fisherman
Full time employment: Posting here.
- Joined
- Jul 7, 2007
- Messages
- 501
Just received our Health Insurance premium increase. We have had the same policy for three years and it has a $5000 deductible. The previous increases have been about 12%. I have been budgeting for 15%. This increase is for 23%. I will be 46 soon if that matters. They did offer a premium that isslightly lower than last years if we take a somewhat higher deductible. This looks to be the better deal and the way I like to use Insurance anyway. The point of this is what I have said before, people should plan on at least a 15% increase in Premium each year for Health Ins.
My questions is how much do others budget for Health Ins Expense outside of the premium?
My policy pays 100% after the deductible so I have been budgeting the deductible amount each year. We have been very fortunate and have had very little expense each year so the HSA fund is growing very nicely. My thought was once we reach the point that the amount in the HSA would cover the deductible until we reach (Medicare if it exists by then) I would stop budgeting the full deductible amount and thus have additional money to save or spend. In discussing this with my doctor he stated that we were very unlikely to hit that amount every year and probably could plan for a little less and just cut back if need in bad years. I am ultra conservative in financial planning so this is a little scary to me but I do see his point and that is how Insurance companies use policy holder protection funds. The problem is we are not a large group so that plan may not work. What would you budget for medical expenses outside the deductible not considering Dental and Vision as I have separate amounts for them also allocated?
Thank you for your input and I hope this will serve as additional good info for others planning ER.
My questions is how much do others budget for Health Ins Expense outside of the premium?
My policy pays 100% after the deductible so I have been budgeting the deductible amount each year. We have been very fortunate and have had very little expense each year so the HSA fund is growing very nicely. My thought was once we reach the point that the amount in the HSA would cover the deductible until we reach (Medicare if it exists by then) I would stop budgeting the full deductible amount and thus have additional money to save or spend. In discussing this with my doctor he stated that we were very unlikely to hit that amount every year and probably could plan for a little less and just cut back if need in bad years. I am ultra conservative in financial planning so this is a little scary to me but I do see his point and that is how Insurance companies use policy holder protection funds. The problem is we are not a large group so that plan may not work. What would you budget for medical expenses outside the deductible not considering Dental and Vision as I have separate amounts for them also allocated?
Thank you for your input and I hope this will serve as additional good info for others planning ER.