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How would I go about checking on health insurance, and if my husbands company is offering decent insurance?
His previous employer (union) paid the insurance as part of their wage package, we only paid 20% on everything including, dental, medical, vision and hospitaization, with most RX costing $5.
His new employer is offering insurance that will cost us $650 a month, that is split up every two weeks.
The clinic visits would be covered 100%, specialists $35 each visit after a $5000 deductable. Dental would be an extra $90 a month with a max of a $1000 in benefits per member per year. Rx would be $45-$75.
This is for a family of 5.
Does anyone know about insurance? Does this look good compared to cobra or personal health insurance?
$650/month = 7800/yr
$5000 deductible seem real high..
Does he Get Flex Dollars?
Is there A HSA (Health Care Savings Account) or an HRA (Health Reimbursement Account) That they are funding also?
Dental. What are your estimated Dental Exp. Will you spend more then $1000 in a year? My guess with 5 on a plan you will be very close to $1000 with 2 exam/cleaning a year. So that probably a good deal for that.
cobra is only good for 18 months, so I wouldn't count on that for anything other than as a temporary measure. And unless your old company is really generous, you will pay the full premium plus a small administration fee. You can check with the old HR people to see exactly how much it would cost you, but it's probably going to be an astronomically high figure.
Honestly, $650/month for a family of five seems like a good deal. I highly doubt you'd get something that affordable for a family of five if you struck out on your own on the private market.
my employer offers me health insurance for 700 a month for 1 person! I would take it if I was you.. but yea, like flyonpa said, 5,000 deductable is pretty high. I dont think many americans have that much of a safety net, or at least when they pay off that much, they will struggle right after that.
How would I go about checking on health insurance, and if my husbands company is offering decent insurance?
His previous employer (union) paid the insurance as part of their wage package, we only paid 20% on everything including, dental, medical, vision and hospitaization, with most RX costing $5.
His new employer is offering insurance that will cost us $650 a month, that is split up every two weeks.
The clinic visits would be covered 100%, specialists $35 each visit after a $5000 deductable. Dental would be an extra $90 a month with a max of a $1000 in benefits per member per year. Rx would be $45-$75.
This is for a family of 5.
Does anyone know about insurance? Does this look good compared to cobra or personal health insurance?
I don't think we would use $5000 worth of insurance in a year. I'm thinking of passing on this and going with CVS minute clinic, they handle most common sickness. Kids usually only get sick a few times a year and we don't have any pre existing conditions. That would be a lot cheaper.
This is about right---that's what it cost in the real world!
Is that $5000 deductible or $5000 out-of-pocket? Our insurance is quite similar, 80/20 copay until you hit $5000 OOP for the family for the year, then, its 100% (or so the say), we still pay deductibles for RX with no ceiling.
We have excellent insurance, yet still are dodging bill collectors for medical bills! OP, be careful, don't let your insurability drop. You must maintain continuous coverage through a GROUP plan with no gap greater than 63 days. Don't think you van get everything treated at a RediClinic. I cut my leg, a small scratch, and went to a Rediclinic, received wound care, antibiotics, etc. It appeared to be healing, then, two weeks later turned into a major infection. The thing was a huge, blob-like absess on my lower leg. I went back to the Rediclinic and was told they couldn't treat it there (although they charged for the visit, $35), told me to go to ER. ER lanced and drained it, put me on IV antibiotics, the total bill, was about $12000! We paid our deductible of $250 at the time. Now we have a collection agency on us for a remaining $500. They will get $5/month, that's all we can do.
Do realize medical bills are the number one reason for bankruptcy in this country!
Explore all your options carefully!
Last edited by MaryleeII; 10-10-2012 at 06:13 PM..
Looks like a typical group plan and pretty typical prices for premiums. Private plans will cost less in premiums, most likely, however your out of pocket costs for deductibles, etc. will be much higher since they are per person, not per family so if you get individual plans with $5000 deductibles, for a family of 5, that is $25,000 in deductibles. Cobra will most likely be double this cost, at least.
I also think you are probably misreading your benefits statement. Your PREVENTATIVE care, so well child check-ups, cancer screenings, annual physicals will be covered at 100% but if you go into the dr for say strep throat you probably have a co-pay, guessing $25. If you see a specialist your copay is $35 plus any other tests, etc. done there which is where the $5000 deductible comes into play. If you don't go into the doctor much, does it really matter? If you use the dr a lot, once you meet your out of pocket costs everything is covered at 100% for the rest of that calendar year. It could end up costing less this way vs having to pay a 20% co-pay always.
Do you have to pay the $5000 upfront or every payment made to a clinic, RX, etc. is added towards the $5000?
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Seeking insurance information.
