Insurance is about to go WAY up...

[LillFilly]

At work right now I have an 'indemnity' medical plan that doesn't qualify under Obama Care laws as insurance, so this year they're rolling out their new compliant medical plans. The one closes to what I have now, covering pretty much nothing, is 25$ twice a month. Then there's an Aetna 1 option for 63$ twice a month, and Aetna 2 at 94$ twice a month. There are several plans better than Aetna 2, but those are only offered to employees in states other than mine. Add to that 15 for vision and dental and I'm looking at paying about the same as I do now, about $80 a month, but with no major medical/hospital/emergency coverage, or I can pay or more, have better medical, but not be able to afford it! I want good insurance, but I don't think I can swing almost $200 a month; I'm paycheck to paycheck already paying for my braces, car repairs, rent, gas, etc. Is it worth it? Should I risk keeping the lowest level insurance?

[otakuneko]

Any options outside your employer?

[Sapphire Silk]

Lilly, before open enrollment ends, take at look at either your state exchange (if your state has one) or the federal exchange and see what the Bronze, Silver, and Gold plans go for in your area. You may be able to find something cheaper, in which case you decline your employer's coverage and get it on your own. You may qualify for a subsidy that will cover most of the costs and make it affordable for you.

If you end up going with your employer's plan, check to see if you can qualify for some discounts by filling out a health history form, certifying as a non-smoker/committing to quit smoking, or signing up for health coaching. I shaved over $60 off my monthly premiums this way.

If you end up having to stick with an employer plan, consider this. Can you afford a hospitalization if you get sick? Do you have any chronic health problems that could land you in the hospital? The whole point of universal coverage is that many people with plans like you currently have wind up in bankruptcy because they get sick and can't pay for their medical care.

If there is any chance you might need hospital coverage, then get that plan. If you can live with the risk of not being able to pay hospitalization, then do what you gotta do.

Do you have the option of a FSA? For a long time I did not care for them. For healthy people, they're not a great deal because they're use it or lose it. You can put a pre-determined amount up to $2500 that you access on a sort of debit card for medical expenses; the money is taken pre tax from your paycheck.

I started getting one a couple of years ago because I have enough chronic health problems that I wind up in the ER at least once a year. It helps me pay the hospital bills as they come in, and because it's taken out pre-tax I hardly notice the difference in my paycheck.

If you go with the no hospital coverage plan, I'd consider putting a few hundred in an FSA as a hedge or start a health savings account if you are able to start one.

And hang in there. Health care inflation is slowing for the first time in decades thanks to Obamacare. I believe firmly that in a few years as hospitals are forced to bring costs under control, premiums will start to come down. But because that hasn't happened yet, premiums are still high.

[Arucard]

Based on recent experiences of my own, totally worth it. I've been paying around $160/month for the last 9 years, and in the last two, have had hospital and ambulance bills totalling more than what I've out into insurance, not to mention all the dental and optical savings in that time.

I know people who have wound up in hospital for a month or more and paid only a few thousand. The general sentiment frome people I talk to who have had to make use of their hospital cover is that they'd eat baked beans for dinner every night if it meant they could still afford their health insuance, they'd never go without it if there was any way to keep affording it.