If you aren’t aware, I’m like Swordfish with an excel spreadsheet. You know, the dude who can hax0r any computer even when he has a gun to his head and only a minute and he’s also very distracted (if you’ve seen the movie you know what I mean). If you’ve been following me for a while, you probably already know exactly what it takes to make $1 million or any other amount you want thanks to The RC. You also know how to download a nice budget spreadsheet and make it even better.
You know I’m all about helping the people, and if your company is anything like mine then you’re probably signing up for your 2011 benefits in the next few weeks. And if you have multiple health insurance options to choose from, it can be more confusing than determining the gender of Pat. You probably want insurance, but you probably don’t want to pay more than you have to. Neither did I. That’s why I made the HIME (Health Insurance Made Easy Spreadsheet).
All you have to do is put the info from your health insurance options into the spreadsheet, estimate how much you are going to spend in medical expenses in the next year, and it will tell you which one is cheapest! Cool beans!
I was going to make a video explaining everything, but I think you can figure it out. Just read the comments in the cells and it should help you if you’re confused. If you have questions, post them here and I’ll respond as quickly as possible.
I do want to preemptively address one thing, and that’s the difference between an FSA and an HSA. They both take money out of your paycheck tax free and allow you to spend it on qualified medical expenses. The difference is that if you don’t use the money in an FSA by the end of the year, you lose it. The money in an HSA can stay in the account and even earn interest tax free for as long as you want. The HSA is definitely better, but you can only open an HSA if you have a high deductible health plan. Clear as mud, right?
Another thing is that this spreadsheet works really well for my health plan options at my work, but it might not work for yours. For example, if you have an HMO option, that probably doesn’t fit in here very well. Sorry, I would make this spreadsheet better but I’m spending my spare time putting my next music video together (it’s gonna be sweet like candy!)
So download the HIME and see if it can help you choose your health plan. And since this is a super boring post, do me a favor and leave a joke in the comments. Let’s deboringify this post!