Wednesday, November 10, 2010

Re-Shuffling The Health Insurance

Today was our yearly health insurance benefits meeting. Every year the premiums go up and this year was no exception. We were going to change to Cigna and I was happy because my dermatologist would have been in network but it didn't work out so we are staying with our current provider.

What did change was the plan I am enrolled in. It used to be a flexible plan with a $1,000 deductible and an allowance that could be used for medical expenses that rolled over every year. Now we have the regular expensive insurance plan with a $500 deductible or a high deductible plan with a HSA (health savings account). I had planned on having an HSA and high deductible plan when I quit my job and need to be self-insured. At least now I can put money in to the HSA and take it with me when I quit...assuming there is any money left in there. The good part of the plan is that my company will put $500 in to our HSA every year. The bad part of the plan is that my deductible will be $2,500 instead of $1,000 and the bi-weekly premiums cost more than I was paying this year.

I decided to go without dental and vision insurance because I barely use it and the dental benefits aren't that good. In fact, they pay 50% which isn't much when dentists here charge so much. I think I am better off paying for my cleanings and then going to Mexico for any crowns. It worked ok last time.

So, no added benefits, higher premiums and higher deductible. The one good thing about the meeting was that there were donuts. Donuts make it all better.


Over the Cubicle Wall said...

Donuts do make it all better.

Our premiums are going up 25%. Co-pays are going up too. And we didn't have donuts either.

Daizy said...

NO DONUTS??? That is a crime! But at least my young adults can get back on my health insurance even though they aren't in college until age 26...wait a minute...I don't have any children! What do I get out of this again? Oh, that's right...higher premiums and a higher deductible. Great.

Dave said...

After I was notified that my HI would be rising by 25% for 2011, I got another notice a few weeks ago telling me the increase was cut back by 1% so it will be just below $700 a month for 2011.

I can use the $7 per month I will be saving to buy some donuts LOL! Want some, Daizy?

Michael said...

Maybe, you could get your own insurance and refuse your employer's insurance?

Some things you could investigate:

* Private insurance premiums may be competitive with your employers plan.

* An illness on the employer's plan, might hurt your chances of getting private insurance later. (That's what happened to me.)

* You might find a plan that includes your dermatologist.

* If you lost your job, you might avoid expensive COBRA payments.

* You might avoid switching plans because of a job change or the whim of an employer.

The New Health Insurance Solution by Paul Zane Pilzer.

Jacobs comments on health insurance

I'm not advising you do this, as I'm not an expert. Just something to consider.

Daizy said...

Dave, $7 won't buy many donuts but if you are willing to we just need to find the money to pay for overnight shipping.

Daizy said...

Michael, that is a very good list! I have started looking in to my own insurance so far the company insurance will cost me $64 while my own would cost $130. The company will also contribute $500 to the HSA so it looks better to me from a financial stand point. I really like that I can take the HSA with me if I decided to get my own insurance. That is handy.