tell me about it Jack add 4 kids to that
I will be awaiting a reponse on this one also..............
I will be awaiting a reponse on this one also..............
health insurance costs, family plan
- Thread starter SixFive
- Start date
My company would have open enrollment twice a year. This was due to familys and lives are constantly changing. When that happen anyone in the famly who was under age 18 or in school or just married or just divorced. Good make a change. In 30 days that person was covered or dropped what ever the case. I always thougth it worked like that for everyone. But have I been learning since retirement. Some these insurance out fits have to be the biggest crooks in this country. Blame high cost of insurance on any excuse they can get there hands on.
I really have no room to complain........My 15 year old daughter has had 4 surg ories(sp?) on her legs. In the midst of changing companies there was a problem and the hospital was calling me about a $45,000 hospital bill .The problem was paid and handled but I would have to say we definately get our $$$$ worth. Its just a shame they don't cover plastic surgory she's going to need it.
Jack
Just a little addition to insurance portability.
If a person was covered previously and has not went without insurance for 63 days there are no pre ex conditions.
This 63 day window provides lots of opportunity when changing from one plan to another if you catch my drift.
Just a little addition to insurance portability.
If a person was covered previously and has not went without insurance for 63 days there are no pre ex conditions.
This 63 day window provides lots of opportunity when changing from one plan to another if you catch my drift.
DJV I hate high premiums like everyone else but believe me they do not raise premiums for no reason. They would be tickled pink if they could take in exactly the amount they pay in claims in premium and make their money on interest of premiums in escrow.
My reasoning. Insurance is a free market place with all companys competing for the business. I have seen several new outfits enter this market all with the same tactic,to undercut the big boys price and aquire large block of business in early stages. Within 3 years they either go under or have to raise premiums higher than the big boys to stay afloat.
As I stated previously there were several companys that use to write malpractice insurance with St Pauls being one of the bigger. They have pulled out of market as it was not profitable regardless of what they charged in premiums.
There are many factors for raising premiums the biggest 2 are high cost of prescription drugs and litigation.
There are many tests that Dr's have to run that may not be necessary but they have to cover their ass.
Another biggie for increase is cost shifting. People,with insurance, bills are inflated to offset those who have no insurance. It is unbelievable what healthcare expense is generated by illegal aliens.---and all the above is getting worse.
My reasoning. Insurance is a free market place with all companys competing for the business. I have seen several new outfits enter this market all with the same tactic,to undercut the big boys price and aquire large block of business in early stages. Within 3 years they either go under or have to raise premiums higher than the big boys to stay afloat.
As I stated previously there were several companys that use to write malpractice insurance with St Pauls being one of the bigger. They have pulled out of market as it was not profitable regardless of what they charged in premiums.
There are many factors for raising premiums the biggest 2 are high cost of prescription drugs and litigation.
There are many tests that Dr's have to run that may not be necessary but they have to cover their ass.
Another biggie for increase is cost shifting. People,with insurance, bills are inflated to offset those who have no insurance. It is unbelievable what healthcare expense is generated by illegal aliens.---and all the above is getting worse.
MadJack said:i can add 10+ more kids to the family plan and it doesn't change the rates. damn, maybe i should get more kids just so i know i'm getting a good deal
Jaaack oh Jaaack - you still did'nt tell me when I can drop the kids off??
I'm sure that you guys are familiar with this, but have you ever thought about taking a high deductible plan and setting up a Medical Savings Account. There have been some great changes in them recently.
Some bulletpoints:
-Contributions to MSA are tax-deductible and withdrawals for healthcosts are tax-free
-No more use it or lose it provision
-65% of annual deductible is the max MSA contribution
MSA is like an IRA, but no mandatory distribution at a certain age
-At age 65, there is no penalty for using it for non-medical expenses(such as a retirement supplement)
-One could use it as a separate IRA for increased tax-benefits
-Can invest the money in a mutual fund portfolio as conservatively or aggressively as one likes
A lot of self employed people are using these as a way to lower costs. For instance, take a $2500 deductible policy instead of a $1000 deductible policy, and put the difference in the MSA, and you can save a lot of money over a short period of time. Any more detailed questions, I am sure I can answer here or by e-mail from Jack.
Some bulletpoints:
-Contributions to MSA are tax-deductible and withdrawals for healthcosts are tax-free
-No more use it or lose it provision
-65% of annual deductible is the max MSA contribution
MSA is like an IRA, but no mandatory distribution at a certain age
-At age 65, there is no penalty for using it for non-medical expenses(such as a retirement supplement)
-One could use it as a separate IRA for increased tax-benefits
-Can invest the money in a mutual fund portfolio as conservatively or aggressively as one likes
A lot of self employed people are using these as a way to lower costs. For instance, take a $2500 deductible policy instead of a $1000 deductible policy, and put the difference in the MSA, and you can save a lot of money over a short period of time. Any more detailed questions, I am sure I can answer here or by e-mail from Jack.
Nice post doughboy. I myself will go that route however in Ky currently it is not clear if approved by department of ins---YET!
Jack-
You need to go to a high deductible plan & self insure.
For example, for a family with the oldest member that is 55 will pay 560 per month for a $500 deductible plan. Move the deductible up to 2500 and you pay 295.
(560-295)*12=3,180. That will pay for a lot of office visits. Heck, it will fund the deductible difference (2000) in under 7 months.
Maryland has a lot of rules that have driven up the costs in the individual medical marketplace. Ideally, you move to an MSA, which will allow you to sock away 75% of a family deductible away pre-tax for medical costs. Unfortunately, the companies that offer them dont play in MD.
Email me if you have any further questions.
You need to go to a high deductible plan & self insure.
For example, for a family with the oldest member that is 55 will pay 560 per month for a $500 deductible plan. Move the deductible up to 2500 and you pay 295.
(560-295)*12=3,180. That will pay for a lot of office visits. Heck, it will fund the deductible difference (2000) in under 7 months.
Maryland has a lot of rules that have driven up the costs in the individual medical marketplace. Ideally, you move to an MSA, which will allow you to sock away 75% of a family deductible away pre-tax for medical costs. Unfortunately, the companies that offer them dont play in MD.
Email me if you have any further questions.
