Wednesday, October 24, 2018

2017 vs. 2018 Medical Expenses

As we approach the end of October we thought it was a good time to determine how our switch to Liberty has impacted our finances. To be clear, a decision about your healthcare – whether it be insurance or the provider – is something that can’t be solely financially based. However, given our relatively good health and extremely high premium last year it’s worth noting the financial savings. At this point in 2017 we had spent $11,146 in medical expenses. To the same point in 2018 that total is $7,262. These totals include the following:

Insurance/Liberty premiums
Dental insurance premiums
Out of pocket costs for doctor visits and prescriptions

Keep in mind, as noted above, we still expect to be reimbursed for a few of our doctor visits from Liberty. We are at about $4,000 in savings and will probably be a little north of $5,000 in savings by the end of the year. That’s a substantial amount of money.

A substantial amount of money, but is it worth some of the inefficiencies we’ve dealt with…especially if we had to deal with those inefficiencies during a major medical event? We’ll continue to share our thinking on this question as we move forward.

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