Health Ins. Cost Reduction

[kz]

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)

Have you ever checked into a Major Medical plan with a $5-$10K deductible? And then cover everything else out of pocket?

[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

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.

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!

[Calgary_Girl]

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.

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....

[MRGALT2U]

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!

Yep!

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.

[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

[REWahoo]

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

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

[Martha]

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.

[REWahoo]

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

[atlanta]

Cut Throat
Any suggestions on where to go for the major medical plan. I am ready to retire but medical is my major concern.

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.

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.

[farmerEd]

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.

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.

[ShokWaveRider]

Quote:

Originally Posted by REWahoo! 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

Thanks, I got it.

SWR

[mykidslovedogs]

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

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.