Thank you so much for all the tips and comments on my Open Enrollment post! I really found the comments to be insightful and incredibly helpful as I decided on my plans.
In the end, I opted to keep my current insurance (a PPO) and a flex spending account for both health and dependent care purchases. I may still switch to an HSA in the future, but didn’t feel comfortable doing so without any EF whatsoever right now. So it will be a consideration in future years, but not at this time.
I increased the amount of deductions for my health HSA but reduced the deductions for my dependent care HSA. And the cost of my medical insurance went up a little as well.
In the end, here are the benefits-related deductions I’ll see per paycheck:
In my open enrollment post, I’d posted all of my paycheck deductions (including required investment, taxes, parking permit, etc.) But to do an apples-to-apples comparison of just the benefits-related deductions (including health insurance, dental insurance, and the two FSA contributions), here’s how things stack up:
2016 per paycheck deduction = $382.90
2017 per paycheck deduction = $340.33
So I’ll be saving a little bit per check, but its really a pretty negligible amount. I also hope to reduce the amount of taxes taken out (pending the CPA’s review), so I may be able to “add back” a little bit more money to my take-home pay after our 2016 taxes have been finalized.
All in all, it’s still a pretty large deduction per paycheck, but I have excellent insurance and am happy with our coverage thus far. I pay for my dad’s health insurance (albeit out of his own funds, but I am the money-manager), and he pays $1,000/month for private insurance for a single individual with crappy coverage! Ugh! So I know I am really very lucky to have such good coverage at such a great rate! And as an aside, my Dad’s birthday is in March and at that time he’ll be eligible for Medicare. So hopefully that means a big reduction in his health insurance costs.
I just wanted to follow-up to let everyone know what we’d decided regarding open enrollment. Thanks, again, for all your helpful suggestions!