Moving to New York - cost of healthcare insurance? (Oxford: health insurance, how much)

[AlexNH]

Hi.
I am moving to New York in the first quarter of the new year and I've been asked to put together a package for myself.
I'm not looking to take advantage of my new company but I want to live comfortably. Additionally, I am going to have to pay for my own healthcare insurance.
My questions are:

1. What would be a comfortable wage for a single, 25-year-old in New York - looking to live in Brooklyn, Manhattan (I know!) or somewhere nice anyway? I want to be able to go out when I want - this won't be every night!

2. How much is the cost of decent healthcare insurance and can anyone recommend any healthcare insurers? To remind you, I'd have to pay this myself.

Thanks for your help in advance,

Alex

[Moderate Guy]

Originally Posted by AlexNH

Hi.
I am moving to New York in the first quarter of the new year and I've been asked to put together a package for myself.
I'm not looking to take advantage of my new company but I want to live comfortably. Additionally, I am going to have to pay for my own healthcare insurance.
My questions are:

1. What would be a comfortable wage for a single, 25-year-old in New York - looking to live in Brooklyn, Manhattan (I know!) or somewhere nice anyway? I want to be able to go out when I want - this won't be every night!

2. How much is the cost of decent healthcare insurance and can anyone recommend any healthcare insurers? To remind you, I'd have to pay this myself.

Thanks for your help in advance,

Alex

Wow! what an open-ended question! We need more data about yourself - "comfotable" wages vary from individual to individual and sometimes one's educational/professional background fixes one's perceived comfort level.

There are tons of carriers - Oxford, Blue Cross/Blue Shield, CIGNA, Delta, etc. And if you're paying for yourself expect pretty high premiums as it seems you will be buying an individual vs a group plan.

[AlexNH]

No problems. I'll chuck in a bit of extra info.
Myself, I'm a successful headhunter in the UK and am coming to the US to do the same thing.
I earn anything between £60-85K OTE in London and am looking at around $60,000 basic in New York with an extra $20,000 guarantee on top of that. I am looking at spending $1,200 a month on rent. Would like my own place but have a friend I could share with and realise that's probably the best thing at first.
I'd like to go out once or twice a week to the bar, nightclub, cinema, a restaurant etc. I'd like to say nothing excessive but....
The healthcare is going to be individual but I am likely to have this paid as extra by my company. Just wanted to get an idea of how much it would be to advise them of the extra cost.
Does that help?

[Viralmd]

You can go to the various companies' websites and get estimates. Remember, if you smoke the cost is going to be considerably higher. And being less than truthful isn't going to serve you well because when you're discovered to have not been completely forthcoming (and note that I said 'when' and not 'if') you'll be denied ALL coverage and blacklisted.

It's not going to be cheap.

[nyctc7]

I am single and pay for my own insurance. I have HIP and it is $600/month. Oxford or Blue Cross/Shield would be $800/month. Ouch.

[AlexNH]

Thanks for the advice so far - anymore is gratefully received.
What do all these things like HIP, HMO, POS, EPO mean - or does it make any difference?

[Viralmd]

An HMO is a health maintenance organization. HIP is the Health Insurance Plan of NY (sounds like it's governmentally run, but it's private). Again, check Cigna, BlueCross/BlueShield, Oxford, etc.

[rlrl]

my guesses:

HIP-Health Insurer Provider

HMO-Health Maintenance Organization

POS-Point Of Service

EPO- Extended Provider Organization

[Henna]

In one post you said you are paying for it yourself and in another you said your company is paying. This does make a difference, even if the premium amount (amount paid to the health insurance provider) would be the same.

The difference is taxes.

If the company pays directly to the insurer, you never pay taxes on the amount, as it never comes to you in the form of income.

If you pay the insurer, then first you have to earn the money, be paid the money, BE TAXED ON IT, and then pay the insurer. Taxes are a pretty big chunk - like 30%, so yes this makes a difference.

[AlexNH]

Just to clarify, at first at least, because essentially I will be the business in NYC, they have asked me to factor the extra cost into my basic as I will need to pay for the healthcare insurance. In essence, I will be paying myself although my company will give me the money back.