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Yep, it's in the budget. We set up a flex spend account to save a little on taxes, but we always use it up before the year is over (but I'd rather have it that way than take too much out and lose it). We actually ran out last month. But we had an ER visit for our son, 3 dr appts for his arm, then hubby's been sick 2x this year already (more than he's ever been) and our daughter has had 3 ear infections.
Overall our portion of our medical bills is small. We don't pay anything out of pocket for our children's births. Last year our premiums and out of pocket expenses came out to 3.41% of our total spending. So far this year, it is at 4.82% of our spending, but we had a ER visit and 3 extra doctor appts for our son when he fell and fractured his wrist. I also got new glasses a few months ago, so I have a feeling the overall % will go down for the year as we spend less during the remaining months.
Last edited by ~Kris~; July 11th, 2011 at 12:18 PM.
Do you budget for medical expenses? Technically. I have a flexible spend account and direct deposit so if I have to pay a copay its refunded right back to me and if I have to buy medication I have a debit card that is linked to my FSA and it subtracts from there. Next year I will request a higher amount to be deducted.
How much does your insurance cover? 90% and I cover 10%, all well visits, physicals, annuals are covered, just have to pay for the unexpected copays but that is covered with my FSA
I don't technically budget, but expect to pay a certain amount on medical each month (we're still paying off DH's hospitalization a year and a half ago, with all the subsequent lab work, etc).
Insurance is 90% coverage, with us covering copays and the 10% coinsurance. I can't complain because with the discounts and our coverage, we have only made our out of pocket limit once in 6 years. Our total medical expenses each year is less than 5% of our income.
Do you budget for medical expenses? If I have a doctor's appointment that is scheduled or know I need to refill an RX for my 90 refill then yes, but otherwise no.
How much does your insurance cover? My co-pay is only $15 for office visits with a GP or $10 copay for an OB/GYN (then everything is covered 100% at that office visit) and my diabetic refills are a $40 copay for a 90 day supply. Lab work, radiology, etc are all covered 100% no copays. So my insurance covers basically 100% minus a small copay. If I have to go to the hospital it's a $50 copay for outpatient and a $150 copay for inpatient so even then it doesn't really need to be budgeted. Once I pay the $50 or $150 copay, then everything that falls under that procedure/hospitalization is covered 100%. We don't have any dollar amount we have to reach before they'll cover it, etc.
I have to go to the doc once every 6 weeks and have lab work done once every 3 months and refill my diabetic supplies and birth control every 3 months so I budget for that if it's coming up that month, otherwise I don't need to as our copays are low enough that if something just comes up that month it isn't an issue to just go.
Last edited by SpazTaz; July 13th, 2011 at 02:44 PM.