Thursday, November 4, 2010

Health Insurance Options

I've been putting off purchasing health insurance until I was comfortable with my budget and what I could afford.  My new job doesn't provide health insurance coverage and so far in the last two months I've spent $350-ish on dental work.  It's time to get cracking on finding a plan that suits my needs.

There are two plans that I'm currently looking at:
1) Manulife - Combo Plus Enhanced - $123.70/month or $1,484.40/year
  • Prescriptions: $10,000/year - pays 90% on the first $2,222 and 100% on the following $8,000. (covers dispensing fees, name brand or generic brands)
  • Dental: pays 100% on the first $500 and 60% on the next $700.
  • Vision: pays $250/24 months on glasses/contacts and $50/24 months on eye exams
  • Travel: covers $5million per year for 9 day travel
  • Air Miles: 50 miles for signing up and 10 miles each 6 months
2) Green Shield - Prism Spectra - $94.00/month or $1,128/year
  • Prescriptions: $3,000/year at 90%
  • Dental: pays 60-80% depending on services on $500 (year 1), $750 (year 2), and $1,000 (year 3)
  • Vision: pays $150 (year 1), $200 (year 2), $300 (year 3), pays $65/24 months on eye exams
  • Travel: covers $1million per year for 15 days travel
For me, I think that it all comes down to dental.  Since this year I've already spent so much out of pocket I just don't know if in a year I could only spend $500.  If I went with the Green Shield plan I'd need to pay 20-40% out-of-pocket just to get to the $500, plus anything above that number at 100% myself.

It looks like I'm going to go with Manulife - wish me luck on the call to them today!

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