Ok, I haven’t done an HSA previously, but considering it for my family during this next open enrollment. What do I need to know about high deductible plans? How do y’all feel about the HSA - any downsides? I’m honestly a little worried about the higher OOP costs, but we’re also not significant users/consumers of healthcare, knock on wood. Anyone regret it and go back to a normal PPO/POS insurance?

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The downside is you get a bill from every doctor/nurse/lab tech/receptionist/janitor that you interact with at the clinic hospital and you are responsible for 100% instead of 20% or a copay. If you end up needing extensive services early in the year you may have to pay the full out of pocket costs early in the year. That said, you can usually get a no interest payment plan or discount for paying in full right away.

The upside is that the premiums are generally much lower, so much so that max out of pocket plus premiums might not be that much more than just premiums on the high premium plan. If you use your insurance a lot or a little they are generally the better option. In the middle is where it can go either way but run the numbers for yourself.

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If you fully fund and invest your HSA, the benefits are incredible (lots of great articles online about this). However it’s hard for most people to think about that when they have to pay out of pocket for nearly every expense. My partner strongly dislikes it but I love it, so it depends on your POV. I only think insurance should be for emergencies vs a way to prepay and level off expenses (**if you’re healthy).

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Thanks!! When I consider how infrequently we’re actually accessing healthcare (again, knock on wood) I’m not even sure the concern about OOP costs is founded... but having that sweet sweet tax free growth for expenses when retired is really appealing...

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Depends on level of care u need each year.

I ran the numbers and you pay so much more for the non hsa non hdhp plans that it’s not worth it.

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