I'm trying to get a grasp on exactly what this entails now that my megacorp is doing open enrollment. My basic question is: do people here take advantage of this? We're in good health but I'm concerned about bring "safe" and fearing change when it comes to health insurance, you know?
The specifics:
Married with 1 child (1 year old)
Company contributes $1000.00 for the family.
Fully portable, tax free, earns interest, rolls over if not used.
Deductible would be 2500 in network, 9.900 out of network
Annual out of pocket maximum 5000 in network, 20,000 out of network
The other breakdowns are in line with the typical PPO choices, i.e. 15% coinsurance for Office Visits, Hospitalization, prescription drugs etc.
So it seems as though I dont have anything taken out of my paycheck unless I want to contribute to this HSA. I pay the full bills on any medical expenses up to my deductible (2,500.00 in network, 9,900 out of network), then after that I only pay the coinsurance (i.e. 15% of drugs, hospital etc). And the most I'll pay is 5,000 in network 20,000 out.
Is this right? What do I need to be determining to see if it's a good choice?
And really now that I think it out, my deductible is effectively 1,500/8,900 because my company gives me 1k per year.
Finally the costs:
"Core PPO" 2,200 per year - standard PPO
"Gold PPO" 5,500 per year - low deductible, low max out of pocket, low copay
"HDSP/HSA" 560 per year - as detailed above.
The specifics:
Married with 1 child (1 year old)
Company contributes $1000.00 for the family.
Fully portable, tax free, earns interest, rolls over if not used.
Deductible would be 2500 in network, 9.900 out of network
Annual out of pocket maximum 5000 in network, 20,000 out of network
The other breakdowns are in line with the typical PPO choices, i.e. 15% coinsurance for Office Visits, Hospitalization, prescription drugs etc.
So it seems as though I dont have anything taken out of my paycheck unless I want to contribute to this HSA. I pay the full bills on any medical expenses up to my deductible (2,500.00 in network, 9,900 out of network), then after that I only pay the coinsurance (i.e. 15% of drugs, hospital etc). And the most I'll pay is 5,000 in network 20,000 out.
Is this right? What do I need to be determining to see if it's a good choice?
And really now that I think it out, my deductible is effectively 1,500/8,900 because my company gives me 1k per year.
Finally the costs:
"Core PPO" 2,200 per year - standard PPO
"Gold PPO" 5,500 per year - low deductible, low max out of pocket, low copay
"HDSP/HSA" 560 per year - as detailed above.