Anyone else wasting money on Group Benefits plan??

[Flabbibulin]

Has anyone ever taken time to add up the amount of money they are deducted per year for their work benefits plan and compared it with how much they are actually reimbursed??

I am asking my HR department to opt me out of our program because I'm paying about 2000 a year and only being reimbursed around 500 (give or take). I make use of the plan as much as I have need for (dental, vision, a couple prescription drugs), but I can't make myself sick just to break even. Im sure it will be more important if I have kids in the future, but it is pointless for now.

Is it customary for employers to deduct the benefits fee our of your pay, or do some companies cover the fees?

The funny thing is we were recently advised that the benefits company will be raising our rates if we don't start requesting generic drugs on our prescriptions... bunch of donkeys.

Edit- I didn't realize it worked this way (stupid me), but my coworker just told me we are paying high rates because of the few employees here that claim around upwards of 20,000 in expenses per year...

[T@T]

Yipe, and most people still think it's great to have benefits.

[You Need a Thneed]

I'm guessing you aren't calculating the cost of disablity insurance and life insurance you plan covers?

At least my benefits include those things.

[edn88]

We have flex benefits at work - you can opt out of what you want. Seems like I get good value on my dental (unfortunately I have too much dental work), have opted out of drug plan and eye plan, and have a health spending account that I put money in for my contacts etc. I use the extended health plan a lot as well (massage therapy).

The way the flex plan works is that company sets aside x number of dollars for your base plan and then you can spend that money on whichever benefits you want. Don't want extended health, opt out. If you want more life insurance instead, you can more the money there. Don't want any benefits, just take the money (or use it for your company savings plan, or take it as vacation).

[Fobby]

Does your benefit covers massage therapist? Chiropractor? Those can easily be used up and have you "pull even" for the amount you paid.

I also see benefits as a "in case $h1t happens" just like insurance. If you are playing hockey and you took a puck to your face, emergency dental will cover that. Without it, it will cost a lot to pay for a new grill.

[T@T]

Originally Posted by You Need a Thneed

I'm guessing you aren't calculating the cost of disablity insurance and life insurance you plan covers?

At least my benefits include those things.

You can have both of those for $42.00 a month(under 50 years old) and the life insurance is usually worth far more. (mines $350 grand)

[BigBrodieFan]

Originally Posted by T@T

Yipe, and most people still think it's great to have benefits.

I wish my company offered benefits. $2000/year would be nothing compared to the insurance we pay per month for our family.

[Flabbibulin]

Originally Posted by You Need a Thneed

I'm guessing you aren't calculating the cost of disablity insurance and life insurance you plan covers?

At least my benefits include those things.

Ya, I've got that in the plan, but Chris Rock said it best-

Insurance shouldn't be called insurance, it should be called "in case sh-t"... but if sh-t doesn't happen, shouldn't I get my money back!?!

[You Need a Thneed]

Originally Posted by Flabbibulin

Ya, I've got that in the plan, but Chris Rock said it best-

Insurance shouldn't be called insurance, it should be called "in case sh-t"... but if sh-t doesn't happen, shouldn't I get my money back!?!

That's a nice thought, but then the cost of the insurance in the first place would be as much as you could possibly get out of them.

I'm all for insurance reform, but that idea doesn't make any sense, unless you want to start paying 10x as much for your insurance.

[Flabbibulin]

Originally Posted by Fobby

Does your benefit covers massage therapist? Chiropractor? Those can easily be used up and have you "pull even" for the amount you paid.

I also see benefits as a "in case $h1t happens" just like insurance. If you are playing hockey and you took a puck to your face, emergency dental will cover that. Without it, it will cost a lot to pay for a new grill.

Ya, I'm not into seeing a chiro if there's nothing wrong with my back... Especially enough times for it to put a significant dent in my rates/reimbursement ratio.

I got a massage once, but the buggers only reimbursed me about half the cost...

[Flabbibulin]

Originally Posted by You Need a Thneed

That's a nice thought, but then the cost of the insurance in the first place would be as much as you could possibly get out of them.

I'm all for insurance reform, but that idea doesn't make any sense, unless you want to start paying 10x as much for your insurance.

I don't think anyone actually believes the logic of the joke... Just grumbling about spending money on insurance that typically, and thankfully, rarely gets put to use.

[nickerjones]

Originally Posted by BigBrodieFan

I wish my company offered benefits. $2000/year would be nothing compared to the insurance we pay per month for our family.

Bingo... I am "uninsurable " here unless I have my wife's employment coverage. She is in between jobs and I called to get insured and they told me they couldnt cover me with my Diabetes. My only option is the Oklahoma High Risk Pool which is 300 a month but covers no doctors visit and less than half my meds . With their coverage my meds are 180 bucks a month. There is a 7500 deductible if I ever have to go to the hospital. I hope I can stay well for 3 months ... knock on wood!

[Flabbibulin]

^^^^ hmmm, suddenly I feel like a dick for complaining...

[Flabbibulin]

Originally Posted by fotze

Thats weird, that you suddenly crave dick.

That's why I'm calling your mom

[CarlW]

Originally Posted by Flabbibulin

I don't think anyone actually believes the logic of the joke... Just grumbling about spending money on insurance that typically, and thankfully, rarely gets put to use.

There are Return of Premium Riders available on almost Critical Illness Insurance as well as some Disability ones (and i'm not talking about Return of Premium at Death only, i mean you usually don't really cares if you get your money back when you're dead).

[afc wimbledon]

My grandad had a huge jagged scar on his knee, when I asked what it was from he told me he flew of a swing as a kid and tore his knee open.

My great grandma put him in the neighbours donkey shay (cart) and they went to the doctor, but he wouldn't stitch it back on for less than a shilling and she just had sixpence, 2 more doctors said the same thing so the neighbour who's cart they borrowed stiched it with an upholstery needle.

The lesson? never let the #######s get rid of health care and don't think for a moment that most doctors wouldn't let a kid bleed to death in front of them.

[Ashartus]

The insurance companies will always need to make a profit, so most people will pay more into their plan than they get out of it. However, if something really bad happens you'll be glad to have it.

Also, regarding deducting it from your pay vs. employer paying it - I believe if your disability insurance is deducted from your pay then any benefits you get from it are tax-free, while if your employee pays it then it isn't (I'm not positive about that, but think that's what I was told). At my company the employer pays the rest though - but whether the employer or employee paid it would be taken into consideration when you're figuring out what your total compensation is.

[Hemi-Cuda]

Originally Posted by nickerjones

Bingo... I am "uninsurable " here unless I have my wife's employment coverage. She is in between jobs and I called to get insured and they told me they couldnt cover me with my Diabetes. My only option is the Oklahoma High Risk Pool which is 300 a month but covers no doctors visit and less than half my meds . With their coverage my meds are 180 bucks a month. There is a 7500 deductible if I ever have to go to the hospital. I hope I can stay well for 3 months ... knock on wood!

wasn't Obama's healthcare plan supposed to eliminate the pre-existing condition BS with your insurers?

[Slava]

The way insurance works is to spread the losses of the few amongst the many. Contrary to what most people think the insurers don't earn a profit by simply collecting premiums and people not claiming (that can account for some profit, but that is part of the complete picture). In reality a lot of their money is earned by getting paid today and using that money for years until a claim takes place. Statistically things are all calculated and with the law of large numbers they have a pretty accurate idea of how many claims to expect at what frequency.

Anyway, just thought some people might be interested to know that...even if it's a little off topic.

[BigBrodieFan]

Originally Posted by nickerjones

Bingo... I am "uninsurable " here unless I have my wife's employment coverage. She is in between jobs and I called to get insured and they told me they couldnt cover me with my Diabetes. My only option is the Oklahoma High Risk Pool which is 300 a month but covers no doctors visit and less than half my meds . With their coverage my meds are 180 bucks a month. There is a 7500 deductible if I ever have to go to the hospital. I hope I can stay well for 3 months ... knock on wood!

Our insurance costs over $1200/month for the family and we have a $2,500 deductible. Office visits are $30 co-pay but I don't know why I bother because I end up getting a bill for most of the rest because we never reach our deductible. We have absolutely no 'emergency room' coverage either, meaning that if you're really sick and not dying and you go to the ER, it's up to them to determine if you really 'had' to go. I say we're really just covered for 'catastrophic' and well-child visits. Sucks. I feel your pain.