High Deductible HSA?

Question

My husband's company just dropped ALL insurance plans except a high deductible HSA with a $6,000 annual family deductible. Before the insurance will pay one cent we will have to come up with over $10,000 a year (premiums plus deductible). Our previous plan was an HMO and the premiums were the same as this HSA plan except we only paid a $20 copay for most services. I don't understand how this plan is supposed to save us money and improve our health (according to the literature sent to us). Does anyone who have kids have this type of plan? Would it be better for us to shop around for our own coverage (since based on the premiums, it appears hubbies employer is not paying any portion of them)?

Answer 1

You come out ahead if you don't use the insurance much. The HSA can be used for any medical expenses (some include OTC medications like Tylenol!) HSAs are also from your pre-tax income, so you'll come out a little better tax-wise too. And the newer ones can be rolled over year to year, so if you don't use it this year, you'll have it for next year. (Find out if yours is like this.)

Answer 2

Usually when this kind of thing happens, the employer offers to fund some portion of the HSA. But if not, you should know that typically individual health insurance is less expensive than if you are on a group plan. Why? Well, because everyone is paying for the unhealthy claims in the group policy.

So, if the employer is not funding the HSA and not paying the premiums, it is definitely a good idea to shop around. For instance, Anthem just rolled out a new HSA plan with good first dollar benefit. This means you do not have to meet these large deductible to get some routine services. But in all, you may be able to find a non-HSA plan with much more benefit for less than what you are paying now.

If you are in Ohio, Missouri or Georgia visit:

http://www.ohioinsureplan.com/ohio/health_insurance.php

Answer 3

The plan is not supposed to save your family money.

It is supposed to save the company money, and it might just save your husbands job.

Our health insurance went up by 25% this year, and that is on top of the 25% it went up last year (and the year before and the year before). Our sales our down, so either we cut two more people or we move the health care costs to the employees.

Yet, our tax dollars supply the government workers with the best health care at a nearly free cost to the government employees, FOR LIFE.

And people wonder why we need universal healthcare.

I am sorry about your situation, but am happy your husband still has his job, lots of other Americans aren't so lucky.

Answer 4

if you think you will spend less than 6 grand on your health care, you can keep the plan. but think about this, if one of your kids break a bone or gets in a car accident, are you going to be able to come up with 6 grand? personally, i would go shop for an individual policy. i think that these HSA are a employer cop out, especially in large corporations that make huge profits

Answer 5

WEll, it saves you money if you guys are relativly healthy - if you spend less than $6,000 a year on health care, then the REST goes in your pocket, forever - or rather, it carries over until next year, and so on and so forth.