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Insurance Renewal Time: Our Deductible Resets to $3000

laptop and stethoscope

Our insurance plan will renew on December 1st, which unfortunately means that the clock will also reset on our deductible. With a high deductible insurance plan my husband and I will have to shell out $3000 before our insurance kicks in any money for doctors visits or prescriptions.

This is only the second year we’ve subscribed to one of these plans and due to a series of unforeseen medical issues it is the first time we actually met our deductible. Unfortunately we paid $2600, (last year’s deductible), before the insurance company threw in a dime.

Since we’ve already paid the maximum amount this year I’m looking to see what other medical expenses I can squeeze in before year’s end. My first goal is to fill all of our prescriptions prior to December 1st. According to my pharmacist I can renew prescriptions after 75% of the medication has been used. I have two prescriptions to refill. One of them is eligible for renewal just two days before my deductible resets! I actually scheduled a calendar alert to remind me on the day I am eligible.

I plan to get the most bang for my buck by transferring those prescriptions to a different pharmacy. We have three pharmacies within a mile or two of our home, so it doesn’t really matter which I choose. I’ll earn two $25 gift cards just for making the switch. One of the prescriptions cost $25, so that extra money is kind of a wash. The other one doesn’t cost us anything so using the prescription transfer is kind of like earning free money.

As far as doctors are concerned I’m hopeful that my husband’s medical issues won’t require too many follow-up appointments. If we hadn’t already met the deductible his last visit to the podiatrist would have cost us $910! Luckily his next appointment falls a week or two before December 1st and he’s already feeling better from just one visit, which is really great news!

My son also needs a follow-up appointment to the pediatrician. He may actually need two visits and although I can squeeze one in early next week I’m not sure if I’ll be able to fit in another one before the looming deadline. According to the last explanation of benefits a similar appointment will cost us at least $140.

I miss the days of $250 an $500 deductibles, but I don’t miss the higher monthly premiums that come from selecting those options. I keep reminding myself that even if we do pay the entire $3000 deductible again next year we’ll still pay less than we would for a more traditional plan. It doesn’t make me feel a whole lot better, but it’s something.

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Michelle

Thursday 6th of November 2014

Ugh I don't even want to think about this haha! My deductible is $12,700 and I pay $323 a month for this horrible coverage :(

One Frugal Girl

Friday 7th of November 2014

I think the worst part of insurance is feeling like you pay a ton of money for very little in return! Hopefully you don't need to go to the doctor often!

Emily @ Simple Cheap Mom

Wednesday 5th of November 2014

We're really fortunate to be in Canada, to have insurance through my husband's work and to be healthy!

$3000 is a pretty high deductible to have to pay on top of monthly premiums, wow. But I guess you'll be racking up a few bills this year, so you'll probably end up saving quite a bit, eh?