Monday, February 11, 2013

Need more info, please

Image: http://www.opm.gov/img/insurance/ppt_fig1.gif


I received an e-mail through my Union; we have an informational meeting coming up this week. I will eventually be asked to choose between the current PPO model insurance I have had for years, with some changes vs a high deductible health plan with health savings account feature. All 4 kids and I are under my insurance, so I need to have a clear understanding of my options, in order to navigate these changes, effective July 1.

I have asked if it was possible to receive a list of in network facilities and MD's to get a better handle on whether or not we'll be going out of network at all, with our current physicians, hospitals. RX plan and dental is changing, too. If going out of network, the payout is significantly lower than in plan, ultimately leaving me paying more.

So more information is being solicited so that I can make an informed decision.

Meanwhile, we continue to schedule as many appointments now, before the new changes become effective.

Anyone have experience with a HDHP-HSA?

2 comments:

DW said...

Last year was our first with the HDHP/HSA. For the most part, it's worked out well. But we also don't have heavy medical expenses.
It is a bit of a shock to realize that you have to foot the entire bill until the deductable is met. (minus the insurance plan's adjustment, of course.) Don't know your insurer, but preventative care should be covered. Found that that includes flu shots with my insurer.
Make sure your union or employer will pay the maintenance fees for the HSA. Some will contribute to the fund (if they do, find out if it's taxable.)
Nice thing about HSA, contribution is tax deductable (if it comes out of your check, I believe it comes out pre-tax.) And you can keep it, unlike the flexible spending account.
I'd suggest taking a look at your medical bills for last year. Use the pre-insurance cost to get an idea of how close you'd get to meeting the deductables. And how close you'd come to emptying the HSA.)

Hawaii Planner said...

My employer recently made this switch. Questions I would want to know:
-Is your union/employer depositing any money in your health savings account to offset some of the expenses?
-Are you able to add money to the account?
-What is your maximum out of pocket for the year?
-To your other point, which doctors do you currently see, and are they on the plan?
-Do you have chronic medical conditions and/or expensive medication?
-What's the prescription coverage like?

Good luck! We opted to go into the Health Savings Account plan a year earlier, as there was a financial incentive. The first year, we spent all of the money in the HSA, due to an ambulance ride, MRI, Cat Scan, secondary hospital visit, etc for my son. Last year, we closed the year with a couple of thousand dollars still in the account, which rolls over & never expires. We'll use that money to offset other years where our expenses are higher.