So, as year 2015 gets closer, it's time for me to choose a new Health Insurance Plan or stick with the one I have. I'm fortunate enough to work for an employer who provides really great coverage, regardless of which plan I choose, but I'm still left with deciding which plan will fit my situation the best.
One plan has a small deductible and copays but the monthly cost is higher. The other plan incorporates a company-sponsored HSA with contributions by my employe, has a lower monthly fee, but has a high deductible and all doctor visits must be paid in full until the deductible is met.
So, I'm left with a difficult financial situation that could have an effect on my other debts if I don't analyze my options.
What would you choose?
You have a family of 7 (5 children, 2 adults).
When going over your family budget, it's important to take into consideration all the costs and family situation to determine what plan will most likely cost you more out-of-pocket within the calendar year. Creating a budget based on solid health insurance planning will help you avoid unnecessary debt, or having to put expenses on a credit card.
What's awesome about the program Speedy Debt Repo provides is you can actually plug in both scenarios into your action plan and determine which solution will end up costing you more not only short term, but long term.
If you're interested in how I analyzed the two plans and which solution I arrived at, feel free to contact me, I'd be happy to help you out if you face a similar situation.
Shane D. Sorensen, MBA
Hi. Thanks for checking out my blog! I decided to blog my experience with the Money Max Account while offering other helpful, financial advice. I hope what I share proves useful.