by
Carl Hampton
01/22/2007
Experts say that it is very important for
a two-income family to pay attention to
details when deciding on medical insurance
coverage. The reasons are as follows: 1. Pay
attention because there are more options
than ever before. 2. Certain companies
penalize those who are married, and are
fortunate enough to have double coverage.
(Meaning; if a husband and wife work for
separate companies and one of them tries to
cover the other in insurance, the company
they work for will charge them a higher
premium).
It used to be that if both spouses covered
each other with their companies’
insurance, then the couple would have 100%
coverage. However, in the past few years,
100% coverage is almost laughable because it
would never happen. A national study showed
that 6% of employers charge higher premiums
for spouses, which equals out to an
additional $178 a month.
Large companies ask their employees, in any
given year, to choose from HMOs (Health
Maintenance Organization), PPOs (Point of
Provider Organization), and HSAs (Health
Savings Account), wherein coverage varies.
In order for families to make a smart
decision when that time comes, a spread
sheet should be made so that they can
compare the various options. The first step
would be to compare premiums that would
cover the whole family. The next step, to
calculate the results if one spouse covers
the family under the company plan, and the
other spouse gets individual coverage. Then,
consider the deductibles. Imagine how much
money you would be out-of-pocket before the
insurance even kicks in? Also, consider the
scope of coverage (e.g. the availability of
doctors and services). Finally, map out real
expenses by using your most recent medical
bills. You might also want to prepare
yourself for a “worse case scenario” by
considering a high-deductible plan. There is
a website that can help you calculate, “paycheckcity.com,”
the costs of insurance on an after-tax
basis.
Have an opinion or a question you would like
me to answer? Write to me!
http://www.CarlHampton.com
