My husband is a state employee. His open enrollment period is coming up, so I am looking at his insurance options.
I have my own plan through my employer.
He is currently on their low tier 75/25 plan for $76/month. $2500 deductible/$6000 OOP max.
He has the option to switch to a HDHP for $62/month. Deductible is $3500/OOP Max $6500.
He is a healthy guy that never (literally đ that’s a separate issue) goes to the doctor. We are trying to have a baby, who would go under his insurance plan.
I’m wondering if the switch should be made. I love the triple advantage of an HSA.
His employer does not contribute to his HSA at all.
When we have a kid we would probably change tiers to an 80/20 plan.
Yeah – someone chronically ill might want a PPO to get more coverage and lower co-pay/OOP max, but higher premium
This is really going to come down to the tax savings he would be taking advantage of with an HSA.
If he wouldn’t be making any contributions it’s probably not worth it.
If he is in a high tax bracket and would be maxing out an HSA, those tax savings would be worth a lot, especially once the child is added.
Does the current plan cover prescription drugs even though he hasn’t met deductible? Just something to take into consideration. I have HDHP and mine basically doesn’t cover anything till you meet deductible. I am still relatively heathy but being in my mid thirties now some stuff has crept up that I have to take a prescription and I have to pay out of pocket all cost for those till my deductible is met. Put it this way in my case I am paying $200 a month for drugs all year long as I havent had anything else come up to meet my $3600 deductible. Just food for thought make you really read all the details before you choose not just the deductible.
A HDHP does probably make sense. Even with prescription medications, unless he develops a serious and chronic medical problem (which will probably max your deductible anyway), most first line medications are either generic or available at discounts via GoodRx or the like. Especially if itâs just for a year while you guys have a baby (although that can always take longer than expected.)
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