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#1 |
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Recycles dryer sheets
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Posts: 254
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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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#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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#3 |
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Recycles dryer sheets
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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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#4 | |
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Re: Health Ins. Cost Reduction
Quote:
- 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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#5 | |
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Recycles dryer sheets
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Re: Health Ins. Cost Reduction
Quote:
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.... ![]()
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I can only be nice to one person today! Today is not your day...tomorrow doesn't look good either. |
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#6 | |
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Thinks s/he gets paid by the post
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Re: Health Ins. Cost Reduction
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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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#8 |
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Full time employment: Posting here.
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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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Retirement Definition - Not Having To Work, But Not Neccessarily Not Working - SWR 2000 |
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#9 | |
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Moderator Emeritus
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Location: Texas Hill Country
Posts: 10,194
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Re: Health Ins. Cost Reduction
Quote:
For the answer to your first question, see #35 here: http://www.hsainsider.com/basics.asp...2&mmode=q_only REW |
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#10 |
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Moderator
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Location: minnesota
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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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. 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. |
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#11 |
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Moderator Emeritus
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Location: Texas Hill Country
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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 |
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#12 |
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Recycles dryer sheets
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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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#13 | |
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Re: Health Ins. Cost Reduction
Quote:
What you are trying to protect is your nest egg. Not every sniffle that comes along. |
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#14 | |
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Full time employment: Posting here.
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Re: Health Ins. Cost Reduction
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#15 | |
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Full time employment: Posting here.
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Re: Health Ins. Cost Reduction
Quote:
SWR
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Retirement Definition - Not Having To Work, But Not Neccessarily Not Working - SWR 2000 |
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#16 | |
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Full time employment: Posting here.
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