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No coinsurance or deductible - worth $1K/mo?
I just found out to keep the same health coverage I have now and to add the baby to our plan we will be paying $1k/month out of pocket. My old employer paid half of mine and DH's policy and will now be paying half of DH's. I knew this was coming but had no idea that adding a baby would more than triple what we pay currently which is honestly a little surprising for a group policy. I'm kicking myself for not pushing to get the numbers from my boss after my conversation with him months ago about my transition out. He is not changing any of our current plans until the baby is here and everything looks good which will likely be Jan 15, so I'm covered until then.
We cannot afford to pay $1k per month and in looking at other plans through KP I can stay with KP but will be adding a 20% coinsurance and a $2500 deductible. By adding the coinsurance and deductible we'll save more than $600 a month. If Am I crazy to switch off of a group plan that will stretch us to the absolute max financially and to add the deductible and coinsurance with a new baby? Ugh, I hate insurance.
Re: No coinsurance or deductible - worth $1K/mo?
Do you know how much your prenatal and birth will cost? They're crazy expensive. I'd run some numbers to compare what you should theoretically be paying for your maternity stuff on each plan and what you could potentially pay. What are the OOP max?
I went into preterm labor and spent some time on hospital bed rest. I had weekly NSTs and several biophysical profiles. Then tried to have a vaginal birth but ended in an emergency c-section. I spent 5 days in the hospital and so did DS. My bill for all my prenatal stuff, preterm hospital stay, delivery, and post-natal care was half a million, easy. I obviously had to pay my OOP max. That's a worst case scenario but I'd definitely consider the OOP max.
I don't know the specifics of your plans, but I have always done the absolute cheapest plan. Despite having a higher deductible, it is almost always the cheaper option because the premium is so much less.
Most baby medical stuff will be "preventative" which would be covered without requiring co-insurance by most plans. We had a hospital stay with Gavin at 10 weeks old and we've had 3 emergency room visits. Can't remember what any of those cost, but it's never been enough to consider changing plans
Honestly, I've never been a fan of Kaiser type insurance and would consider other plans as well.
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Shawn and Larissa
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It depends on what your OOP max is. If its not insane, I would go with the cheaper plan.
Basically, worst case scenario with the $1k more/mo plan you will pay $12,000 more over the year whereas with the other you will pay $400 more than now/mo = $4,800 + 2500 deductible = $7,300 + 20% coinsurance (up to the OOP max). So it comes down to how much your OOP max is. If its, say $4,000 than you'd still pay less with that plan ($7300 + $1500 to reach the OOP max = $8800).