Our switch to a High Deductible Health Plan occurred on January 1. Our annual premium has gone from $8,946 to $2,783, a reduction of $6,164. The company seeded our HSA with $1,500 and we are contributing $258.33 pretax per paycheck to fully fund the HSA to the $7,750 maximum. Under this new plan we can also earn up to $50 if we both complete a health survey (done) and $40/month by participating in the fitness reimbursement program – which we will do, of course!
Our annual max out-of-pocket spending for the family is $7,000, so it’s pretty much a sure thing that we will save money on this new plan. Last year our total cost was just shy of $11,000 – but that number was inflated because we jammed as much as we could (doctor visits and prescriptions) into the last couple of months of the year. This year, the most it should be is around $7,753 (assuming we maximize the benefits mentioned earlier). My goal will be to keep it under $5,000, however I know that even one emergency would change that. So, I won’t keep my hopes too high.
I’m just thankful that the new plan is a good one (actually, better than our last one) and pray that we all stay healthy.