So, if we go near an HSA, we'll have a $2600 deductible, $6000 out of pocket maximum and a monthly premium rate of $557. I am an idiot nearly this stuff--I admit it! So, do we income that ridiculous amout of 557 a month AND pay full price for every doctor pop in until the 2600 deductible is met? Or does that 557 go into an HSA that we be in charge of? I don't know yet if the employer is contributing. And please explain out of pocket. Really appreciate any give a hand!
Answers: I'm assuming this is an individual plan because I don't see anything regarding an employer.
I'm also assuming you're within your 50's because otherwise that's pretty darn high for a "QHDP" (HSA qualified plan).
Yes, (unless you find a better plan) you compensate the $557/month and when you go to the doctor you'll reward the "network negotiate rate" (that's the "approved amount" when you get your explanation of benefits - EOB) so that could be significant reserves right there. The largest drop within this was from a $8500 hospital bill down to $1500. But I've also see $1500 bills not reduced at all. Anyway, you won't pay cheque "full" price, you'll pay the insurance company's price.
Deposits into an HSA are OVER and ABOVE the premium stipend. You can put up to $5800 in the statement this year...I believe that's going to $5950 next year, but I'm shooting from the hip on that one.
After you catch through your deductible you'll split the bills with the insurance company. I don't know what the split is beside what you provided but it could be 80/20, 70/30, 60/40, 50/50 (with the first number being the insurance companies share of the bills and the 2nd self yours). Once you've paid a total of $6000 the insurance company will wage 100% of the future bills for the year. The other entity to compare when comparing plans is that $6,000 could be in amalgamation to the $2600 deductible OR it could be included in it. Different companies treat it differently so you merely need to look to see how it will be treated.
Anyway at $557/month I hope you looked at 3 or 4 different companies...ESPECIALLY if you're lower than 50.
In Maryland that premium would insure a whole domestic where the oldest applicant is 51 or a couple age 58. That's the cost for a $2,400 deductible HSA beside a $5600 out of pocket max.
Hope that helps...
8-)
Jeff
First find out if the employer is contributing. That will affect your answer.
PS. this plan is through your employer and you're paying $557 a month?? that plan sucks.
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Answers: I'm assuming this is an individual plan because I don't see anything regarding an employer.
I'm also assuming you're within your 50's because otherwise that's pretty darn high for a "QHDP" (HSA qualified plan).
Yes, (unless you find a better plan) you compensate the $557/month and when you go to the doctor you'll reward the "network negotiate rate" (that's the "approved amount" when you get your explanation of benefits - EOB) so that could be significant reserves right there. The largest drop within this was from a $8500 hospital bill down to $1500. But I've also see $1500 bills not reduced at all. Anyway, you won't pay cheque "full" price, you'll pay the insurance company's price.
Deposits into an HSA are OVER and ABOVE the premium stipend. You can put up to $5800 in the statement this year...I believe that's going to $5950 next year, but I'm shooting from the hip on that one.
After you catch through your deductible you'll split the bills with the insurance company. I don't know what the split is beside what you provided but it could be 80/20, 70/30, 60/40, 50/50 (with the first number being the insurance companies share of the bills and the 2nd self yours). Once you've paid a total of $6000 the insurance company will wage 100% of the future bills for the year. The other entity to compare when comparing plans is that $6,000 could be in amalgamation to the $2600 deductible OR it could be included in it. Different companies treat it differently so you merely need to look to see how it will be treated.
Anyway at $557/month I hope you looked at 3 or 4 different companies...ESPECIALLY if you're lower than 50.
In Maryland that premium would insure a whole domestic where the oldest applicant is 51 or a couple age 58. That's the cost for a $2,400 deductible HSA beside a $5600 out of pocket max.
Hope that helps...
8-)
Jeff
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First find out if the employer is contributing. That will affect your answer.
PS. this plan is through your employer and you're paying $557 a month?? that plan sucks.
Resolved Questions: