Please, please realize how much this varies by state (or as said, county or region, in bigger states.) How your state regulates insurance is potent. Or, as seems to be the case in some areas, how they don’t. There are few blanket statements that apply equally, everywhere. And things like family size/ages can affect. And income, if via ACA.
Some should continue complaining to their state regulatory agencies.
Our price for Blue Shield purchased in individual market is 1750 a month for three of us with the bronze with a $6500 dollar deductible. They also basically don’t pay for anything till you meet your out of pocket max. We have only one insurer offered in our market. To get a silver plan it would be $3000 more in premium for the year. I told my agent we will stick with the bronze but I’m reconsidering as I might need to have surgery for a torn Meniscus.
Can someone explain how a plan with a high deductible isn’t hsa eligible. The deductible applies to meds also.
I’ll mention this just in case you didn’t know, but each member of a family can choose their own plan.
H & I always choose different plans bc I avoid the MD and he likes to go much more frequently than I.
In addition, he might need shoulder surgery so we are trying to be strategic about which plan he chooses for 2019
So the people who designed the ACA hated consumer driven plans. HSA eligible plans are structured different so that you pay more sooner than under a traditional plan. There are basically no benefits, except some preventive things like annual physicals, until you hit your deductible. The ACA deductibles where not supposed to be this high. But the insurers couldn’t make the numbers work without high deductibles. The government never went back and “fixed” the HSA laws to expand the HSA applicability. It’s completely ridiculous that we can’t apply an HSA to these stupid high deductible plans. But that’s government for ya.
@caymusjordan We are also self employed and may be finding some relief for next year. This year our premium is $1100/month for three of us with a $6700/$13,400 family deductible. Next year the same plan rose to $1350/month - however - due to being able to buy through an association plan our same plan through an association we can join (Builders Association in out case, but our local chamber of commerce also offers this now) the cost is less than $1000.
Re: #22 and #24
It is incorrect that there are no ACA exchange plans with HSA. For example, in ZIP code 94107, there are four bronze with HSA plans from three different companies, according to https://www.coveredca.com/ .
However, there may not be any in your area if the insurance companies offering ACA exchange plans in your area choose not to offer any.
Some ACA plans are HSA-eligible. I know this because I have one. But insurers don’t have to make their high deductible plans HSA eligible, even though many consumers would prefer that option.
He bought a silver Plan last year from the ONLY vendor in his area. There is nothing cheaper this year at all.
Sorry…I dont understand why his subsidy is 1/2 or so what it was last year. The premiums for the policy are about the same. The subsidy change is what is making his monthly cost more. No income change.
@Midwest67 thank you. I didn’t know we could do that. I actually just received an email from my insurance agent suggesting separating me from H and D.
I had an HSA eligible plan when I lived in Ct that we got on the exchange. In Va, the only HSA eligible plans have ridiculous premiums, but my plan has a high deductible that has to be met for everything but preventive care and still isn’t eligible. Can’t wait for Medicare.
Right. But Congress could make all high deductible plans eligible. But pigs may fly first. That they allowed these crazy high deductibles without providing a way to save and pay them is one of the greatest travesties of the ACA.
HSA max deductibles were higher pre-ACA.
And, “You can only get an HSA if you’re enrolled in an HDHP. For 2018 and 2019, the plan must have at least a deductible of $1,350 a year for one person and $2,700 for a family.” WebMD but repeated in many sources.
So is this another states issue? Not ACA alone? ACA lowered the max deductible.
That is generally correct. The idea was that the masses would be in the same pool (to better average premiums), not that the very healthy would opt into a high deductible plan, lower benefit plan.
And there’s the rub. If a high deductible plan wants to be a little more generous and pays out anything other than preventive services before a deductible, such an Rx, specialist, x-ray, then it will not quality for an HSA (per IRS, not ACA).
I am from NJ. I began to have medicare this month. Had I stayed with ACA, my next year’s premium will be around $60 cheaper than my last month’s payment. I received no subsidy and had a silver plan.
New Jersey took steps to lower insurance premiums. They put in a good state reinsurance program, and also a state-level individual mandate.
My last ACA policy was the first one that was ever eligible for an HSA, and I was only going to be on this policy for 4 months (turned 65 this year) so I partially funded the HSA. While I was on the Blue Cross Blue Shield policy there was no fee for the HSA, but now that I am on Medicare I am charged $3.95 each month for the HSA. Only have about $500 remaining and I am spending it as fast as possible (bought some eyeglasses) but it is really annoying to get charged $3.95 each month.
@threebeans would you feel comfortable PMing me more info? My DH is also self employed, we’ve been generally happy with our non ACA plan for the past few years, but it is probably time to price shop around again. He does know some folks at our local Builders’ Assoc. How did you find out that your plan would be cheaper through them? Thanks!
And all…for a self employed/self insured family is it worth it to check costs for college students using the college insurance? I never thought of that. We will have two children in college for the next two years. Thanks!
That’s outrageous. There are some much lower costs HSA vendors out there. Fidelity just announced they they have just started a program, which I am in process of transferring to. But with such a small balance, may not be worth the effort to change vendors.
fwiw: you can use the HSA dollars to pay Medicare premiums, if that helps spend it down.
We are not self employed…but we were paying for an individual plan for DD because her school didn’t offer health insurance for the last three years. We did a very happy dance when the school reinstated health insurance for this academic year. It’s not a lot less costly…but the coverage is better. But most of all…she will have continuous coverage until she graduates without the headache of dealing with the open enrollment period and the doubt about vendors, costs, coverage, etc.