if you are on CCHMC ins please come in

JLPT830 · March 2011

DH and I are going through his open enrollment stuff for health ins. I'm not real familiar with the HSAs.....we don't see them at all in my line of work. Care to share your opinion on the HSA vs the Select plan? We can't decide!!!

ETA for spelling errors

Kelli03 · March 2011

My husband and I both work there and we have select right now. I have looked into the HSA plan, but you probably only save about 50 bucks in the whole year by switching to it. I don't remember the numbers off the top of my head but when you pay your deductible plus the amount that comes out of each paycheck its not that different. If you were on anthems elite plan, then the HSA is definitely cheaper bc anthems yearly amt taken out of checks is 12,000 while the HSA is half of that over the year. The only thing that scares me about the HSA is that if something were to happen in july (break an arm, be in hospital, etc.) you have to come up with 2500 initially (the 2500 is broken into 4 increments and put into your account quarterly so not until spring of 2012 will you actually have all 2500 in there). They say the HSA is for people who don't plan on using a lot of medical expenses in the next year...but who really plans on it? I work with a girl who knows all the ins and outs of these plans and has picked through each and every one lol.

KYMelissa06 · March 2011

I'm going with the Select again this year. I like the idea that the deductible is smaller and not much more is coming out of my paycheck each pay period for it. I believe the individual out of pocket max for the year is $1500 so I have to look at it from a standpoint that if something major were to happen to me or C then the most I would pay is $1500.

I plan on putting a little more in my flexible spending account this year to cover the cost of the fact that copays and such have gone up. If I get close to the end of the year and by some miracle have not used all of it then I will just buy glasses/contacts with it.

Good luck deciding. I'm bummed that our great insurance is not so great anymore, but in the whole scheme of what it could be I still think it's pretty good insurance.

KittahMama · March 2011

I was a licensed health agent.

HSA's are great for people who are REALLY sick or who NEVER get sick. The basics are your company puts some money into an account to be used towards health expenses. Then it is basically a max out of pocket plan after that typically. Anywhere from $1,500 up to $6,000 out of pocket before and sometimes even more before the insurance kicks back in.

So basically- after the initial amount your company has put in you are responsible for everything. Absolutely everything- up to your deductible 100%. Then your insurance company pays 80 or 90% in network and you are responsible for the 10-20% up to your max out of pocket.

The great thing is if you don't use the money your company puts into an account, it is still yours- even if you leave the company. You don't have to get vested and it still grows. It can be used sort of like another retirement account in that manner!

I don't know the details of your plan or your family's medical issues, but I will say be sure you understand exactly how this HSA works before you sign up for it. My parents are morons and thought they were being smart, but my mom is on a TON of meds and they cost them $1,700 each month right now. Yes she gets the discounted rate, but it would have cost them a lot less on the buy up plan. Now they are angry they are out of pocket!

Temp806465500003043 · March 2011

KittahMama:
I was a licensed health agent.
HSA's are great for people who are REALLY sick or who NEVER get sick. The basics are your company puts some money into an account to be used towards health expenses. Then it is basically a max out of pocket plan after that typically. Anywhere from $1,500 up to $6,000 out of pocket before and sometimes even more before the insurance kicks back in.
So basically- after the initial amount your company has put in you are responsible for everything. Absolutely everything- up to your deductible 100%. Then your insurance company pays 80 or 90% in network and you are responsible for the 10-20% up to your max out of pocket.
The great thing is if you don't use the money your company puts into an account, it is still yours- even if you leave the company. You don't have to get vested and it still grows. It can be used sort of like another retirement account in that manner!

I don't have CCHMC insurance but I do have a high deductible plan and an HSA. I like it but I don't have any other options. My company funds half of my deductible.

This is not necessarily true. My insurance pays at 100% (in network) after you meet your deductible. Also, I would NOT think of it like a retirement account. You do get to keep that money but you can't use the money for anything other than health related expenses. You can't even use it for OTC drugs anymore without an rx from your doctor.

1CINCYGIRL · April 2011

I have Select now and I am looking into HSA. Our boss had somebody come to do an inservice about differences. Basically HSA is good if you are pretty healthy or have alot of chronic problems. I do like the fact it has a lot of free meds with the plan. He said 80% of the people at childrens hospital are over-insured and spent more money on health insurance than if they just paid dr cash and had no insurance. I went to Humana website to see what I have spent out of pocket this year so far. My family has used 1100 bucks so far and that is including the birth of my daughter last year. I don't know if that number includes my dr office co-pays or not though. I like the HSA becase your pharmacy meds can count towards deductible and DH has several meds. I think we are going to try it this year and if it doesn't work- just not do it again.

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if you are on CCHMC ins please come in

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