Random questions: Bank accounts, Credit Cards, Health Insurance, etc.

[Cyradis]

It's a fairly random list of questions I'm trying to sort through in preparation for med school (I'm from outside the US, so a little unfamiliar with companies' reputations etc.)

1) Where do I go for health insurance/how much does it typically cost? My school is offering one that's around $180/month (from Aetna).... I see a lot advertised in the $40-80/month range, shouldn't the one offered by the school be better than average...?

2) I found a few banks with locations near the school - BoA, Wells Fargo, Crestar, and some smaller ones (Guaranty Bank, Crestar, etc.) Anyone have opinions on these for chequings and/or savings accounts, customer service, etc.)

3) Any good MC/Visa/AE card recommendations? Thinking of getting a discover card too.

If it makes a difference, I'm moving to Virginia.

Thanks in advance for any thoughts!

---

Members don't see this ad.

 

[armybound]

I've used www.ehealthinsurance.com in the past with good results.

You might want to ask a current student there who has the most ATMs in the area, or the most conveniently-located ATMs.

I'm not sure what's "good" out there with credit cards, especially with the financial crunch. I have an AE Blue for Students which is fine. I've got a couple of cards from Capital One that give me rewards, but I've got mixed feelings on Capital One. I'd try not to carry a balance on any cards that you have.

 

[TakeMe]

3) I have a mastercard, the only one I'd be wary of is AE, only because it is not accepted as many places as Mastercard/ Visa. Just be sure to pick a card with no annual fees, and pay your entire bill every month. Credit card interest is evil.

 

[Ziff700]

1) Your school will have requirements for your health insurance plan, take a look on ehealthinsurance and chose the cheapest one. If you need minor stuff done, your attendings might be able to help you

2) Usually one or two banks will have ATMs and / or branches on campus just go with one of those.

3) http://www.mint.com/credit-cards/ or http://www.creditcardguide.com/student_cards.html Citi Dividend Platinum Select (Visa or Mastercard, I have a Visa) or Discover Student (I'll be getting one soon) will probably be best for rewards cards

EDIT: Just got a letter from Citi, the 2% on gas, groceries, and utilities is not going to happen anymore , putting the discover student card as the clear leader for people with our credit. Although, one will still need a visa where discover isn't accepted (rare, but happens) nothing a bank issued check card couldn't handle.

 

[shiftingmirage]

1) Where do I go for health insurance/how much does it typically cost? My school is offering one that's around $180/month (from Aetna).... I see a lot advertised in the $40-80/month range, shouldn't the one offered by the school be better than average...?

My school's health insurance is ridiculous - $3300 for the year. In UG, it was like 1500.

Things to consider- my school requires all med students to get the insurance. No ifs and or buts. You will be charged even if you provide proof of outside insurance. Before you start looking at other insurance options, check to see if your school has a similar policy like mine that requires you to buy their insurance.

Look at what you are getting for the $. A 40-80$ plan will give you less than a $180 plan. Consider what is important to you. If you currently have a chronic condition that requires treatment, then maybe you want all the bells and whistles and got for the $180 policy. If you are otherwise healthy and have some funds, maybe you want a policy that covers more for a catastrophic event, like you break your leg, need surgery, but one where you pay out of pocket for most routine doc visits, have a higher deductible, then maybe the 40-80$ range is what you want. Look at what the policies offer, not just the price of them.

 

[DrYoda]

1) Where do I go for health insurance/how much does it typically cost? My school is offering one that's around $180/month (from Aetna).... I see a lot advertised in the $40-80/month range, shouldn't the one offered by the school be better than average...?

Check your school's requirements. Mine lets you opt out of their insurance, but you have to have insurance that meets certain criteria.

3) Any good MC/Visa/AE card recommendations? Thinking of getting a discover card

If you're just getting one card go with MC or Visa. AE and Discover aren't as widely accepted.

 

[Cyradis]

Thanks for all replies so far!

WRT to health insurance, my school allows us to pick any health insurance we want as long as it meets certain minimums - but they "endorse" the Aetna one and that's the one they put on the CoA. If there's a $1000 deductible, does that mean I pay up to $1000/year for any and all health care costs, and then after that the insurance kicks in?

So... banks, basically whatever has the most ATMs nearby is what I'm hearing? Also, how are the online banks? (I'm currently with an online bank in Canada - and they partnered up with one of the major banks so I have easy access to ATMs + the higher interest rates of an online bank) <-- anything like that you guys are aware of?

And credit card - I'm thinking of getting 2 cards - one that's more widely accepted and then a discover card. I'm partial to discover because I used to work for them (as a telemarketer though, bring on the hate =)), and talking to customers it sounds like a card I'd like. P.S. I'm someone who never carries a balance on my card, so I'm mostly looking for things like rewards programs/cash back, extended warranty, travel insurance, etc.

Looking at http://www.creditcardguide.com/student_cards.html,

Does anyone have the CapitalOne Visa or the Citi Dividend Plat Select Visa? Those look pretty solid from the site.

 

[Poliscidoc]

If your looking for a credit, debit, and savings account you could always go with Bank of America (BoA).I have all three with them and they are great to work with. 24/7 fraud protection, and the customer service is a breeze to work with.

 

[LizzyM]

Thanks for all replies so far!

WRT to health insurance, my school allows us to pick any health insurance we want as long as it meets certain minimums - but they "endorse" the Aetna one and that's the one they put on the CoA. If there's a $1000 deductible, does that mean I pay up to $1000/year for any and all health care costs, and then after that the insurance kicks in?

The deductible is the amount you must pay out of pocket before the insurance pays a penny. After you have "met the deductible", the insurance policy covers a portion of the remaining bills up to a "maximum out-of-pocket". Generally the split is 80-20 or 75-25. There is often a maximum out of pocket above which the insurance company covers 100%.

If you have an outpatient procedure and are billed $2,000, the insurance company may have a negotiated deal for the provider to accept, let's say, $1,400. You pay $1000 to cover the deductible (if you've had no other expenses that year) and 20% of the $400 remainder ($80) for a total out of pocket of $1,080. If the same procedure has to be repeated in the same calendar year, the bill is an 80-20 split between you & the insurance (you met the deductible earlier) and you pay $280 while the insurance covers $1,120.

 

[Jrsharp70]

Credit union > mega bank

 

[chiz2kul]

1) Where do I go for health insurance/how much does it typically cost? My school is offering one that's around $180/month (from Aetna).... I see a lot advertised in the $40-80/month range, shouldn't the one offered by the school be better than average...?

I'm an international student too - I opted for the cheapest health insurance I could find online. I think I went with these guys..

http://www.isoa.org/

2) I found a few banks with locations near the school - BoA, Wells Fargo, Crestar, and some smaller ones (Guaranty Bank, Crestar, etc.) Anyone have opinions on these for chequings and/or savings accounts, customer service, etc.)

Really mostly the same - i'd go with a bigger bank tho - just for ease of international transactions and such.

🙂

 

[TexasMDtobe]

The deductible is the amount you must pay out of pocket before the insurance pays a penny. After you have "met the deductible", the insurance policy covers a portion of the remaining bills up to a "maximum out-of-pocket". Generally the split is 80-20 or 75-25. There is often a maximum out of pocket above which the insurance company covers 100%.

If you have an outpatient procedure and are billed $2,000, the insurance company may have a negotiated deal for the provider to accept, let's say, $1,400. You pay $1000 to cover the deductible (if you've had no other expenses that year) and 20% of the $400 remainder ($80) for a total out of pocket of $1,080. If the same procedure has to be repeated in the same calendar year, the bill is an 80-20 split between you & the insurance (you met the deductible earlier) and you pay $280 while the insurance covers $1,120.

Also, keep in mind how often you require medical services. If you go to your PCP a few times a year for seasonal sicknesses or whatever, make sure that the plan you purchase has an office visit copayment (usually $25 or $35 per visit). When you pay this copayment, the insurance will pay for the rest of the visit. If your insurance plan does not have these office visit copays, then the PCP's charges are subject to the deductible, meaning you will likely pay much more per office visit. Case in point - I had to get an order for a varicella titer to demonstrate immunity for my school. I went to my PCP and paid the $25 office copay. The total billed to my insurance company by the physician (after adjustment) was $170. Without the office copay, I would have had to pay the whole $195 (unless I had already met my deductible for the year).

Additionally, if you are taking precription meds regularly, pay attention to the 3-tiered prescription copays. The cheaper the insurance plan the more you pay out of pocket for each prescription.

The only way not to get financially ripped off is to crunch the numbers. Add up your total expected annual medical costs (barring any unforeseen diagnoses) and choose the plan that will cost you the least in terms of (insurance premiums) + (out-of-pocket expenses). Also make sure the OOP Max is not so high as to financially ruin you should the unexpected and/or catastrophic happen.

 

[URHere]

My school is offering one that's around $180/month (from Aetna).... I see a lot advertised in the $40-80/month range, shouldn't the one offered by the school be better than average...?

In order for a school to offer a specific health insurance plans to students there is a long list of requirements the plan must fulfill. Furthermore, most medical schools want to ensure that their students have plans that will protect them from unforseen, catastrophic events. This means that most school-offered health insurance plans will have a higher lifetime cap on benefits, a more reasonable reimbursement plan for surgical interventions, etc than the $40-$80/month plans you can find on your own.

Yes, it is a good deal of money. Personally, though, I think it's good to know that you won't sink financially if you are hit by a train or diagnosed with cancer during medical school.

As for credit cards, I would stick with Visa when possible. Mastercard, AE, and others charge companies more money to process transactions and a number of places just don't take them, especially if you are out in the country.

 

[Cyradis]

Hey thanks a lot for all the replies on health insurance! Looks like I have some # crunching to do - I guess it'll be worth it for a potential $500-1000 savings each year.

On the issue of banking accounts - so... bigger bank = more convenience, but usually more random fees. Smaller bank = less convenience (access nationwide, etc.), but less random fees?

 

[funklab]

Thanks for all replies so far!

WRT to health insurance, my school allows us to pick any health insurance we want as long as it meets certain minimums - but they "endorse" the Aetna one and that's the one they put on the CoA. If there's a $1000 deductible, does that mean I pay up to $1000/year for any and all health care costs, and then after that the insurance kicks in?

It could mean that. It definitely means that you pay the first $1000 out of pocket before they pay anything. Read the fine print. It could also mean that after you pay the first $1000, they pay 70% or 80% of the cost of medical care and you pay the rest, which can add up quick if something bad really happens. Also, it might be that they only cover certain doctors, in which case you have to find one that takes your insurance. I am sure there are more insurance related issues that I am forgetting. We really have a screwed up system. You guys in Canada are lucky...

I would bet a $40-80 health insurance plan has a $5000 deductible. Mine does. It's great until you get hurt.... I got hurt... bad.... So I would have to advise against one of the plans with a high deductible, its almost like paying a few hundred dollars a year and not being covered.