a chronicle of my ups and downs as a stay-at-home mom, then working mom, then stay-at-home mom again... musings and anecdotes about my kids and the experience of parenting... reflections on issues that are important to me and on life in general
Friday, November 14, 2008
please vote in my poll
I am having a hard time wrapping my mind around this choice and what makes the most sense. Maybe some of you can offer perspective. Please vote in the poll on the right, and comment on this post if you have anything else to say about it. Thank you!
I'm thinking with three growing and active boys chances are fairly good that you'll make a trip to the ER sometime next year. Those trips can be crazy expensive.
and then there's my opinion: if there's an opportunity to save, i'd take it. especially the way financial things are right now. i'd always rather self-direct my money...even if it means it will cost me $300 more.
i'd feel better saving $700 than i'd feel worse about spending $300 more later.
Since I gave you my personal opinion, I'll also add this:
understanding a bit about insurance formula/calculation might help you make your decision.
to your insurance co, it's pretty much a science. whereas to you, it's likely emotional. the insurance co is covered either way. so then it becomes you who has to decide the risk. which is why you are taking this poll.
i'd make a sound decision you can live with instead of looking at it as a way to beat any odds. if the extra $300 is going to really put you out (or if it would affect whether or not you'll take your boys for proper emergency care), you might just bite the bullet now and go for the big policy.
i say the above as a licensed insurance agent (not sure if you know this about me) who knows the science of insurance is often OVER-sold to the (usually emotional)consumer.
Thanks for the help, everyone! I read your comments to Heath, and then we sat down last night to map out several scenarios and how they would affect us with the two plans. Such as: one ER visit ($624 based on the one we had this year for Samuel), or one ER visit plus this many other expenses, or this many other expenses but no ER visit, or what about a major illness or accident requiring hospitalization, etc.
When we actually added up all the numbers, it appears that Plan A is going to be the better one in all but the worst - and most unlikely - scenarios. If we get to that scenario, we'll probably not be thinking about how we could have saved $200 or $300 by choosing a different insurance plan; we'll have other things to worry about. And if we're super healthy all year, then we could possibly be saving over $800 by choosing this plan (it was more than I thought once we wrote down all the numbers!). If we're just moderately healthy then it will cost the same or just slightly less than the other plan.
Whew.
In case you want to know the specifics... Plan A is a $1000 deductible plan with 20% coinsurance, but prescriptions and office visits do not count toward the deductible and have copays instead. Plan B is a $2400 deductible plan with 10% coinsurance, but prescriptions and office visits do count toward the deductible, so we would meet the deductible early on. Plan A's premiums are $770 higher than Plan B. There was a Plan C that we didn't even consider in our calculations.
I can't vote, it's freaking me out like a High School math problem. I'm sure there's some sort of algorithm to decide for you. Know any Math majors?
ReplyDeleteI'm thinking with three growing and active boys chances are fairly good that you'll make a trip to the ER sometime next year. Those trips can be crazy expensive.
ReplyDeleteAfter getting the bill from Jack's night in the PICU after cracking his skull, I've got to vote for the more cautious option.
ReplyDeleteand then there's my opinion:
ReplyDeleteif there's an opportunity to save, i'd take it. especially the way financial things are right now. i'd always rather self-direct my money...even if it means it will cost me $300 more.
i'd feel better saving $700 than i'd feel worse about spending $300 more later.
Since I gave you my personal opinion, I'll also add this:
ReplyDeleteunderstanding a bit about insurance formula/calculation might help you make your decision.
to your insurance co, it's pretty much a science. whereas to you, it's likely emotional. the insurance co is covered either way. so then it becomes you who has to decide the risk. which is why you are taking this poll.
i'd make a sound decision you can live with instead of looking at it as a way to beat any odds. if the extra $300 is going to really put you out (or if it would affect whether or not you'll take your boys for proper emergency care), you might just bite the bullet now and go for the big policy.
i say the above as a licensed insurance agent (not sure if you know this about me) who knows the science of insurance is often OVER-sold to the (usually emotional)consumer.
I voted for B. ER can be awfully expensive and what you would save with the lower plan won't cover one or two visits.
ReplyDeleteThanks for the help, everyone! I read your comments to Heath, and then we sat down last night to map out several scenarios and how they would affect us with the two plans. Such as: one ER visit ($624 based on the one we had this year for Samuel), or one ER visit plus this many other expenses, or this many other expenses but no ER visit, or what about a major illness or accident requiring hospitalization, etc.
ReplyDeleteWhen we actually added up all the numbers, it appears that Plan A is going to be the better one in all but the worst - and most unlikely - scenarios. If we get to that scenario, we'll probably not be thinking about how we could have saved $200 or $300 by choosing a different insurance plan; we'll have other things to worry about. And if we're super healthy all year, then we could possibly be saving over $800 by choosing this plan (it was more than I thought once we wrote down all the numbers!). If we're just moderately healthy then it will cost the same or just slightly less than the other plan.
Whew.
In case you want to know the specifics... Plan A is a $1000 deductible plan with 20% coinsurance, but prescriptions and office visits do not count toward the deductible and have copays instead. Plan B is a $2400 deductible plan with 10% coinsurance, but prescriptions and office visits do count toward the deductible, so we would meet the deductible early on. Plan A's premiums are $770 higher than Plan B. There was a Plan C that we didn't even consider in our calculations.