I’m looking at the small group (2-50 employees) product grid (menu) from just one of our health insurers. Plans are ranked the from most expensive – a Platinum Co-Pay plan with a $250 deductible – to the least expensive – a Bronze HSA plan with a $6,700 deductible.
In between are literally dozens of choices with varying deductibles, coinsurance, co-pays, out of pocket maximums, prescription drug plans and, networks (HMO, PPO, etc.).
What coverage you’re likely to buy as a young invincible is entirely different than if you are a little older with a chronic or severe health condition.
For a 50 year old, the monthly premium for that Platinum plan is over $900 but only $525 for the Bronze; for a 29 year old, about $550 and $310 respectively.
Here’s the rub.
Don’t we buy insurance for the unexpected? What if your health suddenly changes and your newly diagnosed condition would best be treated at an out of state center of excellence. Will your plan allow that?
An HSA plan with 100% coverage after a moderate $2,700 deductible and the broadest possible national provider (PPO) network would cost our 50 year old $690/month.
Without a crystal ball, it seems like a good compromise.
