Should I Select A High-Deductible Insurance Plan?

I have been paying full price for COBRA ever since I was laid off from my job November before last. While I paid very little as an employee I am currently paying over $1400 a month for myself, husband and 14 month old son. It’s time for us to find ourselves a new insurance plan, but I am uber confused by all of the options available.

I chose to stay on our current plan for as long as possible, but I am crazy about medical care. I have had a number of medical problems and know that above all else that I am willing to pay for quality care. In fact, I will cut back on just about everything else in my life to make certain we can afford good insurance. Over the years my insurance has paid for all sorts of services and procedures that would have been denied by other carriers.

As an employee I paid very little each month in premiums. Now that my husband and I will need to move over to a new plan, (he is self employed), we will pay the bill in it’s entirety.

I am considering moving over to a high-deductible insurance plan with an HSA. I read all of the paperwork associated with this plan and compared it to the standard PPO, but I’m still not certain which option to select.

I’m hoping someone out there can provide some input on my choices. While I will continue to read about the options I need to make a decision in the next month or two.

Here’s what I know. My husband is rarely sick and has not gone to the doctors for anything other than a physical for as long as I can remember. That doesn’t mean something couldn’t pop up for him. My medical problems came on sudden and strong, but in a typical year health insurance is a lot of money down the drain for him. My son just turned 15 months old. He doesn’t have any known health issues either. For the most part my medical problems are a thing of the past. I haven’t seen a doctor or surgeon in quite some time for my symptoms. I do see massage therapists from time to time, but those services were never covered by insurance anyway.

My husband and I are still debating having a second child. Some days I’m excited about the idea and other days I think I could be perfectly content with just one child. It is conceivable that I would pregnant again by the end of the year or shortly thereafter.

Does anyone have any thoughts on high-deductible plans versus standard PPOs? If so, does anyone know if there is a preferable route I should take if I become pregnant?

An update: To view my decision click here.

6 thoughts on “Should I Select A High-Deductible Insurance Plan?”

  1. I don’t have too much info for you, as we’ve always had access to employer/group plans. But I have heard that most private payer plans outright exclude pregnancy, or add on a pregnancy rider that costs more than a typical pregnancy. If so, you would likely be better off w/ a HSA if this may be the majority of your health expenses.
    You may have already looked into this – but if there is any opportunity for your husband to join a small business association they often allow for better rates on policies. The church I work for does this for the sole purpose of getting group rates/discounts on the health plan of the one employee they provide it for. This would also lessen the possibility of the insurer refusing to insure based to previous health issues.

  2. You may have difficulty finding any insurer that will take on a high risk individual this year. If that’s the case, see if your state has some type of high risk pool through which you can obtain coverage. When Obamacare kicks in next year, it should in theory be easier. In your shoes, I would start looking into what type of exchange your state will operate and what your options will be so you are prepared for the change.

  3. I think you will have a lot of trouble getting into any plan because of your pre-existing conditions. I had made one specialist visit a few years ago and that was enough to classify me as a high risk individual. Since you seem to have had several procedures, you would never be accepted into any insurance. Or they might include you, but prevent to cover your condition. I second the above commentator who suggested looking into some high risk pool. Hopefully when ObamaCare kicks in you might be able atleast get some form of insurance even if it is more expensive

  4. I found myself in the same boat last week after leaving my job of 9 years. I found various inexpensive options on and ended up going with more or less the cheapest plan I found for my wife and I. It was through healthnet, they have a California-specific plan through the California Farm Bureau, which anybody can join. It’s an HSA PPO plan. The insurer (healthnet) is not highly rated. But it is accepted at the local hospital and I like that it gives me access to an HSA. So I think it will suffice until I move to another job, which I eventually will.

  5. Hello I read your blog about renter insurance. I have a cabin in the smokies I rent in NC. Can I ask who covers your rental? I’m needing to change to rental from homeowers. Thanks ( please email)


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