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Health Ins. Cost Reduction
08-11-2005, 02:03 PM
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#1
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Recycles dryer sheets
Join Date: Jan 2005
Posts: 362
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Health Ins. Cost Reduction
As I posted on another thread a while back health insurance for hubby and I is costing us $1035 per month. Ouch! This sure cuts into the monthly budget. (our highest bill each month by far)
So I was happy to get our revised amount starting in Oct. $989. We've actually had a reduction in our health ins. premiums. And if we switched to an 80/20 plan we'd pay $801 per month after we meet a deductible of $250 per person or $500 per family. I'm still trying to talk hubby into that plan but since we have to switch clinics (and doctors) he's still hesitant.
I'm thinking that 2006 might be a good year for us with this being the start of things to come. (always an optimist)
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Re: Health Ins. Cost Reduction
08-11-2005, 02:10 PM
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#2
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Re: Health Ins. Cost Reduction
Have you ever checked into a Major Medical plan with a $5-$10K deductible? And then cover everything else out of pocket?
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Re: Health Ins. Cost Reduction
08-11-2005, 02:56 PM
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#3
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Recycles dryer sheets
Join Date: Jan 2005
Posts: 362
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Re: Health Ins. Cost Reduction
I've been checking on HSA accounts for some time now. $5150 deductible with 100% covered after that. We will get a lower rate come Feb since DH quit smoking on Valentine's Day last yr. (woo-hoo)
But, truthfully, I'm so confused as to what company to go with. I'm reading horror stories of people having $600 bills where the ins. company pays $200 and the insured get stuck with $400 that is not included in their deductible. (hope that makes sense) I guess that the insurance company pays for what they deem is "necessary" and not anything above that.
Maybe some others here can help me out with this dilemna. My choices are narrowed down to Golden Rule, Humana, American Medical Security and Blue Cross/Blue Shield.
Thanks
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Re: Health Ins. Cost Reduction
08-11-2005, 03:23 PM
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#4
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Re: Health Ins. Cost Reduction
Quote:
But, truthfully, I'm so confused as to what company to go with. I'm reading horror stories of people having $600 bills where the ins. company pays $200 and the insured get stuck with $400 that is not included in their deductible. (hope that makes sense) I guess that the insurance company pays for what they deem is "necessary" and not anything above that.
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A 'horror story" of having to pay $400 is not as scary as having to pay $1,000 every month - And how often do you really have to pay for these medical expenses? - Do you have some pre-existing condition or are you basically 'healthy'?
What you should be trying to do is protect yourself from a Major Medical Bill like $200K and insure against that. Cover the rest out of pocket and save your money!
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Re: Health Ins. Cost Reduction
08-11-2005, 03:43 PM
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#5
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Full time employment: Posting here.
Join Date: Jun 2004
Location: Calgary
Posts: 805
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Re: Health Ins. Cost Reduction
Quote:
Originally Posted by kz
As I posted on another thread a while back health insurance for hubby and I is costing us $1035 per month.
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Makes me glad I live in Canada, eh?! Even when DH and I were both in-between jobs at the same time, we paid $200/month for family coverage which included prescriptions, dental and vision. And I thought that was high but not anymore....
__________________
I can only be nice to one person today! Today is not your day...tomorrow doesn't look good either.
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Re: Health Ins. Cost Reduction
08-11-2005, 04:07 PM
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#6
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Thinks s/he gets paid by the post
Join Date: Dec 2002
Posts: 3,875
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Re: Health Ins. Cost Reduction
Quote:
Originally Posted by Cut-Throat
A 'horror story" of having to pay $400 is not as scary as having to pay $1,000 every month - And how often do you really have to pay for these medical expenses? - Do you have some pre-existing condition or are you basically 'healthy'?
What you should be trying to do is protect yourself from a Major Medical Bill like $200K and insure against that. Cover the rest out of pocket and save your money!
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Yep!
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Re: Health Ins. Cost Reduction
08-11-2005, 04:21 PM
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#7
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Re: Health Ins. Cost Reduction
Just switched to an HSA plan (paperwork in progress), and we'll save $1,000 per year in premiums, plus $1,000 per year in taxes.
We've been generally happy with BC/BS.
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Re: Health Ins. Cost Reduction
08-11-2005, 05:15 PM
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#8
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jun 2003
Location: Florida's First Coast
Posts: 7,654
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Re: Health Ins. Cost Reduction
How does a HSA work when one does not have an income. I thought it was a tax free Health savings account. Which brings me to another subject. Are health insurance premiums tax deductable?
SWR
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"Never Argue With a Fool, Onlookers May Not Be Able To Tell the Difference." - Mark Twain
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Re: Health Ins. Cost Reduction
08-11-2005, 05:25 PM
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#9
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jun 2002
Location: Texas: No Country for Old Men
Posts: 50,000
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Re: Health Ins. Cost Reduction
Quote:
Originally Posted by ShokWaveRider
How does a HSA work when one does not have an income. I thought it was a tax free Health savings account. Which brings me to another subject. Are health insurance premiums tax deductable?
SWR
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A good source for information on HSA's is www.hasinsider.com.
For the answer to your first question, see #35 here:
http://www.hsainsider.com/basics.asp...2&mmode=q_only
REW
__________________
Numbers is hard
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Re: Health Ins. Cost Reduction
08-11-2005, 05:31 PM
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#10
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Moderator Emeritus
Join Date: Feb 2004
Location: minnesota
Posts: 13,228
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Re: Health Ins. Cost Reduction
To deduct medical expenses,including health insurance premiums, from your taxes, you must itemize on your tax returns. The deduction is limited to expenses that exceed 7.5% of your adjusted gross income.
If you are self employed, these limits don't apply.
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No more lawyer stuff, no more political stuff, so no more CYA
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Re: Health Ins. Cost Reduction
08-11-2005, 05:36 PM
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#11
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jun 2002
Location: Texas: No Country for Old Men
Posts: 50,000
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Re: Health Ins. Cost Reduction
Another frequent HSA question is "Can I use (tax free) money from my HSA savings account to pay my insurance premiums?". The answer is no.
REW
__________________
Numbers is hard
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Re: Health Ins. Cost Reduction
08-11-2005, 05:42 PM
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#12
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Recycles dryer sheets
Join Date: Feb 2005
Posts: 189
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Re: Health Ins. Cost Reduction
Cut Throat
Any suggestions on where to go for the major medical plan. I am ready to retire but medical is my major concern.
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Re: Health Ins. Cost Reduction
08-11-2005, 06:29 PM
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#13
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Re: Health Ins. Cost Reduction
Quote:
Originally Posted by atla
Cut Throat
Any suggestions on where to go for the major medical plan. I am ready to retire but medical is my major concern.
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I cannot recommend any specifics because I have not shopped for any yet. But, we have had members of this forum that were paying around $2500 per year for catastropic coverage. I'd start asking quotes from various insurance co's.
What you are trying to protect is your nest egg. Not every sniffle that comes along.
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Re: Health Ins. Cost Reduction
08-11-2005, 06:53 PM
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#14
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Full time employment: Posting here.
Join Date: Jan 2004
Posts: 851
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Re: Health Ins. Cost Reduction
Quote:
Originally Posted by atla
Cut Throat
Any suggestions on where to go for the major medical plan. I am ready to retire but medical is my major concern.
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You'll find things vary quite a bit by state...what state do you live in? I checked into a few catastrophic plans in all those places I was willing to buy a 2nd home just to qualify...Maine and Virginia both had very reasonable BC/BS $10K ded policy for a family of 6 for under $250/month. Some states like Mass, and I think NY you can't get them at all...least last time I checked.
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Re: Health Ins. Cost Reduction
08-12-2005, 06:33 AM
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#15
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jun 2003
Location: Florida's First Coast
Posts: 7,654
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Re: Health Ins. Cost Reduction
Quote:
Originally Posted by REWahoo!
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Thanks, I got it.
SWR
__________________
"Never Argue With a Fool, Onlookers May Not Be Able To Tell the Difference." - Mark Twain
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05-27-2007, 06:47 PM
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#16
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Full time employment: Posting here.
Join Date: Dec 2006
Posts: 860
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Quote:
Originally Posted by kz
I've been checking on HSA accounts for some time now. $5150 deductible with 100% covered after that. We will get a lower rate come Feb since DH quit smoking on Valentine's Day last yr. (woo-hoo)
But, truthfully, I'm so confused as to what company to go with. I'm reading horror stories of people having $600 bills where the ins. company pays $200 and the insured get stuck with $400 that is not included in their deductible. (hope that makes sense) I guess that the insurance company pays for what they deem is "necessary" and not anything above that.
Maybe some others here can help me out with this dilemna. My choices are narrowed down to Golden Rule, Humana, American Medical Security and Blue Cross/Blue Shield.
Thanks
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That should only happen if one goes outside of the network for the services. You cannot be "balance billed" if you use "in-network" physicians, hospitals, and pharmacies.
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