We're finalizing my transition to working retirement after 20 years of employment in higher education.Until there are enough projects for the consultants to provide it, we'll have to pay for our own health insurance. When I last discussed health insurance, it looked like we'd be going with COBRA at a cost of about $1,000 per month. And that would only cover Amanda and me. Plus, we'd still have to pay all the copays for doctor visits, therapists, and prescription drugs. Those costs are not as bad as they were right after Amanda's stay in the hospital, but they are still between $100 - $300 per month. So, at minimum, the cost to us will be $1100 per month, or $13,200 per year. That's a lot of money, especially since I'll be working just one job instead of two.
It's bullshit.
We had a fairly costly year medically for a family our age and size. And when we add it up... all the $35 co-pays for psych visits (Amanda's and mine), prescriptions, and seven days on the ward, it totaled about $11,000.
COBRA will cost more than the cash value for all of our medical needs, assuming next year is like our last.
So instead of going the COBRA route as we were initially advised we'd have to do, we're going with a high deductible HSA policy that will cover me, Amanda and, HERE IS THE BONE, Courtney.
YES. Court will be covered. In Virginia, the Commonwealth [for whom I've been employed since June '03] is prohibited by constitutional amendment from extending health care benefits to Court as part of my employee benefits package. We've had to cover her on our own.
The monthly cost to us for this policy? Less than $200 per month for the insurance, plus 100% of all costs until our annual payout hits $10,000, and then the coverage will kick in. In a typical month, with insurance, doctor visits, counseling and prescription drugs, we'll spend about $775 per month. Not cheap by any stretch, but the max we'll pay annually is $10,000. And that's only if we have a year like this year. I'm figuring we'll spend more like $9,300 per year.
The odds favor savings of about $3,900 per year with the high- deductible HSA policy vs. COBRA, and all of us will be covered, instead of just Amanda and me with the pricier COBRA. These savings do not take into account the tax benefits of going with a high-deductible HSA.
Quite the deal, eh?
6 comments:
Good for you. It's nice when things work out for a change.
WTG! I'm glad you were able to navigate the health insurance maze and find coverage for your WHOLE family. That's awesome!
That's still just ridiculously high, but at least you're all on the policy together and able to save some $$$.
I don't think so Sassy. We have a lot of medical needs so it is expensive. What we are being charged for hour-long sessions with therapists, and 30 minute sessions with psychiatrists, isn't that much more than what I charge per hour as a consultant. I really thought the actual costs would be much higher. I am seeing my doc tomorrow about switching to a less expensive drug--the one I take now is $300 per month.
So my advice was good...yes?
Yes. Thank you!
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