Aetna HSA vs POS for couple expecting a baby
My wife is pregnant and we have a baby coming in 5-6 months. What insurance plan is best ? I have never had an HSA account. The monthly premium for Aetna HSA comes to $150 a month and POS is $250 a month. HSA has a deductible of $4000 for family and POS is $2000. Both of them cover 90% of maternity and hospital charges. Any advice? I’m confused here. How do i decide? Tc: 180K
Often companies will contribute a certain amount to the HSA account if you go with the high deductible plan. Are you getting any $ credit? Factor that in as well. I prefer HSAs since you can save money for medical bills pre tax. But since your medical needs are coming up in a few months, the other option might be better for this year if the max out of pocket are similar
Yeah. I was wondering if i will have enough time to fund the HSA in the next 4-5 months
Amazing! Thanks for sharing your process. I guess I’ll get to making a spreadsheet too.
Op, Take the HSA plan, but why is the enrollment open now ? Do you qualify for the enrollment? New employer or change in employment ? Etc. Why HSA? The difference in premium and the tax saving on HSa contribution wouldcomeout better financially with HSa than going with othwr plan(even though the deductible is only 2k) Btw, one can use the hsa fund for the deductible payments, which is pre-tax when compared to other plans where the deductibles are paid after tax. If you want to maximize the potential of hsa fund, then one could grow the hsa fund and unvest just like 401k and could earn the returns tax-free and fund the medical needs when retiring. Pro-tip: take the hospital indemnity insurnace if your employer provides. This would reimburse the medical expenses for the hospital services during the delivery of the baby. And some plans like voya Hospital Indemnity would pay even for the annual physical @75 per person covered per plan enrolled. (Vmware offers this voya plan(3 types) and I have received the 225 per person for annual physicals and the premium is literally paid back in the form of reimbursement)
Thanks a lot for the detailed response! HSA does seem like the financially smart thing to do. But do you think i have enough time to fund an HSA? I’m starting at 0
You could always fund hsa in equal amounts in a yr, with 8 more months left you need to divide ~7k amount from 16 paychecks
With a pregnant wife and a soon to be newborn, a POS will save you money, even with a higher premium.
What is POS? Wouldn’t recommend HSA for situations where you actually plan on using your health insurance
POS: An affordable plan with out-of-network coverage Like an HMO, a Point of Service (POS) plan may require you to get a referral from your PCP to see a specialist. For slightly higher premiums than an HMO, this plan does cover out-of-network doctors. But you’ll pay more. This is an important difference if you are managing a condition and one or more of your doctors are not in the network.