Insurance question

[jjwv_mu_rivals]

I'm preparing to fill out my open enrollment packet for the 2018 insurance at my employer (board of education). I've been paying a higher premium with $25 co-pays for a family plan for my 15 years working. Comes with a $1500 deductible, max of $5500 out of pocket, and 80/20 co-insurance rate. It is Anthem PPO plan.

I'm thinking of switching to a CDHP. Deductible is $2500, but they send me a credit card with a $1000 on it that I can use. I pay 100% up front on doctor's visits or procedures. Prescriptions are either sane or cheaper than PPO. And once deductible is met it's 85/15.

The premium is HALF the monthly rate as the PPO. Does anyone else have a CDHP that may share some info with me? Thanks.

 

[WVUBRU]

Some information you need to have answered. Is the credit card that the $1000 employer contribution to it an HSA or just a prepaid card in which the balance expires? If it is an HSA, that makes the high deductible plan more attractive. The other thing you really need to consider is insurance is for the absolutely worse so if you are expecting health issues, there appears to be no cap on out of pocket. So, if you have a hospital stay of $100k for example, you will have out of pocket costs of at least $17.500 versus a max on the PPO of $5500.

If this is family coverage, $2500 is not a very high deductible. Family plans through employers now are more in the $6000-$10000 a year. So, on the surface this plan appears to be very attractive offered by your employer. But again, in making a decision you need to think of worse possible scenerio and work your way back from there in my personal and professional experience.

 

[jjwv_mu_rivals]

Some information you need to have answered. Is the credit card that the $1000 employer contribution to it an HSA or just a prepaid card in which the balance expires? If it is an HSA, that makes the high deductible plan more attractive. The other thing you really need to consider is insurance is for the absolutely worse so if you are expecting health issues, there appears to be no cap on out of pocket. So, if you have a hospital stay of $100k for example, you will have out of pocket costs of at least $17.500 versus a max on the PPO of $5500.

If this is family coverage, $2500 is not a very high deductible. Family plans through employers now are more in the $6000-$10000 a year. So, on the surface this plan appears to be very attractive offered by your employer. But again, in making a decision you need to think of worse possible scenerio and work your way back from there in my personal and professional experience.

The maximum out of pocket is the same as the PPO plan ($5500). The $1000 amount is pre-funded by the insurance company and can be used towards doctor visit or prescriptions. The balance also can be carried over to next year.

My monthly premium right now with the PPO is $315. With the CDHP it will be $160 a month.

 

[MacMountie]

I'm preparing to fill out my open enrollment packet for the 2018 insurance at my employer (board of education). I've been paying a higher premium with $25 co-pays for a family plan for my 15 years working. Comes with a $1500 deductible, max of $5500 out of pocket, and 80/20 co-insurance rate. It is Anthem PPO plan.

I'm thinking of switching to a CDHP. Deductible is $2500, but they send me a credit card with a $1000 on it that I can use. I pay 100% up front on doctor's visits or procedures. Prescriptions are either sane or cheaper than PPO. And once deductible is met it's 85/15.

The premium is HALF the monthly rate as the PPO. Does anyone else have a CDHP that may share some info with me? Thanks.

We have an HRA here; you get the $1K contribution by the employer that goes against 1st dollar medical expenses and is applied towards the deductible. Once deductible is met we pay 20% of cost until reaching a co-insurance max. We can roll over up to $500 each year but the max allowed each yr is $1500 total. Is yours an HRA or HSA (HSA you (employees) can contribute towards, HRA you (employees) cannot.

If you & yours don't anticipate any major medical situations the HRA/HSA is the way to go. Note that the deductibles & out of pocket max are typically per participate up to a 3x max.

 

[jjwv_mu_rivals]

We have an HRA here; you get the $1K contribution by the employer that goes against 1st dollar medical expenses and is applied towards the deductible. Once deductible is met we pay 20% of cost until reaching a co-insurance max. We can roll over up to $500 each year but the max allowed each yr is $1500 total. Is yours an HRA or HSA (HSA you (employees) can contribute towards, HRA you (employees) cannot.

If you & yours don't anticipate any major medical situations the HRA/HSA is the way to go. Note that the deductibles & out of pocket max are typically per participate up to a 3x max.

Mine will be a family plan and it says max out of pocket for family is $5500.

It is a HRA card for $1000. The deductible would be $2500 for family and after that it's 85/15.

It sounds like a no brainer but I've always had the PPO and am somewhat scared of change.