Author Topic: How to optimize a mid year health insurance change  (Read 293 times)


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How to optimize a mid year health insurance change
« on: November 14, 2023, 10:35:05 AM »
I need to change health insurance plans, due to a job change.  When would you make the change to reduce known expenses? When would you make the change to hedge against unknown expenses?

Who is covered? Myself and our 3 month old, husband has a plan through his work that covered 80% of his premiums

Costs and timelines - currently on COBRA starting 11/1/23 from old job.  Cost is ~$900 per month for a gold plan.  Plan year goes end of January 2024.  I have met my individual out of pocket max of $4500, little one is about $700 shy of their $2500 deductible and about $2200 shy of their out of pocket max, which brings our family out of pocket max to $9000.  Have option to COBRA up to 18 months, new plan year starts 2/1/24.

New employer plan is eligible to start 12/1/23, and the plan year runs through end of March 2024.  It has $2500 deductible each, $6000 out of pocket match each.  Cost to insure both of us after employer covers half my premium is $650

Known uses beyond preventative care - I see an allergist regularly, this is typically 1-2 visits per.month and. $500+ charge for a new serum every 6 months.  New serum is probably due is Jan but they might be able to order it end of Dec.  I tend to see a chiropractor of physical therapist 1-2x per month, hopefully not needed too much longer.

Possible uses - here comes cold and flu season with a new baby.  An overnight stay for a complication (which was a bit common last year for babies with RSV and flu levels) would hit his out of pocket max.  Cold and flu season typically runs oct/Nov to March.

I think I want to hedge against a potential major illness with the little one and switch plans 12/1, but haven't ruled out remaining on current plan through end of plan year.  However, that leave the months of Feb and March with decent cold/flu risk and a $9000 out of pocket max before the new plan year would start in April.