For thrifty consumers, there’s a lot to like in high-deductible health insurance. The plans offer low monthly premiums and those fees fully cover preventive care, including annual physicals, vaccinations, mammograms and colonoscopies, with no co-payments.
The downside is that plan participants must pay the insurers’ negotiated rate for sick visits, medicines, surgeries and other treatments up to a minimum deductible of $1,500 for individuals and $3,000 for families. Sometimes deductibles are much higher.
Let’s keep it civil.
I think the HSA is a big attraction for the GOP - tax advantaged encouragement to get more people investing more money in stocks. Practically, though it also means more people effectively self-insuring. My deductible is $6500, but I’m allowed to put $3500 into HSA, so 2 years’ HSA savings covers the deductible. Fine, for individuals that are reasonably healthy, but it reduces the pool of money that insurers have to pay benefits to people who do have claims.
Essentially incentivizing individuals to sabotage the system.
The maximum contribution for self-only coverage is $4,150. The maximum contribution for family coverage is $8,300. Those age 55 and older can make an additional $1,000 catch-up contribution.
Are you on a family plan or individual? $6500 seems high for an individual plan, but in either case, you aren’t limited to $3500.
Individual, ACA. $7000 annual premium, $6500 deductible, $6700 max out-of-pocket, so it really only covers catastrophic care. 2023 HSA limit is $3850, up from 3650 in 2022 because of inflation. Please excuse me for rounding - that $350 makes all the difference.
Yeah, that’s rough buddy.
I didn’t realize Max OOP limits were so high. I’d say it’s bullshit that HSA contribution limit isn’t tied to the max annual OOP.
My family OOP is lower than family contribution limit. Hadn’t realized that it could be any other way.