Anyone else wasting money on Group Benefits plan??

[BigBrodieFan]

Originally Posted by Hemi-Cuda

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

That starts taking effect in 2014. And, if it does go through (the repubs are really fighting it and so are the individual States) it will likely make the premiums higher. Sure, pre-existing will be covered but at what cost? It's really a lose-lose situation. The only way to get coverage in the States is if you have it through your employer or if you can afford to pay yourself (or if you're eligible for a government program like medicaid or medicare). It really puts people who own their own businesses and those who work for small companies (my family situation exactly) in a bind. And many middle class families simply cannot afford the premiums or are 'uninsurable' and have to go to State Pools, which are just there in case you are *really* sick. (catastrophic)

It doesn't take much to be 'uninsurable' either. You have to be a kid or perfectly healthy to get any sort of decent premium if you lose your insurance.

Urggh.. stopping now. (Deep Breath)

[drewboy12]

I only pay slightly over $900 a year and its well worth it, and my Dental alone is worth more then that. I only got two prescriptions last year, and saved well over $100 for the two of those, then get a pair of glasses and contacts every year, and massages and chrio are covered. Well worth it. Then I have the life insurance, long term and short term disibily, and accidental death coverage.

[Dion]

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!

Anyone who complains how bad our Canadian health care is should read the above. My brother has told me horror stories about the heath insurance you have Stateside. He'd be up the river without a paddle if he didn't have coverage from his employer. In a way he says it holds employees hostage to their employer because of the needed coverage. Getting a job with benefits is a must he says.

[Cheese]

I pay around a grand a year for premium coverage and am glad I have it. Kids grow up and get all kinds of injuries. We grow up and get various afflictions that need to be cared for....not to mention dental, glasses etc etc.
I count myself very lucky compared to my American brothers who work with me. Like BigBrodieFan they pay through their noses and hedge their bets on what type of insurances they should have at a specific time to keep costs lower.
Americans snub their noses at us and suggest they dont have wait times or worry about which doctor they can go to...I just tell them not to believe their newscasts. Having to pay over a grand a month for basic coverage with co-pays etc is insanity no matter what coverage you think you have.

for $2000 a year suck it up and be thankful you do not have to worry about a bloody thing.

[albertGQ]

I pay $50 bi-weekly for my family of four.
I love my benefits and it's definately worth it.
The peace of mind is worth the price alone.

[drewboy12]

Originally Posted by albertGQ

I pay $50 bi-weekly for my family of four.
I love my benefits and it's definately worth it.
The peace of mind is worth the price alone.

wow thats a good deal!

[Dodsdomd]

My work covers our insurance premiums. Thankful for that.

[Sylvanfan]

As an individual, I'd be wasting money on a group benefits plan. But my wife more than makes up for what I don't use with Massage, Chiropractor, and prescription drugs.

[McG]

one deduction that many people miss on their canadian income taxes is the cost of employer group private health plans. while you should always investigate advice that you see on a bulletin board, particularly for your specific tax situation, it can make a huge difference on the actual cost of employee health premiums.

you can deduct the premium cost for private health care plans.

and of course, if you spend more than 3% of your taxable income on medical expenses...you get to deduct that too.

again, please check for your situation and, as they say, ymmv.

[CrusaderPi]

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.

Jesus your life is tough. Or perfect. Depending what topic you're on about.

[pylon]

Yeah, nobody in Canada should ever complain about group benefits if they have ever seen a US plan. I was at a conference in the states once, talking to some guys from a US dealership. Not only did they not believe me when I was explaining our 'communist' health care system, one actually had to get up and leave when I explained my dental, eyecare, life, disability, and all the other group stuff came to a whopping 60 bucks a month, or 110 for family coverage. He could not grasp the concept of walking into a hospital, or a doctors office, just getting fixed, and walking out. He was paying $375 a month, for very limited coverage, with some crazy deductable, I think it was 5 grand or something.

We aren't France when it comes to health care benefits, but we could be waaaaaaaay worse off. I just hope it stays that way. Sometimes we tend to take that luxury forgranted.

[hayduke's dad]

We have a flex benefit plan. I can choose on how to cover my family on medical and dental. A few years ago I figured I would save some money by not covering my son on dental as he was young and shouldn't need a whole lot of work. A cleaning and checkup was about $400 cheaper than adding him. I lucked out by being able to add him after the cheap checkup revealed 10 cavities and a cap. Quite a change in 9 months. Almost cost me $1800.
I now pay the top coverage for my family of 5 dental and medical. We don't come close to using what I pay but I would rather overpay than get nailed later on 1 sickness that could cost thousands in perscriptions and hospital stays.

[BigBrodieFan]

nm

[Northendzone]

finally a topic where i can say that i can offer my expert opinion.......

yes some plan members in a group insurance plan can easily have health care claims in excess of $20,000 per year - these members are likely on some type of drug like remicade or enbrel - for the last few years you would only see one of these plan members in say 1 out of every 10 group plans - now i'd say that about 1 in 4 have a member taking an expensive drug.

generally speaking, pharmacists in alberta dispense generic drugs - these drugs for the most part work the same as name brand - however there are times when your dr. may indicate no substitution.

at the end of the day, group insurers get about $0.03 to $0.05 out of every premium dollar for ehc and dental for themselves - out of that amount they need to pay for all their expenses (such as staff, heat, lights, infrastructure development and profit) - although they do make money from the interest spread on the policy reserves that have to be maintained. The premium dynamic for life and ltd insurance is a little more convuluted due to the the relatively small amount of premium collected relative to the risk of incurring a a life or disability claim.

as mentioned above, if you pay for your disability benefits with after tax money - any disability benefits you receive are tax free. however, from a plan design perspective, there are other reasons why having employee paid disability benefits can be cumbersome - the reality of having all employees pay for something that very few if any will typically use is awkward.

paying $2,000 for your group benefits is like paying a similar amount for your car or house insurance - sure you could save money by opting out - but if you ever need it.....

[JustAnotherGuy]

Originally Posted by 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??
......

Me thinks you need to educate yourself on the concept of it all. When you decided to work for the company did you not ask about the benefits package?

Go to your HR person and ask some questions. Are you paying the family rate when you should be paying the single rate?

How long do you plan to be single? I assume you have qualified for the life insurance? What happens if you get out of the life insurance and then get married and want to add it back in say 5 years and you have a new health problem?

How much are you willing to pay just in case you have a serious health problem? Get hit by a car or break a leg? etc etc...

[fundmark19]

I pay 3,120 a year for myself and my wife under my benefits and feel like I just spent a night with a guy named bubba in prison.

[FlamesKickAss]

Both me and my fiancee have fully paid coverages, it's freakin' awesome!

[Scoopdogg]

Originally Posted by hayduke's dad

We have a flex benefit plan. I can choose on how to cover my family on medical and dental. A few years ago I figured I would save some money by not covering my son on dental as he was young and shouldn't need a whole lot of work. A cleaning and checkup was about $400 cheaper than adding him. I lucked out by being able to add him after the cheap checkup revealed 10 cavities and a cap. Quite a change in 9 months. Almost cost me $1800.
I now pay the top coverage for my family of 5 dental and medical. We don't come close to using what I pay but I would rather overpay than get nailed later on 1 sickness that could cost thousands in perscriptions and hospital stays.

I just went through a similar experience. My son turned 2 last month and thought nothing about getting his teeth looked at until one day my wife noticed his front teeth had discoloration on them. We took him to the dentist and before you know it we're told he needs $3000 worth of work.

He had to be put out by an anesthesiologist ($835)
His 4 top front teeth had baby root canals
His 4 bottom front teeth had to be filled.
He also had 3 molars capped.

My work covers about $2000 of the expenses. The one thing they won't cover is the anesthesiologist for $835. The loophole is though, that if he was under for over an hour, Alberta Health Care will cover that cost and he was under for longer then that so hopefully when we get the bill next week they will cover that. Then I only have to pay ~ $170 out of pocket for all that work.

My work has a pretty good flexible benefit program that is 100% paid by my employer.

With the $2000 they are covering with his teeth up front I'm already way ahead.