High cost “normal” plan vs low cost HDHP plan – is the choice as obvious as I think it is?

I’ll try to be succinct, but basically we’re up for open enrollment at work, and there’s a new plan showing up that is way cheaper than my current one and seems like a no brainer, just looking for an opinion from someone who might understand this stuff more than myself?

Family situation:

Located in WI. Married (both 31) with 1 kid (6mo). All healthy with no significant health considerations. I work full time from home, wife is stay at home mom.

Plan comparisons

UHC Choice+ 2500 UHC HDHP 5500 Cost $527 per pay period $223 per pay period Deductible $2500 single/$5000 family $5500 single/$11000 family OOP max $6000 single/$12000 family $6400 single/$12800 family Coinsurance 20% in network/50% out of network 0% in network/30% out of network Urgent Care $75 0% after deductible ER $350 0% after deductible

Most other services follow the same pattern. Prescription costs are similar.

Now, by my math, Choice+ costs $12,648 per year in premiums, whereas the HDHP costs $5,352 per year in premiums. (months with 3 pay periods only deduct healthcare from the first 2)

This means over $7200 in cost difference, but the out of pocket max is so similar that it feels like a no brainer to take the HDHP, but am I missing something obvious?

Not to delve too hard into the personal finance territory, but our financial situation is comfortable enough to take either option. We’re also fortunate enough to have enough savings set aside that maxing out the OOP max for these plans would not be too big of a blow to us.

Thanks in advance to anyone who can help

submitted by /u/requiemsword
[link] [comments]I’ll try to be succinct, but basically we’re up for open enrollment at work, and there’s a new plan showing up that is way cheaper than my current one and seems like a no brainer, just looking for an opinion from someone who might understand this stuff more than myself? Family situation: Located in WI. Married (both 31) with 1 kid (6mo). All healthy with no significant health considerations. I work full time from home, wife is stay at home mom. Plan comparisons UHC Choice+ 2500 UHC HDHP 5500 Cost $527 per pay period $223 per pay period Deductible $2500 single/$5000 family $5500 single/$11000 family OOP max $6000 single/$12000 family $6400 single/$12800 family Coinsurance 20% in network/50% out of network 0% in network/30% out of network Urgent Care $75 0% after deductible ER $350 0% after deductible Most other services follow the same pattern. Prescription costs are similar. Now, by my math, Choice+ costs $12,648 per year in premiums, whereas the HDHP costs $5,352 per year in premiums. (months with 3 pay periods only deduct healthcare from the first 2) This means over $7200 in cost difference, but the out of pocket max is so similar that it feels like a no brainer to take the HDHP, but am I missing something obvious? Not to delve too hard into the personal finance territory, but our financial situation is comfortable enough to take either option. We’re also fortunate enough to have enough savings set aside that maxing out the OOP max for these plans would not be too big of a blow to us. ​ Thanks in advance to anyone who can help submitted by /u/requiemsword [link] [comments]Read Morer/HealthInsurance

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