Copay: This is the upfront cost that we have to pay when visiting doctor for routine physical, illness, immunization, child wellness and other services. In-network, amount is normally $10-20. Out-of-network is usually higher.

Co-insurance: The percentage of expense that insurance company pays for non-routine expenses. In-network, these are normally 80-20, or 90-10. 80-20 means insurance pays 80% and we have to pay 20%.

Deductible: This is a fixed amount that we have to pay every year before co-insurance kicks in. This is normally anywhere from $250 to $2000. Higher premiums cost less premium on coverage.

Out-of-pocket-maximum: This item protects a patient incase if there is a major medical expense that occurs. This is the maximum medical expense that we have to pay (per year) after which the insurance company pays full 100% of expense (regardless of what co-insurance percentage is). This is usually anywhere from $1000 to $5000.

Prescription Drug Coverage: I have seen 3 levels of drug coveage: “Generic” drugs usually cost $10, “Brand Name/Formulary” cost $20 and “Non-preferred Brand Name/Formulary” cost $35. I believe, this are prices for monthly supply of drugs and I am not sure how to find which of your existing drugs fall under which category.

Pre-existing condition & Waiting Period: This is a very important thing to conside when changing or renewing your insurance. Any brand new insurance that we buy usually doesn’t not cover any existing illnesses (called pre-existing condition) for a certain period of time (called waiting period). Existing illnesses are any medical condition for whic we have taken treatment or even advise from doctor. Insurance companies are known to reject illnesses that patients have just discussed with doctor. When buying temporary insurances and renewing them, make sure insurance companies are not issuing brand new coverage. Such “new” coverages don’t cover pre-existing conditions.

Each of these topics are a blog post in them-selves. Plus these are just the beginning. There are a lot more other things that we may need to ask for including hospital services charges, mental health issues, therapies etc. Plus this is just medical insurance and does not cover dental/vision. These are just a few basic things which can help us weed out the crap of  insurance companies and options and focus on rest.

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While I was sorry for his losing job, I felt more pity that he didn’t have anybody around him when he graduated from high school to tell him that going to college and getting a degree is essential. It was a big big mistake that he didn’t take studies all the way to the finish line. I understand that there occur circumstances (financial and others) that prevent you from going to college fulltime. However, I remain unconvinced that you can’t find a solution that allows you to get a degree one way or another, be it part time, be it a year later, be it distance learning or whatever.

I have been thru that age when you are 15-16 years old and you dream of going to work someday, earn for yourself, be independent and so on. And at that age, it is not very difficult to follow your dream without thinking of long-term consequences. I was glad to have family around me and the network of family and friends and the general culture around me that never let me think that getting a full 16 year education is optional. And I am glad for it.

There is another stark difference that I noticed between India and US. In India, making sure a kid completes his/her education thru the college is more a parent’s responsibility than kids. Often times, I hear that kids in US pay for their education, atleast for the 4 year college. I am not sure what percentage of US families believe in this but I wonder if that is the primary reason that kids get side-tracked often.

Remember, you are short changing yourself bigtime if you are giving away most valuable years of your growth life for petty jobs. Life is too good to be wasted like that.  As a kid, you have spent 12 hard years getting to the door of college. Why waste all that hard work for saving just 4 more years… go all they way. Cross the finish line… its a marathon… you will never get to run again in life… not at the same age, for sure.

Who says education doesn’t give you anything? Go, talk to this gentleman from NPR.

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