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My wife needs health insurance that will include maternity coverage!!? |
I have insurance through my company that covers me and they said that I can add her for $400 a month and that fully cover her with maternity. But I found an independent insurance that will cost $300 a month($200 for regular insurance and $100 for maternity) but will only cover $2500 in the first two years. I will probably have a better job with her included on my health insurance before we have a second child. So for the first one which one of these would be better, or would it cost less just to pay for it out of pocket? or do you have any other ideas? You would be much better off by taking the plan through your employer group. There are certain legal/underwriting protections that come with employer group coverage that you just can't get on an individual plan. The difference in premium you're talking about is $100 a month. But the difference in benefits could be tens of thousands of dollars. (Think about it - what if you get the independent policy and your wife gets pregnant w/your second child unexpectedly sooner than you thought. What happens if your wife has unexpected complications with the second pregnancy...your independent policy would only cover $2500, and you'd be on the hook for everything else...at risk for what could be tens of thousands of dollars or more. Yikes! ) don't attempt to pay for a child out of pocket, it will cost several thousand dollars if everything goes well, My daughter had a few minor complications and the total bill was well over $25K, you need insurance. Compare the coverage of each option and find out what the total cost would be to you. If you're thinking of having a second child any time soon, you should go w/ your employer's coverage. In my area, a normal delivery "cash" is around $20,000, the insurance company will negotiate it down to $6,000 or so - still sticking you w/ a chunk of change if you have a $2,500 limit. And that's if there aren't any complications at all (like a low bilirubin count). That independent policy is basically a "return of premium" for the first two years. You do just as well by sticking the premium in a bank account. Generally, group insurance is less expensive for all but the healthiest population because the risk is shared over a larger pool of people. We lost our insurance when I was 6 months pregnant w/ #2 - so I fully researched this. In Arizona the average cost of having a baby is $9000-$11,000. Placing your wife on your plan would be best. www.higginscompanies.com Stick with your employers plan....It is much better. So what that it costs you another $1200 per year? You will easily pay that in claims with the individual plan. |
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