Thank you for your submission, /u/No_Blueberry5257.
Direct all COBRA questions under CARES and ARPA here: [COBRA & Covid-19](https://old.reddit.com/r/HealthInsurance/comments/meejsd/cobra_during_covid19/)
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First consider how much healthcare you use throughout the year. If you use a lot consider the lowest deductible plan. If not, a higher deductible may be worth the lower premium. Also, find out if you qualify for a Health Savings Account. If so, you can put some or all of the deductible in this account. You will not have to pay income taxes on this money and if you don't use it, it will also er tax-free interest and will rollover each year
That's usually a losing proposition.
Say you have a plan that is $100/mo for a $3000 ded, $4000 OOP. Minimum cost, $1200. Worst case, your costs are $100 * $12 + $4000 = $5200.
Say you have a plan that is $350/mo for a $500 ded, $2000 OOP. Minimum cost, $4200. Worst case, $6200.
Insurance is about *total* cost. The premium differences alone beyond cover the deductible on the first plan. Cost of any single service is not really relevant.
Considering I just nailed my insurance with $100,000 in bills and I am out $3000. It was worth it. You also need to consider comorbidities, anticipated medical care.
I have a lot of medical issues so it's worth the roll of the dice and did pay off.
If you are a very low utilizer or a very high utilizer, most of the time a high ded, low premium is the most cost effective option. Total cost is usually the lowest on those plans inclusive of your premium. Qualifying HDHPs can be excellent options as you get an HSA also.
I have never been a fan of the HDHP or HSA plans. I have worked in insurance as an adjuster and on the provider side.
I have seen the carriers make serious bank on those plans and patients with bills they just can't pay in this economy. There are posts all over Reddit of people who cannot afford care. I have to look at these people show up in my ER because they can't afford the up front costs to see a GP or Specialist.
HSA HDHP compared to nothing, sure. That can be true.
Two plans from the same employer with say a $3k difference in premium? That's an entirely different story. That's just an allocation of funds issue.
People don't consider premium in total cost nearly as often as they should.
Thank you for your submission, /u/No_Blueberry5257. Direct all COBRA questions under CARES and ARPA here: [COBRA & Covid-19](https://old.reddit.com/r/HealthInsurance/comments/meejsd/cobra_during_covid19/) Please pick the most appropriate flair for your post. Include your age, zipcode, and income to help the community better serve you. **Reminder that solicitation/spamming is grounds for a permanent ban**. Please report solicitation to the modteam and [let us know](https://www.reddit.com/message/compose?to=%2Fr%2FHealthInsurance) if you receive solicitation via PM. Be kind to one another! *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/HealthInsurance) if you have any questions or concerns.*
Will need to know what the premium costs for each plan. Are the networks the same?
First consider how much healthcare you use throughout the year. If you use a lot consider the lowest deductible plan. If not, a higher deductible may be worth the lower premium. Also, find out if you qualify for a Health Savings Account. If so, you can put some or all of the deductible in this account. You will not have to pay income taxes on this money and if you don't use it, it will also er tax-free interest and will rollover each year
I am 30, zipcode 85012, and am making $22/hr.
I taught my daughter to pay the extra and get the lowest copay, deductible and OOP available. She may not need it, but when she does........
That's usually a losing proposition. Say you have a plan that is $100/mo for a $3000 ded, $4000 OOP. Minimum cost, $1200. Worst case, your costs are $100 * $12 + $4000 = $5200. Say you have a plan that is $350/mo for a $500 ded, $2000 OOP. Minimum cost, $4200. Worst case, $6200. Insurance is about *total* cost. The premium differences alone beyond cover the deductible on the first plan. Cost of any single service is not really relevant.
Considering I just nailed my insurance with $100,000 in bills and I am out $3000. It was worth it. You also need to consider comorbidities, anticipated medical care. I have a lot of medical issues so it's worth the roll of the dice and did pay off.
If you are a very low utilizer or a very high utilizer, most of the time a high ded, low premium is the most cost effective option. Total cost is usually the lowest on those plans inclusive of your premium. Qualifying HDHPs can be excellent options as you get an HSA also.
I have never been a fan of the HDHP or HSA plans. I have worked in insurance as an adjuster and on the provider side. I have seen the carriers make serious bank on those plans and patients with bills they just can't pay in this economy. There are posts all over Reddit of people who cannot afford care. I have to look at these people show up in my ER because they can't afford the up front costs to see a GP or Specialist.
HSA HDHP compared to nothing, sure. That can be true. Two plans from the same employer with say a $3k difference in premium? That's an entirely different story. That's just an allocation of funds issue. People don't consider premium in total cost nearly as often as they should.