I am switching companies in a month. Here is my current health insurance and here are my two options for when I switch (Note that I have a wife and infant child):
- Shared premiums at $310 cost to me per paycheck (biweekly). $3000 family deductible, $5000 OOPM. 90/10 split after deductible is met. Spent just north of $8000 on healthcare this year (to clarify, I was responsible for $8000 but was billed much more than that and had insurance cover a lot of it).
Annual deductible paid by company in monthly installments to health savings account. $1500 single/ $3000 family deductible. Company/Employee Shared Premium at $315 per paycheck (twice a month)
100% Company Paid Premium for Employee and dependents - no premium
deductions from employee paycheck. Employee fully responsible for deductible ($3000 single/$6000 family)
It seems to me that the second option is better because you get more in your paycheck every month and can decide what to do with that (but probably set it aside for healthcare). The deductible is high though, thus the dilemma and the reason for me asking here.
I realize that this is not an opinion site so to make this a more objectively answerable question, here are more details about my situation:
- So far, very healthy family. Only real medical costs we had last year had to do with having a baby.
- Currently pay over $600 a month between premiums and HSA contributions
- Generally avoid medication and doctors in general unless absolutely necessary
- My wife's only appointments last year were baby related which won't be the case in 2018
- Our baby will be going to the pediatrician with less and less frequency as the necessary checkups get spaced further apart as he gets older
If nothing else, pros and cons of each policy would be great.