I feel like every time I see a version of this question online, I mostly see people talking about how HDHPs and HSAs are always the right choice. So, I want to provide the perspective of somebody that opted for a PPO rather than an HDHP.
My workplace offers both a PPO option and a HDHP with a company contribution. I opted for the PPO because the HDHP’s out of pocket max was so much higher than the PPO that it would be very difficult for us if something were to happen. My wife has a chronic illness that is manageable most of the time, but there is always that risk that we suddenly need to have a whole bunch of very expensive specialist visits and procedures done. Yes, if it is a good year, I probably came out behind compared to having a HDHP + HSA investments. However, I value the risk mitigation that having the PPO plan provides for the chance that it isn’t a good year. The situation can be very different for different people though.
Thank you for your response, and I hope you and your family stay healthy. I have similar concerns for things that might pop up, but luckily everyone is generally pretty healthy. Last year we had to take a quick trip to urgent care and my copay was $450. It was a surprising amount, because previously I had never paid more than $75 for a visit. I was able to use my HSA for it, but man…if something more serious happened I could see that getting really expensive fairly quickly.