Health Insurance Frustrations

Before I quit my job to stay home with the kids last May, we were on my health insurance. It offered great coverage and was actually affordable. Losing that benefit was the one thing that made the decision to stay home the most difficult. In the end, I decided staying home with the kids was more important.

Hubs works for a small company so I understand that costs will be higher. They don't pay much toward the premium. And every year it goes up significantly. This year it's going to be $130 more a month. That's an EXTRA $1560 a year in health insurance premium alone on top of the already high premium. We'll be paying over $700 a month on health insurance premiums. Honestly, I don't know how our bank account will survive that much more gone each month.

So we're stuck.

Do we stick with it since it's a group plan? Do we try to find an individual plan? Do we consider a health savings account? I'm so frustrated. I don't want to make the wrong decision. A health savings plan would mean less premium but more out of pocket at the doctor's office. That's fine as long as we all stay healthy. But then there's the maternity issue. There are no plans to add another baby to our family but little surprises do happen. Most individual plans and HSAs only cover complications or cost a lot more to add maternity.

So I'm looking for advice. Suggestions. Pros and cons to any of the above options. Anyone have experience with a health savings account? Will we have a waiting period for preexisting conditions? I know I shouldn't complain because at least Hubs has a job and we have the option of health insurance. It's just frustrating to see the premium go up by so much every year.

Hubs is meeting with our insurance agent so we'll see what he has to say. This just seems like such a big decision. Have I ever mentioned how much I hate really big decisions? I need chocolate!


Ethan, Zach, and Emma's Mom said...

We just started on a HSA on the 1st. I'm terrified. We have a tendency toward ear infections in our house. But Husband believes it is the best for us, as the money we were already putting into the premium will go to the HSA--we will actually save it, not just see it go out the window. It's hard to understand. I just trusted that it was the right thing to do. Doesn't make it any less scary!

Melody said...

Do you only have the one option with your husband's company?

See if they might have the same plan with a higher copay but less premium.

I actually worked for insurance companies for 16 years and the HSA still confuses me.

I hope you guys get it all figured out.

Jolene said...

Wow, that is a lot to be paying each month.
We have insurance for this month, but it doesn't look like we will have it for next month with my husband being laid off.
Hope you find something that works better.