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teach123 teach123 is online now
 
Joined: Dec 2005
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teach123
 
Joined: Dec 2005
Posts: 346
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Insurance
Old 04-28-2020, 11:04 AM
  #1

We are in open enrollment in my district. I am debating about changing my regular insurance to the high deductible policy. We are reasonably healthy but I am in my 40's. Have two elementary age children. My husband has a different policy due to cost of adding a family. I was wondering if anyone has any pros / cons in the high deductible policy. Our insurance is going up about $115 month so it would save a chunck of money. The difference in the two policies is about $450 a month. Obviously, I would put extra in a FSA or HSA to cover the deductible. The deductible is about $1,800 more for the high deductible but the rest is about the same. Just wondering if anyone had any good/bad experiences with high deductible plans.


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edfan edfan is offline
 
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Yes
Old 04-28-2020, 04:15 PM
  #2

Iím a big fan of a Health Savings Account if you can afford the high deductible and especially if your district kicks in cash. So much better than a Flexible Savings Account. Go for it!
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Haley23 Haley23 is offline
 
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Old 04-28-2020, 04:53 PM
  #3

I've had high deductible with HSA for years. In my district, if you choose that plan, they contribute about $100 per month to your HSA. The only thing I've ever spent HSA money on is contacts, so I have about $4,000 in mine from over the years. It doesn't expire/you don't have to spend it by a certain point and you can also contribute your own money tax-free if you'd like.

If you take regular prescriptions, I don't recommend this plan. I don't currently take anything other than birth control (which is mandated to be covered in my state). Keep in mind that unless you have serious health needs, for day to day purposes this is like not having insurance at all. Any time you walk into a Dr. will be hundreds of dollars. Any prescription is full price, again hundreds of dollars. I never go to the Dr. so that's why the plan works for me. Preventative care is free thanks to obamacare.

My deductible is much higher than yours, $4000 for me as an individual, I believe it's $8000 for a family. After you reach the deductible, you pay 20%. Regular costs, that's not bad. 20% of something like an emergency surgery is going to be a TON of money.

I actually asked about this here last year because I have that worry in the back of my mind sometimes about getting in a car accident or having appendicitis or something and going bankrupt because I have to pay 20% of huge medical bills. People explained that you shouldn't have to pay more than your "out of pocket maximum" which for me is around 5500, I think. That made me feel better, but then I wonder, how do people end up with enormous medical bills when they have insurance if that "out of pocket maximum" is valid?
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frecklejuice frecklejuice is offline
 
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Old 04-28-2020, 11:31 PM
  #4

Keep in mind there's a limit on the amount you can contribute to your HSA each year. I think it's around $7100 for a family. My company contributes $4700 each year to my HSA so I only have to make up the difference.
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