So is it better to have a smaller deductible but higher monthly payment?
Depends on how well you handle money. For me, if I have money, I spend it. Therefor it's hard for me to make sure I have enough money to cover the full deductible (or even just one expensive doctors visit - in Cleveland a yearly physical costs around $250, which you have to pay out-of-your-pocket if you haven't already spent the $1000 (or whatever amount) towards your deductible yet. Visits to diagnose strep or a bladder infection or something minor like that could be more. Kinda depends on the going rate in your area and the discounts your insurance company has negotiated - neither of which indivuduals have much control over :-S.) Anyway, 'cause I'm bad with money, I tend to choose higher (but predictibable) monthly payments so I don't get whamed with unexpected expenses I can't afford. My husband is the exact oppisite. He's very good at saving money and would rather earn interest on the money himself rather then letting the insurance company have it right away - thus he chooses higher dedictible plans with lower monthly rates.
If it makes you feel any better - dental coverage is much cheaper then general health insurance.
Honestly, I suggest you do the math for how much the individual plan will cost you both per month vs. how much it would cost Jeff to put you on his plan, and consider re-imbursing him for the amount (also remember to compare the deductibles on the two potential plans). It's likly to be cheaper to be put onto his plan. The disadvantage there, is (1) you're tied to his plan and if your relationship is rocky that's bad and (2) you don't have control of what the benifits are - but now that you've looked a little at what you can afford, his benifits might not seem so bad. (I'm guessing about that one, of course :-) ). Another down side of this possible solution is that he might not be allowed to put you on his plan until it comes up for it's yearly renewal, unless you have what my state's law calls a "qualifying life event" e.g. one of you loses your job, you have a baby, or you get married/divorsed. (In my state, graduating college doesn't count - though it might in yours, he could ask his company's HR person.)
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Date: 2009-06-17 08:03 pm (UTC)Depends on how well you handle money. For me, if I have money, I spend it. Therefor it's hard for me to make sure I have enough money to cover the full deductible (or even just one expensive doctors visit - in Cleveland a yearly physical costs around $250, which you have to pay out-of-your-pocket if you haven't already spent the $1000 (or whatever amount) towards your deductible yet. Visits to diagnose strep or a bladder infection or something minor like that could be more. Kinda depends on the going rate in your area and the discounts your insurance company has negotiated - neither of which indivuduals have much control over :-S.) Anyway, 'cause I'm bad with money, I tend to choose higher (but predictibable) monthly payments so I don't get whamed with unexpected expenses I can't afford. My husband is the exact oppisite. He's very good at saving money and would rather earn interest on the money himself rather then letting the insurance company have it right away - thus he chooses higher dedictible plans with lower monthly rates.
If it makes you feel any better - dental coverage is much cheaper then general health insurance.
Honestly, I suggest you do the math for how much the individual plan will cost you both per month vs. how much it would cost Jeff to put you on his plan, and consider re-imbursing him for the amount (also remember to compare the deductibles on the two potential plans). It's likly to be cheaper to be put onto his plan. The disadvantage there, is (1) you're tied to his plan and if your relationship is rocky that's bad and (2) you don't have control of what the benifits are - but now that you've looked a little at what you can afford, his benifits might not seem so bad. (I'm guessing about that one, of course :-) ). Another down side of this possible solution is that he might not be allowed to put you on his plan until it comes up for it's yearly renewal, unless you have what my state's law calls a "qualifying life event" e.g. one of you loses your job, you have a baby, or you get married/divorsed. (In my state, graduating college doesn't count - though it might in yours, he could ask his company's HR person.)