I have been contributing to a HSA the last couple years, and it’s been fine. My work contributes $1800 over the year and it hasn’t really been a problem at all.
Now I have a kid and a spouse on my insurance, and they tend to go fairly often it seems. The copay and deductible on the HDHP is a bit crazy and I’m thinking of swapping to a PPO. Is that a good idea, or is turning down the free $1800 from my work a no no?
Here is a link to the plans
You’ll probably need to provide more details about the premiums, deductibles, and out-of-pocket maximums of PPO vs HDHP, projected healthcare costs (at least your current year costs so far), and how much you are able to stomach for the cost now vs later
PPO might be better if you can stomach the premiums and hit your deductible early enough. HDHP might be better if you can stomach the higher deductible and reimburse yourself years down the line after your HSA has had some time to be invested and grow from its investments
It’s hard to say without concrete numbers and only going based off thoughts and feelings
Edited the OP with a overview of the plans. Thank you for the reply!
Your image doesn’t include the cost of the premiums. My work offers similar types of plans except the HDHP is ‘free’ while the PPO has premiums totalling $5-6k per year. For us, it makes zero sense to use the PPO since it’s guaranteed to cost at least $5-6k whether we see a doctor or not. With the HDHP, the theoretical minimum cost for the year is $0 if we never go to the doctor but realistically we usually get close or hit our family deductible but it’s still cheaper than the PPO.
Ah, sorry about that. The plans vary from ~150-300 per paycheck. I’ll have to check the details a bit more.