Happy Sunday, friends! We went to church this morning, then Grace and Charlie made cookies (chocolate-chocolate chip-hazelnut-coffee...YUM!), and I've spent the past couple hours sorting through the massive pile of
CRAP paperwork, bills, you know...the stuff that ends up piling up on the the kitchen counter waiting for...? I even paid our property taxes, early! (to make up for the two years I completely forgot and paid them late + interest + penalties). And the laundry has been going all day. And Grace and I registered for
Heidi's workshop. (Do it)! And I still need to register for our benefits through my husband's work (it's open enrollment time). Does anybody have any experience with a high deductible plan coupled with an HSA (health savings account?). Is that best for people without kids? Or is it something we should look into?
Phew, it's been a busy day of nothing exciting. But yesterday we watched Camden play soccer. He's pictured on the far right, in the blue shorts and socks (ha!), then we followed that up with "big breakfast" with Chris' dad and
our good friends. Thanks, Papa, for picking up the tab!
I worked in health insurance for five years, so here's a little insight into the high deductible health plan (HDHP): An HDHP can be an excellent plan, regardless of if you have kids. Compared to traditional PPO plans, HDHPs tend to have lower monthly premiums, but ask that you pay more in the event of a catastrophic illness or injury, because the deductible is higher. However, with the HSA, you are able to put money aside from each paycheck to prepare for those expenses. HSA dollars are usually pre-tax (depending on your state), and many employers will contribute some money to the HSA (free money!). Funds in your HSA belong to you and may be carried to other HDHP plans with another insurance carrier, but can only be used when you have an HDHP.
ReplyDeleteWith a PPO, you are guaranteed to pay the high premium amount, and will still have a deductible, plus coinsurance (usually 20%) after the deductible. Some HDHPs cover 100% after deductible and others also have coinsurance, so check on that.
The key things to consider are prescriptions and the preventive care benefit. Does your family use regular prescription drugs? If so, check to see if drug costs count toward the medical deductible. If drugs don't count toward the medical deductible, you'll want to look closely at the drug benefit, to be sure that the overall costs will still work for your family.
As for preventive care, does the HDHP offer 100% preventive coverage? Does this coverage have a dollar limit? Does it cover all the vaccines that your family may need in the coming year? Most of the time, an employer will offer the same preventive benefits for PPOs and HDHPs, but not always. Check into that carefully, because with little ones, preventive care can be a very large portion of your medical expenses.
I hope this helps! Obviously I don't know what's best for your family, but I've had an HDHP for 6 years now and it has worked great for me, now and before I had kids. Many people are scared of HDHPs, but there is nothing to fear. Even if you did incur expenses to meet a very high deductible, you can always work with your medical providers to set up payment plans, which are usually interest free.
How's that for a lengthy comment!
i love this picture, mom! :) thanks for linking up.
ReplyDeleteSo I can't BELIEVE that YOU forgot to pay your property taxes. Literally can not believe it.
ReplyDeleteSounds like you've had the type of day my family had. We started off with a great morning at church followed by an afternoon of work, work, and more work. I feel like there has been very little time to sit down today. It's just been go! go! go!
ReplyDeleteI worked as a financial counselor for a hospital and for insurance companies for about seven years. I think Sandra's comment is the perfect explanation. The only thing I have to add is that again depending on your state's regulations your HSA account may have a use or lose it clause. Meaning you and your family have an uneventful health year and never even met your deductibles, and you have set aside your deductible amount aside in your HSA account. That money may or may not be accessible to you at the end of your benefit year. You may have to scramble to find a way to spend the money on approved expenses so as not to loose it.
ReplyDeletelove the colorsss....purdy. :)
ReplyDeleteWow your Sunday sounds like mine! A Mother's, Wife, slaves work is never done!
ReplyDeleteSounds like you had a busy sunday! Grats on getting the taxes paid early! :)
ReplyDeleteCool shot! Paperwork stinks - luckily, my husband deals with all of it!!
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