DISQUS

remodelingthislife · 1 year ago

This is what my husband and I tell ourselves all the time while grumbling about the costs of our premiums and copays and deductibles. It's a lot less expensive than paying for a medical crisis. I am so glad your wife was okay and that you had the coverage you needed when you needed it. It's an important reminder of why we're paying what we are.

Money Matters · 1 year ago

yup. It stinks paying it when you don't need it, but when you do you'll
thank God that you had the coverage.

David · 1 year ago

Totally worth it - thankfully I had it when I just went through my medical stuff, as otherwise I would have been out over $30000 rather than $7K. I am (and still am, I think) very healthy, but when something sneaks up on you....we will never go without insurance, even if we only have a catastrophic plan.

natecarlson · 1 year ago

Totally agree with you. This is the point of insurance.

I have a very similar story about car insurance -- which is, of course, required if you own a car, but it can still be hard to pay. Five years ago, I was in a major accident, and would have ended up being sued and paying over a million dollars (which I don't have, of course.) I'd be in huge financial trouble right now if we hadn't had insurance. It made the $150/mo insurance hike for the next 12 months or so a lot easier to swallow!

Curious - what are your thoughts on a HSA versus traditional insurance?

Money Matters · 1 year ago

I'm gonna be completely honest here - I haven't really researched the health savings accounts, it seems like an interesting idea, but I don't know enough about them to give an intelligent opinion. Maybe that's fodder for a future post? What's your opinion?

natecarlson · 1 year ago

I haven't decided yet. ;)

My employer is offering them now, and the premiums are about half of the premiums for our traditional insurance, with an out-of-pocket maximum of somewhere around $2500/yr per person, *including* medication. If either Tiff or myself were to have a major medical issue, the $2500 out-of-pocket maximum would actually be far less money than the maximums with our current insurance - especially since our current insurance does not cap out-of-pocket expenses on medication at all.

Unfortunately, I'm on a name-brand prescription drug at the moment, which would end up costing more on the HSA than the difference in premiums. (With a HSA, you pay out of pocket -- more specifically, out of the tax-free savings account -- until you hit your out of pocket maximum. Then, you are 100% covered.) I'm working on finding a generic alternative that works - if that's a possibility, it will be very tempting to switch to a HSA during the next open enrollment period.

FFB · 1 year ago

You never know what will happen! When you're young you think you are invincible but all it takes is one injury or illness and you see how vulnerable you are. It is crazy how much we pay in premiums but if you ever look at the hospital bills or even prescription medicine prices you see it's much better to pay the premiums.

Also in our society we have a tendency to treat things after the fact. When we're sick we go to the doctor and worry about our health. Other societies look at health more as maintenance. By keeping up good health and getting regular check-ups you can many times eliminate bigger problems later on. What's the point? Having coverage allows you to stay maintained.

hank · 1 year ago

It really is nuts what you find you may have to go through in situations like that. We just had our yearly "benefits fair" where my wife and I reallly sat down and discussed what we needed and for what amount. We're sticking to the basic plan because it's that or a one that covers more "out of network" places. I think we're alright in current one. Are you just on your standard plan at work?

Money Matters · 1 year ago

I'm on a standard plan at work, yes. I am thinking about looking around to see what other coverage is available, just because I've never really looked into it. I'm happy with the coverage (so far) that we had this time around, but still - bringing our costs down might not hurt. I'm pretty confident that we won't be able to though.