It is common at this time of the year for annual benefit enrollments to begin for 2009. Deciding which healthcare plan is right for your family is one of the most important decisions you make each year. Choose the wrong plan and you either paid way too much for coverage or your medical expenses are way more than the coverage that you are paying for. This will be the first in a series outlining how to choose the right healthcare plan for your family.
I will cover:
How it all Started (for me)
Using Your Explanation of Benefits (EOB)
Breakeven Point & Worst Case Scenarios
How it All Started
By the way, my spouse did get pregnant and we did have a wonderful, health baby boy in 2007.
When this year’s open enrollment began, I was resolved to dig even deeper in my comparative analysis of the healthcare plans. I reviewed 2007 and year to date for 2008 and this is what I found:
· In 2008 we have saved $1,418.78!
For 2009 we would need to have at least $11,180 in medical expenses (after in-network savings) just to breakeven for the higher deductible plan compared to the lower deductible plan.
Want to know how I determined these amounts? Would you like to analyze your own healthcare plans? Would you like to make a better decision this year when choosing a healthcare plan? Stay tuned to the series How to Choose a Healthcare Benefit Plan.
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