Health insurance

you got that right


and I only say that because her internet is off right now. lol

 

Interesting.. I was just looking at this a couple days ago. The over the counter price for the HMO (Kaiser) I get thru my current employer is the same price, a little over $400/mo. They "pay" about half of that through benefit dollars which is a fancy way of saying they aren't paying that money to me in cash. I can go in as a company and offer the same package to myself and employees with slightly better co-pays, but basically the same thing. What I looked at was competitive. I could get catastrophic high deductible coverage for just under $300. I also looked at OOIDA and theirs just didn't seem to be a good value.

We're not quite yet in the pre-medicare rip-off level yet but it's around the corner (I'm 45). My folks are in their late 60's and were paying nearly $1,000/mo before they hit 65.

 

The last company I worked for before buying my truck would pay drivers $35/week to NOT take their insurance. When I started shopping around for my own when I was looking to buy a truck, I found that I could have bought the EXACT same policy....same insurance company, same deductibles, same co-pays, same coverages, same EVERYTHING....for $20/month less than I would have been paid to not be on the company's policy. The policy I ended up with suited my individual needs better, and was half the monthly premium.

It's amazing how many people wrongly assume they will get the best insurance for the best price through their employer....and I used to be one of them. What you forget, though, is that not only are you having to pay for the same policy, you are having to pay someone at your company to manage the health insurance program....just another middleman with their hand in the cookie jar.

 

It depends on the group membership. In your case there may have been higher than normal claims on that group pushing the rates up. Either way it's a shell game with employer supplied benefit plans if insurance by itself wasn't such a scam. In my case they use the benefit dollars to scale the contribution to salary. If you opt out of all benefit plans (i.e. spouse coverage), the amount you get is less than the discount on coverage. That by itself made me shop around before electing benefits.

 

While life insurance for women is lower due to their longer life span, they also have more medical problems (particularly with the "plumbing") that causes health insurance to be more expensive for females than males.

 

Here's what I recommend (I'm an Insurance Broker in NC):

What most of my current clients do is hop on the group plan their spouses are on, if they have one. You'll pay less that way. Here in NC, the employer is required to pay 50% minimum of the premium.

If you can't get on the group plan, you need to talk to a BROKER who can compare every company in your state to get the best rates (which, by the way, are going to be very similar no matter who you compare).

You need to make sure your comparisons are apples to apples.

You will definitely save money in the long run if you go with a HSA Eligible HDHP (High Deductible Health Plan) with an HSA. That HSA is tax sheltered money that grows at interest (not much interest, but you get the idea). If you don't have much money in your HSA yet and need treatment, write a check to the HSA immediately, then pay the deductible or fees with your HSA debit card. (for example, if you have a $2500 procedure but nothing saved in the HSA yet, send the HSA $2500 and pay the fee with the debit card - you just sheltered $2500 instantly).

The HSA contribution limits for 2011 are $3050 for an individual, $6150 for family. This typically goes up each year. It's only $1000/year if you are 55 and older... sorry. Your HSA goes with you to whatever company you want if you change carriers because typically, the HSA money is managed by an outside entity, like your bank or credit union, "HSABank", etc..

With an HDHP, your premiums will definitely be slightly lower, but the big thing is that once you hit your deductible, if you've chosen a true catastrophic plan, you are now covered at 100% In NC, the basic care is covered such as Pap Smears, Mammograms, Annual Physicals, etc... by law at 100%.

If you compare the out of pocket amount you would spend for something catastrophic such as a heartattack with an HSA 100 with say a low deductible 80/20 plan with a typical out of pocket max, you are going to save money on the HSA.

Point to the OP, just pick up the phone and call an Insurance BROKER (not a company, the captive agents are beholding to their individual company). You'll be able to see what the rates are out there and compare the companies in Tx. Also, ask him about the supplemental plans that are growing like MAD these days to help cover the cost of higher deductibles.

There is a way to do get good coverage without going bankrupt. Just use the agents and brokers to get the best rates. That is what they are there for.

Oh, and..... read the policy when you get it. Surprises suck. If you accept the policy, you are certifying that you read it. Don't get mad when something isn't covered, read what is covered BEFOREhand and change policies/carriers if your expectations cannot be met with the one you have.


ETA:

In North Carolina, there is a plan called Inclusive Health State Option. It is offered along with Inclusive Health Federal Option (which is available in all other states). If you think you cannot get health coverage because of your medical history, this is your answer. If you've had a heart attack, kidney failure, DUI's, lost an arm or leg, whatever, you can still get covered. As a matter of fact, being DENIED coverage from a private company is one of the qualifications.

Also, if your current coverage premium, whether group or individual, is HIGHER than what Inclusive Health State or Federal option would charge, you are automatically eligible for IH. I have written over 25 of these policies since the beginning of the year, three of them to owner-ops.

 

Excellent! Yeah, the duck really does have some good products. I've never sold them and they BLAST the market with door-knockers, but their products are really pretty solid.

Good deal getting some Life Ins set up. Shop around though, there are plans for every situation, some cost more, some less. Any of you who don't have any better stop and think what would happen if you got killed on the road tomorrow if you have people who depend on your income. It's not a joke.

 

I am doing the Blue Cross / Blue Shield thing with HSA. I got it thru an independent insurance agent. $5 million in coverage for both wife and I, $5000 deductable (which I pay out of the HSA), full deductability of premiums and HSA contributions. We are in our 50's, she has thyroid condition which she needs medication, I smoke. Cost per month for the coverage is $390 (after the last rate increase in March). I am sure age and that I smoke is the primary reason the cost is a little higher than what others have mentioned, but it is still quite a bargain. And I don't have to play that tax game of waiting till medical costs reach 7.5% of adjusted gross before deductable. We basically get full deductability out of the gate.

The nice thing about going this way, when one of us goes to the doctor, we just say we are paying cash and not on insurance. We then get 30% knocked off the bill. And since we would pay out of the HSA anyway, that saves quite a bit. We just keep invoices to justify if we were to ever reach deductable. If we do reach deductable, insurance pays everything with no out of pocket copays. Had the policy for several years and have never used it. HSA has covered everything.

Overall, not a bad deal.

 

Excellent! Your premium, by the way, is on the low side, especially for your age. As a matter of fact, most employees on large GROUP plans are paying in that range.

One thing though, instead of paying cash on the spot for the care, pick up the phone and xfer that same cash into your HSA and pay it with the HSA card or checks (whichever you use). Same day, instant tax sheltering every time you go to the Doc. Even if it's only $300, you just sheltered $300 for the year. Might be nice to get a $5000 decrease in what the Jack Booted Thugs.... I mean the IRS.... gets to steal from.