Complete an insurance comparison
Many employers tout their health and life insurance benefits as major selling points during the hiring process- and for good reason! However, most organizations mail new employees a benefits handbook and leave them to their own devices to understand the coverage and its pocketbook implications. Just trying to understand what all the key terms and acronyms mean – deductibles, copays, premiums, PPO, EPO, HSA, HMO – makes me feel ill!
While trying to understand your insurance options might make your head swim, doing your research on the front-end can again ensure cost-savings for your family later. As a military spouse, it is very important that you compare your employer’s insurance plans to the Tricare plans for which you are eligible.
I have found that Tricare covers all of my medical needs – which unfortunately includes biweekly specialist visits and a variety of medications – without me having to pay out of pocket for costly copays or hitting a deductible. However, if your medical needs are more infrequent, your company’s health insurance provider may be a better fit.
Some important things to consider when comparing plans include:
- The size and health profile of your family
- The number and cost of any ongoing medications taken
- The number and cost of ongoing specialist visits
- The level of effort required to obtain referrals and see the doctors you’d prefer to see
As part of this comparison exercise it helps to actually complete some rough calculations based on your previous year to understand how much you would have paid out of pocket on each plan. Depending on your industry, another consideration is that opting for Tricare – and forgoing your employer’s insurance benefits — may leave you the opportunity to negotiate a higher salary or hourly rate as you will be saving them loaded costs on your benefits.
Regardless of your circumstances, your health insurance decision is very personal and important, and thus only you know the right fit for your family. Just ensure you don’t rush into a decision that you will be locked in to until the enrollment period next year!
