Join Early Retirement Today
Reply
 
Thread Tools Display Modes
Straight to High Risk Pool
Old 01-01-2007, 03:44 PM   #1
Dryer sheet aficionado
 
Join Date: May 2004
Posts: 44
Straight to High Risk Pool

Have come to the sobering conclusion, two years out from ER, that we probably won't be able to get any private health insurance then. Heard too many stories about out-right refusal to insure due to seemingly trivial conditions. Whether fair or not, that's the way it seems to be, so need to adjust.

While we will try to get insurance, realistically we know we'll probably be declined, so our plan now is to simply go straight from Cobra to state's high risk pool (we will probably retire to AL). Have read their plan's wesbite information and seems to be an acceptable alternative and while may be considered expensive by some, we are in fortunate position to be able to pay. At least it's guaranteed coverage and that's the important thing.

Just wondering though if any others have been in their hish risk pool plan (or other states) and what experience has been and whether others have this kind of scenario in mind when ER. Any down side? Have heard that some states only allow limited number of people in plan at a time, but AL's doesn't seem to. Is there some information somewhere that compares state high risk pools, so can determine which is best?
Thanks.
astroboy 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!

Re: Straight to High Risk Pool
Old 01-01-2007, 04:09 PM   #2
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Dawg52's Avatar
 
Join Date: Feb 2005
Location: Central MS/Orange Beach, AL
Posts: 9,067
Re: Straight to High Risk Pool

I wouldn't give up on private health insurance yet. Do you have a serious problem of some kind? If you have some health problems you might try for a high deductible plan if you can afford the out of pocket deductibles. I had some minor issues and went with a $10,000 plan with dr and drug copays. I have been told by some agents that insurance companies are more willing to take you on if you assume more of the risk through the higher deductible.

So think about a 5k and up deductible. It works for some.
__________________
Retired 3/31/2007@52
Investing style: Full time wuss.
Dawg52 is offline   Reply With Quote
Re: Straight to High Risk Pool
Old 01-01-2007, 04:12 PM   #3
Full time employment: Posting here.
 
Join Date: Dec 2006
Posts: 860
Re: Straight to High Risk Pool

Quote:
Originally Posted by DOG52
I wouldn't give up on private health insurance yet. Do you have a serious problem of some kind? If you have some health problems you might try for a high deductible plan if you can afford the out of pocket deductibles. I had some minor issues and went with a $10,000 plan with dr and drug copays. I have been told by some agents that insurance companies are more willing to take you on if you assume more of the risk through the higher deductible.

So think about a 5k and up deductible. It works for some.
Especially with Humana One. They have really lightened up their underwriting guidelines on the higher deductible plans....
mykidslovedogs is offline   Reply With Quote
Re: Straight to High Risk Pool
Old 01-01-2007, 04:48 PM   #4
Moderator Emeritus
Martha's Avatar
 
Join Date: Feb 2004
Location: minnesota
Posts: 13,228
Re: Straight to High Risk Pool

This guide has state by state information on risk pools: http://www.tnhis.com/statebystateguide.htm

Careful though, the cost information is based on a 35 year old male, not the typical purchaser. Costs are usually a LOT higher the older you are. Also be careful as the author's political positions color what he says.

Other good info on your state rights is in the Georgetown guide at www.healthinsuranceinfo.net.

My experience is that risk pools differ widely on cost and coverage. A number have very low lifetime limits of $500,000. Too low! Also watch for yearly limits and limits for treatment for a particular condition.

Minnesota is know for having the best pool. The costs are based on no more that 125% of private market insurance. The lifetime limit is three million and there are many choices on deductibles, even an HSA choice.

I suggest working with a good agent in your state to see what you might be eligible for before resorting to the risk pool. That said, my husband and I when COBRA expires will be in the Minnesota risk pool.
__________________
.


No more lawyer stuff, no more political stuff, so no more CYA

Martha is offline   Reply With Quote
Re: Straight to High Risk Pool
Old 01-01-2007, 06:54 PM   #5
Recycles dryer sheets
 
Join Date: Oct 2006
Posts: 92
Re: Straight to High Risk Pool

Is there a difference between a broker and an agent? I thought a broker did not represent a particular insurance company, but could shop multiple companies for you. I haven't been able to find an insurance broker - the only one that came up on an internet search referred me to BC/BS when I contacted him.
AlmostDone is offline   Reply With Quote
Re: Straight to High Risk Pool
Old 01-01-2007, 07:50 PM   #6
Full time employment: Posting here.
 
Join Date: Dec 2006
Posts: 860
Re: Straight to High Risk Pool

Quote:
Originally Posted by AlmostDone
Is there a difference between a broker and an agent? I thought a broker did not represent a particular insurance company, but could shop multiple companies for you. I haven't been able to find an insurance broker - the only one that came up on an internet search referred me to BC/BS when I contacted him.
The terms can be used interchangeably, but broker is more often used to describe a person who does not represent any one company. To find a reputable independent broker/agent in your state, go to:
http://www.nahu.org/consumer/findagent.cfm
mykidslovedogs is offline   Reply With Quote
Re: Straight to High Risk Pool
Old 01-01-2007, 07:55 PM   #7
Dryer sheet aficionado
 
Join Date: May 2004
Posts: 44
Re: Straight to High Risk Pool

We had always planned on a HDHP/HSA, but thought even then we would be denied. Glad to know that may not always be the case. Plan to be pre-screened before we take the ER plunge so we know for sure if will be accepted and at what cost. Guess I'm just trying to be pyschologically and financially prepared for needing a high-risk pool as a last resort.
astroboy is offline   Reply With Quote
Re: Straight to High Risk Pool
Old 01-11-2007, 07:09 PM   #8
Thinks s/he gets paid by the post
 
Join Date: Oct 2005
Posts: 4,898
Re: Straight to High Risk Pool

Martha, you make a very good point. I looked into Colorado's high risk insurance as a last resort option and the lifetime maximum was $1,000,000 versus most policy's $3,000,000. How is $1,000,000 max a safety net for people with high risk conditions?
Zoocat is offline   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools
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
Why is NC state income tax so f#@&ing high? soupcxan Other topics 45 08-18-2013 03:56 PM
High Dividend Portfolio vs Portfolio Diversified Across Asset Classes ScaredtoQuit FIRE and Money 36 01-12-2007 12:24 PM
Maximizing portfolio return with very low risk Dante FIRE and Money 138 12-21-2004 06:04 AM
Tales of Risk and Reward wabmester Other topics 1 02-17-2004 05:02 PM
The Scoop on High Yield Bonds Ted FIRE and Money 9 12-04-2003 12:03 PM

» Quick Links

 
All times are GMT -6. The time now is 02:11 PM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2024, vBulletin Solutions, Inc.