Health Insurance

[DaKCMan AP]

So my company announced they're switching next year to a co-insurance plan.

Is there anything positive about this switch - because if there is, I can't find it.

Anyone else's organization make the switch? How much more is it costing you?

[cdcox]

So to me, this kind of plan makes a lot of sense. Insurance should cover catastrophic expenses that can not be easily absorbed by a normal person/family. The kind of expenses you are talking about (a few hundred a month at most) should easily be handled by a single guy with a good income. You don't really need insurance to cover those costs. If you were to be in a major accident or contract a major disease, you would need insurance to cover those costs. It may not be as good as the plan you had before, but I think that will be true for everyone as employers, individuals and the nation seek to control health care costs. Still your plan protects you from significant financial risk from virtually any medical situation that would come your way -- which should be the basic function of insurance.

[HemiEd]

Originally Posted by oldandslow

You were paying $43,000 for insurance???? Wow.

That is the company part, plus my share. There were only 5 of us left in the plan, youngest was 50.

Each, including spouses had some kind of pre-existing.

Insurance companies raise rates, young healthy people (like the OP) drop out, because they can't afford it and don't really need it.

So rates are raised again, more drop out, on and on until it spirals to where ours was.

This is why I say the system is broke, and such a large percentage of our population do not have health insurance.

[loochy]

Originally Posted by Predarat

Im starting to think the corperations and our wonderful gubment want us all to die.

Nah...you can't tax a dead person.

Originally Posted by Brock

fyp

There you go.

[cdcox]

Originally Posted by oldandslow

You were paying $43,000 for insurance???? Wow.

This is the boat every person would be in if they were paying for their own health insurance as they age.

[luv]

Originally Posted by DaKCMan AP

Their line thus far is that premiums won't increase. Gee, thanks.

I don't have the greatest knowledge of insurance, but typically, they offer to lower the premium whenever you pay more out of pocket. Did you even get a choice between 90/10, 80/20, or 70/30?

[epitome1170]

Originally Posted by HemiEd

Health insurance costs have become prohibitive for the employers, and continue to get worse.

We (company less than 100 employees) received 35-45% increases annually, until we finally said no a few months ago.

We continued to raise the co-pay and increase the deductibles, until it just made no more sense, trying to keep the costs down.

Just for me and my spouse, it was costing $43,000 per year, with $6000 deductible, $50 copay in network etc.

The system is broke, unless you don't need it.

This!

My company switched to a HSA plan instead in order to minimize the increase in premiums, but even then it still increased 15% or so... it happens yearly.

Insurance premiums are a rather large expense for a company (assuming they pay it for the employees or a portion of it) and they are only getting bigger.

It is not a popular thought, but a company still does have to look out for their long term financial responsibilities and sometimes this means that the employees have to take a decrease in their benefits. It could be worse... they could just stop supply a health care plan altogether... I am seeing more companies go that route in this economy as well.

[DaKCMan AP]

Originally Posted by cdcox

So to me, this kind of plan makes a lot of sense. Insurance should cover catastrophic expenses that can not be easily absorbed by a normal person/family. The kind of expenses you are talking about (a few hundred a month at most) should easily be handled by a single guy with a good income. You don't really need insurance to cover those costs. If you were to be in a major accident or contract a major disease, you would need insurance to cover those costs. It may not be as good as the plan you had before, but I think that will be true for everyone as employers, individuals and the nation seek to control health care costs. Still your plan protects you from significant financial risk from virtually any medical situation that would come your way -- which should be the basic function of insurance.

Of course I can absorb the additional cost. I am extremely healthy and take care of myself. If insurance is only going to cover catastrophic events (i.e. major accident or disease) then my premium should be much lower. Yet I pay the same amount as someone who eats crap, doesn't exercise, and has all types of health problems. Then they get coverage for those health problems at 100% because they term it "preventative" which is complete BS. Preventative should mean preventing that condition from occurring, not treating the existing condition with drugs.

[LiveSteam]

I you want great insurance. Then become a politician. Other wise forget it.

[HemiEd]

Originally Posted by DaKCMan AP

Of course I can absorb the additional cost. I am extremely healthy and take care of myself. If insurance is only going to cover catastrophic events (i.e. major accident or disease) then my premium should be much lower. Yet I pay the same amount as someone who eats crap, doesn't exercise, and has all types of health problems. Then they get coverage for those health problems at 100% because they term it "preventative" which is complete BS. Preventative should mean preventing that condition from occurring, not treating the existing condition with drugs.

You hit the nail on the head, the insurance companies need to bring their product into this century. The young healthy guys like you, have to pay for the ones that actually need the medical care, thus it is insurance. Spreading the liability over more people. When I was young like you, I blindly paid it, but never went to the Dr., hardly ever.

Since my heart stints 4 years ago, I have improved dramatically in all facets you mention. Especially diet and exercise, because I want to live.
But the insurance companies don't really care, they lump me together with the fat SOB, that sets on his couch eating sausage and cheese.

[Chiefnj2]

Originally Posted by cdcox

So to me, this kind of plan makes a lot of sense. Insurance should cover catastrophic expenses that can not be easily absorbed by a normal person/family. The kind of expenses you are talking about (a few hundred a month at most) should easily be handled by a single guy with a good income. You don't really need insurance to cover those costs. If you were to be in a major accident or contract a major disease, you would need insurance to cover those costs. It may not be as good as the plan you had before, but I think that will be true for everyone as employers, individuals and the nation seek to control health care costs. Still your plan protects you from significant financial risk from virtually any medical situation that would come your way -- which should be the basic function of insurance.

If you want to control healthcare cost, shouldn't there be a compromise between Drs/Hospitals that charge $750 for three stitches to your finger, and an insurance company that then agrees to pay the Dr/Hospital $39 dollars for the treatment?

[cdcox]

Originally Posted by DaKCMan AP

Of course I can absorb the additional cost. I am extremely healthy and take care of myself. If insurance is only going to cover catastrophic events (i.e. major accident or disease) then my premium should be much lower. Yet I pay the same amount as someone who eats crap, doesn't exercise, and has all types of health problems. Then they get coverage for those health problems at 100% because they term it "preventative" which is complete BS. Preventative should mean preventing that condition from occurring, not treating the existing condition with drugs.

You pay more than you should now, in order to able to pay less than $43K per year when you get old. At least that is the way I think it should work. Assuming you live long enough, you will eventually be in a high risk group. You won't want to pay the full actuarial cost of your health insurance then.

[DaKCMan AP]

Originally Posted by cdcox

You pay more than you should now, in order to able to pay less than $43K per year when you get old. At least that is the way I think it should work. Assuming you live long enough, you will eventually be in a high risk group. You won't want to pay the full actuarial cost of your health insurance then.

Maybe, maybe not. I am making choices now that I believe will greatly reduce my likelihood of being in the high blood pressure, high cholesterol, diabetic old-person club.

[HemiEd]

Originally Posted by DaKCMan AP

Maybe, maybe not. I am making choices now that I believe will greatly reduce my likelihood of being in the high blood pressure, high cholesterol, diabetic old-person club.

Those choices you are making now will help you be healthier now and then, but unless things change, they will not lower you insurance rates later in life.

[BWillie]

I don't mind having a high deductible, supplemented by an HSA. You get to self-insure part of your care. Would have been even better if I had the HSA when I started working then I'd have alot more money in there. Having a high deductible plan w/ HSA, I play 70% less than I did when I had a co-pay. The co-pay was nice, I admit, but if companies are going to continue to screw over the non-smoking, working out, healthy, young portion of their work force what can you do. I really do think it's BS that I pay the same price for health insurance as a 60 year old smoker with prior conditions.

[BWillie]

Originally Posted by loochy

Nah...you can't tax a dead person.



There you go.

You can by taxing their estate.