Health Insurance Insanity!

[atremo11]

Okay...my husband is a self-employed contractor. I stay at home right now, because day care was more that I brought in as a dance instructor. It is my husband and his father that own the company and we each have our own Health policies. Anyway, right now we are paying roughly around $1,100 every two months for insurance. We each have our own $500 deductible. Now we are all healthy, even the kids (thank you Lord) We might make one or two trips a year with them for run of the mill colds, etc. No ear problems or asthma or anything serious. Well today I was shopping around and found a plan, our doctors are in the plan, and it covers preventative health care...but the deductible is $7500. Now that seems like a lot, but we hardly ever meet our deductible and now that our youngest is 16 months, we should make a lot less visits to the doctor.
Any input is welcome, what do you think, would the savings be worth it in the long run?

 

[Jaffas]

We are also self employed and have a high deductible ($5,000) insurance policy. When I had insurance through my employer our deductible was $200 and we never even met that. The trick is to open a healthcare savings account and keep at least the deductible amount in it. Of course we don't have kids so our situation is different.

 

[moni_stout]

My husband and I do the high deductible plan as well. $6000 deductible for the two of us. We love it. We rarely go to the doctor and routine physicals and women's exams are covered with no deductible each year. I highly recommend that you contribute some to a Health Savings Account if you can.

Monica

 

[debbydarestobefit]

Hi,
These high deductible plans can save you a lot of money when you are healthy ... just be sure to read the fine print. Are there co-pays after the deductible is met? What is the maximum out-of-pocket expense? Is it a family plan or is there a separate deductible for each family member? Another savings tip - once you decide on a plan ... open a Healthcare Spending Account and put pre-tax dollars in it for your deductible/co-pays and be sure it is the type of plan that allows for carry-over from one year to the next. You can usually use the account to pay for over-the-counter stuff too. Can't emphasize this enough though, be sure you can cover the deductible/co-pays should a medical emergency arise. Deb

 

[hiitdogs]

Those high-deductible plans are great and save you a lot of money, as long as you are healthy.

When DH got laid of this summer we had to get new health insurance for us and the kids. We both thought we have always been fairly healthy so we went for the high deductible. Well, a few months later I found a lump in my breast. So far, I am out close to $ 8,000 in deductibles and co-pay and that is only for doctors visits, imaging and testing. Just the biopsy was over $ 5,000 out of my pocket.

I would say, if you want to save on the health insurance and go with a high copay / high deductible make sure you calculate what the worst case scenario for out-of-pocket expenses for you / your family under a particular insurance plan is and keep that amount in a savings account so you can access it to get the medical diagnosis and treatment you need.

Good luck!

 

[cheval]

We just switched to a high deductible plan, too. It's just me and DH. We have a $3850 deductible and that's for both of us. We pay 100% until we hit the deductible and then the insurance pays 100%. So for well people visits, we pay, but if we have an accident, the insurance will take over after the deductible. A little tip, schedule your annual well-person physical about 2 months before the end of your deductible year. If you've already met your deductible or close to it, your physical is paid by the insurance. And if they find anything that needs closer testing, the insurance covers that, too, again, assuming that you're at or close to your deductible amount for the year.

Also, if you're on medications (like blood pressure, birth control, etc), and your new insurance doesn't cover meds until after the deductible is paid (like our policy), check out Walmart or Kroger or any other pharm that has generic drugs for cheap. If your med isn't on the list, print out the list and take it to your doctor and ask if any of them are appropriate for you to switch to. My local Kroger pharm has 30 day supplies of common generics for $4 or a 90 supply for $10.

April

 

[Beavs]

I think I'd find me a barista gig at Starbucks for the insurance (and the free tea )

 

[atremo11]

The plan we are looking at has a $40 for office visits and after that is covered at 100% in our Network...Since we do not plan on moving, it seems logical that it will save us some money. We do have savings and could plausibly move some to open a Healthcare Spending Account. We would still have the same insurance carrier, the deductible would just be higher...Is it not crazy that medical care in our country is the cause for such stress!

Both of my parents were teachers and we always had a wonderful health plan growing up. Then I become a self-employed dance instructor...my husband a self-employed contractor and the health insurance costs squash us! So much for living the American Dream!!