Individual Health Insurance Termination

[uncledrz]

We presently are covered under a retiree health insurance. The writing on the wall seems to be that this type of coverage will, at some time, not be available.

I have been looking at purchasing individual coverage to which the termination/non discrimination protections of HIPPA do not apply.

One issue is while the rates are reasonable now, with both of us in good health, what happens to coverage if we would actually need it (i.e. serious illness, long term illness, etc). Any experience with coverage terminated or extreme rate increase due to claims made or change in health? Companies we are presently discussing this option with are Golden Rule, Assurant Health and BC/BS.

 

[Mr._johngalt]

I have experience with Golden Rule and BC/BS, since
ER. Golden Rule was okay as far as I recall. BC/BS
wouldn't touch me with a 10 foot pole (applied twice).
I would estimate I have been with 6 or 7 companies since I quit in 1993. No one has ever raised my premiums or dropped me due to claims. OTOH, I have
not had any really big ones (we're all happy about that).

JG

 

[Jarhead*]

Unc

We presently are covered under a retiree health insurance.  The writing on the wall seems to be that this type of coverage will, at some time, not be available.

I have been looking at purchasing individual coverage to which the termination/non discrimination protections of HIPPA do not apply.  

One issue is while the rates are reasonable now, with both of us in good health, what happens to coverage if we would actually need it (i.e. serious illness, long term illness, etc).  Any experience with coverage terminated or extreme rate increase due to claims made or change in health?  Companies we are presently discussing this option with are Golden Rule, Assurant Health and BC/BS.

Uncledrz:

Health ins. companies will check your health background on initial underwriting. If they accept you at standard rates, they are pretty much stuck with that regardless what happens to your health later on. Also, they cannot
(at least in most states), single you out for a rate increase.
Important, therefore to apply for health ins. when you can get standard rates, and have no large pre-existing condition to contend with.

 

[Mr._johngalt]

I agree with Jarhead. If only I had been able to lock
in some better coverage early on. I started with COBRA
which in hindsight was probably a mistake. Then I went with a 10K deductible catastrophic policy. Then I opted for a cheaper one. That company went broke. Then
I found another one. Then I remarried and piggybacked
on my wife's policy from work. Then she changed jobs.
This is not the whole story but you get the flavor.
For better or worse, I am stuck with what we have now until
Medicare kicks in.

JG

 

[tryan]

Been looking at Assurant ... rep says a healthy family of 4 with $5200 HSA can get monthly premiums of $383.

BS/BS monthly premiums were MUCH higher.

Thinking I'll by-pass COBRA since the monthly premiums there will be ~$1000. Just need to get myself laidoff.

Anybody have any experiance - good/bad - with Assurant (they cover nearly the whole country with individual policys)?

Enjoy!

 

[Mr._johngalt]

Hello tryan. Re. "Just looking to get myself laid off."
I recall the feeling. Also the same wish which is best expressed by dropping the "off" off.

JG

 

[tryan]

John, thanx for the laugh!

Expect it'll be Oct ... things are pretty slow. Could walk-out but the 20 year "package" is too tempting.

Just glad to have the RE landing-pad. Amazing to see the 50+ crowd scrambling for another job ... wondering how they'll make the mortgage payment when severance runs dry. Most will be looking at 20-30% pay cuts after 30 years with the same employer.... sad really.

Oh well .

 

[Dawg52]

Been looking at Assurant ... rep says a healthy family of 4 with $5200 HSA can get monthly premiums of $383.

BS/BS monthly premiums were MUCH higher.  

Thinking I'll by-pass COBRA since the monthly premiums there will be ~$1000.  Just need to get myself laidoff.

Anybody have any experiance - good/bad - with Assurant (they cover nearly the whole country with individual policys)?

Enjoy!

Assurant is the same thing as Fortis which is one of the largest banking and insurance groups in the world. I looked into them before deciding on BCBS. My agent and good friend recommends them highly.

 

[laurence]

Just glad to have the RE landing-pad. Amazing to see the 50+ crowd scrambling for another job ... wondering how they'll make the mortgage payment when severance runs dry. Most will be looking at 20-30% pay cuts after 30 years with the same employer.... sad really.

Oh well .

Oh well is right! After making similar comments to yours above here and elsewhere, and getting laughed at for actually "saving for retirement" by my coworkers, I've come to realize that most people really are making a concious decision to spend every penny, figuring it will all work out some how. I've actually had people say, "but if you get hit by a truck tomorrow, won't you feel dumb for saving all that money?" (obviously I won't feel anything because I'm DEAD!). I retort, "so your retirement plan is 'die young'?". While I believe in a safety net for those who can't help themselves, I'm a little short on tears for college educated white collar types who just had to have the latest and greatest.

 

[eridanus]

Assurant/Fortis is sold through State Farm in Texas. I had an HSA policy with them. They jacked their rates after the first year so I renewed with someone else.

Try to get in their preferred pool.

 

[REWahoo]

An ER friend had Fortis for a year and had a bad experience with them. Don't know the details.

The Texas Insurance Commission has a website rating the number of "problem" claims vs. the number of insureds in the state for all types of insurance. Fortis didn't fare too well for individual health as I recall. Golden Rule was the best of the lot, but I think that may be a bit like taking pride in being the world's tallest midget.

Just got a new computer and haven't transferred all my files so I can't give you the web site address.

REW

 

[tryan]

Just googled Golden Rule ... no coverage in the northeast. Oh well (again).

 

[Sparky]

No, no - there is coverage in the Northeast...

We're in CT and have been with Golden Rule since Dec. 2003. Recommended by a doctor we know - we're 44 and 45 and are on high blood pressure and high cholesterol meds that we pay for outright and Golden Rule is $193 per month for both with $5,000 deductible and no drug coverage, $3M total coverage.

Golden Rule was recently bought out by United Health Care.

 

[Mr._johngalt]

I think you have excellent coverage for that premium.

JG

 

[tryan]

[qoute]
No, no - there is coverage in the Northeast...
[\quote]

Make that no Golden Rule in New England (MA, NH, ME, VT, RI) .... wish did (can't drive to CT for visits); can't touch those rates.

Got a quote from John Alden for an HSA for a family of 4: $5200 deductable; $333/mo.

Anybody worked with John Alden ??