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Monday Money Matters


Forum: Financial Planning and Budgeting

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  #1  
July 11th, 2011, 08:21 AM
JessP's Avatar Lovin life and family
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Medical bills
Do you budget for medical expenses?
How much does your insurance cover?
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  #2  
July 11th, 2011, 12:16 PM
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Join Date: Oct 2006
Posts: 32,940
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.
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Last edited by ~Kris~; July 11th, 2011 at 12:18 PM.
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  #3  
July 11th, 2011, 02:13 PM
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I just expect some to incur but don't specifically plan for them outright.

My insurance covers 90% and I pay 10% for myself. BF is completely covered after his copay and baby will be on that same plan.
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  #4  
July 11th, 2011, 05:23 PM
C&K'sMama's Avatar Platinum Supermommy
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Our insurance covers 100%. Thank God cause we would not be able to afford Carrie's medical bills without it. We only pay co pays on medication bought off post.
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  #5  
July 12th, 2011, 10:43 AM
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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
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  #6  
July 12th, 2011, 01:38 PM
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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.
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  #7  
July 13th, 2011, 02:41 PM
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Medical bills
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.
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  #8  
July 17th, 2011, 04:07 PM
Happy Song's Avatar Nicole
Join Date: Jan 2010
Posts: 10,797
Do you budget for medical expenses?

When Dh works we have no insurence. So budget for my BP medication and anything else would come out of our emergency funds

How much does your insurance cover?

State Ins covers 100% so far it greatly annoys me that it is so much better than any insurence I have paid for myself.
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