They sound like a ton of paper work and the benefits really seem to suck. Or am I just not looking at it correctly?
Posts: 2848 | Registered: Feb 2003
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My wife just lost her job today (the suits came in and cut one fifth of her department and gave them 2 hours to exit the building) and so I have to get insurance for her, myself and the baby by tomorrow.
Our company offers an HRA for $350 a month or an HMO for $680 a month. The HRA, best I can tell has like a $3,000 deductible for all medical expenses and then there's partial payments and a bunch of other really Byzantine hoops to jump through.
The HMO is basically the traditional one, but it's much more expensive up front. The HR department said that about 95% of the company is on the HRA plan, though.
I'm sorry, but medical insurance just baffles me. They start explaining and I become Homer Simpson (Mmmm donuts....)
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Sopwith, the HRA's are usually a good choice for families with few medical problems. With my family, even the exspensive PPO is better than the HRA's and HMO's offered.
Posts: 1480 | Registered: Dec 2004
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Your HRA sounds like our offered HDHP (High Deductible Health Plan) which is tied to a HSA (Health Savings Account). I listened to all the information on that offering and decided I would have to be freakin' rich and have no worries to take what little it covered.
Without knowing what your offers, I would say with a family the HMO is the safest way to go. I know it seems more expensive to you in the short-term...
For Family: $365.22 per monthfor the HRA (Healthcare Reimbursement Arrangement) plan. For HMO for the family (through UHC) it's $648.23.
On the HRA: My company puts in $200 and the employee is responsible for $800 on the first $1,000 of coverage. For the next $2,000 it is a 50/50 split between me and my employer. Over $3,000 United pays 80% of the claim.
Their example for a $10,000 hospital stay works out this way (after all the permutations): UHC pays $5,600, my company pays $1,400 and I would pay $1,800. <gulp>
Posts: 2848 | Registered: Feb 2003
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Forgot to add, the HMO is the basic plan for United Health Care with co-pays. The HRA doesn't have a co-pay immediately, but it looks like you get billed.
Man, I am so out of my field on this one.
My family health situation: My wife and I are basically healthy with no major chronic problems. The only prescription medication we are on are her pre-natal vitamins that the doctor wants her to keep taking. The baby (almost five months old) is healthy, but is going for the regular baby checkups and two bouts with colds so far.
In other words, no odd or outstanding medical problems. We do plan on having another baby, but that's two more years down the road, barring, well yanno...
Posts: 2848 | Registered: Feb 2003
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Brettly, I really, really appreciate it. I think I can much more make an informed decision now. (Working on the plan calculator now, too).
The HR person here did say that about 95% of our company is on the HRA plan though. But that doesn't mean much if it won't fit our needs.
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Brettly (and all you others, too) thank you. Today has been utter chaos, but you've given me a more stable footing. Thanks, it means the world to me.
Posts: 2848 | Registered: Feb 2003
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Before anyone starts to worry, let me say we are incredibly blessed.
My wife had already started looking for a new job, so there's already some momentum built up for her and a few possibilities lurking on the horizon. Our daughter is healthy and has only had to fight off some colds and ear infections. Now that she won't be in daycare for a while, well, maybe she won't even have that to worry about much.
On the good note, coming up is the week when the in-laws take their annual beach trip. Melissa, my wife, wasn't going to be able to go. Now, well, I'm making her go for a few days at least. She needs the vacation and its a good, free chance to let her recharge a bit before diving fully into the job hunt.
She's got four weeks of severance, so that's a good thing and with it and my salary, we can cover the bills.
Folks, there are people in a whole lot worse shape, we're going to be fine. But it sure doesn't hurt to have fine folks like y'all pulling for us.
And for that, we are very thankful.
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If she was covered by insurance at the company they should be offering her COBRA continuation coverage. Isn't that a national requirement, not a CA state requirement?
Posts: 399 | Registered: Sep 2002
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Good luck Sopwith I'm glad you and your wife are looking at this positively.
And remember, most people that are in her situation wind up with jobs that pay more.
My mom is an HR professional and consultant and if you want to send me her resume I'll get mom to look it over and make suggestions. You can email it to me and leave off any personal information like address and phone, of course.
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