2015-2016 Health Insurance Plans
(Click on the links to see a detailed Wacasey Equation analysis of each coverage level)
Keller ISD offers three plans through United Healthcare, with the district subsidizing $250 per month, regardless of which plan is chosen.
As can be seen from the spreadsheet, the Major Medical plans have the lowest premiums (or P), and make the most economic sense from the standpoint of staying well. But what if the insured should suffer a serious illness or injury, and reach their out of pocket maximum (O)?
With The Wacasey Equation, adding these two variables gives WHAT (W) might be spent on health insurance AND health care during the plan year:
P + O = W
In comparing the W for the Major Medical plans to the other policies, for single Employees these lower priced plans offer the best value, both in sickness and in health. Interestingly though, the W for all other insured categories is actually lower for some of the higher-priced plans.
However, although these plans may end up saving you money on the W in the (statistically unlikely) event of a catastrophe, how much more do they cost in the first place? A lot.
In fact, the difference in P‘s is quite significant, when compared to the potential savings on the W:
- An Employee + Spouse buying the Essential plan would pay $823 more in premiums, to potentially save $1,377 on what might be spent.
- An Employee + Child(ren) buying the High plan would pay $2,989 more in premiums, to potentially save $711 on what might be spent.
- An Employee + Family buying the Essential plan would pay $1,182 more in premiums, to potentially save $1,018 on what might be spent.
So, the ends don’t always justify the means, and one can waste plenty of money buying the so-called “better” health insurance. Think of it this way: would you hand a Vegas casino $2,989 to sit at a poker hand worth $711?
To see a detailed Wacasey Equation analysis of each coverage level, click on the link above each box.