Insurance. It’s a gamble

Day 63/365: Stethoscope

Image by wenzday01 via Flickr

In my recent rant about dental charges, someone suggested looking into insurance to save on costs. To which I scoffed (mentally) But since my EHIC card has expired I suppose it is the perfect time to look into this.

And then a friend of mine, who coincidentally happens to be a colleague as well, randomly mentioned something about how many deductions came out of my pay before he even saw it. One of those deductions was for health insurance. A little bell went off in my head. Southern Cross! We have a workplace scheme going with them. Hmmmmmmmm…………

Just my luck, a consultant happened to come into the office a week later. Here are my options as a young, healthy human being:

Wellbeing One:
Cover for the catastrophic, should it occur, at $25.24 a month. Double that ($50.48) to add T onto the plan.
Odds are highly stacked against me needing surgery anytime soon, so I won’t go into all the details of coverage. I’ll just say that it covers up to $75,000 per operation. And pre-consults and post-op care. (I think it also covers wisdom teeth removal, although probably not the whole cost). Goodness, and sterilisation, gastric banding, breast reduction and overseas treatment.

Thoughts:  Sounds like good value to insure me against the future. But I’m inclined to postpone signing on for a while yet. But a young, foolhardy person would say that, wouldn’t they?

Wellbeing Two, plus dental and vision:
Looks virtually identical to Wellbeing One at first glance, with the addition of $750 for psychiatric consults.
Add on vision and dental, and that’s $60.77 a month or ($121.54 to cover T as well). That’s up to $500 for dental a year, $100 for hygienist – whatever that is – $50 for eye tests, $400 for glasses or contacts, and $200 for audiology.

Thoughts: I could definitely make full use of the vision coverage, but I’m pretty sure my employer already has a vision subsidy in place. (I used it a couple of years ago and assume it hasn’t been canned.) I also haven’t worn contacts in a while, but I buy them MUCH cheaper online than through brick-and-mortar stores.
I seem to recall being quoted around $300 for a cleaning and filling, and $1500 for T (he needed more work, obviously). I don’t see much point in paying $729 for us a year to get $500 worth of dental work, although again, we are getting coverage should either of us need non-emergency surgery.

Right now, I’m leaning toward postponing the whole idea, and simply paying our dental costs out of pocket.

Anyone have any thoughts on the matter? I know health insurance in the US is a different beast altogether, but all input is appreciated.

3 thoughts on “Insurance. It’s a gamble

  • Reply Amber from Girl with the Red Hair September 26, 2010 at 17:35

    I don’t have insurance anymore (sadly was taken off my moms plan this summer when I graduated. Boo hoo!) but I do pay around $30 a month for medical, which I consider a STEAL compared to what they pay in the U.S.!

  • Reply The Everyday Minimalist September 27, 2010 at 12:26

    In Canada we’re covered under general health insurance, which subsidizes some medication but not all, although checkups and so on are free.

    As for dental, I go every 9 months when I can, and I spend about $200, versus the cost of extra, private insurance. It’s not worth it for me… if I can just pay it out of pocket for cheaper.

    I also don’t need many meds.. just BC pills, asthma inhaler and that’s pretty much it.

  • Reply The Everyday Minimalist September 27, 2010 at 12:26

    I should also note that my company used to take $2000/year for my health and dental (with RESTRICTIONS! Couldn’t go to the dentist every 9 months, was only once a year), and I used maybe… $500 of that and felt cheated.

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.