Hard nope. The “discounts” that come with doing so sound like free health care,
which they only kinda are. But if you don’t have a medical situation that
requires lots of 1:1 with a doc or expensive medication, chances are, you’re not
gonna meet your deductible. And you’d just be wasting money if you tried.Is hitting a deductible a goal I should have?
HEALTHIN
SURANCE
GLOSSARYCan I just pick...nothing?
Please don’t do that. It may
seem like your choices are
(1) lose a chunk of your pay-
check every month or (2) sac-
rifice it all later in the form of
a boob ultrasound, but let’s
be clear: You. Need. Insur-
ance. It’s a huge risk to go
without if, say, your texting-
and-walking skills fail and a
broken leg costs you $7,000.Okay, so which do I choose?
If you see a doctor more
than three times a year (not
counting your annual gyno
exam, which is free if you’re
insured) and make less than
$50,000, go with the PPO,
which usually has the lowest
deductible. True, its premium
will take the biggest bite out
of your paycheck, but it will
have more in-network doc-
tors (read: cheaper appoint-
ments), and the out-of-pocket
costs should be low enough
that if you have a question-
able skin exam and need a
biopsy, you won’t be out a
million dollars. Or if you areDeductibleOpen
enrollmentPremiumCo-pay
(co-payment)HDHP
(High-Deductible
Health Plan)The one time annually
when you can sign up
for health insurance
(unless you get married
or run into another
significant life event).
How much you
pay each month just
to be insured.
If you have insurance
through work,
this comes out of
your paycheck.A fixed price you
pay for certain
health services, like
an urgent-care visit
(it may be listed on
your insurance card).An insurance plan
with a deductible of
$1,30 0 or more. The
trade-off is that
premiums usually
cost less per month
than other plans.SOURCE: DANIA PALANKER, ASSISTANT RESEARCH PROFESSOR AT GEORGETOWN’S CENTER ON HEALTH INSURANCE REFORMSYou have
a job that gives
you plan optionsfeeling lucky, er, healthy and
have savings to cover the
entire deductible, you could
pick a cheaper, high-deduct-
ible plan that comes with an
HSA. (If you *don’t* have
that emergency fund, just
know a medical bill for an
accident can clean you out
and trash your credit score.
Proceed with caution.)What it all means.of readers get their health
insurance through work.45 %
HOW TO DO HEALTH
INSURANCE IF...Should I get in on that HSA?
This type of account is awe-
some if you’re in a baller tax
bracket or making more than
$84K. You can put (tax-free)
money from each paycheck
toward paying for health
things. But you gotta enroll in
a high-deductible plan to get
one. Not making bank? The
tax savings aren’t worth it.How much you have
to spend on health
services each year
before your
insurance kicks
in to cover most
or all the rest.H S A
(Health Savings
Account)Having one lets you
put away money tax-
free to use for health-
related costs.lifeNovember 2019 Cosmopolitan 91