until you have paid your $3000 deductible. Whereas right now you might be paying a co-pay for these things as an Rx, you'll pay the full price.

Yes, I was factoring that in. Currently those supplies are not covered until our deductible is met, so we are used to that. But our deductible is a lot lower on our current plan plus I have my FSA to help spread that out since those expenses usually come in Jan/Feb.

So many factors to consider. Ugh!

 

[staceyeileen]

So the deductible is 3,000 and the out-of-pocket max is also 3,000? I'm assuming since you said 100% is covered once you reach the deductible. And the premiums are 3,000 per year? If all that is correct, I think it's a no brainer as long as you can front the money.

 

[lauradis]

Take the savings from paying the preiums and put them into your hsa.

Check into if the company matches the hsa savings, too.

We switched over and Im not in love with the plan but its working into our fav for the long run as long as no one is realy ill for couple of years.

 

[LaurLaur04]

I opt for the PPO plan. I have rheumatoid arthritis and my daughter has severe asthma so we practically live in the doctors office and she has been hospitalized 4 times and she is only 7. I may not save money, but I know as a single mom I wouldn't have 3 grand to pony up until the deductible was met. If I did, I'd be crunching numbers and seeing which is cheaper! I've spent about $6000 this year so far, that's premiums, copays, and deductible. Deductible is only $750 and my daughter met that easily. The best value I get is lab work is covered at 100%. She just had testing that cost $2000 and they covered every dime. I had an RA blood test that is new and very expensive, $1000. Covered it too! So I'm ok with paying the higher premium. It's really all about what you can handle.

 

[Mollie Mooster]

I would double check with HR on both of these. With my HSA, once I hit the individual deductible, they paid all of my claims 100%. My husband and daughter have hardly been sick so they would have to pay until the rest of the "family" deductible is met. Also, with my HSA the company had front loaded the account and we have a debit card to pay from the account.