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HSA & FSA: Which Plan Is Best For You?

Which Plan is Best for You?

Let’s take a look at these resources to help you understand your plan options and get the right plan in place.

 

Plan Comparison Calculator

Use this calculator to compare plans and make an informed decision.

Calculator

Questions to Consider

Being able to answer the questions below will help you choose the plan that best suits your needs.

How much is the premium? This is the amount you must pay each month for your health insurance plan – some portion of which is covered by your employer. This is typically deducted from your paycheck each month.
How much is the deductible? This is the amount you will owe for health care services before your health insurance plan begins to pay.
Could I afford to pay if I had to? Pay attention to the out-of-pocket maximum – which is the most you'd have to pay out of pocket during a plan year in a "worst case" scenario.
Is preventative care covered? This includes routine care such as screenings and checkups to prevent illnesses, disease, or other health problems. Very often, these costs are covered by your plan, even before your deductible is met.
How much will I have to pay to access care? Some plans offer copays or fixed dollar amounts for specific services (office visit, urgent care, ER, etc.). Others require cost-sharing (coinsurance) for services – even after you've met your deductible.
How often does my family get sick? Knowing how often you may need to go to the doctor can help determine how much coverage you need.
Am I expecting any major health care expenses this year? If you are expecting larger expenses, like major surgery or childbirth, be sure to verify coverage and estimate potential out-of-pocket costs up front.
Will I be able to use my current doctors? Check to see if your doctors are approved providers. Most plans will make you pay more for out-of-network providers.
Will my prescriptions be covered? If you have recurring or frequent prescriptions, make sure you understand prescription coverage. In some plans, you will pay a copay, in other plans you will pay full price until a deductible is met.
What else can I do to lower costs? Regardless of which plan you choose, chances are you will incur out-of-pocket costs. Tax-advantaged benefit accounts (such as HSAs, FSAs, HRAs) allow you to set aside pre-tax dollars for out-of-pocket expenses – stretching your dollar an average of 30% further (depending on your tax bracket).

Learn More About Choosing the Right Plan

 

Open Enrollment Center

Everything you need to know to prepare for your Open Enrollment is in one convenient place.

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