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Old 12-20-2013, 11:02 AM
 
34 posts, read 63,714 times
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Quote:
Originally Posted by cowherjaw View Post
Well, now you know how you are going to spend your raise. The second one still sounds better, but only you know what is right for you. Health insurance benefits are never going to be stagnant nor particularly predictable, and they are only going to get worse for employees. Personally, I still think your future is brighter with the new company given the way you've described the scenarios.
How would an HSA work for someone with low wages? I'm not sure I could contribute, pay all doctor costs and meds. Seems like it's becoming more of a headache than anything, which is also a health issue I have. I'm a long time sufferer of migraines...
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Old 12-20-2013, 12:07 PM
 
Location: C-U metro
1,366 posts, read 2,737,076 times
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Typically, if employees chose to have an HSA backed insurance plan, the employer puts in a given amount of money into the plan. The plans I had, the employers pay out between $500 to $1000 into the savings account. To get the $1000, for that plan, you had to get an annual physical with your doctor that was entirely paid for by the insurance and participate in quarterly computer based health training. Not bad considering it didn't cost a cent to get the money and the employer paid nearly all of the premium for the plan.

Also, your pain meds, if you buy generic, may be of the $4-7 variety. That will keep expenses down. You still get a discount for being in the insurance plan.

I want to elaborate on this. Typically, on medical services or procedures, you'll get a discount arranged by the insurance company and THEN the payment from the insurance company. On the HSA, you'll get the discounts but you will have no payment from the company. That is your payment. The discounts are a usually more than the payment from the insurance so you still get significant savings over what the "sticker" price is for a treatment or service. This means you will hit the maximum out of pocket faster if you need a lot of medical care and everything above that will, or is supposed to, be covered by the insurer. If you are in-network for your doctor, if your employer kicks money into the savings plan, you may not have to pay all that much. BTW, the discounts are usually huge on lab work so you may not see much of an increase in those costs.

There are also maximum out of pockets on HSAs that typically cover everything above that amount. Check the plan and see what your employer will use to incentivize you to go on the plan. It may be a better deal than traditional plans. With the savings on the plan premium, you could put the difference into the HSA.

Last edited by flyingcat2k; 12-20-2013 at 12:21 PM.. Reason: Discounts
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Old 12-20-2013, 01:09 PM
 
34 posts, read 63,714 times
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Quote:
Originally Posted by flyingcat2k View Post
Typically, if employees chose to have an HSA backed insurance plan, the employer puts in a given amount of money into the plan. The plans I had, the employers pay out between $500 to $1000 into the savings account. To get the $1000, for that plan, you had to get an annual physical with your doctor that was entirely paid for by the insurance and participate in quarterly computer based health training. Not bad considering it didn't cost a cent to get the money and the employer paid nearly all of the premium for the plan.

Also, your pain meds, if you buy generic, may be of the $4-7 variety. That will keep expenses down. You still get a discount for being in the insurance plan.

I want to elaborate on this. Typically, on medical services or procedures, you'll get a discount arranged by the insurance company and THEN the payment from the insurance company. On the HSA, you'll get the discounts but you will have no payment from the company. That is your payment. The discounts are a usually more than the payment from the insurance so you still get significant savings over what the "sticker" price is for a treatment or service. This means you will hit the maximum out of pocket faster if you need a lot of medical care and everything above that will, or is supposed to, be covered by the insurer. If you are in-network for your doctor, if your employer kicks money into the savings plan, you may not have to pay all that much. BTW, the discounts are usually huge on lab work so you may not see much of an increase in those costs.

There are also maximum out of pockets on HSAs that typically cover everything above that amount. Check the plan and see what your employer will use to incentivize you to go on the plan. It may be a better deal than traditional plans. With the savings on the plan premium, you could put the difference into the HSA.
Thanks for your response! So, in your opinion, do I even need to bother with the HSA? I see a rheumatologist 3-4 times per year (including lab work) and I take 4 meds daily for RA meaning I would need to get meds monthly. I called the pharmacy and it looks like only one of my meds is cheap ($11.99) while the other three are in the $30+ range.
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Old 12-20-2013, 01:29 PM
 
2,633 posts, read 5,525,164 times
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Yes. Do the HSA. You would make a minimal contribution, and your employer will add funds as well. The HSA contributions are pre-tax as well, so it's not as bad as it seems. In fact, the difference between the two is likely still in job 2's favor.
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Old 12-20-2013, 02:36 PM
 
Location: The Valley of the Sun
1,481 posts, read 2,266,706 times
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Quote:
Originally Posted by nolegirl82 View Post
I like the job, co workers, benefits, etc,
I understand your dilemma but just keep in mind how valuable the second of these three really is. Your boss at this new company could be a total fargin iceho and make you life miserable on a daily basis.
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Old 12-20-2013, 02:49 PM
 
Location: SLC, UT
1,571 posts, read 2,291,922 times
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OP: Insurance is a huge factor, but ultimately, the second job sounds like a much better deal for you. You'll earn more, work less, and there's room for advancement. That's a major thing. With a degree and experience, you will be able to work your way up the ladder. With your current job, you'll be stuck in a fairly low-level position, which means long term, you'll end up earning less.

Also, don't assume that your current job won't change their benefits package. They could decide to change insurance companies at any time, and you would then be left at the job with lower pay, more hours, less vacation days, and just as high an insurance deductible.
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Old 12-20-2013, 02:56 PM
 
15,394 posts, read 17,675,917 times
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When you go to the MD, give them your new insurance card and have them submit the bill to insurance, even though you didn't meet the deductible. For 2 reasons

1) you will only have to pay the prenegotiated rate if your doctor is 'in network'. This rate is often 1/3 the price versus if you didn't submit to insurance. Maybe the MD visit is normally $115...but prenegotiated rate might be $64.

2) Preventative visits insurance covers 100 percent even if you didn't meet deductible. I am not sure what visits fall under preventative, but it's something for you to keep in mind.

Don't tell the new employer about your RA if you call or email asking questions about the insurance. Just keep your RA and related MD visits/costs to yourself.

Don't stress over this. Your new pay rate is covering the higher deductible...so you are in the exact financial situation as in your old job. However, you will have massive opportunity for advancement. You will likely be getting a pay increase within the next 12 months and probably a promotion within 2 years with another pay increase related to the promotion.
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Old 12-20-2013, 05:32 PM
 
34 posts, read 63,714 times
Reputation: 10
Quote:
Originally Posted by sware2cod View Post
When you go to the MD, give them your new insurance card and have them submit the bill to insurance, even though you didn't meet the deductible. For 2 reasons

1) you will only have to pay the prenegotiated rate if your doctor is 'in network'. This rate is often 1/3 the price versus if you didn't submit to insurance. Maybe the MD visit is normally $115...but prenegotiated rate might be $64.

2) Preventative visits insurance covers 100 percent even if you didn't meet deductible. I am not sure what visits fall under preventative, but it's something for you to keep in mind.

Don't tell the new employer about your RA if you call or email asking questions about the insurance. Just keep your RA and related MD visits/costs to yourself.

Don't stress over this. Your new pay rate is covering the higher deductible...so you are in the exact financial situation as in your old job. However, you will have massive opportunity for advancement. You will likely be getting a pay increase within the next 12 months and probably a promotion within 2 years with another pay increase related to the promotion.
Thanks for this! I didn't think of it this way. However, I did call employee services and mentioned the rheumatologist only because I didn't see it in the list of specialist doctors online. So I was concerned if rheumatology would be covered at all whether before or after the deductible. Oh no....did I mess up by inquiring about it?
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Old 12-20-2013, 06:02 PM
 
15,394 posts, read 17,675,917 times
Reputation: 13535
Quote:
Originally Posted by nolegirl82 View Post
Thanks for this! I didn't think of it this way. However, I did call employee services and mentioned the rheumatologist only because I didn't see it in the list of specialist doctors online. So I was concerned if rheumatology would be covered at all whether before or after the deductible. Oh no....did I mess up by inquiring about it?
Sometimes companies don't want to hire people that will drive up the cost of their health insurance by submitting lots of claims. I guess in some plans the premium is set based on the money spent on claims from prior years. There are laws about companies discriminating against people for health reasons but it still occurs. That's why it's best to stay quiet. Also they might be worried that you will be out sick too much.

If your future employer is a large company they probably follow the laws pretty well (don't discriminate based on health), so you should be good.
BTW, if you ever wonder if something is covered you can usually download the Summary Plan Description. It lists what is included/excluded in a health insurance plan. Most companies have a link to this document which is usually 20 pages or so.
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