Should I opt for my new job’s insurance or stick with my mom’s plan? I’m almost 22 and just started full-time work, and my employer is offering insurance. I’m not sure which option is better for me.
Right now, I’m on my mom’s UnitedHealthcare (UHC) plan. She just switched to a PPO this month, so I haven’t used it yet. Previously, we had a high-deductible health plan (HDHP) with a Health Savings Account (HSA). I don’t recall the exact deductible amount, but with the new PPO, I know we have vision, dental, and medical coverage. The costs are $50 for specialists, $75 for urgent care, and $0 for preventive services. However, they don’t cover my mental health appointments at all, so I end up paying $140 out of pocket, although they do negotiate costs. Preventive dental visits are covered for free, plus one annual eye exam and $130 towards frames (since I wear glasses). The individual deductible is $3,000, with an out-of-pocket maximum of $7,000.
On the other hand, my job is offering an Anthem plan where they cover the premium. The deductible is much lower at $1,000. There’s no Flexible Spending Account (FSA) option since it’s not open enrollment. I believe the coverage for primary care, preventive services, urgent care, and specialists is similar across both plans. I’m not too concerned about dental, as I mostly go for cleanings and this plan doesn’t include orthodontics anyway. However, this plan does cover a surgery I might need, though it’s not pressing. Vision coverage is comparable to my current plan.
Should I make the switch? Is there any advantage to having my own insurance plan versus being on a family plan? The best part is that I wouldn’t be paying a premium regardless of my choice.
Deciding between your mom’s insurance plan and your new job’s insurance can be a bit complicated, especially since both options have pros and cons. Here are some points to consider that may help you make your decision:
Cost: Since your job is covering the premium for the Anthem plan, it sounds like you’re not paying anything out of pocket for it. Compare this to your mom’s plan, especially since you mentioned you pay for psych appointments out of pocket on her plan. If you anticipate needing that care frequently, this could be a significant cost.
Deductibles: The Anthem plan has a much lower deductible ($1,000 vs. $3,000). If you think you might have any medical expenses throughout the year, the lower deductible could save you a lot of money if you need to access care.
Dental and Vision Coverage: Since you’re already getting just cleanings and an eye exam each year, the dental coverage sounds similar between the two plans. Make sure to review any differences in coverage for any additional dental work you might need in the future.
Psychiatric Coverage: Your current plan doesn’t cover your psych appointments, which seems to be a concern. If the Anthem plan does cover psychiatric visits, even partially, it might be worth it. If not, weigh how critical that service is for you and if you could budget or find other options to manage that cost.
Dependents: Having your own plan might simplify things, especially as you begin to establish your own healthcare history. However, there are certain benefits in being on a family plan, like potentially simpler processes if your mom is managing it.
Future Changes: Consider future changes to your life—if you plan to stay at your job for some time or if you anticipate any changes (moving out, income fluctuations, etc.). Having your own insurance might give you more flexibility down the line.
Comparison of Benefits: Carefully compare the specifics of your mom’s PPO vs. the Anthem plan. Look at co-pays, coverage for medications, and the network of doctors available—make sure your preferred providers are in-network for either plan.
In summary, if you feel that the Anthem plan offers lower costs, better deductibles, and comparable or better overall coverage, it may be worth it to switch. On the other hand, if you feel comfortable with your current plan and know that you will utilize the coverage effectively, you may opt to stay on your mom’s plan. Ultimately, it may also help to discuss your decision with your mom or a trusted advisor to get their perspective.