Speaking of rates going down 3000%, here's the story of a family doing its best to not only provide for itself, but to take on another unfortunate. The Smith's had already adopted a baby several years ago, and have just recently completed the grueling task of adopting another.
In the meantime, their current medical plan - an HSA with a $12,000 family deductible - renews on January 1 with a 30% rate increase No problem, let's go shopping:
Company A offers a $13,100 family deductible for $1,006 (saving $670 a year in premiums, but raising the potential out-of-pocket by $1,100)
Company U's plan has a $13,000 family out-of-pocket, but saves the family only $300 a year (for an additional $1,000 potential exposure)
Company I's plan seems to be the "bargain:" it saves the family $840 a year in premiums, and only increases the max out-of-pocket by $500.
So, which would you choose?
In the meantime, their current medical plan - an HSA with a $12,000 family deductible - renews on January 1 with a 30% rate increase No problem, let's go shopping:
Company A offers a $13,100 family deductible for $1,006 (saving $670 a year in premiums, but raising the potential out-of-pocket by $1,100)
Company U's plan has a $13,000 family out-of-pocket, but saves the family only $300 a year (for an additional $1,000 potential exposure)
Company I's plan seems to be the "bargain:" it saves the family $840 a year in premiums, and only increases the max out-of-pocket by $500.
So, which would you choose?
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