Say you get great health insurance, pays 100%, no deductables and is only 250.00 a month for family coverage..

The downside is by taking these "benefits" you lose some fringe benefit pay

By taking the insurance, you would lose about $6.00 an hour, plus your paying the 250.00 a month, so we are talking about 1200 or so a month


Would you keep the "great" insurance? or drop it and look for something outside of work?

Could this be a bad decision?

I just cant seem to justify that much money, regardless of how great the insurance is. Im searching out companys right now. I dont care about regular visits, It doesnt bother me to pay that in full, I just want to be covered for anything "major", but I am nervous about dropping the "good" insurance


Opinions?

$6.00 PER HOUR SOUNDS LIKE AN EXCESSIVE HIGH COST!!!

I HAVE 80/20 $1,000 DED

Rest assured, the insurance company knows to set the premium high enough on a deal like this so that they come out ahead.

Let's say you have a more limited insurance policy instead. You pay something like $250 a month for a $1500 deductible plus an 80-20 copay with a $3500 stoploss. Your maximum out of pocket yearly is $3500 per person, but unless you are the sickest family in the world that's not likely going to happen. That plan doesn't cost you all the extra benefits, though... which means an extra $950 per month in your pocket.

In other words, you will have $11,400 extra in cash per every year you are healthy.

Do you live at the doctors office? Check your medical expenditures over the last three or four years, and you can quickly see which is better.

I will tell you that, statistically, the $1500 80/20 plan is a MUCH better idea. MUCH.

For $1200/mo you could get decent family insurance coverage direct from some provider. It sounds like you are not getting the best end of that deal. 100% with no deductible also sounds like an HMO plan. You could probably find a good PPO or HSA plan that might fit your needs just as well. I definitely suggest you shop around to see your other options.

Im already finding more reasonable policys, even if the coverage is less. Every time I mention dropping it, family/friends tell me "you dont want to do that" Probably because it "sounds" like a great deal at $250.00 a month, but when you really break it down its not.

I can find better things to do with an extra couple hundred a week. Yes, I know I need insurance, but Im not really worried about having every little thing covered. I need to research the plans more, but right now I found a few 80/20 plans with 1000-1500 deductables that are about 260-300$ a month. (or more depending on what kind of coverage I want)

I was just curious if I was not "seeing" something ..lol

The only thing I can think you may not be 'seeing' is whether your employer coverage includes dental and/or vision. Most individual plans that you get direct do not, so you'd have the added cost of that as well. But even then, you should still be able to find something more reasonable than what you'd get from the employer simply because of the extra $6/hr hit you'd take.

The vision/dental insurance is separate and I can still get them from work. Im certain I will be dropping the insurance, as good as it is...$6.00 hr extra is better

Good plan.

Also, SHOP SHOP SHOP SHOP that insurance, but BEFORE YOU BUY a PPO type plan be SURE that your doctors and the hospital you go to are on their list of in-plan providers. This is CRITICAL.

Your agent can get this information to you, but you should make him/her show you this IN WRITING.

There is no guarentee that the doctor will stay in-plan, but if it's one of the biggies (Blue Cross, Healthlink, Humana, Cigna, or the zillion other megaplans) they likely are. Don't risk it though, make SURE.

Im aggravated...Im going to have to fight to get them to drop it, per the "new" contract.
It could have been dropped up until the new year. Hmmm..would have been nice to been told that 2 months ago

This information was never brought up and no updated contracts were given out, so we will see what happens.

Aaah.. you're on an employer group plan, aren't you. Some of them have a premium reduction in exchange for fixed enrollment. You can't opt in or out except for during designated times. If you dump out, your employer may have to pay for you anyway, or pay a higher premium rate overall, or a penalty depending on the contract.
I'll bet you a ski pass that you have Wa**** Benefits Corp. ?

They do have to let you know about the open enrollment/change times though. It's your money.