(Don't) Press Your Luck - Watch Out for Hidden Whammies Ever wonder why some insurance plans are a fraction of the cost of others? These, too good to be true, plans are full of hidden Whammies.
Remember the Whammy from the game show Press Your Luck? He was the little red devil that ran around the board stealing the contestant's money.
They never knew where he would pop up, but when he did, the contestants always lost money.
Here are a few places to look for the little devil in the health insurance plan you're considering: Whammy #1:Prescription deductibles Some plans have prescription deductibles as high as $1,000.
If you take a monthly brand name medication, this Whammy can really take a bite out of your budget.
Whammy #2: Per occurrence deductibles You may never get hit by this Whammy, but if you do, it will be at the worst possible time.
Per occurrence deductibles can be tacked on for things like out-patient surgery, hospitalization or maternity coverage.
All instances when your bill was probably subject to deductible anyway.
That makes this a Double-Whammy.
Whammy #3: Limited office visits This Whammy limits the number of times you can use your co-pay to see the doctor.
If you exceed that allotment, you stop paying your co-pay and start paying the full bill.
Just imagine the Whammy wearing doctor's scrubs while he counts your money.
Mack-Daddy Whammy: First dollar plans If your plan doesn't list a doctor co-pay, then you have a first dollar plan.
That means you will pay ALL of your medical bills until you reach your deductible.
Each time you go to the doctor, every prescription you have filled, every medical treatment you need.
You pay the full cost right into the Whammy piggy bank.
No wonder the plan is cheaper! The bottom line is that Whammies will steal your money if you aren't looking.
On the flip side, if you are trying to lower the cost of your health insurance, try adding a few Whammies to your plan.
Just be sure you know what you're getting.
No (hidden) Whammies! (For more game show wisdom look for: Price is Right - Choosing a Plan by the Numbers, The Dating Game-Matching a Plan to Your Needs)
Remember the Whammy from the game show Press Your Luck? He was the little red devil that ran around the board stealing the contestant's money.
They never knew where he would pop up, but when he did, the contestants always lost money.
Here are a few places to look for the little devil in the health insurance plan you're considering: Whammy #1:Prescription deductibles Some plans have prescription deductibles as high as $1,000.
If you take a monthly brand name medication, this Whammy can really take a bite out of your budget.
Whammy #2: Per occurrence deductibles You may never get hit by this Whammy, but if you do, it will be at the worst possible time.
Per occurrence deductibles can be tacked on for things like out-patient surgery, hospitalization or maternity coverage.
All instances when your bill was probably subject to deductible anyway.
That makes this a Double-Whammy.
Whammy #3: Limited office visits This Whammy limits the number of times you can use your co-pay to see the doctor.
If you exceed that allotment, you stop paying your co-pay and start paying the full bill.
Just imagine the Whammy wearing doctor's scrubs while he counts your money.
Mack-Daddy Whammy: First dollar plans If your plan doesn't list a doctor co-pay, then you have a first dollar plan.
That means you will pay ALL of your medical bills until you reach your deductible.
Each time you go to the doctor, every prescription you have filled, every medical treatment you need.
You pay the full cost right into the Whammy piggy bank.
No wonder the plan is cheaper! The bottom line is that Whammies will steal your money if you aren't looking.
On the flip side, if you are trying to lower the cost of your health insurance, try adding a few Whammies to your plan.
Just be sure you know what you're getting.
No (hidden) Whammies! (For more game show wisdom look for: Price is Right - Choosing a Plan by the Numbers, The Dating Game-Matching a Plan to Your Needs)
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