Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
sticker shock on group rate HI
Old 01-25-2011, 05:59 PM   #1
Recycles dryer sheets
figner's Avatar
 
Join Date: Jan 2007
Location: Los Angeles area
Posts: 329
sticker shock on group rate HI

I belong to a musician's association that advertises group health insurance through The Entertainment Industry Group Insurance Trust (TEIGIT). Although I'm currently covered through my employer, I thought I'd check out whether the TEIGIT option would be a feasible backup plan in ER.

I was completely shocked to see that their group rate for an individual in my area (Los Angeles) is $1800 per month for their cheapest, HMO plan. The POS plan is $2600/month!

Is there any reason to ever choose a plan with such high costs? At that point if you've got pre-existing conditions would it be better to try a high-risk pool?
__________________

__________________
figner is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 01-26-2011, 08:10 AM   #2
Full time employment: Posting here.
 
Join Date: Jan 2010
Location: dubuque
Posts: 618
sounds like you are getting a group rate and I don't know what group that might be but it is expensive. I checked around for health insurance for my dw and it was terribly expensive through an individual plan. so, I looked around for some kind of group plan with lots of members. I joined the farm bureau, you do not have to farm to be a member, it cost 40 dollars a year. then I was eligible for farm bureau insurance who's insurance company is bc/bs. the rate was about 50 percent cheaper than elsewhere, because farm bureau is nationwide. plus you get a magazine every week that tells you what the farm markets are doing, but if you don't farm, it is interesting to see how they do business and what they're problems are, anyway check it out, it may be available to you where you live and maybe not, I live in the midwest, so it is available.
__________________

__________________
frank is offline   Reply With Quote
Old 01-26-2011, 08:15 AM   #3
Thinks s/he gets paid by the post
teejayevans's Avatar
 
Join Date: Sep 2006
Posts: 1,219
Maybe musicians have higher health costs because of their lifestyle ;-)
TJ
__________________
teejayevans is offline   Reply With Quote
Old 01-26-2011, 08:18 AM   #4
Full time employment: Posting here.
 
Join Date: Jan 2010
Location: dubuque
Posts: 618
is medical marijuana available to band members under their union? If so maybe I will join a band, heard that medical stuff is all the rage in california.
__________________
frank is offline   Reply With Quote
Old 01-26-2011, 04:01 PM   #5
Recycles dryer sheets
figner's Avatar
 
Join Date: Jan 2007
Location: Los Angeles area
Posts: 329
Heh, one of my first thoughts too was that people in the entertainment industry must have really unhealthy lifestyles! I even called TEIGIT to double check that the rate was correct, and asked if they had any participants at those prices. The phone rep assured me people really did buy these plans.

Frank, thanks for the tip about the farm bureau, I will check it out.
__________________
figner is offline   Reply With Quote
Old 01-26-2011, 04:28 PM   #6
Recycles dryer sheets
 
Join Date: Sep 2010
Posts: 233
Quote:
Originally Posted by frank View Post
sounds like you are getting a group rate and I don't know what group that might be but it is expensive. I checked around for health insurance for my dw and it was terribly expensive through an individual plan. so, I looked around for some kind of group plan with lots of members. I joined the farm bureau, you do not have to farm to be a member, it cost 40 dollars a year. then I was eligible for farm bureau insurance who's insurance company is bc/bs. the rate was about 50 percent cheaper than elsewhere, because farm bureau is nationwide. plus you get a magazine every week that tells you what the farm markets are doing, but if you don't farm, it is interesting to see how they do business and what they're problems are, anyway check it out, it may be available to you where you live and maybe not, I live in the midwest, so it is available.
Frank,
Great idea on the Farmer's Bureau. I have been raking my brain trying to figure out how to get a decent "group" rate. Thanks the suggestion. I checked and it looks like in MO I can join the Farm Bureau for $30 a year and they offer individual and group health insurance. My COBRA will be expiring this year so I will need something soon. Did you get the group or individual rate?

Also, can you tell me who the insurance is through?

Thanks!
__________________
Corporate ORphan is offline   Reply With Quote
Old 01-27-2011, 08:31 AM   #7
Full time employment: Posting here.
 
Join Date: Jan 2010
Location: dubuque
Posts: 618
I got the group rate through farm bureau but it was on my wife only as I am on medicare and have a cheap hmo locally with no health problems. the insurance carrier was wellmark blue cross/blue shield. that is the thing about farm bureau it is always the group rate because the farm bureau gets the group rates for all farmers.
__________________
frank is offline   Reply With Quote
Old 01-27-2011, 09:28 AM   #8
Moderator
ziggy29's Avatar
 
Join Date: Oct 2005
Location: Texas
Posts: 15,612
These "affiliation group" health plans are often the most expensive of all, even more expensive than the full cost of employer-provided group health insurance, because they are extremely susceptible to the adverse selection problem.
__________________
"Hey, for every ten dollars, that's another hour that I have to be in the work place. That's an hour of my life. And my life is a very finite thing. I have only 'x' number of hours left before I'm dead. So how do I want to use these hours of my life? Do I want to use them just spending it on more crap and more stuff, or do I want to start getting a handle on it and using my life more intelligently?" -- Joe Dominguez (1938 - 1997)

RIP to Reemy, my avatar dog (2003 - 9/16/2017)
ziggy29 is online now   Reply With Quote
Old 01-27-2011, 10:27 AM   #9
Recycles dryer sheets
NW Landlady's Avatar
 
Join Date: Jun 2010
Location: Seatlle
Posts: 185
Ziggy +1
I am on an HMO plan with a $2k annual deductible (catastrophe plan) + 80/20 copay & I pay less than $300/month. Not a specific group affiliation per se. This is WA state & I am in my late 50s....but not much more for those in their 60s.
__________________
When a contradiction is impossible to resolve except by a lie, then we know that it is really a door.
S. Weil
NW Landlady is offline   Reply With Quote
Old 01-27-2011, 12:01 PM   #10
Moderator
ziggy29's Avatar
 
Join Date: Oct 2005
Location: Texas
Posts: 15,612
Quote:
Originally Posted by NW Landlady View Post
Ziggy +1
I am on an HMO plan with a $2k annual deductible (catastrophe plan) + 80/20 copay & I pay less than $300/month. Not a specific group affiliation per se. This is WA state & I am in my late 50s....but not much more for those in their 60s.
Another way to look at it is this: If Megacorp will subsidize all but (say) $200 a month for family coverage, it makes little sense for anyone (even the younger and healthier) to opt out of it. But when there is no employer subsidy, that $200 a month becomes more like $1000 a month, and suddenly many of the "lower risk" folks opt out of it or seek their own individual policy. So what's left is what the individual market hasn't "cherry picked" out of non-employer group plans and those who aren't willing to gamble that their good health will continue.
__________________
"Hey, for every ten dollars, that's another hour that I have to be in the work place. That's an hour of my life. And my life is a very finite thing. I have only 'x' number of hours left before I'm dead. So how do I want to use these hours of my life? Do I want to use them just spending it on more crap and more stuff, or do I want to start getting a handle on it and using my life more intelligently?" -- Joe Dominguez (1938 - 1997)

RIP to Reemy, my avatar dog (2003 - 9/16/2017)
ziggy29 is online now   Reply With Quote
Old 01-28-2011, 07:18 AM   #11
Full time employment: Posting here.
 
Join Date: Jan 2010
Location: dubuque
Posts: 618
my dw has an hsa health plan with 1600 deductible and 389. per month. every other health plan I checked was considerably higher. we used to carry an individual plan and they went up exponentially every time some one hit an age band or health problem, the thing about farm bureau is that, everyone gets the same increase considering the age bands, so If I get an increase it will be the same as everyone else. I got a kick out of reading the agenda for my local city council, they were debating on the amount that the municipal workers had to pay. it was 25. a pay period family plan for health insurance, 5. a pay period for dental family plan, and the city would pick up the balance.
__________________
frank is offline   Reply With Quote
Old 01-29-2011, 07:36 AM   #12
Full time employment: Posting here.
 
Join Date: Jan 2010
Location: dubuque
Posts: 618
wellmark is in iowa and it does not have online quotes, you have to talk to one of their insurance reps. the price I have is one of the options that was the best for me as my wife has a pre=existing condition. they have different levels and deductibles depending on what you want, or what size deductible you are willing to deal with.
__________________
frank is offline   Reply With Quote
Old 01-31-2011, 09:05 AM   #13
Recycles dryer sheets
 
Join Date: Sep 2010
Posts: 233
So if I understand correctly, the Farm Bureaus allows you to get a "group rate". THey are not just an insurance broker. I have been looking on the internet and it seems that some of these "associations" are just brokers. Like the NASE ... National Assoc of the Self-Employed.

We are hoping to relocate (just don't know where yet!) and from the posts on this board it sounds like BCBS is not "portable". I really don't want to go through underwriting again if we do. Any idea if they handle any companies beside BCBS?

We also would like to travel some and some of these policies that I have looked at don't cover much "out of network".... I guess the trick is to find a company that is nationwide as possible so it's "in-network"?

Thanks again!
__________________
Corporate ORphan is offline   Reply With Quote
Old 01-31-2011, 03:00 PM   #14
Full time employment: Posting here.
 
Join Date: Nov 2009
Location: VA
Posts: 923
Quote:
Originally Posted by Corporate ORphan View Post
So if I understand correctly, the Farm Bureaus allows you to get a "group rate". THey are not just an insurance broker. I have been looking on the internet and it seems that some of these "associations" are just brokers. Like the NASE ... National Assoc of the Self-Employed.

We are hoping to relocate (just don't know where yet!) and from the posts on this board it sounds like BCBS is not "portable". I really don't want to go through underwriting again if we do. Any idea if they handle any companies beside BCBS?

We also would like to travel some and some of these policies that I have looked at don't cover much "out of network".... I guess the trick is to find a company that is nationwide as possible so it's "in-network"?

Thanks again!
NASE sells garbage limited-benefit plans, stay away. BCBS plans are generally not portable to other states. Other major companies like Humana and United Health One generally are, but it may depend what state you're in now and what state you plan on moving to. BCBS and United will have the two largest networks in the US assuming you are looking at PPO plans. BCBS has some out-of-country coverage, every other company I know of only considers out-of-country payable when it's a life or death emergency and then it's treated as out of network.
__________________

__________________
Disclaimer - I am an independent insurance agent. If the above message contains insurance-related content, it is NOT intended as advice, and may not be accurate, applicable or sufficient depending on specific circumstances. Don't rely on it for any purpose. I do encourage you to consult an independent agent for insurance-related advice if you have a question that is specific in nature.
dgoldenz is offline   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Isn't This a Shock? Afghan Troops Not Up To Snuff haha Other topics 1 06-07-2010 01:37 PM
Hi - My name is Carol and I'm in shock Misscali Hi, I am... 6 07-28-2009 02:28 PM
LBYM Culture Shock TromboneAl FIRE and Money 58 01-18-2009 01:01 PM
Wedding Sticker Shock Danny Other topics 55 05-09-2006 11:58 AM
Sticker Shock in NYC MJ Other topics 3 03-14-2006 02:15 PM

 

 
All times are GMT -6. The time now is 06:38 PM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, vBulletin Solutions, Inc.