Financial Planning and Comparing Insurance Costs
"If I can't even decide what movie to watch, how am I supposed to choose a health insurance plan?!"
-you (probably)
This video walks through plan comparisons from start to finish. You’ll see how to estimate diabetes supplies and appointments for the year, find your costs through your plan, and plug those numbers into a budget sheet that does the hard math for you. Using the video and template below, you can come up with a solid yearly out-of-pocket estimate for each insurance plan you’re considering.
Make the most informed decision for YOU!
HERE'S WHAT YOU'LL GET OUT OF THE VIDEO
- What premiums, deductibles, copays and coinsurance mean for your yearly costs
- How to estimate monthly diabetes costs using pharmacy prices and past Explanation of Benefits statements
- How drug formulary tiers and prior authorization can change what you pay
- How an FSA or HSA cuts your taxable income and helps cover costs before you meet your deductible
- When a higher premium with a lower deductible makes sense (and when it doesn’t)
- What to do if your insurer denies a device or medication you need
Did the summary already feel confusing? Check out terms that might be new to you here.
DOWNLOAD THE SPREADSHEET TO COMPARE COSTS
Make a copy of this spreadsheet by going to file > make a copy, or file > download. Then, fill out your information in the blue highlighted areas. Non highlighted cells have formulas that will calculate automatically based on the information that you entered. If you do not have one of these expenses, leave it as is or add a 0.
With your copy, feel free to add, remove, or adjust sections as you see fit. This tool is meant to help you!