‘Tis the season to once again choose from the healthcare plans offered by my husband’s employer. Yes, I consider myself lucky to have such choices, but that is what is it is and now it is time to make a choice.
This year we actually have a choice. It used to be 1 of 2 choices and the 2nd choice was way more expensive, so the choice felt made for us. But this year is a little different.
Basically there are 2 plans we can choose from (the 3rd is that way more expensive one and more like for someone like my sister’s family because of all the meds they know they’ll need). With the more expensive plan it would cost about $1600 more throughout the year and we’d have these incentives hoops to jump through (required doctor visits, health coach calls) to earn $1600 towards our deductibles and total out of pocket expenses (otherwise this plan would be $3200 more expense if we didn’t jump through the hoops and ended up needing a procedure beyond the usual well check-ups).
The cheaper plan has no hoops, cost $1600 less, but our out of pocket expenses *could* be more expensive, but only if we need any specialists or hospital stays (normal yearly check-ups are covered by both plans).
This is when I wish I had a working crystal ball… will we stay generally healthy? Will one of the kids crack their head open? Will I or my hubby need some life-saving surgery this year?
So basically if we stay our usually healthy selves and require no “extras” throughout the year (and so do our kids), we will have been able to receive about $40 more per paycheck than we currently get.
However if something were to happen, our absolute total out of pocket expense for worst case scenario would be $1500 more than if we went with the more expensive plan (which cost $1600 more to begin with). So we save $100 in the long run for the absolute worst case scenario (more if we didn’t do the incentives if we went with the more expensive plan), but that would be expensive for either plan ($6000 or $7500), so I hope for just the $40 more per pay check and we stay healthy. Fingers crossed.
Or are we complete idiots and because we’ll have a toddler for the year 2014 we should suck it up and pay more per paycheck and bother with the incentives headache? Ugh.