Loki047

iTrader: (6)

Hey guys, im looking for information/experience and dare I say advice on some health insurance. Currently I have the option of the PPO HMO or HSA.

I will go into details of each if theres an expert here or someone with alot of experience. But basically I am torn between HSA and PPO, i go to the doctor once a year and have no medications

The HSA seems like too good of a deal to be real, im afraid im missing something.

Newbsauce

iTrader: (2)

Here's my take on it as a 24 yr old:

I get sick like.. never. So PPO vs HMO never mattered to me for visits. What matters to me is the hospital % and emergency % cause thats what will apply to me. I take nearly the highest plan every time. Cause when the "what if" scenario hits, the 25/mo is hardly anything compared to the cost.

Loki047

iTrader: (6)

Thats my vote, plus i can take out 2900 a year tax free for medical expenses.

The HSA is for me. Its a $2500 deductible and then every things covered 100%, so Im covered for catastrophe, and it allows me to save money towards my future health insurance tax free.

brgracer

iTrader: (14)

Just to make sure that we're on the same page, you are talking about an HSA with a high deductible medical insurance plan, right, not a healthcare reimbursement account? I'd double check b/c IIRC for all the true benefits of a HSA, the insurance deductible needs to meet certain amount requirements and simple healthcare reimbursement accounts do NOT roll over.

If so, then the HSA sounds perfect for you, because barring any accidents/major illness, you would be able to put away money tax free that compounds and rolls over for years so it will grow into a nice healthcare nest egg so to speak. The real trick is to not tap into that money by either getting sick or not switching over to a more traditional plan when you get older. The gamble though is that IIRC, the minimum deductible is in the $2500-5000 range so one major hospitalization could wipe that out real quick from something unexpected like a motorcycle fall, skiing accident, appendicitis and you'd actually end up paying more overall (deductible + monthly premiums) and have nothing to show for it.

Loki047

iTrader: (6)

Its a HSA with a HDHP. The HSA rolls over, its my money i can do what i want with it, assuming i use it for medical expensis. In the account i get 3% interest, but i can dump some into CDs and Mutual Funds.

Its a 2500 in plan deductible and in IL they cover 96% of doctors.

Well the HDHP (high deductible health plan) has lower premiums than the PPO, so instantly I save $500 right there. Then the considering that if my health care costs are below $500 i made the right move, and if my health care costs are above $2500 i made the right move. Its the call of between that $2000, but the HSA makes it worth while.

Ben

iTrader: (33)

You should have a health savings account no matter what type of insurance you get. HSA allows you to make money w/o paying income taxes on it!

I got a high deductible PPO plan. Deductible of $1000, then they pay 100% after that. Plan cost much less than a standard plan, and if I actually seriously get hurt again, they cover EVERYTHING. That IMO is much better than having to pay $10-30 copay every single time I would see someone. Plus you'll notice that standard plans usually only pay 60-90% of surgical procedures. 10% of a 'standard' surgery is easily $10,000. It's not hard to spend $1000/year on healthcare. You'll spend that in the first 5 minutes in the emergency room. Get dental and vision too! They pay for themselves.

Loki047

iTrader: (6)

You can't have a HSA without a HDHP, but the instant savings over the PPO is 1000.

Damn same plan but you have a better deductible.

Ben

iTrader: (33)

I can have a HSA w/o any kind of medical plan if I want. Perhaps there a differences in state laws, or perhaps you can too. HSA is a very good idea for anyone who works and has income.

That policy was through BCBS of GA and was $125/mo incl dental and vision. I'm 27 no drugs, no smoke

y8s

iTrader: (8)

you should really take HMO off your list.

Loki047

iTrader: (6)

Its not; i was torn between the HSA and the PPO. I think im definitely doing HSA, im weary of what the future will bring to these accounts stupid democrats.

In IL, and i though everywhere it has to be a high deductible health plan, definition of high deductible? I dont know