XP: HELP insurance dummy here!

sejabernathy

OK so i accepted that assistant band director position and now we are getting ready to get insurance stuff ready...wow, is it a SHOCK at how much it costs! so our monthly options are:Level I: $1200 deductible and $0 co-pay- with kiddos around $200- adding DH more than $500  Level II: $500 deductible and $20 (i think) co-pay- with kiddos around $450- adding DH more than $750 :-O  what we are looking at is which is the better option (we are a fairly healthy family as far as visits and such) but that $750 is a lot if we are seriously looking at DH quitting his job and staying at home.is it worth it to take Level II or should we just try and save with Level I?we are now considering DH keeping his job and just going part-time and switching to part-time insurance (this will also help bring in a little supplemental income and DH will be able to pay his car payment so i can buy a car!)  SO...HELP! like i said, i am a dummy and this being my first time really doing this, i would really like ya'lls thoughts or opinions or experiences PLEASE! tia Ladies  

SoldiersGreenBean

What are your catastrophic maximums?

I like a lower deductible plan, personally.  It keeps me from having to find money I don't otherwise have.  I'm not sure how his PT insurance would work, but when I worked PT I paid a higher amt.  It was prorated so that I paid my employer's share + my share for the days I didn't work.  It's amazing how much that can hurt.

txdaisygal

I'm assuming that you can afford the monthly premium for either plan, right?

I would go with the higher deductible plan. The monthly cost is $250 less, so in just three months you'll have made up the difference in the $700 difference between the deductibles. For the rest of the year that money can go into a savings account etc. You might even make it up a little faster because you don't have the copays for appointments. If you have a flex spending plan you can take the deductible amount out pre-tax which is an additional savings. If you can afford an extra $250 a month, you should be able to afford to set enough money aside to pay for the deductible should you have an emergency where it's all due for one incident.

 

The only other thing I would take into consideration is what the coverage is after the deductible. If they're both the same, or if one provides more coverage (like 90/10 vs. 70/30) after you meet your deductible. 

shellshavintwins

We have a $500 a person deductible,(capped at 1,500 per family)  $75.00 a week premium, and pay 20% of anything other then a regular doctor visits (physical therapy, tests, etc)  and $38.50 a week put into a flex spending account to cover our 20% and deductibles.  Altogether we payed out $15,000 in medical last year WITH insurance.