I have a private health insurance policy that I really like. The plus side is I’ve got only a $300/yr in-network deductible for medical, $100 for prescriptions, and total out-of-pocket cap of $2,500. My monthly premiums are about $450/month.
For a premium of $350/month ($100 less per month than the private plan), I can switch to my employer’s plan. The medical deductible is much higher ($1,500) as is the out-of-pocket ($6,000). There’s no deductible for prescriptions, just co-pay.
Co-pays are about the same for both plans. Likewise, both plans do not require that the deductible be met to see a primary care physician or a specialist. The employer’s plan also throws in free outpatient routine labwork, whereas the deductible for that applies under my private plan.
I am on the fence about what to do. I’m leaning toward switching to my employer’s plan as it seems the $1,200/yr savings in premiums would make up for the higher deductible. As I am a relatively healthy guy in his mid-30s, I don’t foresee many things for which the deductible would apply, though there is of course always the chance of an accident and needing to be hospitalized. That’s where I am worried about the much higher out-of-pocket cap on my employer’s plan.
One other consideration is that opting for my employer’s plan means that my premiums will be deducted pre-tax, whereas I have to pay taxes on the income that I would spend on the private plan’s premiums.
Would love to hear some thoughts on this as I am at quite the crossroads.
submitted by /u/dodgers4740
[link] [comments]
I have a private health insurance policy that I really like. The plus side is I’ve got only a $300/yr in-network deductible for medical, $100 for prescriptions, and total out-of-pocket cap of $2,500. My monthly premiums are about $450/month. For a premium of $350/month ($100 less per month than the private plan), I can switch to my employer’s plan. The medical deductible is much higher ($1,500) as is the out-of-pocket ($6,000). There’s no deductible for prescriptions, just co-pay. Co-pays are about the same for both plans. Likewise, both plans do not require that the deductible be met to see a primary care physician or a specialist. The employer’s plan also throws in free outpatient routine labwork, whereas the deductible for that applies under my private plan. I am on the fence about what to do. I’m leaning toward switching to my employer’s plan as it seems the $1,200/yr savings in premiums would make up for the higher deductible. As I am a relatively healthy guy in his mid-30s, I don’t foresee many things for which the deductible would apply, though there is of course always the chance of an accident and needing to be hospitalized. That’s where I am worried about the much higher out-of-pocket cap on my employer’s plan. One other consideration is that opting for my employer’s plan means that my premiums will be deducted pre-tax, whereas I have to pay taxes on the income that I would spend on the private plan’s premiums. Would love to hear some thoughts on this as I am at quite the crossroads. View Poll
submitted by /u/dodgers4740 [link] [comments]Read Morer/HealthInsurance