14 Responses to “Why I’m Completely Changing My Health Insurance in 2015”

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  1. Health insurance is a subject that most people don’t want to discuss. It is so important for individuals to take the time and find out what they need and change to a better insurance that suits their lifestyle. As you age, you need to upgrade.

    • Travis says:

      Health insurance is such a complicated thing….while my employer attempts to put together information regarding the plans and ways to determine the best choice for an individual or their family – it is a bit lacking. There needs to be fundamental health care education in our schools. You’re absolutely right though…as you move through life, your needs will likely change. Health care needs to be reevaluated yearly to ensure you’re making the right choice!

  2. If it includes getting access to an HSA than I think you made the right decision Travis. 🙂 There are just too many advantages to it not to take it as an option. As we’re self-employed we really don’t have a good “cheaper” option and just go with what makes the most sense for us. Interestingly enough, that likely means not having insurance here in the near future.

    • Travis says:

      Yup, it does include access to an HSA. The only thing I’m a little hesitant about is the cost of prescription drugs. If someone were to get ill, the office visits will cost us for sure, but I don’t think it’s going to be anywhere near how much the medication could cost. Thanks for sharing!

  3. When we lived in the US we had high deductible plans and an HSA. I look at an HSA exactly like I look at an IRA. I’ve never taken money out of the HSA to pay medical expenses. Why would I use money that’s set to grow tax-deferred to pay expenses when I have cash that’s earning taxable income (theoretically) to pay those expenses? So to me the HSA just extends my capacity to save tax-deferred.

    • Travis says:

      I read a lot about people that do that – which is certainly a good use for an HSA – if you can afford to do both. In the purest form, using HSA funds actually reduces the cost of medical care by being able to pay for them with money that has not been taxed. I plan to use mine as “mixed purpose” fund. if I have the funds, I’ll pay cash out of pocket. If it would be better for me financially I will use HSA funds. I suspect even using it in that manner my HSA balance will grow over time. 🙂 Thanks for sharing, Kurt!

  4. We are switching to a healthcare sharing ministry starting January 1st, but we always had a high deductible plan until now. I didn’t mind the higher deductible because, like you, we could use an HSA. We are also relatively healthy so it made sense for us. It sounds like you made the right decision! Now you can start saving in your HSA! =)

    • Travis says:

      That’s the plan Holly! We’re going to use this year as an experiment of sorts and see if it works out for us. If so, we’ll continue with this approach. If not, we’ll revert back to the low deductible plan – but I have a feeling this is going to be a good move. Thanks for reading!

  5. Debt Hater says:

    I went through this decision last year, but since I’m the only one on my plan my break even point ended up being a lot lower. I think just having to go to the doctor 3 times and the PPO would end up being better value than the high deductible plan + HSA . My company had also removed the HSA matching and the fees by the provider were very high! I ended up going to the doctor twice, both times just for antibiotics so I pretty much broke even. This year I’m just renewing in my standard plan as they still have not reinstated the HSA matching/contribution.

    It looks like your insurance offers a much more attractive option here though, and the savings as you cover more people only increase. If someone does get sick, you can pull the money out of your HSA or just let it grow and use your own money out of pocket.

    • Travis says:

      Your information is a good example that everyone needs to evaluate their own personal situation and what is offered by their employer or plan they are considering – and it should be re-evaluated each and every year. Thanks for sharing, Debt Hater!

  6. Michelle says:

    I have heard so many horror stories with the new health care initiative. As I was sitting in an urgent care clinic over the weekend, I couldn’t believe how many people had so many questions.

    • Travis says:

      No kidding, Michelle….in my state (Minnesota), the agency that deals with our state exchange is facing budget cuts, so they’re actually cutting resources (people) to help with upkeep of the website, and customer support. That doesn’t sound like a good idea at all…..

  7. Bryan Logan says:

    Are you sure you even have an individual deductible anymore? If you’re on a family plan, then you have only the family deductible and no individual deductible.

    • Travis says:

      That’s a good point…I may have to revisit. The plan info says individual/family – but maybe the deductible for “individual” applies only when you are singularly on the plan. Thanks for the tip…..I’ll look into it!

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