KnockKnock
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I recently recommended Aetna over BCBS to a coworker, and it just came up in chat, so I thought I'd share my opinion in case anyone else finds it helpful.
Aetna HDHP
Self: deductible $1500, out of pocket max $4000, HSA $62.50, cost/pp $70.09, actual annual cost $1072.34
S+1: deductible $3000, out of pocket max $6850, HSA $125, cost/pp $151.57, actual annual cost $2440.82
Family: deductible $3000, out of pocket max $6850, HSA $125, cost/pp $154.60, actual annual cost $2519.60
*After the deductible, you pay 10%
Having an HDHP qualifies you for an HSA, and the listed amounts are automatically deposited monthly. So while you're paying your premiums every pp, they're essentially reallocating some of your money into the HSA for you, so it's not really a cost.
BCBS Standard
Self: deductible $350, out of pocket max $5,000, cost/pp $113.16, actual annual cost $2942.16
S+1: deductible $700, out of pocket max $10,000, cost/pp $257.81, actual annual cost $6703.06
S+1: deductible $700, out of pocket max $10,000, cost/pp $271.95, actual annual cost $7070.70
*After the deductible you pay 15%
As you can see, BCBS is substantially more expensive as far as premiums are concerned. The "catch" with an HDHP is that you pay all of the costs you incur up to your deductible before insurance contributes. However, there are still things that are covered in full without having to pay towards your deductible like regular physicals, eye exams, dental cleanings (more on this later), and other preventative care things.
Examples: My wife and I just had our daughter, and throughout the pregnancy she received several ultrasounds. The insurance negotiated rate for an ultrasound was $450 and we had not yet met our deductible, so each time I paid $450. If I had BCBS they would've been covered in full.
For my wife's delivery the hospital billed us the insurance negotiated rate of $11,000. We had already made several payments to contribute towards our deductible, so we didn't pay this full cost, but had we not yet paid anything, this would've cost us $3,800. $3,000 to hit the deductible, then we only pay 10% of all charges after that. If we had BCBS it would've been covered in full.
Doing some math: on a family plan, if I pay 2519.60 in premiums, $3800 for a baby delivery, and $135 for 3 (90% off) ultrasounds = 6454. Still $600 less than the premiums for BCBS. Obviously, if you don't go to the doctor much you'll be saving much more.
On a family HDHP plan, I would have to be billed $18,515 in medical charges each year to end up paying the premiums of BCBS.
NEXT LEVEL: Because you're paying hospitals directly, you can ask for "Paid in Full" discounts when you pay your bill. Our hospital does 37% off on bills over $500, I pay with my rewards credit card, and then get reimbursed by the HSA.
An HSA is a tax-advantaged account, so after you max your TSP you can put another $6900 in the HSA tax free.
Aetna HDHP has solid dental and vision benefits included, so you could consider cancelling your separate dental and vision insurance.
Please review the Plan Brochures and do research into which plan is best for you before switching and blaming me for any problems you encounter.
Aetna HDHP
Self: deductible $1500, out of pocket max $4000, HSA $62.50, cost/pp $70.09, actual annual cost $1072.34
S+1: deductible $3000, out of pocket max $6850, HSA $125, cost/pp $151.57, actual annual cost $2440.82
Family: deductible $3000, out of pocket max $6850, HSA $125, cost/pp $154.60, actual annual cost $2519.60
*After the deductible, you pay 10%
Having an HDHP qualifies you for an HSA, and the listed amounts are automatically deposited monthly. So while you're paying your premiums every pp, they're essentially reallocating some of your money into the HSA for you, so it's not really a cost.
BCBS Standard
Self: deductible $350, out of pocket max $5,000, cost/pp $113.16, actual annual cost $2942.16
S+1: deductible $700, out of pocket max $10,000, cost/pp $257.81, actual annual cost $6703.06
S+1: deductible $700, out of pocket max $10,000, cost/pp $271.95, actual annual cost $7070.70
*After the deductible you pay 15%
As you can see, BCBS is substantially more expensive as far as premiums are concerned. The "catch" with an HDHP is that you pay all of the costs you incur up to your deductible before insurance contributes. However, there are still things that are covered in full without having to pay towards your deductible like regular physicals, eye exams, dental cleanings (more on this later), and other preventative care things.
Examples: My wife and I just had our daughter, and throughout the pregnancy she received several ultrasounds. The insurance negotiated rate for an ultrasound was $450 and we had not yet met our deductible, so each time I paid $450. If I had BCBS they would've been covered in full.
For my wife's delivery the hospital billed us the insurance negotiated rate of $11,000. We had already made several payments to contribute towards our deductible, so we didn't pay this full cost, but had we not yet paid anything, this would've cost us $3,800. $3,000 to hit the deductible, then we only pay 10% of all charges after that. If we had BCBS it would've been covered in full.
Doing some math: on a family plan, if I pay 2519.60 in premiums, $3800 for a baby delivery, and $135 for 3 (90% off) ultrasounds = 6454. Still $600 less than the premiums for BCBS. Obviously, if you don't go to the doctor much you'll be saving much more.
On a family HDHP plan, I would have to be billed $18,515 in medical charges each year to end up paying the premiums of BCBS.
NEXT LEVEL: Because you're paying hospitals directly, you can ask for "Paid in Full" discounts when you pay your bill. Our hospital does 37% off on bills over $500, I pay with my rewards credit card, and then get reimbursed by the HSA.
An HSA is a tax-advantaged account, so after you max your TSP you can put another $6900 in the HSA tax free.
Aetna HDHP has solid dental and vision benefits included, so you could consider cancelling your separate dental and vision insurance.
Please review the Plan Brochures and do research into which plan is best for you before switching and blaming me for any problems you encounter.
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