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MIKE IN lINO III

Health insurance

86 posts in this topic

SO I get a package from work today and they are once again going to raise my health care premiums.

I just want to throw this out there......

I am thinking of cancelling my health insurance all together.

I know the pros and cons but I am having a hard time justifying $500 a month for me and the wife ( no kids )

We are early 40's and in good health.

Are there any options?

Mike

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I hear your frustration and personally think it is an industry that needs to be looked at, rates go up and up and you get less and less. The plan, if you can call it that, where I work doesn't pay a dime until you pay the first $2500 out of pocket, that isn't a typo, two thousand five hundred. If I had family coverage, $5000 out of pocket, then it is all 80/20. I've never really taken the time to look for alternatives, but I am sure they are out there with a quick internet search.

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Financially, if push comes to shove, I'm cutting everything else in my life before I cancel my Health Insurance. I'll sell my boat and the rest of my toys before the health insurance goes. Its that important to have IMO.

Here's one example from my life, I'm healthy, athletic, non-smoker, in shape in my mid-twenties when this happened. Haven't needed to go to the doctor for anything in 6+ years. I wake up in the middle of the night and my side is just absolutely killing me. Thinking I just rolled over wrong or pulled a muscle, I tough it out until I was seriously green in the face. Yep, ruptured appendix. Trip to the ER and $15,000+ in medical bills later covered by insurance and I'm good to go. Haven't been sick since.

You need health insurance for those major unexpected things that will inevitably happen to most of us. If you aren't covered when that happens, you will set yourself and your family back financially.

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I'm with Hanson on this, one bad roll of the dice could put you and your wife in a dire situation financially.

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Yep, agree with Hanson and Duffman. My wife works in billing office for docs, and I watched my Dad go through transplants on insurance. So no matter what, keep that insurance, and make sur eit does not lapse, cause that can cause problems too. It stinks, but like was said, that roll of the dice, or roll of the snowmobile, or a simple cut on the hand (seriously, they can cost thousands!) can change your life in an instant.

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I agree keep it! You may not need it today, but tomorrow? I am healthy as well, never sick, I injured my shoulders, 3 surgeries later and 100k+ in Dr bills! I also agree the entire industry needs to be looked into! Medical, and the insurance industries.

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What I do is select the highest deductible/lowest premium pkg. Then set aside enough to cover the deductible in a health care spending account. Yes it's deducted from your check each week, but significantly less than the price of premiums of the "better" plans.

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That's what they want you to think. That you can't go without it.

Figure $15,000.....first pay the 2500-5000 up front that nobody seems to have, then pay the remaining 20%.

At $500 a month, I would take my chances. With the government we have and especially in MN, you don't have too much to worry about. They won't allow you to die, and will do whatever it takes to get you paying taxes again (working).

I know a guy who took a pay cut to keep double coverage for his wife's pregnancy because her ins. had a 3000 co-pay. I'm not 100% sure, but I think even with his coverage he ended up paying 2500 anyways. Was it worth it. Nah.

This is the way it should work guys. The wife makes her money and the benefits. The man makes the real money. That way you have both ends covered.

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It would help keep prices down also if people wouldn't go in for every little sniffle. These premiums should not be as high as they are!

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Unfortuanately your probably a hard working indivual who values your work and family life. Therefore you will not take the same risk as some gang banger that doesn't have health insurance. (Root cause of our health care problem) Kind of like roofer said...we don't let people die on the streets in MN. I'm pretty sure though there is "catastrophic" plans out there. Not to sound like the devils advocate...but do you live in the cities and have a cabin up north??? What I'm trying to get at and this is for all of us is..How much do we value our insurance? Do we value it the same as a boat payment? Car payment? Cable? Cell Phones? etc..

By the way, I once heard you cannot buy health insurance from a company outside of minnesota??

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i am very lucky right now that i have very good health insurance at a pretty good rate but only time will tell untill that stops

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If you aren't covered when that happens, you will set yourself and your family back financially.

And that's the rub. I'll be paying medical bills the rest of my life because of what happened when I was uninsured. And my wife will be paying on them after I die. And my kids will be paying on them after she dies.

Probably a mistake to even post that. Last time I commented on the state of health insurance and the uninsured in these forums I got ripped in here, not to mention the dozen or so e-mails from people who hastened to offer their opinion that I was lazy and that people like me cause the whole health care system problem.

Whatever.

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Do they have the "high deductible plus HSA option" HSA is Health savings account.... Kind of like a 401K except for medical bills. If you are healthy, after a few years you have enough in there to cover the deductible and copay if something bad happens like say, a quadruple bypass following a heart attack...

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Quote:
Not to sound like the devils advocate...but do you live in the cities and have a cabin up north???

How many people have a new truck with a $400 month payment + insurance and don't even flinch, but need to have surgery to either make life more comfortable or save their life and it costs the a couple grand and we need to reform the health care industry. Where are our priorities? Do we value our "Stuff" or our lives/general health? I just had surgery to fix a problem with my foot and I had to pay out $2200 of pocket. I can now walk with almost no pain, worth every penny of it.

On the other hand if person wants to forgo insurance and take the risk, so be it, as long as they are aware and comfortable with the risks. I have done it in the past and would really rather not do it again.

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What if your car insurance was $500 a month? How about your homeowners insurance?

Where are you likely to get hurt....honestly?

Most have a rather safe job, and the best chance you have at getting hurt is if you fall off your chair and hit your head on the monitor.

Chances are, you will get hurt at home or in a car accident.

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I moved my health insurance around this spring. I was paying over $250 a month through work. I checked into cheaper options and I found a comparable plan for around $100 a month. Check into Simply Blue from Blue Cross as a cheaper option.

Like others have said, don't go without health insurance. I know of a guy who didn't have and got attacked randomly one night. This guy got beat up really bad. His medical bills ran him nearly $30k with all the scans and exams trying to figure out if his brain was bleeding or his skull was cracked.

Stuff happens at random you cant predict or control. Be insured just in case so you dont spend your life paying for it.

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You got that right. I fell of a bicycle a few years back. Broke my arm and got a concussion. Yes I was wearing a helmet. With the surgery to fix the arm after the bone healed and the scans in the ER and the tests because I didn't know how it happened due to the concussion the bill was north of 20,000.

As I said before, a bypass is kind of spendy also.

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Both instances above can be covered under your homeowners insurance policy.

$250-$500 a month, you could easily pay off 30K or even 100K IF you were injured. It would be worth it, right? Is it worth that cash if you were never injured? What if your premiums were a monthly bill sent to your house? Would it be as easy to pay?

Most have insurance ONLY because it is given to them by their employer. Not many actually pay out of pocket.

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My wife and I are fortunate enough to have health insurance now. But at our last job we got called into the office one day and were informed that our health coverage was going up $500 per month. Our budget simply could not take that kind of a hit. We were forced to drop it for a couple of years. I remember thinking at the time that there should be some sort of minimum notice required before an employer can change your coverage so that you have time to rearrange things. Our employer at the time gave us one day to think it over.

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Both instances above can be covered under your homeowners insurance policy.

$250-$500 a month, you could easily pay off 30K or even 100K IF you were injured. It would be worth it, right? Is it worth that cash if you were never injured? What if your premiums were a monthly bill sent to your house? Would it be as easy to pay?

Most have insurance ONLY because it is given to them by their employer. Not many actually pay out of pocket.

What instances can be covered under homeowners? Falling off a bike and getting beat up? If they did not happen on your property I kind of doubt that your homeowners is going to pay anything for that.

If your premiums are $500 and you owe $100,000 it would take 17 years to pay that off. Thats if you actually saved all of that money for 17 years and have it sitting around in a coffe can or someting. Otherwise you might have to take out a loan to pay your bills and pay interest on that money and it would take a lot longer. My premiums are a monthly bill sent to my house.

Now days most people who receive insurance through their employer are responsible for at least part of the costs. Even if the employer pays 100% of the premiums for the employee, the employee is still responsible usually to pay for any dependants or a spouse that you may want to have insured through this plan.I must be odd because I pay for the insurance for my whole family. I lost my group plan at work so we had to go out and buy a plan on our own. NO WAY would I go without insurance. Do you have kids? Kids are always going to the doctor. You know what those visits cost each time.

Accidents aren't the only thing that can happen to you. It may seem like it to you now if you are young but illness is probably where the most money is spent in health care. I have Diabetes. Just found out I had it about 5 or 6 years ago. Up till then I was always healthy and never went to the doctor. Now I have plenty of drugs to take each day and I go to the doc at least a couple of times a year it seems. once you have an illness like this it is very hard to get insurance and if you get it it will be very hard to pay for.

Another thing to remember is if you let you coverage lapse, even for 1 month no insurance company will cover any pre-existing conditions for at least 6 months.

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I am not an attorney or well versed in this arena but what you are saying sure doesn't sound like something an employer can legally do. The attorney generals office is a good source for things such as this, meaning questioning whether something is legal or what your rights are. I emailed them a question regarding a home I purchased and issued I had, they responded promptly with valuable information.

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My wife and I are fortunate enough to have health insurance now. But at our last job we got called into the office one day and were informed that our health coverage was going up $500 per month. Our budget simply could not take that kind of a hit. We were forced to drop it for a couple of years. I remember thinking at the time that there should be some sort of minimum notice required before an employer can change your coverage so that you have time to rearrange things. Our employer at the time gave us one day to think it over.

I agree. When I recently lost my coverage I got 1 or 2 days notice. Not enough time to weigh my options. I was forced to take the cobra plan for 1 month so my coverage wouldn't lapse.

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It depends on who's bike it is or depends on who beat you up, but yes, homeowners insurance covers way more than people think. They even cover items that you own, and lost by another person.

Sure, some things can be very expensive, but what is a doctor visit???? $100-$200....If a kid has to go in once a month or more, then maybe insurance is well worth it.....or there is something wrong at home.

Insurance is a business. They are in business to make money.

Good discussion though. I'm not saying I am right for all instances, but for the average person.....it's money down the drain.

I have an insurance that is less than $20 a month and pays me directly for anything that happens. This money paid alot of my bills when I was hurt 5 years ago. The rest, we all paid for in our taxes.

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An employee pays 100% of the premiums in the end, no matter how you look at it.

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