Today I got a notice in the mail that the health insurance I purchase for my children will increase beginning 03/01/09. Currently, I am paying $215.01 and the new rate will be $282.36...an increase of 31.32%. This is really an excellent health care plan. I definitely need this one, or one equally as good coverage-wise for DD because she has several medical issues. DS so far doesn't frequent a medical office very often *fingers crossed*, and hopefully it stays that way.
I don't know for sure what to do. I am covered 100% by my employer. I looked into adding them on that plan, but it is about the same rate with higher copays for each category. So that isn't really a better, more cost-effective option.
I looked into the state CHIP health coverage in which all children are covered with no household income limits. I don't qualify for any reduced rates there and the full-cost premium PER child is $163/month. So that one is more expensive also, but does have a SLIGHT reduction of copay amounts.
I'm thinking about shopping around and maybe purchase coverage for DS with a small deductible, say $1200 w/ 100% copay (after the deductible is paid). I'm just not sure yet.
Anyway, it figures I'm saving roughly $70/month by refinancing my mortgage and was planning to allocate that to the principal each month on the car loan (which I most definitely still plan on doing), and now the health insurance premiums increase ~$70/month!
It sure would be thoughtful of my children's father to come forward and pay at least SOMETHING each month towards their care and to support them financially, but I don't know when that will ever happen. I'm just really pessimistic about him not taking any responsibility for his children!! (sorry to rant)
So I have some homework to do here in the next month or so to decide what I should do about their health insurance.
Have a great evening everyone!!
Health Insurance Premium Increase Letter
January 11th, 2009 at 12:21 am
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Health Insurance Premium Increase Letter: Purple Flower's Finance Blog