I’m going to be losing my dad’s health insurance in the next week or so. I’m not sure if I should be choosing the HSA plan or PPO through my employer. I’m a generally healthy 26 Y/O male. My main concern is that I have a generic adderall script that I take monthly. I also have to go in for a urine test every 6 months to keep my prescription active. I will be the only one on my plan.
The PPO will take $117 bi-weekly. The deductible is $2,500 and also has a 20% co-insurance. Medication co-pay could either be $10/$30/$60 depending on medication. I cannot remember what the packet said the total premium cost was (I think maybe around $3,800)
The HSA will take (at minimum) $77 bi-weekly. The deductible is $5,000 and has a 0% co-insurance. Everything on the HSA plan is 100% covered after deductible is met. The packet also showed that employees that choose the HSA save roughly $1,100 per year on the premium.
Another factor is that I plan on proposing/marrying my longtime GF within the next year or so. Her insurance is great and I would be joining her plan once we are married. So I’m not sure if I should do the PPO for my meds or the HSA for them during the year or so I would be on my own insurance. I’m also obviously new to the whole insurance game so forgive me if my information is lacking or my terminology is not up to par. I also just read that for 2024 the IRS has changed the max deposit amount from roughly $3,800 to roughly $4,700.
I’m not sure which plan would be better financially for the year or so. I would like to save as much as possible but I’m worried that I will just drain the HSA as fast as I build it due to medication cost. Any help or advice would be greatly appreciated!
The PPO will take $117 bi-weekly. The deductible is $2,500 and also has a 20% co-insurance. Medication co-pay could either be $10/$30/$60 depending on medication. I cannot remember what the packet said the total premium cost was (I think maybe around $3,800)
The HSA will take (at minimum) $77 bi-weekly. The deductible is $5,000 and has a 0% co-insurance. Everything on the HSA plan is 100% covered after deductible is met. The packet also showed that employees that choose the HSA save roughly $1,100 per year on the premium.
Another factor is that I plan on proposing/marrying my longtime GF within the next year or so. Her insurance is great and I would be joining her plan once we are married. So I’m not sure if I should do the PPO for my meds or the HSA for them during the year or so I would be on my own insurance. I’m also obviously new to the whole insurance game so forgive me if my information is lacking or my terminology is not up to par. I also just read that for 2024 the IRS has changed the max deposit amount from roughly $3,800 to roughly $4,700.
I’m not sure which plan would be better financially for the year or so. I would like to save as much as possible but I’m worried that I will just drain the HSA as fast as I build it due to medication cost. Any help or advice would be greatly appreciated!