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health insurance question: i work for a small company. we switched to a cheaper health insurance plan within? | |
oxford because i added my wife and 2 kids on after my wife left her job. my current plan would have cost 1,900 a month for family coverage. we switched to one through oxford as well with 1,300 a month coverage. the in network coverage seems to be identical except the copays are 20 for primary care and 30 for specialist instead of 10 and 10 on the old plan. in network hospitalization is 500 dollar co-pay for in-patient and $250 co-pay for out-patient.
on the out of network this is the deal: 2,000 deductible per person and 6,000 per family total deductible. co-insurance is listed as 70% of 10,000. out of pocket is listed as 3,000 per person and 9,000 per family excluding deductible. out of network hospitalization is deductible and co-insurance. out of network E.R. visits are 75 dollars each.
my general question is this decent health insurance? would this be considered high deductible insurance? would i be completely screwed if a family member had to stay out of network at a hospital?
for example, if we are on vacation and someone needed major hospitalization and there was no oxford network hospital. we could take a hit.
heres the deal if we take the 1,300 a month insurance my work covers the whole thing. if we took the 1,900 a month insurance i would have to pay the 600 dollar difference myself (difference between 1,900 and 1,300). did i do the right thing by picking the 1,300 dollar one so i dont have to pay anything out monthly and it is completely covered by work?
Answers:
1This is decent health coverage. Most plans will cover out of network benefits at the same level as in network if you have an emergency and need immediate care. But, you are expected to transfer to an in network facility as soon as you are stable and can do so. You might want to consider getting you wife and/or kids an individual plan instead of using your employer group plan. It may save you some money that can help offset your higher out of pocket costs.
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