I figured since it was Halloween l would post about something really scary…My Health Insurance Options and Premiums.  Considering it is open enrollment for season I am sure most people are facing the same decisions.

My Health Insurance

In the 3 years I have been writing on My Journey to Millions I have not brought up the discussion of my health insurance once.  Growing up my mom worked for a hospital as a registered nurse (she still does) and so we always had amazing health insurance.  The Wife on the other hand had little to no health insurance growing up as her father was a small (but successful) business owner.  It was very important to me to never have the discussion of whether it was worth the co-pay/deductible to go see a doctor.  It was a personal decision and a very expensive one.

I just received notice that my plan choice (the highest one offered by my company) was going to increase to $1,265/month! If nothing was to change I would be paying over $15,000 a year for health insurance.  Research had to be done.

The Difference Between My Health Plan Options

The Wife and I had to take a look at our 5 choices from Oxford.

  1. Option Number 1 had a $2,000 In Network Deductible and a $2,000 Out of Network Deductible – Eliminated.
  2. Option Number 2 had a $1,000 In Network Deductible and a $1,000 Out of Network Deductible – Eliminated.
  3. Option Number 3 had No In Network Deductible, unlimited lifetime maximum, $15 – $75 for prescription drugs, $30/$50 for Office Visits.  No Mention of Out of Network Benefits.  Possibility and the cost is $898.06 for my family.
  4. Option Number 4 had an In Network Deductible of $500 and $1,000 for Out of Network, $25/$40 for Office Visits, Same Drug prices as Plan 3.  Possibility and the cost is $982.12 for my family
  5. Option Number 5 – Current Plan – No In Network Deductible, $750 for Out of Net work, $25/$40 for Office Visits, Same Drug prices.

After talking it out with The Wife we decided that our real options were keep it the same or downgrade a bit to Option Number 3 which had no deductibles but we were more or less limited to in network doctors.  The Wife called all our current doctors to make sure they were in network and since they were and we don’t foresee needing any specialists (but who does?) we are going to go with Option #3.

While I will still be paying over $10,000 a year for Health Insurance, Option Number 3 will lower our monthly premiums $367 a month which is great since I just increased my 401(k) Contributions another $150/month since I was leaving free match money on the table.

 

What open enrollment issues/decisions have you had to deal with? Are your health insurance premiums as expensive as mine?