Hey all,
I saw another thread on this and have been thinking of very similar things to the poster. I have a slightly different situation, and am just starting out (1st attending year) and so far am not great with numbers and so on, and was wondering if somebody could help me out boiling down the numbers on whether my HDHP vs PPO is the best way to go. I am defaulting to the PPO for now, but I know that the HDHP is usually the way to go. The main reason I need help with the numbers is that my wife is very hesitant to jump into the HDHP as she does not work and this is the only health insurance for our family. We have a 2.5 year old and 2 month old currently, and do see quite a few potential costs in the future. Anyway, I will detail my info below. Would love any feedback. Thanks so much!!
Current Income/Tax-Deferral:
$175,000 yearly salary
Maxing out 403(b) with $18,000 pre-tax
Maxing out 457(b) with $18,000 pre-tax
PPO (For Family):
-$2,348.04 yearly premium ($195.67 monthly)
-$3,000 Deductible
-$9,000 Out Of Pocket Limit
-Preventive Services covered 100%
-$25/$50 copay
HDHP (For Family):
-$1,675.92 yearly premium ($139.66 monthly)
-$5,200 Deductible
-$10,400 Out of Pocket Limit
-Preventive Services covered 100%
-All visits 20% after Deductible
-Employer contributes $1000 yearly
Medications are the same for both plans (35%, $10-$100 for generic ; 35%, $40-$120 for formulary name brand ; %50, $60-$150 for non-formulary name brand).
Again, thanks so much for all the help!!
I saw another thread on this and have been thinking of very similar things to the poster. I have a slightly different situation, and am just starting out (1st attending year) and so far am not great with numbers and so on, and was wondering if somebody could help me out boiling down the numbers on whether my HDHP vs PPO is the best way to go. I am defaulting to the PPO for now, but I know that the HDHP is usually the way to go. The main reason I need help with the numbers is that my wife is very hesitant to jump into the HDHP as she does not work and this is the only health insurance for our family. We have a 2.5 year old and 2 month old currently, and do see quite a few potential costs in the future. Anyway, I will detail my info below. Would love any feedback. Thanks so much!!
Current Income/Tax-Deferral:
$175,000 yearly salary
Maxing out 403(b) with $18,000 pre-tax
Maxing out 457(b) with $18,000 pre-tax
PPO (For Family):
-$2,348.04 yearly premium ($195.67 monthly)
-$3,000 Deductible
-$9,000 Out Of Pocket Limit
-Preventive Services covered 100%
-$25/$50 copay
HDHP (For Family):
-$1,675.92 yearly premium ($139.66 monthly)
-$5,200 Deductible
-$10,400 Out of Pocket Limit
-Preventive Services covered 100%
-All visits 20% after Deductible
-Employer contributes $1000 yearly
Medications are the same for both plans (35%, $10-$100 for generic ; 35%, $40-$120 for formulary name brand ; %50, $60-$150 for non-formulary name brand).
Again, thanks so much for all the help!!
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