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Medical Insurance
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. |
Blue cross blue shield has me well covered with minimal deductibles, RX plan, etc for less than $250/mo.
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My medical and dental runs me about $480 a month for myself, my wife, and my two kids, with a $1000 deductible.
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Are you gonna spend $1000 a month at the Dr.? what a rip.
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Originally Posted by Bigmon
Are you gonna spend $1000 a month at the Dr.? what a rip.
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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... |
[quote="Rev.Vassago"]
Originally Posted by Bigmon
Are you gonna spend $1000 a month at the Dr.? what a rip.
It's free at County. My point is that $1000 a month to me is a rip off unless you use it. |
Re: Medical Insurance
Originally Posted by kblickster
Is there a way to write it off on your taxes?
Need help. |
by the way I pay $198@ month for just me.
www.healthinsurancegiant.com |
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).
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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." |
Originally Posted by Bigmon
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. |
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. |
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. :lol: |
Originally Posted by Rev.Vassago
Originally Posted by Bigmon
Are you gonna spend $1000 a month at the Dr.? what a rip.
Think I loved Aetna?? |
Originally Posted by Orangetxguy
Originally Posted by Rev.Vassago
Originally Posted by Bigmon
Are you gonna spend $1000 a month at the Dr.? what a rip.
Think I loved Aetna?? |
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.
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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. |
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:
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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. |
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. |
Actually kblickster, you're the perfect candidate for an HSA. Consider how an HSA would work for you. Here in SoCal, where rates are some of the highest in the country, a family can get a Blue Cross HSA plan for $250/month. There's a $7000 deductible after which everything is 100% covered in-network. So, worst case scenario is that you pay no more than $10,000 in any given year. That's $833/month. The standard Blue Cross Family plan with $1000 deductible runs about $900/month (I'm using the price for someone 40-44) with a $10,000 max. So, either way, the most you'll pay is $10,000/year.
Under the HSA you have to pay for everything as it comes, up to $7000, but you're paying $7100 less in premiums so you've got a lot of leeway before it even gets close. Actually at these prices, I don't think you'd ever spend less with the standard plan. The big benefit is that if your family only spends, say, $2000/year on average, you come out way ahead. Plus, you get to contribute $5600 tax-free. So, let's look down the road. Say you have 3 average years and then in year 4 catastrophe strikes and you have $100,000 in medical bills. Under the standard plan you paid $43200 in premiums and $11,800 out-of-pocket for a total of $55,000. With the HSA you paid $9000 in premiums and made your max contribution the first 3 years. After paying your medical bills, your balance is $11,000+ in the account figuring 4.5% interest . Now your bad year comes. You spend $3,000 in premiums but you have enough saved to cover your deductible. So, with this plan your total cost is $28,800. That's 4 years of premiums and 3 years of contributions. Plus, the tax deduction saved you another $4200 if you're in a 25% bracket. So your real cost was $24,600 for, ultimately, the same coverage that $55,000 bought you above. And for every year that nothing major happens, that account balance just keeps growing. |
double post?
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triple?
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I bought health insurance last year for the first time (I'm 36), about six months later my appendix burst, then my wife needed hand surgery.
I have Alliance, and they are the worst. They covered as close to nothing as you can get. I had to pay for my Anesthesiologist for crap sake. Also had to pay for my cat scans. My wife's surgery they covered very little. I'll be shopping for another provider soon. Until you've been through a medical problem where you need surgery or hospitalization you don't know what's involved and it can be difficult to ask the right questions when you're shopping for it. Now I know better. |
Originally Posted by 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.
Someone is paying for it. |
If I ever had to go to County because I couldn't pay for insurance, it'd be time to get a different job.
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Originally Posted by no_worries
If I ever had to go to County because I couldn't pay for insurance, it'd be time to get a different job.
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Originally Posted by Rev.Vassago
Originally Posted by 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.
Someone is paying for it. The state pays it. That's why the illegals come here. |
Originally Posted by Bigmon
Originally Posted by Rev.Vassago
Originally Posted by 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.
Someone is paying for it. The state pays it. That's why the illegals come here. |
Originally Posted by Rev.Vassago
Originally Posted by Bigmon
Originally Posted by Rev.Vassago
Originally Posted by 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.
Someone is paying for it. The state pays it. That's why the illegals come here. |
Originally Posted by Rev.Vassago
Originally Posted by Bigmon
Are you gonna spend $1000 a month at the Dr.? what a rip.
I think health care should be free as it is EVERYWHERE else in this world. |
Originally Posted by Dejanh
Originally Posted by Rev.Vassago
Originally Posted by Bigmon
Are you gonna spend $1000 a month at the Dr.? what a rip.
I think health care should be free as it is EVERYWHERE else in this world. HEALTH CARE ISN'T FREE. ANYWHERE. :roll: |
Rev...you're a patient man :lol:
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they should say "no cost at time of service"
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I walk out with the same amount if money as when I walk in. Perhaps no cost is a better term. I'm guessing the Rev is saying it's not free because we all pay taxes. If that's the case,then paying taxes and premiums must make you noble.
If $1000 a month is such a great deal then how many people send in extra money to show their appreciation. If the OP has a choice between making his truck payment or his health insurance payment which would he make. BTW...around here the services are cheaper if you pay cash. Ex: MRI with ins. is billed at $1100. Cash $640. Office visit with ins. $150. cash $30. This is if you go to a private Dr. that's not part of the County. |
nobody should want a nationalized or "free" health care. Think about the troubles you have with the DMV, and then ask yourself if your health can stand that kind of wait and bureaucratic BS. Think about being diagnosed with a disease, and then waiting so long for treatment that you become un-treatable and die from your disease. Just because other countries don't mind dying for free medical care doesn't mean that Americans should sign up for the same bad idea.
Problems with our health care system are leading some to fall prey to proposals calling for a nationalized single-payer health care system like Canada's or Britain's. There are a few things that we might take into consideration before falling for these proposals. London's Observer (3/3/02) carried a story saying that an "unpublished report shows some patients are now having to wait more than eight months for treatment, during which time many of their cancers become incurable." Another story said, "According to a World Health Organisation report to be published later this year, around 10,000 British people die unnecessarily from cancer each year -- three times as many as are killed on our roads." The Observer (12/16/01) also reported, "A recent academic study showed National Health Service delays in bowel cancer treatment were so great that, in one in five cases, cancer which was curable at the time of diagnosis had become incurable by the time of treatment." The story is no better in Canada's national health care system. The Vancouver, British Columbia-based Fraser Institute has a yearly publication titled, "Waiting Your Turn." Its 2006 edition gives waiting times, by treatments, from a person's referral by a general practitioner to treatment by a specialist. The shortest waiting time was for oncology (4.9 weeks). The longest waiting time was for orthopedic surgery (40.3 weeks), followed by plastic surgery (35.4 weeks) and neurosurgery (31.7 weeks). Canadians face significant waiting times for various diagnostics such as computed tomography (CT), magnetic resonance imaging (MRI) and ultrasound scans. The median wait for a CT scan across Canada was 4.3 weeks, but in Prince Edward Island, it's 9 weeks. A Canadian's median wait for an MRI was 10.3 weeks, but in Newfoundland, patients waited 28 weeks. Finally, the median wait for an ultrasound was 3.8 weeks across Canada, but in Manitoba and Prince Edward Island it was 8 weeks. Despite the long waiting times Canadians suffer, sometimes resulting in death, under federal law, private clinics are not legally allowed to provide services covered by the Canada Health Act. Regardless of this prohibition, a few black-market clinics service patients who are willing to break the law to get treatment. In British Columbia, for example, Bill 82 provides that a physician can be fined up to $20,000 for accepting fees for surgery. According to a Canada News article, "Shortage of Doctors and Nurses Could Hurt Medicare Reforms" (3/5/03), about 10,000 doctors left Canada during the 1990s. There's help for some Canadian patients. According to a Canadian Medical Association Journal article, "U.S. Hospitals Use Waiting-List Woes to Woo Canadians" (2/22/2000), "British Columbia patients fed up with sojourns on waiting lists as they await tests or treatment are being wooed by a hospital in Washington state that has begun offering package deals. A second U.S. hospital is also considering marketing its services." One of the attractions is that an MRI, which can take anywhere from 10 to 28 weeks in Canada, can be had in two days at Olympic Memorial Hospital in Port Angeles, Wash. Already, Cleveland is Canada's hip-replacement center. Some of our politicians hold up the Canadian and British nationalized health care systems as models for us. You can bet that should we ever have such a system, they would exempt themselves from what the rest of us would have to endure. There's a cure for our health care problems. That cure is not to demand more government but less government. I challenge anyone to identify a problem with health care in America that is not caused or aggravated by federal, state and local governments. And, I challenge anyone to show me people dying on the streets because they don't have health insurance. A MINORITY VIEW BY WALTER E. WILLIAMS RELEASE: WEDNESDAY, FEBRUARY 14, 2007, AND THEREAFTER |
And yet again - I say: HEALTH CARE ISN'T FREE. ANYWHERE. |
Originally Posted by RostyC
And yet again - I say: HEALTH CARE ISN'T FREE. ANYWHERE. |
Just yankin your chain Rev 8)
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