HEALTH Insurance.....Who do you use? What kind of Coverage do you have?

Hate to pick, but the HSA is actually a seperate savings account like a very liquid IRA. It grows with interest and is tax deferred. You use that money for medical expenses only (with a check or debit card connected to the HSA), but if you use it to buy something non-medical, you will not only pay taxes on that portion, but also a 10% penalty.

Yep!

BTW, you can deposit a maximum of $3k for an individual into your HSA every year, and $5950 for families. If you do not have the money you need in that HSA come claim time, but you have the money available and have not made the max deposit for that year yet, all you have to do is write a check to your HSA, then write a check from your HSA to your Doc or Hospital. So, you just sheltered up to $3k ($5950 for families) from the IRS INSTANTLY.

 

Don't know what you are picking on. I said "Health Savings Account AND qualified health plan" in my post. Wouldn't that imply they were separate items? Sure, I did not say the HSA was like a "liquid" IRA, but I did mention it was similar to a 401K. Just a matter of semantics. The 10% penalty is correct except on one level... after age 65, you can spend it on anything you like and only incur a normal income tax rate, just like an IRA or 401K. On everything else, we agree. Just had to pick back a little!

 

My bad. I'll shut up now.

 

Ok, I need to find something out.

I am looking to purchase major medical health insurance, I am wondering what other owner-ops are doing to get underwriting approval? I guess my biggest concern is that I will not be able to qualify based on past medical history. Has anyone had any luck with getting insurance approval (with a medical condition) and who did you use?

I'm looking at either UnitedHealthCare or a BCBS plan.

Thanks!
Babydoll

 

I got a BCBS health plan. I chose a high deductable in combination with a health savings account. I am in my 50's, smoke, partially disabled veteran, wife has preexisting condition with thyroid and having to take medication and get blood tested quarterly. The insurance is running $350 a month for $5 million in coverage. The deductable is $5000 a year which we pay out of the Health Savings Account. That way we have full tax deductability unlike a normal 80/20 health insurance plan where the out of pocket is not deductable till reaching 7.5% of adjusted gross income. We make the max annual contribution to the health savings account. The amount we don't use rolls over and makes interest. We can continue to use it for medical with full deductability, or when we reach age 65, we can withdraw the money at normal income tax rate similar to a 401K.

When we do use medical, we just tell the doc's office we have no insurance (since we are paying cash from the health savings account) and they automatically take 30% off the bill. We just have to keep receipts of medical costs for BCBS and if we reach the $5000, they pick up 100% of all medical costs with no copay and out of pocket.

Check with a number of independent insurance agents in your area. Also check with the Farm Bureau in your area. You do not have to be a member until you do get something with them. They have good leverage on insurance plans. I used an independent agent in my area. He got me the best rate even compared to Farm Bureau.

You shouldn't have too much trouble getting something worth while, even with preexisting conditions. There may be a delay in coverage for the condition that you have had. But, if you go the health savings account method, you can pay for anything medical related to the condition with the health savings account and have the full deductability. At least you will have insurance for other medical issues if they come up. Usually the wait time on a preexisting condition for coverage is 1 year.

Health insurance is not as difficult to get and not as expensive as most would think if you are a little creative in what you get. A good independent agent can come up with a lot of options.

 

CowPie Just curious if you've looked into VA medical for yourself.

 

I have access to VA and Military medical, since being disability retired from the Army. I have been there, done that, and got the used T shirt. I won't go near ANY government run medical facility unless it is the last resort. The Army operated on me 5 times for injuries and could not get it right. I went and got a private surgeon on my own to work on me and he got the job done right the first time after fixing the additional messes the Army docs did over and above the original injuries. After some experience with the VA as well, I won't deal with them either.

This is not saying that I think anyone who uses these options are stupid or that they might not actually get good care in their situation. I am just saying that as long as I have the option of making my own medical decisions, the government will not be a choice I make. Besides, I am giving the taxpayers a break.

 

Jarhead,

I live in New Jersey and am having a very hard time finding affordable HSA plans. I have noticed that many drivers are paying $400. to 600. per month and all I am getting are quotes for 900. and up. Any ideas?
Thanks,
Don