My husband had quite a few options for medical insurance through his new employer, as well as dental, vision, and supplemental life insurance. He receives a $350 monthly allowance to go towards his monthly premiums, but unfortunately most of the insurance plans are still pricey (after the allowance). His company only employs about 7o people, which is why the premiums are so high. After reading through everything, and weighing our options, we decided to go with the following:
PPO plan
$540 per month - $350 = $190 out of pocket (this covers our family of four)
$750 deductible (for my husband AND myself) = $1,500 deductible
$4,500 maximum yearly (for my husband AND myself) = $9,000 maximum yearly
$45 office visit copay for the first 12 visits, then 45% of the cost after
$15 copay for generic prescriptions only, brand name prescriptions are not covered
This definitely is not nearly as good as the insurance benefits we had through my husband's previous employer, and it is costing us about $40 more per month (plus he is making $15,000 per year less now). Because of this we decided to not get the dental, vision and supplemental life insurance; I'm just not sure we can afford it right now. The dental would have been an additional $120 per month for three of us, and vision was $20 per month for my husband and myself. The yearly enrollment period is in June so if it looks like we can afford to add dental, vision and/or life at that time we will. I would just like to see how we do making less and paying more for the medical for now.
Tuesday, March 31, 2009
Insurance Elections
Posted by Tracy at 4:10 PM
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3 comments:
eek - well on the bonus of things - he has a job now with some sort of income -- plus, you have already begun your quest to be debt free... you aren't adding new debt, so that is another bonus (just trying to be a bit positive - I know it must really suck)
Ick, I am so sorry insurance is so high. At least you are all protected. Probably don't need the vision insurance, I go to costco and it doesn't cost much for an exam and glasses. If you have good teeth dental isn't really needed either. You can always so no to the xrays..those are what costs so much! My dentist is awesome, he won't even do xrays unless he sees a cavity and I have insurance. Good luck!
You are right, we are very thankful he was able to get a job after only three months of being unemployed...I know others have not been so lucky. We are also thankful we have health insurance at all, and will be covered if the need arises should something big happen.
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