Self Insuring

January 18, 2007 by bob.

Q. I am trying to decide between policies with 2 different carriers. The plans are identical, but one will cover my medicine the other will not. Which one should I choose?

A. Sometimes self insuring makes sense. Sometimes it does not.

In your case you are currently taking 2 brand name meds that cost (retail) $160 per month. The premium difference in the two plans is $192 so you will save $32 per month by opting for the plan that does not cover your meds.

That is the easy part.

You may be able to save even more by asking your doc to consider lower priced meds, including generics.

Saving money is not the only consideration. You also need to weigh the consequences of the exclusionary rider should you have an illness that is related to your pre-ex conditions. Some riders are very limited and do not factor in collateral issues. Others are quite broad and should never be considered.

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