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Health care Plan

My company is offering an new health care plan. Its a high deductable that does not kick in until the deductable is met. (2500.00). Then it will pay 100% Well check ups are completly covered. I'm in good health and last year I didn't go to the doctor except for a mamagram which would have been covered any ways. My 11 year old is going for his annual physical next week. Its also the only time he goes to the doctor. With the plan I'll have to enroll in a health savings account to cover any out of pocket health cost. My company will start me out with the 1rst 500.00. Does anyone have any experience with this type of plan? The HSA? Any experience good or bad would help.

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CKasting

Asked by CKasting at 2:04 AM on Sep. 19, 2010 in Money & Work

Level 9 (304 Credits)
Answers (8)
  • Ours is similar... but we have a 3000 deductible per person, the 80% coverage.... hubby's company gives us $2000 a year toward the deductible. I hate it, I feel like we can never go to the docs if we need to.... do you know that just getting an x-ray for one of the kids is $1000... that eats up half the money. But they go if they need to.. Me and the hubs put off going for stuff. I would love to have my HMO back!!! The only good thing about the PPO is that we can see any specialist w/o a referral. But we don't b/c it cost to much ;o(

    Morgain

    Answer by Morgain at 2:14 AM on Sep. 19, 2010

  • Will your contribution be lower for this policy. I have a high deductible too. $5000. We pay totally for our policy, without the high deductible our monthly premium was $2800, with the deductible it is $600. We are saving $2200 a month. Over a year that is $26000. Our deductible $5000 each means that we could be paying out only $10000 to meet the deductible.
    We do not go to the Dr.s as much with the high deductible. I hope this is not impairing our health.
    For us it is a matter of being responsible for our own health. It is our decision to use the savings for health care. Either way we are saving.

    It sounds like the high deductible could costs you $4000 more. Are you going to save $4500 on the premium. That takes into account the $2500 deductible times 2 minus the $500 your company is giving you.
    The important thing is can you afford the deductible? More
    tootoobusy

    Answer by tootoobusy at 7:01 AM on Sep. 19, 2010

  • Will you be saving more than $4500 a year in your portion of the health insurance premium? This is a huge decision and there is a lot of information to go into it. Mainly how much will YOU be saving by taking this risk. If it is a matter of just getting $500 it is not worth it.
    tootoobusy

    Answer by tootoobusy at 7:04 AM on Sep. 19, 2010

  • I wonder if we work for the same company. You described my new plan for next year pretty well..... and alot of us are riled up about the (lack of) maternity coverage.

    To answer the ladies above - mine does not have a decrease in premiums.... it is actually going up a few buck per pay period. They claim it isn't a bad plan because the ou-of-pocket maximum is the same as last year. So we will never pay more than $4000 for the family in any given calenday year... but you will pay more if you don't usually hit that maxumum.

    My understanding is that the HSA is a good thing because 1- they are giving free money to you to start it, and you use it to off0set your health costs until you hit your max deductable, 2- it is tax-free (for now, Obama wants to change that!!!) 3 - you keep the money no matter what - it stays with you if you leave your job and accumulates over the years.... unless you spend it.
    science_spot

    Answer by science_spot at 8:00 AM on Sep. 19, 2010

  • I loved my HSA. I never paid a dime out of pocket. My deductible was $3000. I put money into my HSA account through payroll deduction. Here is how it works. The money you put in your HSA account you can use to pay your deductible. So your employer is contributing 500. Through out the year you will want to contribute a total of 2000. (the other 500 is coming from your employer) if its like mine you can do payroll deductions. So if you get paid every 2 weeks, put in 76 a check. That will come out to 2k for the year. Ok so let me give you a senerio...Say it's march, your child gets sick, goes to the dr. needs antibiotics. So you have put in for 2 and a half months. You have $380 in HSA. The Dr visit is $68-80 (in-network discounts are applied you still don't pay full price at dr. offices ) antibiotic $10 at pharmacy...You still have over $300 in HSA. you will use an hsa debit card.
    MissAlisabeth

    Answer by MissAlisabeth at 10:01 AM on Sep. 19, 2010

  • I worked for a company that had a plan similiar to this. In my mind, it was like not having any insurance at all. The company ended up going out of business. After that I worked for a company that has a PPO. I prefer having the PPO, even if there is a monthly out of pocket expense. When my daughter was born, because both my husband and I are on PPOs, the cost was less than $200. Insurance covered the rest.
    HotMama330

    Answer by HotMama330 at 12:10 PM on Sep. 19, 2010

  • I offer my employees a somewhat similar plan, new for 2010. We have a $3000 deductible per family for hospitalizations and/or outpatient surgeries or procedures. Also, if an employee or a family member has a hospitalization or outpatient procedure, we will pay 50% of it on their behalf and for the other 50% our insurance broker will set up an affordable payment plan on the employee's behalf. We did this to prevent an across the board 22% increase in premiums.

    FeelinYummy

    Answer by FeelinYummy at 8:57 PM on Sep. 19, 2010

  • Oh, and we also offer a flex spending plan in which employee's can designate up to $2500 each year to spend pre-tax dollars on health care expenses and of course, can be used to pay for the hospitalization deductible as well as office co-pays, dental work, glasses and contact lenses, prescriptions and for at least the remainder of 2010, over the counter medications as well.
    FeelinYummy

    Answer by FeelinYummy at 9:00 PM on Sep. 19, 2010

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