Health Insurance Costs

By the way you could just save your money for an emergency, it’s those catastrophes you gotta be worried about though.

And because insurance premiums are pre tax then you won’t be saving $10,000/y, you’re likely at $8400 minus your marginal tax bracket.

My wife broke her wrist and I tore my ACL within the same month. Those surgery’s are over 30k each. Sure, save your $700 a month and see how far that gets you when you break something...by the way we are both in excellent shape and health. Stuff happens...

My wife works for a union, so I am her plan.

A lot of my coworkers waved the companies insurance and went to covered California. Two kids or more it's a lot less. They say they are saving $100 + a month with better coverage. I've wondered how this could be.

DSkip wrote: »

Our healthcare situation is abysmal. This is yet another issue my generation struggles with that was not there even 10 years ago. Obamacare almost broke me and my family when it went into effect.

Sad

When I started working I paid nothing. The company paid the insurance premiums the someone came up with the bright idea of Health Management companies that would bring companies cost down, but shopping for the best rates from the insurers, doctors, hospitals and pharmacies. I think the only way they brought companies cost down was to have employees contribute to the premiums. Now some of those management companies are selling insurance.

DSkip wrote: »

Our healthcare situation is abysmal. This is yet another issue my generation struggles with that was not there even 10 years ago.

Agreed.

But we put good money towards underground high-speed rail @ approx $120M per mile. Priorities are surely in order.

Someone probably came up with the idea for HMOs because corporations discovered that health care costs were starting to sky rocket. Their employees, then the spouse, kids all started costing them more money then they figured.

Isn't it the name of the game for businesses to make money? If you are going to cost them money, expect for them to get it back one way or another.

Health care has improved immensely and we are living longer than ever managing what were once either fatal diseases or quickly life shortening that can now be managed through medications.

You can't have it both ways, and looking back at what once was is a exercise in futility.

If you insist on looking back at the good old days, then live like the good old days and just don't go to the doctor and die a lot sooner. But hey you won't have to pay those high premiums.

Hey Joey, would you want to open your own practice and treat these guys at the price they feel your services are worth?

How fast are those school loans coming down for you?

My homeowners insurance goes up every year because of fires and floods in other parts of the nation. Your health insurance goes up because of obesity, diabetes, smoking and alcohol related ailments in this country. Not to mention the free medical dealt out at our Emergency rooms. You don't think you pay for the uninsured, think again.

Airplay355 wrote: »

Thanks Joey, that plan looks much nicer than what I'm paying for. I've got one of the bronze plans. We're a small private practice so we definitely don't have the bargaining power a larger practice/group or hospital system would have, which is why I'm frustrated with the price.

I feel fortunate, thx!

I chose the bronze as it costs me zero, last year I was silver. I max out HSA at $583 a month. Bronze vs silver for me has no difference except out of pocket total and total deductible but everything including pharmacy copay is same. I decided to try for 2019 saving the 245$/mo and sock it away in a separate account. Considering the difference between my bronze and silver plan is $2000 total out of pocket per year 8k -> $10k, then saving the $245/mo might even me out.

I pay $185 bi weekly for the wife and myself which includes eye care and dental with a deductible out of pocket of $1600. To get that price we have to have a BMI of 30 or better, be a non smoker, and have a respectable cholesterol level. If the 3 requirements are not met you pay more a lot more.

I also have a HSA account of $750 which can be used for medications and co-pays only. If it was not for the 3 credits it would cost a small fortune, 2 months before my physical I put a lot of time on my mountain bike, walk the dogs a lot to maintain a good BMI and cholesterol level, and I dont use tobacco products. It's like a witch hunt, but I can see thier point if you stay healthy you get rewarded for it.

Sorry for the terse answer earlier @Airplay355.

I am fortunate to work for a large, private university. While my pay is not commensurate with my education, the benefits are excellent. The university also offers lots of health classes to faculty and staff (spin, F-45, yoga, etc.) for basically nothing if you get evaluated at the beginning and end of the semester and attend regularly. I am sure that data is used to negotiate lower rates, which can already be pretty low due to sheer volume.

Can your firm offer a high deductible plan with a HSA (health savings account)? I switched to that this last year, and its great if you have the cash to stash away every month. I have a family plan (spouse and children), I pay about $150 a month for the plan. The university puts $1200 a year into my HSA, and I max it out each month at about $600, which is tax free, saving me somewhere in the ballpark of $1800 a year in taxes. The deductible starts off much higher, but the out of pocket max is roughly the same when you factor in the tax savings. If you're healthy you save a buttload, if you have a year like we just had its basically a wash compared to the normal PPO.

If everyone at your firm agreed to the HDP with HSA, you could probably get a much lower rate. The advantage of the HSA is if you don't use it in the calendar year you can use it for big medical expenses down the road. We are counting on lots of braces lol. And at at certain point (like 62 maybe) you can use it for anything, so it could potentially really help with retirement expenses.

The other thing you have to consider is that even at my work where they contribute every month to my plan in addition to the HSA, I could be getting this as cash instead of a benefit, so I am "paying" about $2400 more a year (so about $4200 total, plus what I put into the HSA, which of course I might get to use for something else if we are very fortunate). So it looks a lot cheaper than it actually ends up being...

Joey_V wrote: »

Insurance companies should not function as a for profit business, that’s my biggest beef.

Then for what reason should they even be in business? I remember when part of the reason for the collection plate at Sunday Mass was to fund Divine Redeemer Catholic Hospital, and the community took care of their own. Thanks to government, that hospital now only functions as a nursing home, because the church refused to budge on doing certain procedures that were against their faith. They never turned away anyone for lack of insurance, and weren't in it for the money either.


Today, I feel insurance and the like is used in much the same way as the tax code. It is there to restrict certain things and encourage others, all for the benefit of the few.


Nothing wrong with making a profit, a decent wage or free enterprise in general. The thing all of these things have in common, is the government seeking to control all of them.