Anyone have experience with a "high deductible" health insurance plan?
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Anonymous
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OP, how much is your thyroid rx?
When we were shopping for a private plan, I looked at the premiums, how many times we went to the dr, cost of Rx, etc... The premiums for a high deductible plan is *much* lower than a copay type plan. I then looked at about how much I would've spent last year on out of pocket expenses + high deductible premium (which, again is much lower). If the cost of all this significantly lower than the total annual premium for a copay type plan, then it makes sense to go with the high deductible plan. My DC has asthma, and the asthma rx is damn expensive. About $250 for a box that may last a few months, depending on how many colds she gets. Still, the cost of the high deductible premium is so much less than the cost of the copay premium, it made more sense for us to go with the high deductible plan. *All* out of pocket medical expenses can be tax deductible even without the HSA, depending on your income level. I really think you should look at the ACA plans and see what kind of help you can get from that. |
Anonymous
| Thanks for all the info everyone! I'm on Levothroxine. I guess I should hold off on freaking out until I know more about the plan. |
Anonymous
| My dh's employer, drops $1000 into the HSA account at the beginning of each year. Basically, the first thousand is on them. The idea of an HSA is that it encourages the participant to be much more frugal about their medical care. I know I am more careful about pricing medication at different pharmacies to see which one is cheapest. |
Anonymous
Yes, many employers provide HSA contributions for at least 1-2 years after they do a switch to a HDHP. It probably won't be your full amount, but it should be a good start. In 2007, my employer switched to a HDHP and for about 5 years, we got an annual deposit. They stopped making that contribution after a lot of balances were built up. As many others have said, the premiums under the HDHP should be much less than under your previous plan. Take that excess and put it in the HDHP (pre-tax) to help meet your expenses. The money in your HSA is yours (forever) and does not go away when you terminate your job (either voluntarily or involuntarily). Good luck. |
Anonymous
My company went to one starting in 2013. It was announced as a way to let the employees take control of their health. It also was announced the same week that I was diagnosed with metastatic cancer. Initially, the plan cost the same as our previous 90-10 plan. My old plan had no deductible and maximum out of pocket of $2200. They gave us 1K for the HSA, deductible was 3K, maximum out of pocket was 9K. I can say that the change cost me $6800/year as I typically hit the maximum out of pocket. Next year, the premiums drop by $50 every two weeks (25%), the deductible drops to 2600 (minimum allowed with an HSA), and maximum out of pocket drops to 6K. The net to me will be an extra $4200 in my account. I do not understand how this plan would work for a low-income person. I can afford it (but it is tight). |
Anonymous
| The only downside is that it can take many months to build up the HSA if you don't have cash on hand to fill it. I don't know what you would do if couldn't pay the dr. or for the prescription if you don't have the money to pay for it and it is the beginning of the year. |
Anonymous
Levothyroxine is the generic version of Synthroid and it is very inexpensive. How much are you currently paying? It may be more than you need to pay. |
Anonymous
| I would look at Kaiser Permanente options through the exchange. If you are living paycheck to paycheck, the high deductible plan may be really scary for you. |
Anonymous
You can get Levothyroxine for $4 a month at Walmart, Kroger, or Sams Club. |
Anonymous
| I wish i could switch to a high deductible plan. The premiums are much cheaper than regular plans. |
Anonymous
Thank you! This is good news! I currently pay $15 for a 90 day supply though Cigna's pharmacy |
Anonymous
It's $10 for a 90-day supply at Walmart, etc. |
Anonymous
Consider yourself blessed. My ulcerative colitis medicine costs $600 for a 90-day supply. |
Anonymous
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Is the company paying the (lower) premiums? If so, then OP isn't getting any benefit from this switch in plans.
You definitely should price Affordable Care Act plans. This is the time to do it. I think the open season is through the end of the year. It sounds like you might be able to get governmental subsidies, making this a cheaper option than a high deductible plan with your employer. |
Anonymous
| I have a 5500 deductible plan...but my PC visits are 35 bucks, and 10$ for generics. I don't go to the doctor often so it works out. |