HSA vs PPO | Which Plan to Choose if You're Getting Out of Debt
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- čas přidán 16. 10. 2019
- High Deductible HSA vs PPO. It's open enrollment time, which means many of us are reviewing health insurance options. In this video I go over what the difference is between a High Deductible Plan with an HSA (Health Savings Account) and a PPO without one, as well as which scenarios it's best to choose one over the other, including when you're in the middle of getting out of debt. Remember to review all your options with an HR representative to be clear on your employer specific nuances.
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I would strongly encourage all of you to read your open enrollment information and do your research before electing your medical plan. An HSA is not a medical plan. It is a health savings account. PPOs and HMOs are medical plans. Typically, HSAs are used in conjunction with a PPO plan with a high deductible/high premium and the money you put into the HSA is used to pay for things associated with your medical plan, like co-pays, premiums, deductibles, and other types of medical expenses that aren't covered by the insurance. HSA money can also pay for things like glasses (if you don't have vision coverage or a vision plan that only covers a percentage of the cost), hearing aid batteries. Diabetic supplies and so on. You would file an HSA claim (or some companies will issue you a credit card and you pay that way) and would be reimbursed for those expenses. Typically you can fund an HSA without being enrolled in a medical plan, but if something catastrophic happens, you probably will not have enough money in your HSA to pay your medical bills. AND you don't have insurance to cover your medical treatment and care. That's why it's important to do your research and contact your benefits area if you have any questions.
Our HSA is a high deductible medical plan. My premium would be $62 every two weeks. The deductible is $2800 per person. This is also the out of pocket max. Once you meet it they pay 100%. Until you have met that-they pay nothing. Our employer is contributing $1750 per person to that HSA account. Last year we had PPO and it was $75 every two weeks. The deductible was $400 person and max out of pocket of $1000 per person. They pay 80% once deductible is met and 100% once the out of pocket is met.
Very well explained. I just got a HSA with a ppo
HSA is a medical plan, FYI. Once you meet the maximum deductible, the insurance company will start paying 100% of the expenses.
Thank you so much for talking about this topic. I found this extremely helpful. You've given us a framework from which to examine and evaluate better our particular situation and the choices we have.
Thank you for explaining this! 👍 Not many people explain HSAs/PPOs.
Wonderful video! You broke this down very well and now I feel confident enough to choose! Thank you!
Thank you Dana. This is so informative, I appreciate YOU making this kind of videos❤
The best video I’ve seen so far about this topic, thank you 🙏🏾
Wow, this is SO helpful! Thank you, Dana!
What an amazing video... Thank you for doing this. You cleared up so much for me. God bless you and your family.
You read my mind!!!! Ty, ty, ty. Everything I needed to know.
Thank you Dana. I never understood this before!
Thank you! I watched some other videos and became more confused. You clarified so well!
I have some credit card debt and have been wondering which plan is healthcare better while digging out of the debt. This video is exactly what I was looking for. Thanks!
This is a topic that has come up in our family because both of my daughters now have “real” jobs. I made a chart with the options. They both picked the HSA but they are almost never sick and aren’t at the having a baby stage. When they start thinking about having a family, they will be switching to a PPO. I’m with you, I love this stuff. It’s fun to plan. I calculated what they could spend out of pocket with the HSA before the PPO would have been a better option. I also warned them, if you do anything dangerous and hurt yourself your oop with be X. They need to know that with an HSA that trip to the emergency room could blow through your entire deductible and you’ll be paying it all. One of my daughters likes to go hunting, ride 4 wheelers and drive in demolition derbies. She’s full on country. Lol yet she’s an accountant working on her CPA.
thank goodness, I am retired I have medical coverage and prescription coverage for the rest of my life! good job trying to explain this!
thankyou for your explanation! this was so informational
I'm looking forward to the time when I have health insurance through work. I'm going to be working part time for the next few years, so it will be a while.
Thanks! Thank you for the information
Great advice! Thanks!
Incredibly helpful
Very good! Thank you so much! 😍
Perfect timing for this video! We have an HSA that my husband’s employer contributes 100% of our cost of medical coverage. This goes into an account at a Credit Union and we were just told it caps out at $4800. per year, with the remaining $$ going into another account. Is it possible to have more then one HSA account, and since the remaining money was pretax dollars how can that be used? Thanks!
Thank you so much for this video. It's open enrollment and i'm between both. What I do find enticing is that HSA which has the flex spending, this can also be used for dental which in my experience has been that I will need some services that end up being high. So in a sense, its fair to say HSA when included w/ all medical Flex Spending, it kind of acts like a pre paid credit card that can be used for any dental services?! So if I decided on $1200, $50 is deducted from paycheck every semi week. So undecided still hahaha. Thanks again!
We found out that the account set up for us for the HSA has monthly maintenance fees. Not sure if that's common, but that makes saving the money over time a little expensive.
I always get the PPO, you just never know when you have a health scare.
Great video. I feel with small kids that just get sick a lot or if you have a kid in sports and they might get hurt, HSA is never a good option.
If I choose a HSA and 10 years down the road I want to be on a PPO, can the money I save in the HSA be used to help with my portion of the coinsurance? Does the money continue growing?
Hi，Dana， Iam trying to do IVF next year， which one is better for me ？my husband is from Fedex，I just see HRA HSA AND FSA，not see PPO from enrollment guide to the 2021 benefits，thank you！
hi Dana how will the save money in HSA help ie can we get that money to use as cash or what can u pls explain
Does this apply to those with military health insurance such as Tricare?
What happens to that money in the HSA account if you leave said employer and you have thousands of dollars in the HSA account?
I am single and trying to decide on HSA plan vs ppo. My employer contributes$1350 and pays us $28 in our paycheck for HSA and $6000 deductible. The ppo plan cost me $72 for a 1500 deductible but get $500 back from Basic. I go to the doctor every other month and have 4 prescriptions. I am planning surgery on my back in the Spring. Any advice I would appreciate. Thank you.
I need help. For the past 5 years my husband and I have been on a HDHP plan with HSA(employer gives a monthly contribution of $50) we pay $156/month (deductible of 3,000/fam and 9,000/fam for out of pocket). Within these 5 years my husband had a kidney transplant and has medication that he’ll be on for life as well as regular Dr visits and specialist visits. Lately we’ve been thinking about having a child and whether or not we should switch to an PPO. The PPO would cost us $216 per month (2,400 deductible/fam and 12,400 out of pocket/fam)
Can you help me decide or what should I be focusing on. I’m so lost and scared of change but the PPO would be about$35 for copay at Dr so it sounds like it might be better bu
Here in Minnesota, insurance is PPO. We do both. We can only put 2000 in our HSA and we burn through that in 2 months. Totally worth it though! Any job we've had, you lose the HSA money after the year is up. Lol Dana!!!😆 You might be the only one who gets excited about this.. Reading the paperwork. 🤣
very cute Dana
always cute :) lovely hair too Dana
HSA and PPO isn't mutually exclusive. They describe completely different things.
I have a PPO that is a high deductible, HSA eligible plan. PPO describes the network of doctors and facilities (PPO vs HMO). A HSA is, like you said a savings account that only plans that are high deductible are eligible for (often co-insurance vs co-payment)
That was my thought exactly. We are offered a high-deductible PPO with an HSA, and also a regular PPO with an FSA. Uggh....insurance is so darn complicated, I wish it was simple and easier to manage!
@@sherri. it sure is complicated! I've seen it from all angles (worked for a major insurer, done billing/coding and have a chronic health condition) and still sometimes run into weird things occasionally. The rules get made up as we go and there's all kinds of weird exceptions to each one!
180,000 could be gone so quick with even just one real emergency
Ashley Cisper-Cox that’s true, but there’s an annual deductible. So, you only burn thru that amount in one given year. Like ours is $8,000, so after we spend 8k of our own money, everything else is covered 100%. It would take 22+ years to burn thru 180k in that situation. (Assuming no more money is ever added to the account.)
Good to remember that HSAs also have beneficiaries and can be passed down. Also Medicare expenses and long term care expenses can all be paid for from an HSA.
My medical bills was 100,000 total one year. Thank God we had insurance, but insurance didn’t pay 100,000 it discounted a lot with insurance and I’m still paying on a medical bill from that year.