Health Insurance Rate Changes (apply, payments, employer, job)
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I have family coverage through work with a Connecticare HMO. They've just changed their coverage.
For a family making between $50 & 70K I currently pay $302 BI-weekly with $30 co-payments for me and my 2 children.
Now for 2010, we have a choice. I can either pay $383.16 Bi-weekly for their HMO family plan for (with my same income bracket), or I can get their HSA plan and pay $271.87 bi-weekly.
The HSA has a deductible of $3,000. We pay everything in full until the deductible is met. After the deductible is met, everything is 100% covered. The HMO, of course, has no high deductible, but we'll still pay co-payments of $30.
I'm lost on what to decide. We haven't had any major health problems, and no one takes medication daily. Considering that I am a single parent making between $50-70k, I pretty much live on a tight budget. My thing is what if someone gets sick, and I haven't paid the deductible yet.
I would do neither. I would contact an insurance broker and have them find you a plan that has a deductible but is much cheaper. I have been paying about $400 bi-weekly for myself and 3 children and we never get sick. I take them once a year for well checks and that is it. I know that we could get sick but I would rather pay in full once a year then fork over $10,000 a year just in case. I researched and applied on my own and beginning in January, I will be paying about $250 per month for a $5000 deductible for all of us. I can't wait to see that extra money on my check. And I already have the deductible saved in a special account just in case. Goggle insurance broker to bring up someone in your area. Good luck!
Wow, that is high! I am currently paying $435 for private medical insurance with a $3000 deductible (but that is for major medical, not routine doctors appointments, etc.) Now I know that my coverage is probably nowhere near as good as yours, like mine doesn't cover prevenative, chiropractic, pregnancy, mental health, etc. but I am in the same boat, we are both healthy and fortunately the worst we've had is a broken arm every year (don't ask).
Location: Stuck on the East Coast, hoping to head West
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Just a thought, but you might want to talk to HR and make sure that you understand the high-deductible plan. I have a high-deductible plan ($2500 individual, 5000 family) that costs me about $550/per month. My employer contributes $1500/year to the HSA. However, routine check-ups and preventative care are covered at 100%, the deductible doesn't apply and there aren't any copays.
Should you decide to go on your own and buy insurance, you might want to talk to an enrolled agent or CPA who specializes in individual tax so that you understand the tax ramifications of your decision. For example, most of the time the health insurance premiums that you pay through your employer are paid with pre-tax dollars. If you don't go through your employer, you're paying for the premiums using after-tax dollars and in order to deduct them on your tax return, you'll have to exceed 7.5% of your AGI.
H. Insurance has been insane in recent years. I was running some numbers. To ensure my family, it's about 14% of my gross salary. Is that how it's supposed to be? Seems crazy to me. Maybe I'm just behind the times.
H. Insurance has been insane in recent years. I was running some numbers. To ensure my family, it's about 14% of my gross salary. Is that how it's supposed to be? Seems crazy to me. Maybe I'm just behind the times.
I pay around $200/month for single + 1 w/ a $2 mil policy and $15 co-pays with a BCBS HMO. That's up $50/month from 2 years ago too...medical costs are getting out of control.
Have you priced individual policies for your kids rather than carrying through your work?
We live in Massachusetts. We have special laws in our state. If yyou don't have health coverage, you're fined when you do your taxes. I know that the government has special plans. I don't think I would qualify for it since I'm offered health insurance through my employer. I'm also a little on the fence on "government" healthcare. My neighbor has it, and from what she's told me you have to go to their doctors. She said it's really limited, and she often has to result in going to overcrowded clinics where she waits a very long time. I don't know how completely true that is either.
My ex-husband was ordered to pay for my children's healthcare after our divorce; however, his employer sent them a letter stating he didn't make enough. He lost a very good job over a year ago, and now has to work for $12/hour.
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