Thursday, September 17, 2009

Playbook Update - Insurance

Remember the playbook? I'm so happy to say that although I'm falling behind on the summer goal (which is quickly becoming a joke), I am making progress on the playbook. After much, and I do mean much, research I finally applied for a health insurance policy. Gosh, after all of the debate over health insurance and all of the horror stories, I was a little intimidated and careful to answer each and every question asked. The last thing I want is to have a claim denied or my insurance policy rescinded because I neglected to answer something incorrectly.

Medical - On yesterday I received confirmation that my application had been approved with no adjustments. That means that the underwriters didn't find anything to exclude or anything that would cause the rate to be more than what was quoted. Yippee!! I will be able to continue with my beloved high deductible health plan but now I have to shop around for another health savings account (HSA) at a financial institution. Currently I do not pay any fees for my HSA because my employer covers them. Now I'm on the hunt for an account that won't charge me fees. There's something about me paying you to hold my money that just doesn't sit well with me, not at all!

As far as the cost, I budgeted $250 for my monthly insurance expense ... and that was to cover both health premiums and HSA contributions. The plan I have is $91.18 per month so that means I'll contribute $158.82 per month to my HSA (the IRS limit is either $2,900 or $3,000 for single payers). Oh yeah, prior to completing the app, I checked with my medical providers to see if they accepted the insurance that I was applying for, yep they all do!

Dental - I'm going to pass for now and just pay for the cleanings out of the HSA. The cost benefit for dental insurance isn't worth it to me. I'd pay about $40 per month with a $50 deductible, only to get $1,000 of coverage. So $40 a month equals $480 a year - plus the $50 deductible is $530. So you're telling me that I have to put in $530 to get $1,000, no thank you. Since my dentist charges about $100 for cleanings, I'll just pay it on my own. The way I see it, I come out ahead. Now let's just hope that I don't have any major dental work needed. If I do, I'll get some insurance at that time and wait out the exclusion period. LOL.

I'm getting closer to the great exodus!

1 comment:

~Truly Tina~ said...

Yes, yes, the great exodus. Oooo, I'm so excited for you! Do it! :-)