I need to choose between a PPO and HSA plan offered by my employer and it seems like the "obvious" choice is the HSA plan but I fear that I am missing something that will come back to bit me later. In the past I have only ever used a PPO plan and am not sure what to expect with an HSA.
Summary of the plans PPO HSA Deductible: $0 $1500 Out of Pocket Max: $3000 $3000 Coinsurance: 0% 0%
The PPO plan also has copays for a lot of services however they are generally pretty low ($10 PCP/$20 Specialist). The prescription coverage has the same copays with the expectation that the HSA copays only apply after the deductible has been met. As far as the premiums go, the HSA plan is $20 less per month which is a difference of $240 annually. Additionally, my employer will contribute $1500 annually to the HSA which effectively covers the deductible and is the reason that the HSA seems like the obvious choice.
Due to the fact that my employer contributes to the HSA it seems like if I hit the deductible I will not have to pay anything for the rest of year other than prescription copays. Also, I do not expect to hit the deductible so I should save money not only on the lower premium but also have money in the HSA at the end of the year to use later in life, even if I do not contribute anything at all.
I have been doing research online and reading the plan summaries and it seems like there is no reason that anyone should choose the PPO plan. Am I missing something obvious?