Health Insurance

[ACE]

I’m starting to shop for health insurance. I have gone without for too long. I have rolled over to an S Corp and should be able to write off 100% of my family’s insurance and 130% of employees insurance.

My question is: What do you pay and what do you get for it?

 

[Able 1]

At this point I would pay anything for good health insurance..

 

[ACE]

The quotes I’m seeing don’t look to bad. Most of them have a $5,000.00+ deductable for 200-300 a month. Were healthy but why risk it? I have a friend who just racked up a $100,000.00 hospital bill due to appendicitis. I just want a firewall between me and a huge medical bill.

 

[Desk Jockey]

Most of the insurance now is for those major events, the deductibles are high enough you cover the small stuff and your insurance overs the big stuff.

 

[Derek]

not us, we still pay top-dollar for low deductibles. for myself i always want to lower my plan, but the missus keeps talking me out of it with "what-if's" :|

my accountant told us about some different type of health plan where instead of paying for normal insurance, we lower the plan which is much cheaper and has huge deductible, but we bank the $ we save to pay for that deductible if we ever have to use it.

anyone do that? is that the type of plan you are talking about Ace?

 

[FB7777]

I pay $1100 / per month with a $2000 deductible

It's a family plan

Blue Cross of Massachusetts

Delta Dental is $163 per month

 

[Desk Jockey]

You would be better banking the difference and raising your deductible.

 

[ACE]

is that the type of plan you are talking about Ace?

yep.

 

[Derek]

good info, thanks! my wife handles the $, not easy to talk her into changing. at years end i think i can at least change my plan though. tx fellas!

 

[rwcarpet]

i feel bad for you guys.......I have insurance through my retiremant plan at GM. I ain't gonna tell ya what I pay a month, nor am I givin' up what my deductible is. Did you check with your local county Farm bureau for discounts? I insured my Son through the county farm bureau.

 

[Derek]

never heard of them Robert...i just googled them and will call next week after our Mexico trip. thanx! somewhat amus

 

[boazcan]

not us, we still pay top-dollar for low deductibles. for myself i always want to lower my plan, but the missus keeps talking me out of it with "what-if's" :|

my accountant told us about some different type of health plan where instead of paying for normal insurance, we lower the plan which is much cheaper and has huge deductible, but we bank the $ we save to pay for that deductible if we ever have to use it.

anyone do that? is that the type of plan you are talking about Ace?

HSA

Do it before the year is up and you can stick $5800 into the account. Then first of the year, do it again. You now have $11,600 for your "high" deductible plan. Or you can do it by the month at about $500/mth and consider it part of your premium. If you do not use it all, it stays. Then there are lots of other "medical" things that you can buy with it. Oh, did it mention it is tax deductible.....

 

[Able 1]

You would be better banking the difference and raising your deductible.

Good point! That's what I'm going to do..

 

[Jim Williams]

I'm with Blue Cross of N.C. and pay $312 a month for Me, my wife and 7 year old girl. $10,000 deductible. Covers checkups once a year 100% as well as ER visits 100%. $10 generic prescriptions but have to meet deductible for name brand.

 

[randy]

The quotes I’m seeing don’t look to bad. Most of them have a $5,000.00+ deductable for 200-300 a month. Were healthy but why risk it? I have a friend who just racked up a $100,000.00 hospital bill due to appendicitis. I just want a firewall between me and a huge medical bill.

Check for limits on annual total payout (coverage limits) sometimes it's kind of hidden and your insurance is worthless after they have paid out a certain amount, often as low as $2,000. For example there is a plan floating around that has a $5,000 deductible and the covers "everything" . Problem is the coverage of "everything" ends after the insurance company has paid out $10,000. So you pay the first $5,000, they pay the next $10,000 and then you are on your own. Lot's of BS plans like that floating around.

A guy is better off taking the $200-$300 a month and throwing it in a tax free medical savings account for five years. After You have the better "coverage" but its $12,000 - $18,000 in your account and you are done paying premiums. Once you have $100,000 in your medical savings account consider 100% self insurance. That would take you about 17 years if you are saving $500 a month.

Check out Golden Rule for real insurance. A $10,000 deductible will give you a low monthly premium. Just be sitting aside the difference for that deductible. Many hospitals are now requiring you to bring a check for your FULL deductible at the time of service for surgeries, treatments etc. So be prepared for that in non-emergence situations when you have that high deductible. If you can't give them the deductible upfront, you will be denied everything but emergence treatment. Cancer treatment, heart surgery, diabetes etc is not emergency treatment.

There are no great answers on health insurance unless you live in one of those States like North Carolina that has state regulator forcing artificially low rates.

 

[ACE]

Wow, why does everything have to be so damn complicated? Taxes and insurance and paperwork are sucking the lifeblood out of the business. On the advice of my accountant I rolled over to a corporation to take advantage of tax write offs. I was told by the state today that I will now have to start paying unemployment insurance on my own wages :x .

 

[randy]

I was told by the state today that I will now have to start paying unemployment insurance on my own wages :x .[/quote]


Check with a CPA on that. I have never heard of a state that requires unemployment tax on self employed people, because they aren't able to collect.

 

[ACE]

When they told me I would have to pay UI, I asked if I could bankrupt the business and sit around on Unemployment for 99 weeks? She said “as long as you’re actively seeking employment”. I said sure I know everyone on unemployment is looking for a job 40 hours a week .

There is probably a way around it. Just more BS to deal with. I’m going to try to get off the truck a few days a week to deal with the business side that makes piss soaked carpet look like a day in the park.

 

[Jamesh921]

My state (Oklahoma) offers insurance. Their rates are based on how much you make.

It's pretty much the same insurance that congressmen get and it DOES COVER existing health issues (which most insurance companies won't cover).

So, if you already have a problem like arthritis, they cover you. Cancer - same thing.

It's the best insurance I've ever seen. Check with your state to see if they offer the same thing.

It's available to individuals AND employers.

You can check it out at www.insureoklahoma.org

I'm tellin' ya - it's the bomb.

 

[J Scott W]

not us, we still pay top-dollar for low deductibles. for myself i always want to lower my plan, but the missus keeps talking me out of it with "what-if's" :|

my accountant told us about some different type of health plan where instead of paying for normal insurance, we lower the plan which is much cheaper and has huge deductible, but we bank the $ we save to pay for that deductible if we ever have to use it.

anyone do that? is that the type of plan you are talking about Ace?

I have though about that type of plan for many years. I finally started this year. This is called HSA or Health Savings Account.

We have a $5,000 per person per year deductible or $10,000 per family per year. The insurance company still negotiates special rates. I am sure you have seen EOBs (Explanation of Benefits) forms that showed your doctor charge $140 dollar to get you some injection and the insurance paid $32 but you are not responsible for the difference. You get the benefit of those negotiated discounts with doctors, hospitals, pharmacies and such that are in the insurance providers system.

You contribute whatever amount you wish. Change it every month if you want. We contribute the difference between the old insurance cost and the lower cost of the new high deductible plan.

Payments into the health savings account are not taxed as part of your compensation. (No income tax, SS, Medicare, etc.)

As long as the money stays in the savings account or is used for health reasons, it remains tax free. Should you use the money for something besides health care, it goes back to being taxable.

 

[ACE]

I just want a firewall between me and a huge medical bill.

Too late.

I get home from work and there is steak, fresh corn, potatos and beer :shock:

I get done eating, crack open a beer and the wife says come in the other room I have something to tell you. :roll:

You got a job?, I ask, No something better she says hey Marty, blow me

She is already picking baby names. :|

 

[J Scott W]

Congrats!

 

[Able 1]

Congrats Ace!!! Maybe Obama will let us pay for it.. shiteatinggrin Looking at a good $15,000 to do it right.

If you never go to the doc. for check ups, and have the baby in your bathtub it should cost like nothing.. :shock: shiteatinggrin

JK with you.. Kids are great after they are 2, before that it sucks(at least for me)!!

 

[randy]

Congratulations ! Find a good mid-wife. I would trust a good mid-wife over any OBGYN, but I hate doctors and the medical industry in general. It's 98% scam.

 

[ACE]

Congratulations ! Find a good mid-wife. I would trust a good mid-wife over any OBGYN, but I hate doctors and the medical industry in general. It's 98% scam.

Agreed.

We are defiantly using a mid wife this time. That will still be at least 4-5k out of pocket. We had the first one at the hospital and it was a terrible experience. My wife wanted to do a natural birth but it was all I could do to stop them from doing a C section. They just try to scare you into doing the most aggressive procedure creating more problems as they go.

Your amniotic fluid is low we need to break your water.
We need give you IV fluids
We need to do internal monitoring.
You have a fever it could be a sign of infection.
Baby’s blood sugar is low we need to keep her In a higher level of care.

 

[Desk Jockey]

Too late.

I get home from work and there is steak, fresh corn, potatos and beer :shock:

I get done eating, crack open a beer and the wife says come in the other room I have something to tell you. :roll:

You got a job?, I ask, No something better she says hey Marty, blow me

She is already picking baby names. :|

That's awesome! Congrats Mike!!!

Personally I've sucked as a dad but fortunately I didn't screwed them up too bad.

I sure love them, my older two are already gone quite a bit, another year or two and I think it will just be the twins and us.

Time flies! thathurts