Which health insurance plan should I choose?

A little information about my anticipated medical expenses next year. My wife and I (mid 20s) will both be on this plan. I don’t expect many medical costs for me next year. However, my wife is pregnant and the baby is due in May. The baby will then be added to the plan.

I have the choice between 3 High Deductible Health Plans through my employer. The details are below.

Plan 1:

-Family deductible: $3200

-Family max out of pocket: $6850

-Monthly premium: $386

Plan 2:

-Family deductible: $5100

-Family max out of pocket: $10,900

-Monthly premium: $250

Plan 3:

-Family deductible: $6850

-Family max out of pocket: $13,100

-Monthly premium: $177

From what I can tell, all 3 plans seem to be the same as far as the insurance company covering 80% of expenses after the deductible is met.

I plan on maxing out my HSA next year of $7200 ($5700 from me, $1500 from my employer).

The monthly premium’s above are with only my wife and I on the plan. When the baby is born, adding them to the plan will increase the premium (not exactly sure how much it will be, but one of my coworkers says plan 1 costs them like $600/mo this past year when they enrolled themself, their wife, and their kid).

I should also add that I have enough currently saved up in my HSA to cover even the $13,100 max out of pocket from plan 3, so I can afford all of them. I’m just trying to figure out which plan makes the overall most sense economically.

So my question is, which plan should I go with?

My next question is, if the more expensive plan 1 (the lowest deductible) is the best one to go with, should I choose to enroll in that plan right now during annual enrollment, or should I pick the lower premium plan and then when the baby is born in may, use that qualifying life event to then switch to the expensive plan with the higher deductible?

submitted by /u/emoney_gotnomoney
[link] [comments]A little information about my anticipated medical expenses next year. My wife and I (mid 20s) will both be on this plan. I don’t expect many medical costs for me next year. However, my wife is pregnant and the baby is due in May. The baby will then be added to the plan. I have the choice between 3 High Deductible Health Plans through my employer. The details are below. Plan 1: -Family deductible: $3200 -Family max out of pocket: $6850 -Monthly premium: $386 Plan 2: -Family deductible: $5100 -Family max out of pocket: $10,900 -Monthly premium: $250 Plan 3: -Family deductible: $6850 -Family max out of pocket: $13,100 -Monthly premium: $177 From what I can tell, all 3 plans seem to be the same as far as the insurance company covering 80% of expenses after the deductible is met. I plan on maxing out my HSA next year of $7200 ($5700 from me, $1500 from my employer). The monthly premium’s above are with only my wife and I on the plan. When the baby is born, adding them to the plan will increase the premium (not exactly sure how much it will be, but one of my coworkers says plan 1 costs them like $600/mo this past year when they enrolled themself, their wife, and their kid). I should also add that I have enough currently saved up in my HSA to cover even the $13,100 max out of pocket from plan 3, so I can afford all of them. I’m just trying to figure out which plan makes the overall most sense economically. So my question is, which plan should I go with? My next question is, if the more expensive plan 1 (the lowest deductible) is the best one to go with, should I choose to enroll in that plan right now during annual enrollment, or should I pick the lower premium plan and then when the baby is born in may, use that qualifying life event to then switch to the expensive plan with the higher deductible? submitted by /u/emoney_gotnomoney [link] [comments]Read Morer/HealthInsurance

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