Medical Insurance

[kblickster]

How do you all afford your medical insurance? My wife was laid off and we have been looking into plans. It's unbelievable the rates they want for self insured. We are both pushing 50 and have 2 kids still in college. No major helath issues and it is still close to a grand each month for average coverage with no dental. Cobra is worse than that!

Is there a way to write it off on your taxes?

Need help.

[BanditsCousin]

Blue cross blue shield has me well covered with minimal deductibles, RX plan, etc for less than $250/mo.

[Rev.Vassago]

My medical and dental runs me about $480 a month for myself, my wife, and my two kids, with a $1000 deductible.

[Bigmon]

Are you gonna spend $1000 a month at the Dr.? what a rip.

[Rev.Vassago]

Are you gonna spend $1000 a month at the Dr.? what a rip.

A single emergency room visit can eat up 10 times that amount.

[KD7MIR]

Ever think about an HSA with a high deductible health plan? sounds like this maybe something right up your alley.

Its basically a savings account that you put money into only for medical use; things you would normally expect your insurance to cover, except that you pay for it out of this account. All the money you contribute to this account is tax free, and it is your money. You make the decisions on what doctor to use, or what eye glasses to get. Anything you don't spend just stays in the account until you have some sort of medical emergency. You are looking at $12,000 a year for coverage when you might only need routine doctor visits. Under the HSA you would only pay for those doctor visits, and all the other monies you deposited into the HSA are kept for a time when you needs increase.

To have an HSA the government requires you to have catastrophic insurance, what they call a High Deductible Health Plan HDHP. This insurance covers high cost medical treatments like Hospital stays, CT scans and the like. This insurance has a high deductible; in the case of a family anywhere from $2200-$6000, before it kicks in. You pay for your HDHP insurance premiums out of your HSA account, so the premiums are tax free too.

http://www.ustreas.gov/offices/publi...english-07.pdf

from the brochure

Flexibility-You can use the funds in your account to pay for current medical expenses, including expenses that insurance may not cover, or save the money in your account for future needs such as: Health insurance or medical expenses if unemployed...

[Bigmon]

[quote="Rev.Vassago"]

Are you gonna spend $1000 a month at the Dr.? what a rip.

A single emergency room visit can eat up 10 times that amount.[/quote


It's free at County. My point is that $1000 a month to me is a rip off unless you use it.

[mike3fan]

Is there a way to write it off on your taxes?

Need help.

I believe that health insurance for self employed are 100% deductible as of the last year or so.

[mike3fan]

by the way I pay $198@ month for just me.
www.healthinsurancegiant.com

[BanditsCousin]

I don't believe its a write off, but I'm not sure. I know when you spend a LOT of money in a year on hospitalization/medical treatment/RX, it becomes a write off. This is only after the expenses are a large % of your annual income (I'd guess net, not gross).

[mike3fan]

taken from a tax help web site, not gospel jsut searched for it.

"You can deduct the full cost of health insurance you purchase for yourself, your spouse, and/or your dependents. However, you cannot deduct any insurance costs for any months you were eligible to participate in a group health insurance plan through your or your spouse's employer. For example, if you paid for 12 months of health insurance coverage for yourself and your family, but you became eligible to participate in your spouse's group health insurance in December, then you can deduct only 11 months worth of insurance premiums."

[Rev.Vassago]

It's free at County.

No, it's not.

My point is that $1000 a month to me is a rip off unless you use it.

That is what insurance is. I suppose you don't carry auto insurance as well.

[Maniac]

Are you gonna spend $1000 a month at the Dr.? what a rip.

In 1991 I had a burst appendix, happened IN THE hospital emergency room.

2 surgeries and 17 days later I went home, insurance paid all $46,000 of it!

Burst appendix can happen to ANYONE at ANYTIME.......think about it.

[Rev.Vassago]

A few years ago, it cost about $20,000 to find out that the docs had no idea why I had the runs. Insurance paid all of it.


I know, I know. TMI.

[Orangetxguy]

Are you gonna spend $1000 a month at the Dr.? what a rip.

A single emergency room visit can eat up 10 times that amount.

In 2001, 36 hours in Intensive care cost me $250.00. Cost the Insurance Company $38,980.00...another 5 days in a semi private room ran the bill to $178,450.00....that included 1 surgery session.

Think I loved Aetna??

[Rev.Vassago]

Are you gonna spend $1000 a month at the Dr.? what a rip.

A single emergency room visit can eat up 10 times that amount.

In 2001, 36 hours in Intensive care cost me $250.00. Cost the Insurance Company $38,980.00...another 5 days in a semi private room ran the bill to $178,450.00....that included 1 surgery session.

Think I loved Aetna??

But....but......Bigmon said it's free at County.

[no_worries]

If you're self-employed, your premiums are 100% deductible. In fact, it's a line item right on the front of your 1040 to make it nice and simple. I'm a big believer in HSA's but they're not the best choice for everybody. Most notably those that regularly require more than average medical attention. I don't know why you'd pay your premiums out of your HSA. Chances are, if you have an HSA you're self-employed, so you're premiums are already 100% tax-free without the extra layer of admin.

[kblickster]

Thanks for all the input. I did consider and HSA - but as an OO for about 2 years, I have enough savings to cover most emergencies for the house and the truck - just don't think I could bankroll medical as well. Thanks for the tax advise.

I can understand why many people rely on "County" for their medical care. Like I said before, we have pretty good health. Nothing more than a few bouts with minor illnesses, regular checkups, etc. Can't imagine how much it would cost if we did have problems.

[BanditsCousin]

I think Cook County is free....but you WILL wait 8 hrs in the ER with a gunshot wound, and 3 days for a routine checkup for something like a cough or stitches :shock:

[Bigmon]

It is free at County if it's a real emergency. Why do you think they complain so much about cost. BTW...insurance won't pay the full rate either if it's not a real emergency.

Going to the ER for a cold is not an emergency. I've known people that had broken bones and the insurance ruled that it was not an emergency and screwed them on the claim.

I pay 324 every 6 months for car insurance. A good deal I think. If it was 2000 every 6 months I would take my chances and just get liability.

Y'all are entitled to spend as much as you want on premiums.