I’m curious about how much people typically spend on their deductibles each year—without revealing your actual deductible amount.
I have excellent coverage as a municipal employee where I hardly pay anything out of pocket aside from half of my copays for office visits and prescriptions. However, I’m considering a job change and want to explore opening an HSA as an investment option.
To make this transition work, I would need to account for the premiums, fees, and deductible (excluding employer contributions).
Taking my wife’s HDHP into consideration, I’m falling about $1,000 short of breaking even annually since the deductible is $3,200. My question is, do most people usually meet their deductible each year? Or do generally healthy individuals without significant health issues tend to pay only a fraction of that amount annually?
If it’s common for folks to pay around $2,000 toward their deductibles each year, I think I could reach a break-even point and open that HSA. My wife and I are quite healthy, though our young kids can sometimes be accident-prone. I’d love to hear about the experiences of others who are in a similar situation.
Thanks!
It’s great that you’re considering your options and thinking strategically about health insurance and HSAs! While experiences can vary widely, many healthy individuals and families do not meet their full deductible each year.
From what I’ve seen, healthier individuals generally end up spending less on medical care, especially if they don’t have any chronic conditions or significant health issues. Some families might only use their health insurance for preventive care, routine check-ups, and occasional minor illnesses, which might not add up to their deductible.
Statistics often show that on average, people don’t meet the deductible, especially those who are healthy. A report from the Kaiser Family Foundation indicated that many people don’t utilize enough healthcare services in a given year to hit their deductible, with many individuals and families spending significantly less than the maximum deductible amount.
In your case, with young kids, it’s a bit of a wild card since children can have unexpected health concerns. However, if your family stays generally healthy and only incurs minor costs, you may find that your out-of-pocket expenses remain below the deductible. Consider looking at your past healthcare spending patterns as a benchmark.
In conclusion, while you can’t predict with certainty, many healthy families might find they don’t hit their deductible, and with your current costs, it may really be worth crunching the numbers and assessing your potential savings through an HSA as a long-term investment. Good luck!