Well, the federal government has done it again. This year for benefits enrollment, I'm basically left with only one choice. Oh, don't get me wrong, my employer is offering two options for health coverage, but there is really only one option that is viable for us.
The two options, in a nutshell: First, what is called a high deductible plan with an attached health savings account. It sounds really good. The premium is half the cost of the other plan, but the deductible is much higher. The good part of this plan is the health savings account. You contribute to the account with tax free dollars just like a flexible spending plan, only if you don't use it all at the end of the year, you can roll it over into next year. You use the money in the account to cover medical expenses until you meet your deductible. The other plan has a very low deductible, $1,200 compared to $6,000 in the other plan. But there is no savings plan and the premiums are twice as much.
Which plan to take was a no brainer. I'd go with the high deductible plan with the savings account. Then I would deposit the difference between premiums into the savings account to pay for all those out of pocket costs. But then the light bulb went off. It wouldn't work for us. See, if you're covering a domestic partner on your health plan, the premiums for them are after tax. The health savings plan is before tax. The IRS doesn't let you use the money in the health savings plan for medical expenses incurred by your partner. So, if something were to happen to my partner, we wouldn't be able to use the money we had been putting aside. So now, I have only one choice - the high premium, low deductible plan.
When will the law of the land finally catch up with the new landscape that is the American family? Will I ever go into health enrollment and not have to consider the tax consequences of every decision I make? Will there be a time when I can look at my options without asking, "Does this apply to me"? I should be able to cover my family the same way that everyone else does. Where are you, President Obama? Where are the promises you made? I'm tired - and I'm not the only one.