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That would be bad. The problem though is even those are getting so expensive. Mine went up 59% for next year, assuming I even decide to keep insurance. And it's pretty much the cheapest possible bronze plan in my area. Looking at other options now. There is no affordable in the A of ACA. At least if you have to pay your own. Since I have to, pretty soon will be priced out of the market totally. Which is the opposite of the goal of the ACA. I may already be priced out.
Right - I can't find a HSA eligible plan in our area at all, in spite of
paying very high deductibles. GRRRR!
What's crazy is that the IRS did not coordinate with Obamacare 2016 regulations so that the max out-of-pocket limit for an Obamacare policy, matches the maximum out-of-pocket limit for an HSA.
The 2016 limit for an HSA was raised to $6550 for an individual (IRS Pub 969). However the limit for an Obamacare Bronze policy has been raised to $6850 (or something close to that). Therefore, a lot of Bronze plans are not eligible to use with an HSA.
When choosing a plan, if you want an HSA, be sure to check the plan details. You will see a line item telling you if it is eligible for an HSA. There's one or two on HealthCare.gov for Nevada that look like they should be eligible, yet the plan details state they are not.
I wonder if there was some collusion between the IRS and insurance companies to ensure those using an HSA could not continue to do so if they changed to a cheaper plan in 2016 (plan using the new Obamacare max out-of-pocket)... or maybe Donald Trump is right... there are a lot of really stupid people running the store in DC.
What's crazy is that the IRS did not coordinate with Obamacare 2016 regulations so that the max out-of-pocket limit for an Obamacare policy, matches the maximum out-of-pocket limit for an HSA.
The 2016 limit for an HSA was raised to $6550 for an individual (IRS Pub 969). However the limit for an Obamacare Bronze policy has been raised to $6850 (or something close to that). Therefore, a lot of Bronze plans are not eligible to use with an HSA.
When choosing a plan, if you want an HSA, be sure to check the plan details. You will see a line item telling you if it is eligible for an HSA. There's one or two on HealthCare.gov for Nevada that look like they should be eligible, yet the plan details state they are not.
I wonder if there was some collusion between the IRS and insurance companies to ensure those using an HSA could not continue to do so if they changed to a cheaper plan in 2016 (plan using the new Obamacare max out-of-pocket)... or maybe Donald Trump is right... there are a lot of really stupid people running the store in DC.
Right - I can't find a HSA eligible plan in our area at all, in spite of paying very high deductibles. GRRRR!
First of all let me say, I know very little about insurance. I've been on here reading to learn more so that I won't make a huge mistake in choosing insurance now that the PPO's are no longer available. I've never had an HMO and said I never would. Now, however, it looks like PPO's won't be an option.
KA, I live in East Texas too, a good ways east of you but probably pulling up similar options to yours. I did a compare of three plans and saw HSA eligible on one of them and thought to myself...WTH is that . It may not be an option for your area, but it wouldn't hurt to check: Blue Advantage Bronze HMO 006. Again, I don't know much about ins, so that may just be the worst option out there . None of the other criteria fits your wishes, but that is the only one I saw with HSA elegibility.
If you find a PPO, be sure and post. Good luck with your search.
First of all let me say, I know very little about insurance. I've been on here reading to learn more so that I won't make a huge mistake in choosing insurance now that the PPO's are no longer available. I've never had an HMO and said I never would. Now, however, it looks like PPO's won't be an option.
KA, I live in East Texas too, a good ways east of you but probably pulling up similar options to yours. I did a compare of three plans and saw HSA eligible on one of them and thought to myself...WTH is that . It may not be an option for your area, but it wouldn't hurt to check: Blue Advantage Bronze HMO 006. Again, I don't know much about ins, so that may just be the worst option out there . None of the other criteria fits your wishes, but that is the only one I saw with HSA elegibility.
If you find a PPO, be sure and post. Good luck with your search.
Thank you very much!
So far, no PPOs seem to be available with BCBS - or ANY carrier - in our area. We REALLY need a PPO because of my husband's travel out of state literally half the year. A HMO, even with a HSA, doesn't do us much good when zero of the "out of network" stuff isn't covered, and my husband is "out of network" two weeks out of every month.
Another poster here works for an insurance company and apparently he/she couldn't find any PPOs in our area either. He/She posted some info claiming that Cigna would "operate like a PPO" because it has a network available in so many areas - but actually it doesn't. It only listed eleven states and none of those states were states my husband works in regularly. Oh, and the premiums were over $600 more per month than what we're paying now.
This situation is ridiculously complex and limiting, especially considering that we're paying $1137 a month for what is basically only catastrophic coverage.
We're meeting with our insurance broker in a few weeks and I'll be sure to let the forum know what options we find then.
I'm now living in Texas also and do not have the PPO option.
My wife is expecting in April next year so I'm looking for a plan that would cover most of the baby delivery ,pre and postnatal care charges. Is a low deductible plan/ high monthly premium the better way to go?
I was aslo told to look at the HSA compatible plans, instead of a low deductible plan. Use the HSA funds to cover medical costs which would be cheaper than paying the high monthly premiums. I havn't done the math on this not, sure how to do it
I was aslo told to look at the HSA compatible plans, instead of a low deductible plan. Use the HSA funds to cover medical costs which would be cheaper than paying the high monthly premiums. I havn't done the math on this not, sure how to do it
You do the math by adding together premium paid, gross medical expenses, from which you deduct 15-25% tax savings on HSA deposits. Compare that to premium paid for regular PPO and medical expenses which you can't deduct either because you don't itemize or, if you do itemize, the deductible expenses don't exceed 10% of your AGI. Keep in mind, any monies remaining in the HSA can be carried forward indefinitely. HSA's are another valuable tax-deferred savings vehicle similar to an IRA. Also, some administrators allow investments in mutual funds should your balance get to that point. My personal opinion is deductibles/copays on your policy should not be invested but kept liquid, the excess invested. It may take a few years to get to that point.
HSA compatible plans do not have significantly lower premiums - at least not those I've found. The advantage is instead of meeting the deductible and not being able to deduct the expense either b/c you don't itemize or b/c of the 10% limitation, HSA deposits are deducted from taxable income thereby immediately reducing your tax liability, so indirectly you are getting first dollar tax deductibility of medical expenses paid from that account whether or not you itemize or spend the money.
I'm now living in Texas also and do not have the PPO option.
My wife is expecting in April next year so I'm looking for a plan that would cover most of the baby delivery ,pre and postnatal care charges. Is a low deductible plan/ high monthly premium the better way to go?
I was aslo told to look at the HSA compatible plans, instead of a low deductible plan. Use the HSA funds to cover medical costs which would be cheaper than paying the high monthly premiums. I havn't done the math on this not, sure how to do it
Well, for starters you better be sure that your plan is HSA compatible - it should be in the plan details. Don't assume that just because you have a high deductible, you can take advantage of a HSA. We have a $5000 deductible EACH as well as very high premiums, and yet our plan in Texas doesn't qualify for a HSA.
In the case of a new baby on the way (congrats!) I would go for a lower deductible and higher premium in order to control potential costs. You never know what sort of complications may arise between now and April, even in a pretty healthy pregnancy. Late pregnancy and delivery and all the tests that are "standard" now can really cost a lot of money.
What's crazy is that the IRS did not coordinate with Obamacare 2016 regulations so that the max out-of-pocket limit for an Obamacare policy, matches the maximum out-of-pocket limit for an HSA.
The 2016 limit for an HSA was raised to $6550 for an individual (IRS Pub 969). However the limit for an Obamacare Bronze policy has been raised to $6850 (or something close to that). Therefore, a lot of Bronze plans are not eligible to use with an HSA.
When choosing a plan, if you want an HSA, be sure to check the plan details. You will see a line item telling you if it is eligible for an HSA. There's one or two on HealthCare.gov for Nevada that look like they should be eligible, yet the plan details state they are not.
I wonder if there was some collusion between the IRS and insurance companies to ensure those using an HSA could not continue to do so if they changed to a cheaper plan in 2016 (plan using the new Obamacare max out-of-pocket)... or maybe Donald Trump is right... there are a lot of really stupid people running the store in DC.
So. The HSA limit has NEVER been tied to the out of pocket limits, not to mention the HSA plans have been around far longer than the ACA. The FAMILY limit on the HSA is $6650 for 2016, the INDIVIDUAL limit is $3350 so the assumed $6850 is irrelevant to either of those.
Most of the things that preclude HSA compatibility has to do with "free" things insurance company likes you to think are beneficial. For example some plans give 2 primary doctor visits a year. Well that automatically knocks out HSA compatibility.
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. It may not be an option for your area, but it wouldn't hurt to check: Blue Advantage Bronze HMO 006. Again, I don't know much about ins, so that may just be the worst option out there 
. None of the other criteria fits your wishes, but that is the only one I saw with HSA elegibility.
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