Thank Goodness for Health Insurance!


sick.jpgYesterday I received an “explanation of benefits” from my health insurance company in the mail for my surgery I had a couple weeks ago.  I ripped open the envelope and my heart stopped.  $10,375.25.  My surgery cost over $10,000!  I have been awaiting the hospital bill for awhile because I knew it was going to take a chunk out of our budget.  I was assuming that the surgery would cost $5,000 on the high end, so you can imagine my surprise when I saw that it was twice what I had estimated!

I had planned on paying about $1250 for my co insurance since I have met my deductible this year.  That was really worrying me.  I pay 20% for surgery after my deductible is met.  20% of $10,000 is $2,000, $750 more than I had anticipated!  I looked over the letter and discovered that after the discounts the hospital gave my insurance company, I’m going to be paying about $250.  I can’t tell you how happy I am!  The rest of that money can sit comfortably in our emergency fund.

It amazes me that the insurance companies get such a large discount from hospitals.  Of course, I am elated, but it still blows my mind.  I am so happy we have good health insurance even if I do pay a lot each paycheck.  It just so happens we are in open enrollment at work right now and I have to choose a new health plan.  I’m considering going with a high deductible health plan but they scare me.  I need to sit down and figure out which one will work best for our family.  It’s very intimidating!

I am so thankful I am not going to have to pay as much as I had thought.  Now I can sleep better at night!

What kind of health insurance plan do you have? 

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7 thoughts on “Thank Goodness for Health Insurance!

  1. Kacie says:

    Oh my! I’m glad this worked out for you.

    We have an HMO that doesn’t cost much for us at all. It’s about $180 per month and covers lots of things.

    My pregnancy (including delivery and hospital stay) will cost us about $280, and that also includes ultrasounds and whatever else they need to do.

    Any time I need some sort of procedure done, I call my insurance company to find out exactly what it will cost me.

    I hate surprise bills, so knowing in advance can help me prepare.


  2. Miss M says:

    I have a PPO, but I haven’t gotten sick or injured so I can’t comment on how good it is. Are you considering a high deductible plan coupled with a HSA? They are great for young, healthy people but if you use medical care regularly you are probably better off with a traditional plan. However, it sounds like you already have some kind of deductible anyway, maybe the jump isn’t that big. Run some numbers on both plans, one scenario where you are healthy and one where you constantly need medical care.


  3. Nancysix00 says:

    Thanks for sharing it becoz everyone need to know what those insurance companies are doing with their clints. Some wrong commitment they are doing. For that reason i thing that before going for any insurance we need to consult with insurance professionals. They will help us to choose the proper insurance with low monthly rental as well as low risk.
    Thanks again for this post.


  4. Mrs Money says:

    Kacie- WOW! That is great. I need to make sure I get a good policy in case we do get pregnant in 2009.

    Miss M- You are so lucky. I have had a bad year health wise, after being really healthy pretty much the rest of my life. I need to crunch numbers and figure out what works in my favor.

    Nancysix00- You’re welcome. Thanks for stopping by!


  5. FreeInsuranceQuotes says:

    You are very lucky and I am glad this did not cost you the former amount. I pay about $200 per month for a family policy HMO. When I look at all the bills we rack up going to the doctor, hospital etc between the 4 in our family I would be in trouble without the insurance. Thanks for the article.


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