Wednesday, December 21, 2016
While annually there have been changes in coverage, deductibles and cost, I have never felt that our medical insurance was outrageous. I currently pay:
$4152 premium cost
$6000 max OOP deductible cost
$10,152/year maximum for our family medical coverage. This expense has always come out of my check as a pretax deduction, and I have always based my budget on my actual take home pay. I will stick with this figure as we typically max out our deductible. So far this new plan year, we've met the first $4000 deductible and are working on the second one, which has a different formulation than previous years, so it will take longer to eat it down. Once we do, as long as we remain in plan, we will not incur any costs beyond the aforementioned $10,152. I budget in anticipation of the worse case scenario. Currently, I have a HSA plan, which I fully fund, based upon the deductible we have to meet, so that I have the pretax funds available to meet the full $6000 in this year's case. This translates into no impact upon my monthly budget. I have been intentionally prepaying for the full plan year as March 1 remains my retirement date, and I wanted not to have any additional obligations. I have been living on projected retirement earnings, before adding additional income streams. I continue to live purposefully, prudently.
While we will have this coverage through the end of August, I remain concerned about what our next insurance coverage will be. I anticipate significant change.
Plan A: I find a full-time position with benefits before Sept 1, coverage/cost to be determined.
Plan B: I go on a state of CT sponsored health insurance.
Plan C: I go on an alternative medical plan that has just been presented to me.
$5,988.24 premium cost for the cheapest option
$11,673.24 But once again, I would be hit with a co-pay until an additional $865 was incurred
$12,538.24 Far from great but do-able.
If I wanted a family coverage plan:
$15,583.44 premium cost for the cheapest option
$26,953.44 Again, there would be additional co-pays until I hit the max OOP. I didn't bother to look. I simply can't afford this.
I am in the process of doing my homework, as medical insurance goes. Plan C is part of a recent income stream; I was unaware that I'd be offered medical coverage. Great! I initially thought, until I got the forms in the mail. The cheapest option would be:
Plan C employee only:
$4388.40 premium cost for the cheapest option
$10,888.40 BUT even once the deductible is met, there is a 40% copay up to an additional $1000
$11,888.40 do-able as well
If I wanted a family coverage plan:
$56,128.92 premium cost (no, I am NOT kidding)for the cheapest option
$70,128.92 BUT even once the deductible is met, there is a 40% copay up to an additional $1000
So, for now, I am focusing on finishing my course work, getting all of my paperwork in to start volunteering at the local hospital, and applying everywhere for a full-time position with benefits as an administrative position in the medical field. I started this journey, fully knowing that my new career will have me working just to cover insurance. There are other perks, however! : )
Worse case scenario: I only insure myself under plan C and the kids will have to look elsewhere for coverage: Ds #2 already told me that he can go on the plan at work (an expense that would be new to him), I am already looking into Medicaid for special needs son, leaving DD and DS # 3 (both work P/T, but do not get benefits) to go onto their father's plan at work, assuming that he agrees, if not also putting the other 2 onto his coverage. Note: I have always held the medical insurance coverage the entire 25 years that we were married.
This is simply awful.
Anyone else go through this nightmare?