My wife and I just welcomed our firstborn to our family, and it is time to update my insurance to include them both on my employer-provided plan. In the past I haven't given it much though, and always selected the plan with the lowest monthly costs since I rarely went to the doctor. Now that I'm getting older and have a family to support, I want to make sure I'm selecting the best option since we'll all be visiting the doctor more frequently.
My employer offers CDHP and PPO plans, and while I'm pretty sure the CDHP plan is the way to go (due to HSA, lower monthly cost, etc.), I get a little overwhelmed with the options and am looking for some feedback.
If you'd be willing to take a look and validate my decision, I'd really appreciate your feedback.
Here are the details provided by my employer for our family for each of the plans:
| Plan Feature | PPO | CDHP |
|---|---|---|
| Annual Deductible In Network | $700 | $3000 |
| Annual Deductible Out Network | $1600 | $6000 |
| Out of pocket In Network (Inc. Deductible) | $6000 | $6850 |
| Out of pocket Out Network (Inc. Deductible) | $12000 | $13700 |
| Coinsurance (% EE Pays) In Network | 15% | 15% |
| Coinsurance (% EE Pays) Out Network | 40% | 40% |
| Employer Contribution to HSA | $0 | $1500 |
| ER Copay | $250 | Coinsurance/Deductible |
| RX Retail Copay Plans (G / BF / BNF / S) | $10 / $30 / $60 / 20% | Coinsurance/Deductible |
| Premium Cost Sharing | $233 (11% Premium) | $173 (9% Premium) |
| Employee Cost Per Paycheck | $150.36 | $79.86 |
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