January 15, 2008
Medical Insurance Will Cost More
My medical insurance costs are about to go up. Plan A costs me $1250 and Plan B cost me $2100 for the remainder of the year. First off though, the type of plan does matter too. Plan A is a POS and Plan B is a PPO, so they each have pros and cons.
Plan A requires a PCP and has a specific network of doctors and specialists. Instead of meeting a deductible, I would only have to pay a co pay. Depending on how many times we would go to the doctor or see a specialist, those co pay costs could add up. There are some other strict rules on requiring pre-approval for certain things first. I don’t know much about these plans since I have never used one. For the most part, it sounds like an HMO.
Plan B doesn’t need a PCP and has a huge network. There is a $300 deductible that has to be met before 80/20 payment kicks in. It depends on whether or not the 20% out of pocket costs are worth it for this plan. My parents always used these types of plans since you have a lot more freedom over where you can go. I got injured in college and went to the ER, this type of plan picked up most of the cost. Is the extra expense worth being able to go to the doctor or any specialist I want?
Both the plans have good prescription coverage, $5 generic, $15 formulary, and $35 for specialty. I always try to get generics since they’re cheaper and work just as well as the fancy ones with the name printed on the pill. This part of the change is even better than what I currently have, so I’m happy in that regard. My dental coverage changed a little but not enough to be an issue. Vision insurance isn’t an issue right now since my wife maxed out what we have when she got her glasses. She is good for at least 2 years now.
This increased cost will affect the take home pay a little bit, in either case. When my wife gets a permeate job we will have to re-evaluate the options because her insurance could be better than mine. Right now these figures are for both me and my wife, so they would be greatly reduced if it was only me. No matter how you spin the issue of medical insurance, it is better to have something than go with nothing.
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