What do you guys/gals pay for health insurance?

[cardude]

Those of you who have to actually purchase insurance and are not on medicare I'm talking about.

I am married, 43 (wife 42) and we have two kids 9 and 11. We are all healthy non-smokers (even the kids!).

I found some policies as low as around $600 per month, but with big deductables and pretty big co-pays.

What should I be considering as I shop around for health insurance? I was thinking that all we needed was basic, catastrophy-type insurance so that's why I'm looking at these big deductable plans. Sort of self insure for the regular day to day stuff. Of course, I don't know what I'm doing........

 

[Bikerdude]

What should I be considering as I shop around for health insurance? I was thinking that all we needed was basic, catastrophy-type insurance so that's why I'm looking at these big deductable plans. Sort of self insure for the regular day to day stuff. Of course, I don't know what I'm doing........

I think your on the right track. I would look at anything subsidized by your State first (you probably don't qualifiy). If that fails, I would open an HSA (Health Savings Account) with a high deductible plan. They have many tax benefits and if you stay healthy you may even run a surplus. If your lucky, you can find one that includes "preventative" HC like physicals, blood tests, shots etc. Good luck

 

[REWahoo]

I agree with Bikerdude's recommendation that you look for a HSA eligible policy. I've had a $5,000 deductible HSA with BCBS of TX for the past couple of years and been reasonably happy with it. Rates have gone up an average of 8% per year - so far.

 

[Urchina]

We're not in your category (as DH's company provides great health insurance for us), but I'd keep an eye on prescription benefits, especially if you have a family history of prescription-affected conditions (like heart disease, high cholesterol or blood pressure, diabetes, glaucoma, arthritis, etc). I'd be hesitant to sign up for a policy that didn't cover prescriptions for chronic illnesses.

 

[Bikerdude]

We're not in your category (as DH's company provides great health insurance for us), but I'd keep an eye on prescription benefits, especially if you have a family history of prescription-affected conditions (like heart disease, high cholesterol or blood pressure, diabetes, glaucoma, arthritis, etc). I'd be hesitant to sign up for a policy that didn't cover prescriptions for chronic illnesses.

WalMart has a great selection of generic drugs to treat most of the common problems for about $10/month, no insurance required. A great deal IMHO.

 

[walkinwood]

We are 48 & 45, live in NJ, and pay $660/mo for a HMO w/coinsurance and a $2500 deductable. You're on the right track. Insurance should be just that - a way to eliminate catastrophic risk.

 

[mickeyd]

Tricare costs me $230/year, but I had to spend 20+ years in the army to qualify.

 

[freebird5825]

$120/month insurance premium, self only, survivor benefit from federal CSRS retirement plan, self paid, local HMO in upstate NY, non-urban area (in the boondocks ).
$20 copay for office visits
typically $20 copay per 30 day supply for Rx, brand name
$20 copay for lab tests, sonograms, Xray, mammograms, CAT, MRI, stress tests, sleep study (used to be free if referred by primary doctor)
$240/day in-patient hospital deductible
$50/day emergency room deductible

 

[travelover]

I have health care paid by my former employer with a high deductible and an HSA, so I can't comment on the cost, but I'd also recommend the HSA, as it allows you to deduct dental and eye care as well as OTC and prescription drug expenses. It can also be a tax sheltered place to stash cash.

 

[Khan]

$120/month insurance premium, self only, survivor benefit from federal CSRS retirement plan, self paid, local HMO in upstate NY, non-urban area (in the boondocks ).
$20 copay for office visits
typically $20 copay per 30 day supply for Rx, brand name
$20 copay for lab tests, sonograms, Xray, mammograms, CAT, MRI, stress tests, sleep study (used to be free if referred by primary doctor)
$240/day in-patient hospital deductible
$50/day emergency room deductible

Retired fed, MHBP

$75.44/month
$2500 deductible
HSA
Free preventive care including annual physical (which I haven't done)

 

[JonnyM]

To fully insure or go high deductable

I'm of two minds about that choice, i.e. going with a purposely high deductible and paying most if not all medical expenses out of pocket as you go vs paying a monthly amount for more or less "full" coverage. When I FIRE'd nearly 3 years ago, I had a choice of Group plans, including Cobra If I wanted it (at my expense of course) or opting out altogether. I did the math and the plans seemed fairly reasonable for the coverage provided. Still to fully cover two adults (both age 53) with $20 copays for visits and $10 prescription drugs as the only out of pocket we pay about 10K per year. Now here is the interesting part. The dental coverage didn't seem nearly as good on paper, so we eventually opted out, no coverage at all. Fully cash pay as you go. I find that we now question every little thing and I believe in the long run our dental health may well suffer for it.

Do any of you that came of complete coverage thru a company HMO plan to paying everything out of pocket find yourself feeling like you compromise in the slightest way. Like you late 40 something's, will you pay the price for that Colonoscopy your DR will be telling you to get next year? When I saw the so-called bill that I didn't have to pay for that very typical procedure it was laughable, but only because I didn't have to pay it. How will you deal with it?

 

[haha]

WalMart has a great selection of generic drugs to treat most of the common problems for about $10/month, no insurance required. A great deal IMHO.

$8 for 90 days around here!

ha

 

[enfp]

Look on ehealthcare.com. You should find lower rates than $600. We just upped our deductible from 6k to 8k. Our premium was going from $262 to $310. So we raised the deductible 2 k and the premium is $ 258 , I think.

ages, 41, 41, 8, 5. It is an HSA which doesn't matter to us since we don't have earned income.

 

[Martha]

Look on ehealthcare.com. You should find lower rates than $600. We just upped our deductible from 6k to 8k. Our premium was going from $262 to $310. So we raised the deductible 2 k and the premium is $ 258 , I think.

ages, 41, 41, 8, 5. It is an HSA which doesn't matter to us since we don't have earned income.

You don't need earned income to contribute to an HSA. U.S. Treasury - HSA Frequently Asked Questions

 

[cardude]

Thanks for all the info. Yall are a real help to newbies having to ER a little ahead of schedule.

So the advantage of the HSA over just a high ded plan with no HSA is what? I will have some earned income from my two little rental houses, plus some if/when I can rent out my old business building to some budding entrepreneur.

 

[FIRE'd@51]

So the advantage of the HSA over just a high ded plan with no HSA is what?

The HSA advantage is that you can contribute tax-deductible money (whether or not you have earned income) into the plan (sort of a medical IRA). The deduction comes off your AGI so you don't have to itemize to get the deduction and thus, avoid the 7.5% threshold that you run into on sched A. If you then have a medical expense, you can withdraw the funds tax-free from the HSA plan to pay the bill. Whatever balance left in the HSA can be carried forward into the next year.

 

[TromboneAl]

DW, age 53, 5000 deductible, BC: $257/month
Me, Age 52, 3500 deductible HSA, BC: $244/month

Her's is going to go up $30 next month, mine is going down $20.

 

[ZMAN]

We pay iust over $14,000 per year for a top rated carrier, Independent Health, family coverage for us and our 2 adult children up to age 26 and dental for DW and me. Usual deductibles. This is the total cost and is purchased through my local Western New York, county bar association and is typical of the full cost of a policy around here.