Reply to Is HSA preferrable over regular health insurance plans?

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[quote=Anonymous][quote=Anonymous]I was looking at the "HSA Millionaire" thread and am very confused.  Do people genuinely like HSAs better than just your run of the mill regular health insurance?

My employer offers regular health insurance for my family of 5 in which I pay $450 a month for health insurance, dental insurance and vision insurance, my employer pays the difference.  My health insurance has a $600 deductible for my family.  The HSA offered with expanded dental for $88 a month with a $3500 deductible for a family.

Would it make more sense for me to change to an HSA?  [/quote]

You didn't provide enough information to know.  What are the copays/coinsurance amounts for both plans and the max out of pocket for both plans?

Let's just assume (probably incorrectly) that the max OOP and the coinsurance amounts are the same for both plans.  In that case you are paying $4,344 in additional premiums for the regular insurance plan whereas the difference in the deductible for each plan is $2,900.  In other words, assuming everything is equal (probably not) the HSA makes sense even in a year with a lot of medical expenses.  In a year without a lot of expenses you would see even more of a benefit.

But again, the devil is in the details (co-pay/coinsurance and max OOP) and your historical medical expenses.[/quote]

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