Health Savings Acct

[MikesVikes]

Yes, the insurance premium was significantly lowered with the higher deductible plan. I believe we're in our 3rd or 4th year with the HSA plan. I looked and didn't see how much the change was but I'm thinking that it was quite a bit over 20% lower.

 

Do I think that I'm better off now? Probably not anymore since the Company pays 80% of employee premium and 70% of dependent's premium with no matching HSA contributions anymore. The employees have a more hands on approach to their medical care now.

[MikesVikes]

We reach our deductible every year and the 20% that is our share after that so far has been a lot. So if 100% is covered once I reach my deductible, I'm missing why you say this type of plan is less desirbale for people with chronic health problems. I'm spending $1400.00 a month plus $5,000.00 plus 20% thereafter. It seems to me I could be saving $1100.00 a month plus ($1400 - $250) and the 20% if I had an HSA instead of being insured with XXX since I'm a lock for the $5,000.00 anyways.

 

I'm not trying to debate anything with you, I'm just trying to educate myself and it is probably moot since we don't have an HSA here at work anyways but I feel like it would save me a ton of money over my insurance. It has major medical coverage, correct?

 

I think the HSA plan would be better in your case. The typical insurance plan attached to the HSA is that the out of pocket isn't more than the deductible. But it's not like there is never any option such as that. In fact, our current health plan actually lowered it's deductible (2500 single/5000 family) but have a higher out of pocket limit (4000/8000) So the insurance starts paying sooner but only pays 80/20 until the out of pocket is reached.

Edited October 29, 2010 by MikesVikes

[Brentastic]

We reach our deductible every year and the 20% that is our share after that so far has been a lot. So if 100% is covered once I reach my deductible, I'm missing why you say this type of plan is less desirbale for people with chronic health problems. I'm spending $1400.00 a month plus $5,000.00 plus 20% thereafter. It seems to me I could be saving $1100.00 a month plus ($1400 - $250) and the 20% if I had an HSA instead of being insured with XXX since I'm a lock for the $5,000.00 anyways.

 

I'm not trying to debate anything with you, I'm just trying to educate myself and it is probably moot since we don't have an HSA here at work anyways but I feel like it would save me a ton of money over my insurance. It has major medical coverage, correct?

Ok, I gotcha. I was only implying that IF there were a situation that this may not be desirable, it would be in that case. Clearly in your case the HSA would be ideal