Which health insurance would you choose? BABY?

posted 2 years ago in Married Life
  • poll: Which health insurance would you choose? All other things are the same.
    $500 individual / $1000 family. Pay $575 more per year in premiums : (8 votes)
    57 %
    $1,000 individual / $2,000 family. Save $575 per year in premiums : (6 votes)
    43 %
  • Post # 2
    Member
    5264 posts
    Bee Keeper
    • Wedding: November 2009 - New York, NY

    It boils down to how much you expect to use your plan.  If you expect to visit the doctor frequently or have procedures and testimg done outside of what is considered preventive care, you will be better off with the higher premium options, which will have lower out of pocket costs.  If it’s the other way around and you pretty much expect to do preventive care and little more, then select the lower premium option.

    Post # 4
    Member
    1193 posts
    Bumble bee

    kes18:  It depends on if you can afford the deductible if/when you had to pay it. Generally with preventative care visits, those are covered 100% anyways, minus your copay. 

    Let me share my story with you though. My husband, always super healthy, has a high-deductable plan with a 2k individual deductable and a health savings acct. He has had this plan for the past 4 years and paid maybe $50 out of pocket. He was recently diagnosed with a chronic, incurable disease fairly common for his age group. The medications are expensive, we spent $500 on one medication. We can afford to pay the deductable with the HSA, but its not very cost-effective. Next year, he is signing up for a plan with a lower deductable. 🙂

    Post # 5
    Member
    3119 posts
    Sugar bee
    • Wedding: August 2012

    I think kids are expensive! So without knowing what’s covered or not covered for your baby (vaccinations, well visits, etc.) I still think you’ll make out better with the higher premium plan. I think that $575 could pretty easily be eaten up by one extra unexpected doctor’s visit or emergency for your baby. 

    Post # 6
    Member
    3344 posts
    Sugar bee
    • Wedding: April 2013 - Rhode Island

    I agree with what others said.  If you’re generally healthy and only do preventative care, then it makes sense to go with the higher deductible.  HOWEVER, that means you have to be willing/able to pay the higher deductible in the event something goes wrong.  If you can’t afford the higher deductible, then stick with the other plan.

    Post # 7
    Member
    5264 posts
    Bee Keeper
    • Wedding: November 2009 - New York, NY

     

    kes18:  I’d go with the higher premium one then, which has a lower deductible to meet.  A child under a year will see the doctor more frequently anyway.  Then, for upcoming years, you can do according to how much you had to use the plan for your baby in addition to what was expected.

    Post # 9
    Member
    7075 posts
    Busy Beekeeper
    • Wedding: August 2012

    One urgent care visit could easily run you $400, so I personally would pay the higher premiums in order to have the lower deductible.

    Post # 11
    Member
    5264 posts
    Bee Keeper
    • Wedding: November 2009 - New York, NY

    kes18:  Yes, children are more prone to get ill than adults, especially when they start to be more exposed to places and people outside home.  It is also true that with electronic communication now you don’t even have to go to the doctor’s office to treat simple conditions or get a prescription.  That helps you save in terms of co-pays.  Well, you can always pick the lower premium and put the money you’re saving in a special account for medical expenses just in case you need it.  

    Post # 12
    Member
    1147 posts
    Bumble bee
    • Wedding: October 2012

    I would go with the higher deductible and have the extra money in my pocket every month. I’m not an accountant or anything but i believe that out of pocket medical expenses can be a tax deduction (when it gets to a certain percentage) where as monthly premiums are not tax deductible. Does your plan offer a HSA so you can set aside some pre taxed money into a savings account every month to pay for deductibles and co-pays? If so that might be a good idea to set up and put your $40/month savings there and use it on medical bills. 

    Theres always a chance the baby could end up hopitalized but you are looking at being out of pocket $1000 if that happens, as long as you can come up with that money at the end of the day (CC, savings, etc) I’d go with the higher ded.

    Post # 14
    Member
    1147 posts
    Bumble bee
    • Wedding: October 2012

    kes18:  does your employer contribute to the FSA also? If so that’s like free money to use towards qualified medical expenses. I’d brush up on the benefits of it and start using it for sure 🙂

    Leave a comment


    Sent weekly. You may unsubscribe at any time.

    Find Amazing Vendors