How to Choose a Medical Plan

The best medical plan is the one that fits your and your family's needs. Here are some things you should keep in mind when deciding which plan to choose:

  • How much will I spend in premiums with each health plan?
  • Would I rather spend more in premiums to have more predictable out-of-pocket expenses, or save money on premiums to contribute to a Health Savings Account instead?
  • How healthy is my family?
  • What prescriptions do we need, and how much will they cost under each plan?
  • Did we have high medical costs last year, or mostly preventive care?
  • Are my providers all in the network, or do I need to see out-of-network doctors?

When enrolling in benefits in the benefits portal, you can also use the MyChoice tool to help you decide on a medical plan.

See below for some examples that take into account both the cost of premiums and the cost of receiving medical care under different plans.   


 
  • Jamie is single and has no children. She just turned 26 and aged off her parent’s plan, so she’s choosing insurance coverage for herself for the first time
  • She is relatively healthy and does not go to the doctor unless she absolutely has to
  • Jamie’s dentist just told her that she’s probably going to need a root canal and crown soon, which will cost a couple hundred dollars after the dental insurance pays their share

 

Jamie’s dilemma:
  • She doesn’t want to pay a lot for coverage because she’s trying to save for a down payment on a house
  • She wants coverage for her preventive care, and also wants to make sure she has the money to cover her expensive dental work

Employee Only

Plan Feature HDHP $1,500 PPO $1,000
Annual cost for coverage
Paid through pre-tax payroll deductions
$994 $1,781
 
Jamie gets her annual well woman exam $0 $0
Jamie used Teladoc to get a diagnosis for strep throat $40 $5
Jamie gets a prescription antibiotic for strep throat $14 $10
This is what Jamie spent in a year in total medical and pharmacy costs (including premiums)
$1,048$1,796
If Jaime opens an HSA account and:
– Contributes $250 pre-tax through payroll deductions
– Receives the loanDepot match of $250

$250
$250

Not applicable
This is Jamie's total spending and payroll deductions$1,244$1,796
This is what Jamie has left in her HSA after her medical costs (copays paid using HSA account)$446Not applicable

Jamie will spend $786 less for her healthcare on the HDHP 1500 plan. If she opens her HSA and contributes at least $250, she’ll have $446 left over in her HSA to pay for other medical costs, including her future dental work!