Drop my HSA healthcare plan?

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HappyHourLife
Posts: 9
Joined: Sun Feb 16, 2020 12:31 pm

Drop my HSA healthcare plan?

Post by HappyHourLife »

My husband has new health insurance and it's about $80 a month in premiums total for our family of 4 and the deductible is around $500 for the year for the family. It's very good insurance. My insurance is about $100 in premiums total for two of us with a deductible of $2,400 per person. I am able to have an HSA I max out. Should we keep my plan in some aspect so we can continue maxing out the HSA or should we all go on the cheaper plan?
Texanbybirth
Posts: 1385
Joined: Tue Apr 14, 2015 12:07 pm

Re: Drop my HSA healthcare plan?

Post by Texanbybirth »

Look at poster FiveK's links about halfway down this thread. He provides two good resources to make the comparison with the data you have on your plans/spending.
“The strong cannot be brave. Only the weak can be brave; and yet again, in practice, only those who can be brave can be trusted, in time of doubt, to be strong.“ - GK Chesterton
aristotelian
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Joined: Wed Jan 11, 2017 8:05 pm

Re: Drop my HSA healthcare plan?

Post by aristotelian »

Seems like a pretty close call. With the premia about equal, the choice is really HSA vs lower deductible. In a bad year the PPO may come out on top. I would think in most years the HDHP would come out on top. Do either you max your deductible on a regular basis?
Topic Author
HappyHourLife
Posts: 9
Joined: Sun Feb 16, 2020 12:31 pm

Re: Drop my HSA healthcare plan?

Post by HappyHourLife »

aristotelian wrote: Mon Aug 10, 2020 11:12 am Seems like a pretty close call. With the premia about equal, the choice is really HSA vs lower deductible. In a bad year the PPO may come out on top. I would think in most years the HDHP would come out on top. Do either you max your deductible on a regular basis?
Sorry, I should clarify my his new insurance is $80/month premium with $500 family deductible. Mine is $100/YEAR premium with $4800 deductible for two people....$2400 each. We have 4 people that will be on the insurance and can split them 2 and 2 between both insurance programs if we want so we could get the family deductible max on the HSA.

We never reach the deductible! I did one year when I had an accident but otherwise never.
aristotelian
Posts: 8049
Joined: Wed Jan 11, 2017 8:05 pm

Re: Drop my HSA healthcare plan?

Post by aristotelian »

HappyHourLife wrote: Mon Aug 10, 2020 12:39 pm
aristotelian wrote: Mon Aug 10, 2020 11:12 am Seems like a pretty close call. With the premia about equal, the choice is really HSA vs lower deductible. In a bad year the PPO may come out on top. I would think in most years the HDHP would come out on top. Do either you max your deductible on a regular basis?
Sorry, I should clarify my his new insurance is $80/month premium with $500 family deductible. Mine is $100/YEAR premium with $4800 deductible for two people....$2400 each. We have 4 people that will be on the insurance and can split them 2 and 2 between both insurance programs if we want so we could get the family deductible max on the HSA.

We never reach the deductible! I did one year when I had an accident but otherwise never.
Ah, that makes a difference! So your plan starts out $800 ahead and comes with HSA worth about $1500 or so depending on your tax bracket. Yours has the higher deductibles and will come out worse in a bad year, especially if something should happen to both of you. Do you feel lucky?
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