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Medical coverage/expenses

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  • Dopey406 Dopey406's Avatar 08-31-12 | 01:47 PM
  • We have an HSA (Healthcare Savings Account) for our medical expenses. The deductible for our plan is $2,500 so we have to meet that before our insurance will cover anything. Then our insurance pays 80% and we pay 20%. We have an out-of-pocket maximum of $7,000/year and to most families, the thought of paying $7,000/year in medical expenses is ludicrous.

    BUT--most families aren't us.
    We LOVE our HSA. We almost always meet our deductible in February and our OOP max by September. I was looking online at our insurance stuff last week and saw that we hit our OOP max already this year. So that means that our insurance will cover all of our in-network medical expenses at 100% for the remainder of the year.

    And--just in time. DH is being referred for ulnar nerve surgery to be done after our vacation.
    He's losing muscle mass and function of his left hand so if we don't do it, he risks paralysis of that hand.
    Sarah is being fitted for night braces to help with her heel cord conctractures. And I'm headed back to the chiropractor for my back which is seriously messed up after I subluxed it in July.
    We're a mess around here!

    BUT--since we cash-flow some of our medical expenses and don't USE the HSA for a lot of that, we're able to use it as a sideline investment and gain some interest.

    I was VERY leary of switching to the high-deductible plan in the beginning when we did it a couple of years ago but now I really like it and it has worked out for us so well.

    What kind of plan do you have? What are the pros and cons?

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