Health Insurance?

[aukxsona]

My husband and I need "disaster" insurance. We are very healthy, he more so than I, and we really don't have much in the way of savings in case a major accident occurred. We drive a scooter, so no insurance on the vehicle, if we get into a wreck.

I have a quote of 279 a month for my husband and I. We would only have a 100 dollar deductible for all accidents, 75 dollar co pay for ER waved if admitted, a 3000 dollar deductible for all other stuff, 2 dr visits per year at 25 dollars, and rx help, with a 0 dollar co pay for generics. Is this good?

It is 2 million lifetime and 10k per year.

I have never shopped for insurance before, but after my husband broke 3 ribs in an accident, after he was laid off, and brought home a 6 thousand dollar bill, I was thinking this might be a good idea. What is your take.

[sweeps]

It looks good other than the "10k per year" part. Does that mean they only cover $10,000 of medical services a year? If so, that's a ripoff. It wouldn't take much to blow through $10,000 if you became seriously ill.

[Joan.of.the.Arch]

Unfortunately, I don't think that $10,000 buys very much. My son had internal bleeding requiring surgery earlier this year. The kind of injury he had is usually seen in a vehicle accident, physical assault, or fall, though he had no such incident. So his bills might be comparable to one kind of accident you'd hope to insure against. He was in hospital 2 nights, had two surgeries, and left with about $42,000 in bills. Insurance, hospitals, labs, and imaging agreed on far less, but the surgeon was not "on plan" anyway....So I'm thinking one accident could easily surpass the insurance you are looking into.

I'm thinking you might want to look for coverage to a much higher level, but also with an even higher deductible.

PS Please don't be embarrassed to make yourselves as visible as possible while on that scooter. Neon clothing, reflective tapes, neon bike flags, tires painted with glow paint---whatever it takes. Wear your protective clothing and watch out for sand or gravel on those turns. And if you have a choice in routes, try to take the one that gives you a shoulder to swerve to when some idiot driver thinks they can occupy the same lane space as you at the same time.

[maat55]

It looks good other than the "10k per year" part. Does that mean they only cover $10,000 of medical services a year? If so, that's a ripoff. It wouldn't take much to blow through $10,000 if you became seriously ill.

I agree, at 10k per year, how would they ever reach 2 million?

[aukxsona]

I was wrong it is 10k per accident.

[aukxsona]

But with what I am seeing from your son, that's not much insurance for each accident huh?

[disneysteve]

I'm confused. The title is "Health Insurance" but it sounds like you are talking about insurance only for accidents from driving the scooter. Is that correct?

[Car Insurance Guy]

Great question, Steve. That $10K might be for a family deductible, but that doesn't seem to add up either.

One thing to keep in mind, like Steve mentioned, there are supplemental medical policies that companies offer that cover certain events. They can be as broad as hospital income policies and narrow as renal failure policies. You want to make sure you're getting at least a major medical policy with higher than $10K limits per year.

As for the price, it's hard to say without knowing the situation. Individual medical policies are underwritten on a case-by-case basis. If you're in a group plan, that's different. $279/mo may be a great price, but it's hard to say without knowing your's and your husband's health.

At the least, you're doing the right thing by picking up something. I know it's expensive, but it will be worth it if anything ever major happens.

[maat55]

Have you considered talking to an independant agent about an high deductable insurance and HSA.

Before we got insurance through my wifes company, we had an insurance with a 7500 deductable, we also carried a 5000 accidental with a 200.00 deductable. We are in our 40's and the insurance all together was 174.00 per month.

We had no doctor visits or any other bells or whistles, but at 174.00 we could put money into the HSA to cover the office visits.

[Car Insurance Guy]

Have you considered talking to an independant agent about an high deductable insurance and HSA.

Great idea, Maat! We've got one for our family and it's an excellent deal. That's kind of the point behind insurance. The health policy is there for the big stuff and the HSA is funded for all the incidentals like doctor's visits, etc. Plus, the HSA is still your money, not the insurance company's.

[vole]

Be careful about what you get. If it's a policy only covering accidents or if it is a policy that covers all medical expenses. A $10,000 limit each year is almost useless.

Usually getting a policy with a very high deductible will save money if you aren't sick. If you do get sick, while it hurts to pay the deductible from your pocket, in the end it's no more expensive than paying the premiums for the policy with the lower deductible.

I've considered self insuring. With yearly premiums at about $12,000, in ten years I'd save up enough money to cover medical expenses for a serious illness or accident.

The reason not to do this is if the illness comes early and especially if it prevent returning to work. Also if there is an ongoing expense like dialysis.

-Dave

[Marikam]

Move to Canada where its all covered under the provincial healthcare plans.

[neguy11]

Have you considered talking to an independant agent about an high deductable insurance and HSA.

I have a HDHP with HSA through work and love it! I often wonder if we would be in the same "health care crisis" in the United States if more people carried these plans?

To me it makes no sense to have insurance pay for routine check-ups, physicals, and basic prescriptions. The whole point of insurance is to protect against risk. Then again many people see the premiums they pay and have the mindset of "I should get something in return."

[noppenbd]

I have a HDHP with HSA through work and love it! I often wonder if we would be in the same "health care crisis" in the United States if more people carried these plans?

To me it makes no sense to have insurance pay for routine check-ups, physicals, and basic prescriptions. The whole point of insurance is to protect against risk. Then again many people see the premiums they pay and have the mindset of "I should get something in return."

HDHPs are a great deal if you are healthy. But if you have health issues you are going to spend a lot more every year than with a traditional plan.