Could you help me do the math on this, please?
My two health insurance options at the moment are with the same company. One costs about $225 per month (this is just for me) and has a $1000 deductible. The other policy costs about $285 and has a $500 deductible. The only other difference is that the second policy offers a prescription drug benefit.
I'm thinking if you leave the drug benefit out of the equation, the less expensive option is the better one. With the more expensive policy costing over $600 a year more, I'd spend the extra $500 no matter what healh care I required. With the cheaper policy, it's possible that I'd end up spending less month, providing I didn't need a lot of medical care.
But I suppose I shouldn't ignore the prescription drug benefit. I don't take any medications now, but I'm 61 and can't count on never needing them. I'll have to check it out to learn exactly what it covers.
On the rest of, is my thinking on the right track? Thanks for your help!