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...high deductible policies is many ...also have a yearly limit.
The example I gave on our 'high deductible' deal from BCBS does not have a yearly limit; it does have a $2Mill 'lifetime' limit, per person.
Another poster suggested 'self-insuring'. This isn't a house where the loss tables give considerable support for no catastrophe over decades,
and the cost of a serious health situ is not going to be 'funded' by putting some dough away each year, imo. An operation and a few weeks
recovery can wipe a decent nest egg.
Thus, we chose that now pricey Maj Med with high deductible: we seldom go to doctors but if/when a serious/big health issue comes along, we were/are covered.
GL, mD
Go to the website of Zander Insurance. They will give your comparisions from several companies, including plans that are compatible with HSA's. Some are (I thought) surprisingly affordable. Good Luck!
Several years ago, it became clear to me that health insurance is really "wealth" insurance. Either you pay outrageous premiums so you have low deductibles and pharma costs, or you shoot for catastrophic coverage, so you pay out of pocket for the routine stuff - and have coverage just in case you DO end up in the ER or have a serious illness/surgery. The point is to salvage your main assets, even if your medical costs are astronomical.
It makes sense for many to have a high deductible policy and lower monthly premiums. To figure it out, just add up how much you typically spend on premiums and drugs . . . and compare that to what services/pharma would have cost you w/o insurance in any given year. The thing most of us don't want is to lose everything we own due to medical bills. A catastrophic policy can do that.
Most hospitals and imaging facilities will give you a 25% deduction right off the top if you pay in cash (or put the charges on a credit card). Of course, this isn't what we would hope to have to do, but at least it is an alternative and something to consider when planning what insurance coverage will work for any given person/family. Few hospitals, physicians, imaging centers, etc. will accept monthly payments over a long period of time. They do report slow payors to credit bureaus and typically will start sending invoices stating that the payment is overdue after 60 days - and then turn patients over to collectors at 90 days - even if you are making payments. That is not how things were done 20 years ago . . . people would make payments sometimes for years to pay off medical bills. So for those who have not dealt with high medical bills in the last 10 years . . . just realize . . . medicine is a business these days and hospitals, physician practices, imaging centers, etc have the right to sue you - and in some cases, put a lien on your property - if you don't pay them in what they consider a timely manner.
A policy with a high deductible - ("catastrophic illness insurance") may be a good solution for some folks. I would certainly consider it over the high cost of what COBRA often is. And in the case of very high ($1500/mo) premiums - it could be a viable solution, as well.
A policy with a high deductible - ("catastrophic illness insurance") may be a good solution for some folks.
And in the case of very high ($1500/mo) premiums - it could be a viable solution, as well.
And as soon as someone can name a company that offers such a policy today...
I'd really appreciate hearing from you. Thanks.
My wife and I are still working, but we would both like to retire? to part time jobs before we hit 65. However, that would most likely mean no employer provided insurance and therefore very high cost or trying it with no insurance. I'm very tempted to try the very high deductable insurance for a few reasons.
1. We a both pretty healthy and have just typical minor age problems that we need insurance for besides annual checkups.
2.We've noticed that the reimbursements on office visits is getting much worse. I had a $250 bill for my 6 month dermatologist visit, and the insurance company only paid $50, I paid $200.
3. I've known people that did this and it has worked out OK for them. If they negotiate with the hospital and doctors, they get what they need for a reasonable cost. One friend had a knee replaced for $30,000. That sounds high, but medical insurance is now typically over $20,000 a year for family coverage. Maybe we'd be better off with a very high deductable insurance that would cover stuff like if we got cancer.
Any thoughts?? Appreciate anyone's experience. I've got 6 years to go before Medicare, but I don't think I'll be in my job by then. My wife doesn't want to wait another 6 years before we get out of Lubbock, TX.
I would look into a HSA(health savings account) or HRA(health reimbursement account) to protect yourself from a catastrophic illness. The premiums are considerable lower and preventive care is covered .
anifani821 wrote a very well done Cliffs Notes version of my, and others posts, imo...
MrRational: check out the ins comparo site(s) mentioned, or call a few local insurance writers
in your town/area: someone will take the time to hunt you a decent catastrophic/high deduc.
policy, imo.
That's how we found 'ours' a decade ago; I was 54 then. It may be more difficult/pricey if one is in their 60s now, and just counting the time to Medicare.
Simple arith suggests no one can 'save enough' to cover that potential or inevitable upcoming rainy day, in terms of a major blowout. We pay a lot per year, (currently ~$10+ for 2, annually), but the orig cost was ~$300 a decade ago. Average the 'cost' at $6,000 a year for the past decade for example, or ~$60Gs out of pocket, and compare that to parking that $60Gs in some account, over the past deade, including 'interest' or bonds or 'returns'. A couple of hiccups, medical procedure-wise, and that $60Gs is gonzo, and one is pulling out their CCs to pay the balances.
Not pitching any insurance, and we are literally not health care chasers, but I don't need to wipe the substantial nest egg to pay for a couple of burps, health care-wise. Thus, we did the high deduct deal. And, Medicare looms for me, in ~9 months.
My 50Cts...I'll shut up now. ;>)
GL, mD
MrRational: check out the ins comparo site(s) mentioned, or call a few local insurance writers in your town/area: someone will take the time to hunt you a decent catastrophic/high deduc. policy, imo.
My point is about the change in the nature of the policies themselves.
What used to be called catastrophic or even HDHP just doesn't exist anymore.
The new rules insist that "all policies shall provide" for services and "protections" that I have no interest in
or desire for them to provide... and which by definition are antithetical to what HDHP is. To add insult to injury that providing I'm forced to pay for isn't provided by the doctors I'd prefer it be provided by.
Don't get me started on trying to get a strange doctors office to tell you how much an X or Y will cost
in advance of having it done.
At one point, when we lived in a different state, we were able to get an insurance policy with a $10K deductible thru Kaiser.
Other $10K deductible policies have been through BC/BS of Tennessee and BC/BS of North Carolina.
For our son, $5K deductible policy thru/ BC/BS of NC.
So many variables w/ what is offered based on age, health, location . . . all I know to do is research it within your state and see what companies are licensed and then what policies those companies offer.
Location: We_tside PNW (Columbia Gorge) / CO / SA TX / Thailand
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Quote:
Originally Posted by MrRational
My point is about the change in the nature of the policies themselves.
What used to be called catastrophic or even HDHP just doesn't exist anymore.
The new rules insist that "all policies shall provide" for services and "protections" that I have no interest in
or desire for them to provide... and which by definition are antithetical to what HDHP is. ....
True, I can't even buy what I planned to use as HC 'bridge' from age 49-65... it is no longer offered, and prices on replacement has tripled in 6 yrs.
I will most likely be forced to leave the USA to get affordable HC.
Ironically I lost 3 'uninsured' friends to treatable illnesses last yr, AND I lost 3 friends who had been prolonged an extra yr or two (or six) via insurance / medicine. I will take the earliest bus 'outta here' if possible.
Thanks for all your help. I have looked online and found Cigna covers in Texas with policies at about $500 a month for wife and self with high deductables, so this could be a possible alternative to going without anything. Total out of pocket per year was limited to $30K, which is what I was looking for. That way a big bill wouldn't wipe me out.
I have a friend that goes completely without, but he doesn't worry about getting wiped out. 1. If he ends up with a million dollar bill, he just pays it off so much a month, and if he pays on it the rest of his life, to him its no big deal. They'd have a hell of a time collecting by suing him, because he doesn't have much cash. Most of his assets are in land his business is located on, his house, and a bunch of collectable stuff. (think American Pickers type hoarder)
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