Now is the sign-up time to choose your medical insurance. We just got our bill for next year showing the cost and benefit change. While the monthly premium didn’t go up much, our policy has changed and not for the better. And, as you know, I consider medical insurance as a necessity.

Previously, we had a $300 deductible for hospital and all medical. It has now gone up to $500. While that may not be a lot, remember. We’re on Medicare with a Medicare supplement policy. And, we’re both retired, so $200/year is a big difference. What was even worse was that we did not have a deductible for drugs. Starting next year, we will have a $300 deductible on our medications. That’s for each of us, not combined. So, we’ll each be paying $500 more out of pocket. Not too happy.

On the plus side, the premium is going up about $11/month, so that’s a good thing.

So, what am I going to do this year? I put in a phone call to an insurance broker and am waiting to hear back. I hesitate to change as one of the policy stipulations is that if you leave the employer’s insurance, you can never go back. And, it’s been a good policy for many years. I really believe that if I drop the policy, I will regret it.  However, looking costs me nothing and it is probably time to at least do some comparisons.

Moral of the story:

When applying for health insurance, if you get it through an employer, it’s usually your cheapest option. And, you don’t have a lot of say as to what’s in the policy. Since our supplement is also through a previous employer (retiree benefit), we don’t have a lot of say either. But, if you can, it’s always wise to shop. It never hurts to see what else is out there. After all, you never know. I’ll let you know what we decide to do, but right now, I really don’t think we’ll change policies.  Regardless, get the best medical policy you can afford.  You never know what will happen to you or your family during a calendar year.