Curious to hear thoughts on this. My employers medium tier health plan is $250 a month for my part of the premium. Primary/specialist visits are $30/$75. Hospital is $500/day. I rarely utilize my insurance, and even without it I have access to a $25/visit telehealth option that I use when needed.
They also offer dental insurance for $30/month which basically covers nothing except 2 cleanings a year. I need to get a dental crown done, which will cost $700 OOP
I recently discovered the beauty of medical tourism in Colombia. I can go there and get all my medical needs taken care of for about 10% of US cost, and with high quality doctors and medical equipment.
Is it foolish to go down to the lowest plan of coverage that my job offers (just for emergencies?) and utilize medical tourism for all other needs? This plan would cost me $30/month with a 5,000 OOP max for the year in case of emergency hospitalization
I am in my early 30s and with no medical issues.
Medical tourism is great when your procedures are planned, at least 3 months in advance. Three months is the amount of time you get a reasonable ticket to international destinations.
If you get the cheapest per month plan, how much out of pocket do you pay for an accident?
Are you sure you want to fly to Colombia at 7pm when you broke your arm at 3pm?
Don’t know all of the details of your plan but I think you’ve got to figure into costs like travel to and from Colombia along with all other living expenses.
I have family members currently living in Colombia so I’m interested in other replies.
Not sure about your main question, but I’m just popping in to say that $700 for a crown is a steal.
>This plan would cost me $30/month with a 5,000 OOP max for the year in case of emergency hospitalization
This just sounds like an HDHP. Is it HSA eligible? Depending on your medical needs, these plans can be the best option or a terrible option. For us, we rarely have medical issues so an HDHP has been the best option for us for several years. We max an HSA every year so the odd years where we have something big come up, we have the money to pay the bills without worry.
So you can save $220 per month (250-30 or 200-30 as you say later?) if you switch plans. Thats $2640 a year, but of course that will go up either way. Wait till you hit 40 and get dinged twice in one year 🙂
Read the actual details of each plan carefully. Years ago I got a less expensive plan because the absolute most I could pay per year OOP was actually more with the more expensive plan.
With $5000, one visit to the hospital for a short time will eat that up, so it feels like saving $220 x 12 each year isn’t a bad way to go.
If you hated traveling then no. If you didn’t have the time then no. If you had chronic issues then no. If you do extreme base jumping or sports or like to get in bar fights then no.
It is all a risk. Even people who know how it all works can’t predict. I’d personally rather save $2640 a year that I ALSO pocketed in to a safe place for emergencies. You’d have a decent nest egg after 2 or 3 years. If you are just going to spend it and a decent illness bankrupts you, then reconsider.
Door to balloon time for a STEMI is 90 min or you are dead .
You will need routine preventive screening and medications
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