Anybody ever tried a High Deductible Health Plan?
Posted: Mon Nov 13, 2017 6:01 pm
Not exactly sure how it works, but I'm in for 2018.
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How high is the deductible?ip_law-hokie wrote:Not exactly sure how it works, but I'm in for 2018.
HokieHam wrote:How high is the deductible?ip_law-hokie wrote:Not exactly sure how it works, but I'm in for 2018.
Why are you in? Insurance rates that were supposed to go down because your boy said so not happening?
I have basically the same thing (and have had it since before Obamacare). This is pretty common nowadays. Yes, you are correct as you describe the plan (you pay nothing for the first $1500 and come out ahead if you rarely go to the doctor).ip_law-hokie wrote:HokieHam wrote:How high is the deductible?ip_law-hokie wrote:Not exactly sure how it works, but I'm in for 2018.
Why are you in? Insurance rates that were supposed to go down because your boy said so not happening?
Deductible is $2500. As I understand it, firm is putting up $1500 and I'm paying $282 per month. $5000 out of pocket maximum. As I understand it, everything is covered from 0-$1500 and 5000+, but I'm not really sure.
If I don't go to the doctor, I come out ahead.
I wasn't going to bring up the failure of Trump and Congressional Republicans to do anything to fix our healthcare system.
not sure what you had before but that is not high deductible, that is lower to standard these days. A true high deductible plan has like a 7,500 or higher deductible with a higher max out of pocket, for those of us that do not go to the doctor much or ever it is awesome as the premiums are a ton lower. Of course Obummercare wiped out almost all of those plans.ip_law-hokie wrote:Not exactly sure how it works, but I'm in for 2018.
2,500 is for a single employee, nobody else. That is the way they describe it.cwtcr hokie wrote:not sure what you had before but that is not high deductible, that is lower to standard these days. A true high deductible plan has like a 7,500 or higher deductible with a higher max out of pocket, for those of us that do not go to the doctor much or ever it is awesome as the premiums are a ton lower. Of course Obummercare wiped out almost all of those plans.ip_law-hokie wrote:Not exactly sure how it works, but I'm in for 2018.
A combined $ 5-10k max out of pocket total is standard these days
Right. That is a High-deductible plan according to the IRS.ip_law-hokie wrote:2,500 is for a single employee, nobody else. That is the way they describe it.cwtcr hokie wrote:not sure what you had before but that is not high deductible, that is lower to standard these days. A true high deductible plan has like a 7,500 or higher deductible with a higher max out of pocket, for those of us that do not go to the doctor much or ever it is awesome as the premiums are a ton lower. Of course Obummercare wiped out almost all of those plans.ip_law-hokie wrote:Not exactly sure how it works, but I'm in for 2018.
A combined $ 5-10k max out of pocket total is standard these days
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yes, that deductible is the normal one now and most plans are higher than that. I have been setting up yearly health benefits for over 20 years. First it started with not paying 100% of the premium, employee pays some, now that many plans are approaching 50% employee portion of the premium or even higher your only option is to bump the deductible and max out of pocket (co-pay) to keep the premium expense to the company at a decent level.ip_law-hokie wrote:2,500 is for a single employee, nobody else. That is the way they describe it.cwtcr hokie wrote:not sure what you had before but that is not high deductible, that is lower to standard these days. A true high deductible plan has like a 7,500 or higher deductible with a higher max out of pocket, for those of us that do not go to the doctor much or ever it is awesome as the premiums are a ton lower. Of course Obummercare wiped out almost all of those plans.ip_law-hokie wrote:Not exactly sure how it works, but I'm in for 2018.
A combined $ 5-10k max out of pocket total is standard these days
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Don’t follow, but OK.cwtcr hokie wrote:yes, that deductible is the normal one now and most plans are higher than that. I have been setting up yearly health benefits for over 20 years. First it started with not paying 100% of the premium, employee pays some, now that many plans are approaching 50% employee portion of the premium or even higher your only option is to bump the deductible and max out of pocket (co-pay) to keep the premium expense to the company at a decent level.ip_law-hokie wrote:2,500 is for a single employee, nobody else. That is the way they describe it.cwtcr hokie wrote:not sure what you had before but that is not high deductible, that is lower to standard these days. A true high deductible plan has like a 7,500 or higher deductible with a higher max out of pocket, for those of us that do not go to the doctor much or ever it is awesome as the premiums are a ton lower. Of course Obummercare wiped out almost all of those plans.ip_law-hokie wrote:Not exactly sure how it works, but I'm in for 2018.
A combined $ 5-10k max out of pocket total is standard these days
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That is why I laugh at your strident support of national health care and people that say you can cut a ton of costs out of the H/C system to make the premiums decrease..... in reality who takes the cut as nobody involved will and the reality is it takes dollars to get a med degree, to make new drugs and to run very large facilities
Thank you for this. And you take your contribution with you if you leave your job, right? Like an 401(k). That's what I'm hearing.ieatbacon wrote:Right. That is a High-deductible plan according to the IRS.ip_law-hokie wrote:2,500 is for a single employee, nobody else. That is the way they describe it.cwtcr hokie wrote:not sure what you had before but that is not high deductible, that is lower to standard these days. A true high deductible plan has like a 7,500 or higher deductible with a higher max out of pocket, for those of us that do not go to the doctor much or ever it is awesome as the premiums are a ton lower. Of course Obummercare wiped out almost all of those plans.ip_law-hokie wrote:Not exactly sure how it works, but I'm in for 2018.
A combined $ 5-10k max out of pocket total is standard these days
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Access to an HSA is a huge benefit. It can double as a retirement account if you contribute more money than you use - there's no penalty for non-medical withdrawals at retirement age and most HSAs have investment options.
I agree.USN_Hokie wrote:It makes sense if you're young/healthy (and most importantly - no kids) and can afford a monster deductible worst case.
We changed from an insurance plan based on just our company to signing up with ADP. It’s a much larger pool. I pay $1 a month but my deductible is $6,500. Unfortunately since 2015, I was diagnosed with a pretty bad disease that came close to ending HokieHam. It’s under control now but it’s done it’s damage.ip_law-hokie wrote:HokieHam wrote:How high is the deductible?ip_law-hokie wrote:Not exactly sure how it works, but I'm in for 2018.
Why are you in? Insurance rates that were supposed to go down because your boy said so not happening?
Deductible is $2500. As I understand it, firm is putting up $1500 and I'm paying $282 per month. $5000 out of pocket maximum. As I understand it, everything is covered from 0-$1500 and 5000+, but I'm not really sure.
If I don't go to the doctor, I come out ahead.
I wasn't going to bring up the failure of Trump and Congressional Republicans to do anything to fix our healthcare system.
ieatbacon wrote:ip_law-hokie wrote:2,500 is for a single employee, nobody else. That is the way they describe it.cwtcr hokie wrote:not sure what you had before but that is not high deductible, that is lower to standard these days. A true high deductible plan has like a 7,500 or higher deductible with a higher max out of pocket, for those of us that do not go to the doctor much or ever it is awesome as the premiums are a ton lower. Of course Obummercare wiped out almost all of those plans.ip_law-hokie wrote:Not exactly sure how it works, but I'm in for 2018.
A combined $ 5-10k max out of pocket total is standard these days
Sent from my iPhone using Tapatalk
Right. That is a High-deductible plan according to the IRS.
Access to an HSA is a huge benefit. It can double as a retirement account if you contribute more money than you use - there's no penalty for non-medical withdrawals at retirement age and most HSAs have investment options.
Kids make it expensive no mater what. We actually had a pretty god plan last year, $1,500 per month for a family of 4, zero deductible, $5k max out of pocket. We didn’t even get close to the max.USN_Hokie wrote:It makes sense if you're young/healthy (and most importantly - no kids) and can afford a monster deductible worst case.
Spin the wheel.HokieFanDC wrote:Kids make it expensive no mater what. We actually had a pretty god plan last year, $1,500 per month for a family of 4, zero deductible, $5k max out of pocket. We didn’t even get close to the max.USN_Hokie wrote:It makes sense if you're young/healthy (and most importantly - no kids) and can afford a monster deductible worst case.
This year, that goes up to $2,100/month.
So now, we’ve got to decide if we want to try and stick with the same premium and risk the higher deductible that comes with it. Ocare roulette, spin the wheel and take your chances.
You sure about the first part? I get 1500 from employer and I signed up for 100 a month for the HSA.(?).BigDave wrote:IP, worth noting is that if your employer provides you with an FSA (that's what it's called when your employer pays the first $1500 of your deductible), you are ineligible for an HSA. I detest that rule passionately. If my employer simply gave me the contribution in cash, then I could filter all of my medical expenses through an HSA using pre-tax dollars. My wife is able to have an HSA, but next year her employer is going to the same kind of plan you have ... except that they are only paying a measly $500. So because they are paying that $500, she can't filter everything through an HSA any more.
(Obviously, the employer prefers to not just give you the $1500 because if your employees are mostly 20-somethings and maybe up to mid-30s, they are going to spend well under the $1500. With an FSA, the employer gets to keep the unused amount, whereas with an HSA, it's your money to either use for medical expenses in the future or roll over into something else.)
He was in the field of throwing temper tantrums if he disagreed with you.RiverguyVT wrote:This is where we miss 80... wasn't he in that field?
Yes. Please see https://www.irs.gov/pub/irs-pdf/p969.pdfip_law-hokie wrote:You sure about the first part? I get 1500 from employer and I signed up for 100 a month for the HSA.(?).BigDave wrote:IP, worth noting is that if your employer provides you with an FSA (that's what it's called when your employer pays the first $1500 of your deductible), you are ineligible for an HSA. I detest that rule passionately. If my employer simply gave me the contribution in cash, then I could filter all of my medical expenses through an HSA using pre-tax dollars. My wife is able to have an HSA, but next year her employer is going to the same kind of plan you have ... except that they are only paying a measly $500. So because they are paying that $500, she can't filter everything through an HSA any more.
(Obviously, the employer prefers to not just give you the $1500 because if your employees are mostly 20-somethings and maybe up to mid-30s, they are going to spend well under the $1500. With an FSA, the employer gets to keep the unused amount, whereas with an HSA, it's your money to either use for medical expenses in the future or roll over into something else.)
Beats me. Insurance policies and regulations are more complex than our tax code.
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I don't know al the details, BigDave, but I am in process of setting up a HSA now. Somebody may have given you bad info, it may be something with your plan, or maybe I'm not supposed to have the right to a HSA, and I am. But in any event, my 401(k) provider has confirmed that I'm able to create a HSA account. Might be something worth looking into.BigDave wrote:IP, worth noting is that if your employer provides you with an FSA (that's what it's called when your employer pays the first $1500 of your deductible), you are ineligible for an HSA. I detest that rule passionately. If my employer simply gave me the contribution in cash, then I could filter all of my medical expenses through an HSA using pre-tax dollars. My wife is able to have an HSA, but next year her employer is going to the same kind of plan you have ... except that they are only paying a measly $500. So because they are paying that $500, she can't filter everything through an HSA any more.
(Obviously, the employer prefers to not just give you the $1500 because if your employees are mostly 20-somethings and maybe up to mid-30s, they are going to spend well under the $1500. With an FSA, the employer gets to keep the unused amount, whereas with an HSA, it's your money to either use for medical expenses in the future or roll over into something else.)
Although it appears my firm is contributing directly to my HSA, as opposed to a FSA (?). So you are correct.ip_law-hokie wrote:I don't know al the details, BigDave, but I am in process of setting up a HSA now. Somebody may have given you bad info, it may be something with your plan, or maybe I'm not supposed to have the right to a HSA, and I am. But in any event, my 401(k) provider has confirmed that I'm able to create a HSA account. Might be something worth looking into.BigDave wrote:IP, worth noting is that if your employer provides you with an FSA (that's what it's called when your employer pays the first $1500 of your deductible), you are ineligible for an HSA. I detest that rule passionately. If my employer simply gave me the contribution in cash, then I could filter all of my medical expenses through an HSA using pre-tax dollars. My wife is able to have an HSA, but next year her employer is going to the same kind of plan you have ... except that they are only paying a measly $500. So because they are paying that $500, she can't filter everything through an HSA any more.
(Obviously, the employer prefers to not just give you the $1500 because if your employees are mostly 20-somethings and maybe up to mid-30s, they are going to spend well under the $1500. With an FSA, the employer gets to keep the unused amount, whereas with an HSA, it's your money to either use for medical expenses in the future or roll over into something else.)