Sunday, August 7, 2011
Recommendations on High Deductible/Catastrophic health insurance?
I am currently paying $310 per biweekly pay period to insure my wife and myself. It will be going up again in June and unfortunately we just can't continue to afford it. Presently we are planning to just drop coverage altogether during the upcoming open enrollment but I have begun taking a look at high-deductible/catastrophic plans that would give us some peace of mind in a worst-case scenario. Most of these plans look to offer the basics, like prescription drugs and an annual wellness visit. Even with the insurance we already have we pay almost every penny of our medical costs out of pocket and have monthly payment plans with multiple hospitals, since I never meet my deductible and my wife usually meets hers right at the end of the year. We are in our 30s and relatively healthy, so we figure we can take some of the ~$8,000/year we'd save on premiums and apply that toward any out-of-pocket costs or deductible expenses that might arise in the event of the unforeseen. Does anyone have experience with these plans and would you recommend them as an alternative to a "regular" insurance plan with crippling premiums? Any plans in particular we should look at? Thanks in advance!
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