Hello all,
It's benefit election time and I am considering an HDHP more fully this time around as I have recently heard the wonders of the HSA. However I'm not sure if it's right for me or I should stick with what I have.
Context: I'm 24, pretty healthy but not like in tip top shape
My company pays my entire health insurance premium for either plan.
This calculator says I would save $50-$80 dollars a month overall with the HDHP, but I think it's counting each doctor visit and prescription as $50 which seems low? https://www.dinkytown.net/java/health-s ... -plan.html
It is also counting the tax savings from the HDHP entirely (24% of the full 4300 contribution), but that isn't taking into account that whatever I would contribute to the HSA would be going towards mega backdoor roth instead, so I wouldn't be getting the entire tax benefit that it says. However I know that the HSA is tax free in and out which makes it slightly better than the Roth which is only tax free on the way out, but I don't know how to calculate exactly how much better.
Anyways thanks in advance for the advice.
Plan options:
Cigna OAP 250:
- Deductible: $250
- OOP Max: $3500 in network, $7000 out network
- Office Visit: $20/$30 dollar copay (primary/specialist) in network, 40% coinsurance out of network
- Preventative Services: No charge in network, 40% coinsurance out of network
- Inpatient Hospitalization: 20% Coinsurance in network, 40% coinsurance out network
- Outpatient Surgery: 20% Coinsurance in network, 40% coinsurance out of network
- Urgent Care: $20 Copay in network, 40% coinsurance out of network
- Emergency Room: 20% Coinsurance ( + $150 copay if not admitted) both in/out of network
- Pharmacy: $10/$30 Copay (Generic brand/Preferred Brand) in network, 50% up to $250 max out network
- For this plan the coinsurance charges (except for emergency room) are only once deductible is hit
Cigna OAP HDHP
- Deductible: $2800
- OOP Max: $3500 in network, $7000 out network
- Office Visit: No charge in network, 30% Coinsurance out network
- Preventative Services: No charge in network, 30% Coinsurance out network
- Inpatient Hospitalization: No charge in network, 30% Coinsurance out network
- Outpatient Surgery: No charge in network, 30% Coinsurance out network
- Urgent Care: No charge in network, 30% Coinsurance out network
- Emergency Room: No charge
- Pharmacy: $10/$40 Copay (Generic brand/Preferred Brand) in network, 30% up to $250 out of network
- For this plan, all of the no charge / 30% coinsurance items are only once the deductible is hit.
It's benefit election time and I am considering an HDHP more fully this time around as I have recently heard the wonders of the HSA. However I'm not sure if it's right for me or I should stick with what I have.
Context: I'm 24, pretty healthy but not like in tip top shape
My company pays my entire health insurance premium for either plan.
This calculator says I would save $50-$80 dollars a month overall with the HDHP, but I think it's counting each doctor visit and prescription as $50 which seems low? https://www.dinkytown.net/java/health-s ... -plan.html
It is also counting the tax savings from the HDHP entirely (24% of the full 4300 contribution), but that isn't taking into account that whatever I would contribute to the HSA would be going towards mega backdoor roth instead, so I wouldn't be getting the entire tax benefit that it says. However I know that the HSA is tax free in and out which makes it slightly better than the Roth which is only tax free on the way out, but I don't know how to calculate exactly how much better.
Anyways thanks in advance for the advice.
Plan options:
Cigna OAP 250:
- Deductible: $250
- OOP Max: $3500 in network, $7000 out network
- Office Visit: $20/$30 dollar copay (primary/specialist) in network, 40% coinsurance out of network
- Preventative Services: No charge in network, 40% coinsurance out of network
- Inpatient Hospitalization: 20% Coinsurance in network, 40% coinsurance out network
- Outpatient Surgery: 20% Coinsurance in network, 40% coinsurance out of network
- Urgent Care: $20 Copay in network, 40% coinsurance out of network
- Emergency Room: 20% Coinsurance ( + $150 copay if not admitted) both in/out of network
- Pharmacy: $10/$30 Copay (Generic brand/Preferred Brand) in network, 50% up to $250 max out network
- For this plan the coinsurance charges (except for emergency room) are only once deductible is hit
Cigna OAP HDHP
- Deductible: $2800
- OOP Max: $3500 in network, $7000 out network
- Office Visit: No charge in network, 30% Coinsurance out network
- Preventative Services: No charge in network, 30% Coinsurance out network
- Inpatient Hospitalization: No charge in network, 30% Coinsurance out network
- Outpatient Surgery: No charge in network, 30% Coinsurance out network
- Urgent Care: No charge in network, 30% Coinsurance out network
- Emergency Room: No charge
- Pharmacy: $10/$40 Copay (Generic brand/Preferred Brand) in network, 30% up to $250 out of network
- For this plan, all of the no charge / 30% coinsurance items are only once the deductible is hit.
Statistics: Posted by narvesen — Fri Nov 15, 2024 7:15 pm — Replies 2 — Views 321