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Our tech team has launched updates to The Nest today. As a result of these updates, members of the Nest Community will need to change their password in order to continue participating in the community. In addition, The Nest community member's avatars will be replaced with generic default avatars. If you wish to revert to your original avatar, you will need to re-upload it via The Nest.
If you have questions about this, please email help@theknot.com.
Thank you.
Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.
HSA instead of 'regular' health insurance?
This is an option at DH's company next year, and the monthly premiums are way cheaper for the family plan. We'd save $300+ .each month.
DH is leaning toward it, but I'm so used to the idea of "normal" insurance that I'm just not sure.
It's through UHC and does cover maintenance visits (shots, checkups, etc) the same as our current Aetna plan. The regular Aetna plan will have a higher deductible this year too - up to $5k for a family.
If we go to the doctor's office for strep, broken bone, etc, we might have some OOP costs until the HSA is built up. If we stay with Aetna, we'd have a $30 copay but would be paying OOP for anything extra (x-rays, etc).
Would you do it?
Re: HSA instead of 'regular' health insurance?
We have the boys and DH on a high deductible plan with an HSA to cover the oop costs. We pay the first $500 of the high deductible and then my DH's employer pays the next $500 and so on until we meet the deductible of $5000.
So far it honestly it doesn't seem much different than the other plan, but does cost less. Our "regular" plan also had co-pay for doctor's visits, but didn't cover x-rays and emergency room visits until after the deductible, and had a high $250 co-pay for urgent care, so honestly it's working about to be about the same for us so far. However, we don't have any major issues right now and have only been to the doctor twice - one of which was a well-care visit and covered without the high deductible.
ETA: Oh and about Rox's question - our plan covers all things major and so if something huge happens we are covered 90/10 after meeting the high deductible for the year, so basically we'd pay $5000 (half of which my DH's employer pays) and then 10% of anything else up to $10k.
Are you united with the CCOKCs?
Wrangling babies since 2010
We have an HSA and have had it for 3 years now, I think. It works for us because we rarely have to go to the dr outside of our yearly check-ups. Ours is through blue cross and so far we have really enjoyed it. We like that all of the kids well-child check-ups are covered at 100%, which was nice when they were itty bitty and going in every few months. It's rough that you're responsible for any non-maintenance things, but we have our HSA account built up so that is really nice.
I think it's a good idea if you all are pretty healthy and don't tend to go to the dr. much. It would be worth the $300 savings. I know it's hard to foresee the future and if there any big hospital or dr. visits in the coming year.
We moved the family to DH's HSA plan with a HDHP. Our family deductible is $2500 - after we hit that the plan pays 80% to the oop max. DH's company funds $900 into the HSA (split on a per period basis). BUT - what we did when we moved to the HSA was take the premium savings and put it into the HSA - so it was essentially a flat renewal for us but helped cover up to the deductible.
It is a very different way to budget. When we take DS to the MD For a sick visit the MD charges $100 - Aetna reviews and reduces to $70 - We get an EOB for that and then a bill from the doctor for $70. We pay the $70 out of the HSA.
This is the first year in 3 that we've hit the deductible and we have had to pay about $800 out of pocket (over the course of the year) that we didn't already have in the HSA.
OK, here's the details. Regular (new UHC basic plan) vs. HSA (also through UHC)
PHOTOS REMOVED
Married July 21, 2007
Wrangling babies since 2010
So with the OOP costs until your HSA is built up -- you can pay yourself back at the end of the year. Dr. Appt cost $100, but you only $30 in the account...Wait until you have $100 in the account and cut yourself a check.
This is legal because you had medical bills to support it. This is what I've been doing all year. We switched to an HSA plan this year and had $0 in our HSA account. With getting knocked up, there were a lot of OOP costs in the beginning for blood work etc. I've just paid myself back.
HSA can save a TON of money, but if you're planning anything "big" for the following year (like a major surgery or another pregnancy), then you'll have to weigh the costs.
The great thing about the HSA compared to an FSA is that it carries over. I'd definitely switch to HSA if you're not anticipating a huge amount of medical expenses.
I would go with the HSA.
I'm the Benefits Admin for my company and we offer a PPO and an HSA also through United and our plan designs are similar. I have personally had the HSA for 3 years and it works well for us. With our plans, one advantage of the HSA is that everyone is working toward the same deductible (unlike the PPO where everyone has their own "bucket" to fill). You're also looking at a lower out of pocket should something catastrophic happen. Also consider that your OP copays, Rx, etc. don't usually count toward the out of pocket max with the PPO.
Does his company contribute anything to your HSA account? If they do, that helps off-set some of the upfront cost. A good way to fund your HSA yourself is to deposit the difference in premiums is between the two plans. So instead of paying $210 more in monthly premiums for the PPO, set that money aside in your HSA so you have some money there when you need it.
Married 9-25-2004; Momma 12-14-2009
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I think this is comparable to our high deductible plan here (through Kaiser). If it is, the coverage is pretty minimal, and you would have a Health Savings Account to cover the OOP costs. I would recommend against it since you have a family. There is a limit to how much you can put in the HSA (I think it's $5000, for us at least), and that would get eaten up by one broken bone. Since you've got several teenage boys...well, I wouldn't do it. That's just me, though.
I would recommend doing a Flexible Spending Account instead, since that could still be used to cover medical costs, but you won't be left with inadequate coverage should something happen.
ETA: Okay, your HSA plan kicks the hell out of ours. Go for it. :-)
Mama's Gonna Buy You A Mockingbird
I'm sorry - but if you have a high deductible plan which is what is attached to the HSA then you cannot contribute to a FSA for medical expenses. you can use the FSA for vision and dental ONLY in connection with the HSA. The IRS sets the annual HSA contributions - I don't recall what the limit is for 2012 right now.
PP is correct about not being eligible for an FSA if you have an HSA. HSA's are better anyway because the money rolls over year to year and is yours rather than FSA's which are use or lose.
IRS sets the HSA contribution limits each year and for 2012 (assuming family coverage), the maximum contribution is $6,250. This is inclusive of any money your DH's company may add.
As for sick visits costing $200-$300 out of pocket, that has not been my experience at all. Sick visits for DD run about $76 and for me have been $78. Only had lab work once and it was about $40 though obviously that will depend on the type of lab work done. ER for DD cost about $400.
The whole point of HDHP/HSA's is to make you a more informed healthcare consumer. They also reveal the true cost of healthcare to again help you make better decisions about how your money is spent. HSA's have many benefits and if managed properly, you shouldn't be afraid of them.
Married 9-25-2004; Momma 12-14-2009
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