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Join Date: Mar 2003
Posts: 10,516
I was playing around with this site to see what quotes look like for my family as-is. It was amazing to see the difference between the quotes and plans I got for the zip code I live in (NJ) and the zip code my MIL lives in (CO). In NJ, I was offered a dozen choices starting out at $900 a month and rapidly climbing. In CO, I was offered the choice of about 50 different plans starting out at under $200 a month. I always knew there were significant differences, but man...
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I was playing around with this site to see what quotes look like for my family as-is.* It was amazing to see the difference between the quotes and plans I got for the zip code I live in (NJ) and the zip code my MIL lives in (CO).* In NJ, I was offered a dozen choices starting out at $900 a month and rapidly climbing.* In CO, I was offered the choice of about 50 different plans starting out at under $200 a month.* I always knew there were significant differences, but man...
I think it has more to do with the fact that New Jersey is a "guaranteed issue" state (meaning that insurers can't refuse coverage based on pre-existing conditions.) The $200/month premium in Colorado may be for someone in perfect health that few applicants qualify for.
Here's a good site that covers the differences in health insurance regulations in each of the 50 states.
think it has more to do with the fact that New Jersey is a "guaranteed issue" state (meaning that insurers can't refuse coverage based on pre-existing conditions.) The $200/month premium in Colorado may be for someone in perfect health that few applicants qualify for.
Here's a good site that covers the differences in health insurance regulations in each of the 50 states.
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Mar 2003
Posts: 10,516
So what is a rational person to do? Assuming that you are in your 40s and in reasonable health, does it make sense to choose the guaranteed issue state and pay up, since you are likely to get sick at some point down the road, or is it a smarter choice to choose the state with the cheaper option?
Well, it partly depends on where you want to live.
Your guaranteed issue state, and other such states, usually are more expensive.
There are states like Washington that don't have underwriting if you come off of a group plan. That state's costs are fairly low.
There are states that provide that once you are on an individual plan, they cannot later raise rates due to health or age.
There are states that allow insurance plans to raise rates based on health or age. Some of these states have subsidized risk pools to help control the cost.
Rates in different states and within different states are all over the board because federal law doesn't regulate insurance rates, states do. So there is going to be tremendous variability.
__________________ .
Do not rely on the information provided--my posts are not to be taken as legal advice. Needless to say you must consult with your legal representative. I am not responsible for errors. If I offended you with cya I apologize. If I did not, I tried.
Do not rely on the information provided--my posts are not to be taken as legal advice. Needless to say you must consult with your legal representative. I am not responsible for errors. If I offended you with cya I apologize. If I did not, I tried.
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Mar 2003
Posts: 10,516
Quote:
Originally Posted by Martha
Well, it partly depends on where you want to live.*
Your guaranteed issue state, and other such states, usually are more expensive.
There are states like Washington that don't have underwriting if you come off of a group plan.* That state's costs are fairly low.
There are states that provide that once you are on an individual plan, they cannot later raise rates due to health or age.
There are states that allow insurance plans to raise rates based on health or age.* Some of these states have subsidized risk pools to help control the cost.*
Rates in different states and within different states are all over the board because federal law doesn't regulate insurance rates, states do.* So there is going to be tremendous variability.*
I guess I am just trying to set aside everything else and look at health insurance access inisolation. Looks an awful lot like you'd have to pick something that made the most sense for you, with no obvious applicable set of rules. Seems to me that the biggest risks to an ER are prices getting too high to afford (already a problem in NJ) and getting dumped by your insurer and then not being able to get coverage.
It's not my area of expertise (or much interest!), but.... I bet NJ is a lot like NY. I'd recommend looking to join an association of some sort. The local chamber of commerce, if there's nothing else. But I'm sure there's many other associations, because there are people who need them to get insurance at group rates......
Right now in NY it's a waiting game on catastrophic insurance, to use with HSA's. Yup, slowly it's happening. But guess what. You have to be in a business group, with at least two people. Nothing still for the individual or family that simply wants to buy affordable insurance.
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Mar 2003
Posts: 10,516
Quote:
Originally Posted by kate
It's not my area of expertise (or much interest!), but....* I bet NJ is a lot like NY.* *I'd recommend looking to join an association of some sort.* The local chamber of commerce, if there's nothing else. But I'm sure there's many other associations, because there are people who need them to get insurance at group rates......
Right now in NY it's a waiting game on catastrophic insurance, to use with HSA's.* *Yup, slowly it's happening.* But guess what.* You have to be in a business group, with at least two people.* Nothing still for the individual or family that simply wants to buy affordable insurance.
Actually, NJ is a lot worse than NY for insurance. I've not seen any HSAs offered for individuals, and other policies arre very expensive. Not a problem for me for several years, but the high cost of insurance, crazy real estate taxes, and high cost of living do have me thinking about relocating when its time for FIRE.
ehealthinsurance.com is not offering me ANY choices
in New Hampshire (zip 03049). Any other site suggestions
for collecting preliminary quotes? I'm trying to figure out
how much to budget for early retirement.
ehealthinsurance.com is not offering me ANY choices
in New Hampshire (zip 03049). Any other site suggestions
for collecting preliminary quotes? I'm trying to figure out
how much to budget for early retirement.
If you are excluded for preexisting conditions, here is NH's risk pool information: http://www.nhhealthplan.org/
__________________ .
Do not rely on the information provided--my posts are not to be taken as legal advice. Needless to say you must consult with your legal representative. I am not responsible for errors. If I offended you with cya I apologize. If I did not, I tried.
At my employer, they went from a group policy in 2005 to having each person getting their own insurance plan and the employer paying for it (up to the amount of their plan last year)...reason is the owner turned 65 and had some expensive health plan for being in two different states in the previous years.
Anyway, I found some good high-deductible quotes last year from
I ended up going with Assurant (Healthlink Open Access II PPO), they offer a decent discount on renewals (up to something like 15% cumulative after 3 years...and their initial premiums are very competitive to begin with). My annual premium is $720 for a $2,600 High Deductible policy.
I would have gone for the $5,000 deductible, except my current girlfriend works in healthcare and gets an outrageously awesome health care plan for less than what I pay on my high deductible. Since things are going well and there's a decent chance we'll end up married, I didn't see the need to take the risk of a $5,000 health care bill in the next 2 years just to get an extra $100 in my HSA if I'm just going to get traditional coverage on her plan for even less than I currently pay.
I checked insurance at http://assuranthealth.com/ . Some of the policies could be dangerous to ER. A $2 million dollar policy with a $100,000 annual max could be very expensive if you really needed some health care. $100k is not enough coverage. (I guess if you had $100k of expenses each year you would reach the $2 million dollar cap in 20 years)
Oliver
"The most affordable major medical plan that provides basic benefits (Annual Max: $100,000, Outpatient Max: $2,500)"
I checked insurance at http://assuranthealth.com/ . Some of the policies could be dangerous to ER. A $2 million dollar policy with a $100,000 annual max could be very expensive if you really needed some health care. $100k is not enough coverage. (I guess if you had $100k of expenses each year you would reach the $2 million dollar cap in 20 years)
Yes, that is correct...but the policy I have is a $3 million lifetime cap, no annual cap (except for the $3 million). As with all things, read the details (and, Assurant DOES indicate the $100,000 annual max fairly clearly in the page listing the different policies).
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