Are you aware of how much your medical care costs?
This includes both amounts paid by you, and (if you have medical insurance) amounts paid by insurance companies for your medical care.
If you have medical insurance paid at least in part by someone else (such as your employer), are you aware of how much that someone else is paying for or subsidizing your medical insurance? If you receive government insurance like Medicare, are you aware of how much per person the government is spending on the government insurance you are on?
I know how much I pay for my family’s health insurance and how much my employer pays. I’m also aware of how much the insurer pays for medical care I and family members receive. What I don’t know is how much the health-care provider charges noninsured individuals.
And both of my kids totally understand the total cost of their health care. Both have individual plans not through an employer. Both, therefore, pay the full cost of their insurance. Both can read and understand a medical bill, as well as an explanation of benefits.
Yes, we fully understand all the costs – ours, the employers, the specialist, the lab, the hospital, the clinic, the pathologists, the nephrologists. I know the test codes, the prescription schedules, the deductible inclusions, the medical devices that are covered…
If insurance is part of your salary package, it is just that, your salary, not a subsidy paid by someone else. not some some modern day feudal system. I remain surprised that we are not all thrown out into the marketplace already. What one pays for medical costs is not necessarily what medical care costs. Insurance company as the third party does it's best to make that as opaque as possible.
I have been building a spreadsheet for the last couple of weeks to try to determine which plan to pick for 2016. It’s taken hours of calculating and researching the cost of Rx or procedures that I guesstimate we might use in the next year.
And then you have to decide if you want lower premiums and risk paying for if you’re sick, or higher premiums but lower deductible. It’s a ridiculous way to purchase something.
Yes
I know the cost of the health plan
My share of the premium
My wife’s treatments
My limited visits to the doctor
Only the cost of my wife’s treatments would have any substantial impact on the cost of my health plan and I do not know what other doctors or facilities would charge for them.
My employer (a major health insurer) sends out an annual compensation document detailing all components of compensation, including salary, 401(k) contributions, vacation, and all benefits.
I don’t elect health insurance benefits through my employer (H’s are much better). So, theoretically my co-workers are receiving higher “compensation”. Every time I review the document I wish they would give me some trivial cash payment in lieu of health benefits. I know…first world problems-I’m fortunate to be able to decline their benefits, but still.
Yes, I know what my family coverage costs my employer and what share of it I pay as well. I am changing insurance in Jan. to a higher-deductible, lower premium plan that is an EPO instead of a PPO because of the cost of insurance. My employer has agreed to pay half our deductible and roll the unused money over into the next year. We are
“low experience” patients with no chronic conditions and I’m betting on us coming out ahead. But it certainly is a bet with fingers crossed.
Because people seem to be shocked at the price of medical care or medical insurance when they previously received it for no apparent cost or greatly reduced cost from their employer.
Before I lost my job, I knew it was around 20k per year. However, one never really feels the impact until they don’t have subsidized insurance. Maybe that is what is shocking. Not just the salary loss, but now add in $15k more expense a year.
“people seem to be shocked at the price of medical care or medical insurance when they previously received it for no apparent cost or greatly reduced cost from their employer.”
Happydad sure was when he got down-sized several years ago and ended up having to pay for COBRA because of a previous health condition, while Happykid and I could get significantly less expensive private policies (albeit without the same kind of coverage).
I’ve got my spreadsheets up again now that it is Open Season. I’m pretty sure we will stick with the current medical insurance, but the dental and vision might get tossed/changed for 2016.