Liberal Parenting

Hello all!

I ask this question because this whole insurance issue has become quite possibly the hinging factor on whether I go back to work FT after my 3rd child.  Dh & I both work...he's a contractor for the Gov't..makes a pretty decent salary.  My salary is lesser...but I have great benefits.  So we have a balance.  With 3 kids in day care the costs are insane.  I'd like to take some time off - like a year.  Dh's health insurance is....how did someone else put it....craptastic.  It's bare minimal coverage and outrageously expensive.  So we are shopping options....we like the public option...oh wait.  There *is* no public option (har har har).  I see some private plans out there that have seemingly reasonable monthly rates (like $350 a month - which beats Dh's plan!)...but high deductions.  The saving grace is we have been good with $$ and have no real debt.  So the insurance would probably be one of our bigger monthly expenses (except the good old mortgage).  The cars are paid off as of next month:)  I am also stressing over giving up a perfectly good job that I like in a down economy.  But I really would like to spend more time with my kids.   

Anyone with any expereince or thoughts on this?

TIA!

I was in the same boat as you,with this same choice. Great insurance and I had a good job with unbelievable of benefits. 

Sadly, I lost my job because I had a work related injury that caused me to be out for over a year. My employer gave my job away. The decision was made for me :(   Life does that some times....

Anyway....DH's employer actually had several plans to pick from. We opted to spend a little more for better coverage. I wonder if that's an option with your DH's employer.

If you do stay home, think of the money you'll save in child care, transportation, work clothes, etc.  You can shop around for better insurance or maybe your DH's employer has other options available, like mine did.

Good luck.

 

 

Thanks for the ideas.  We are shopping around.  Dh's coverage is sooooo lame...so it's not really an options.  Wekeep working the numbers!

Any other thoughts appreciated:)

My boss just opted out of the company plan, because it wouldn't cover his high-school graduate son. Granted, he got an "allowance" for not being on the company plan so he wasn't paying too much more. I'd price options and see if I COULD swing it or not. In a pinch, I'd take the "craptastic" coverage rather than none, just to be covered against "pre-existing conditions"

There was also something called "Cobra" that is supposed to be a transition thing. It might be cheap for the first few months. (If you can't get a year, take what you can.)

If you opt out of your DH's insurance, would his pay increase by the amount that the company pays to cover insurance? I don't know of any places that do that (though I think it should be required!)

Another thought I had was, what if you did a HSA (I think that is the correct term) to cover the high deductible of a private plan? I'm not sure if the HSA is the one where you need to use all the money in it up within that year?

Sorry, I'm not really any help LOL Good luck though!