Comments on: Getting health insurance without spending, ahem, an arm and a leg

By: John

John — Sat, 07 Jun 2008 09:20:18 +0000

It’s amazing how much you can save when you increase your deductible. Sometimes the saving is more than the differences between deductibles. From what I’ve heard, statistics have shown the lower a persons deductible, the more claims a person will have. That is why when you have a low deductible, your premium goes up quite a bit.

By: joe

joe — Fri, 07 Dec 2007 08:36:12 +0000

The health Insurance Companies are NOT needed! They are all about making profit for themselves. They do not care that people are suffering, because they are sick with greed. They are doing the devils work. To all the people who will say I’m un-American and don’t know what I’m talking about, just wait.If you get seriously injured or sick, you will find out the hard way, and I hope you do. God knows you deserve it!

All these greedy, un-caring people will someday be judged before God for their evil deeds. I’m sure many will just say I was just doing my job or it’s just business, well I hope you like things really hot!

By: Bill Anderson

Bill Anderson — Wed, 01 Aug 2007 21:34:40 +0000

Thanks dude, I’m setting up a startup right now and needed exactly this info to figure out how to evaluate the various options. I’m going to use your spreadsheet – will save a bit of time.

By: Tom O'Reilly

Tom O'Reilly — Wed, 18 Jul 2007 16:33:19 +0000

If you’re self-employed and paying for health insurance on your own there are ways to make it more affordable and comprehensive. One way is to take advantage of tax laws that have been on the books for years but few people know about them or take advantage of them. One is Tax Law 105.

Here’s How Section 105 Works.
Do you have income from a sole proprietorship business, farm, or investment real estate?

Can you legitimately employ your spouse to help manage it?

If so, you can hire your spouse, establish a “Section 105” Medical Expense Reimbursement Plan, and reimburse them for all medical expenses they incur for themselves, their spouse (you!), and their dependents.

(If you’re not married and you operate your business as a C-corp, you can establish the plan for yourself.)

You don’t even have to pay them a salary. You can pay them in benefits only (and avoid managing a payroll) so long as you follow a few simple formalities and the reimbursements are “reasonable compensation” for the work your spouse performs.

Once you’ve established the plan, you can deduct all your medical bills:

Major medical, supplemental, Medicare, “Medigap” and long-term care insurance premiums,
Co-pays, deductibles, and prescriptions,
Dental care, vision care, and chiropractic care,
“Big ticket” expenses like LASIK surgery, braces for your kids’ teeth, fertility treatments, and special schools for learning-disabled children,
Even non-prescription medical expenses and supplies!

You can learn more and contact me at http://www.AGroupHealthPlanForYou.com

By: Cole

Cole — Mon, 23 Apr 2007 00:06:23 +0000

Kids that do not currently have health insurance are likely to be eligible, even if you are working. The states have different eligibility rules, but in most states, uninsured children 18 years old and younger, whose families earn up to $34,100 a year (for a family of four) are eligible.

By: Louis

Louis — Wed, 22 Nov 2006 16:50:36 +0000

KT, Here in Texas, some of the high-deductible plans for small groups (2-50 employees) offer a maternity rider, whereas the individual plans usually do not.

In our case, the two employees for my S-corporation are myself and my spouse (our two children are covered on my wife’s plan). We pay about $500 for a plan with a $2600 individual, $5,200 family deductible. The maternity rider for my wife did not cost extra, and it covered the expenses we incurred this summer during her normal delivery.

I also created an Excel spreadsheet similar to the one described at the top, but I charted the expected total out-of-pocket costs (including premiums) against the total medical expenses incurred during the year, so that I could show all the plans on one graph and see exactly which is cheaper for any projected total medical bill.

Louis

By: KT

KT — Wed, 22 Nov 2006 09:37:37 +0000

Hi there,

I’m wondering what you think about the difference in benefits for men and women. As I recall, the high deductable plan doesn’t cover pregnancy. Or contraceptives.

Considering that women are already at an unfair disadvantage wrt income, do you have any suggestions to overcome this disparity.

Or, perhaps, have a spreadsheet which also includes pregnancy in the heuristic.

Best,
KT

By: Steven

Steven — Wed, 22 Nov 2006 02:18:40 +0000

What does “uniform, single-payer (government) national healthcare” mean? I think Silver Sage is idealizing what other countries have. I live in Japan where there is a govenment health plan, but we still pay from about $300 to $500 per month, either to the government or to large employers who are allowed to adminster their plans on behalf of the goverment. From reading this post, it sounds like about the same fee as the poster is paying in the U.S.

I guess the difference is that in Japan we don’t have a large underclass of people who don’t pay their premiums for whatever reason. And the insurance doesn’t cover as much, in all probability. “Vision”? Does insurance pay for your eyeglasses? Why should insurance pay for that? If Americans expect insurance to cover everything possible, good luck in getting cheap universal medical coverage! At some point you just have to be financially sane, save money, live at or below your means … and recognize that at some point, we die.

By: Silver Sage

Silver Sage — Sun, 12 Nov 2006 00:23:17 +0000

The ridiculous thing is that anyone even HAS to buy health insurance. Americans spend more per person on healthcare and premiums than any other country yet rank something like 38th in healthiness. Uniform, single-payer (government) national healthcare is the nobrainer solution. Medicare, for example, was (emphasize “was”) the most efficient healthcare delivery system in the world, with only 3% overhead, until Republicans turned it into a cash cow for insurance companies, drug companies and hospitals.
But, since it is what it is, what do you do now, especially since every single state has completely different regulations?
First, think long term, i.e. over the next ten years. A Health Savings Account paired with a qualifying high deductible plan is the only way to go. However, do not select a deductible so high that- if you developed a chronic condition -would be impossible to pay annually. Second, be sure you actually deposit money into your HSA! Third, pick a HSA that has a minimum guaranteed interest rate, no annual fees, debit card access to your funds & online account management. Assurant Health has a couple.
And last, do what most Americans do not: take care of yourself!!

By: Mitsu

Mitsu — Tue, 07 Nov 2006 02:50:14 +0000

What happens to you if you get cancer, the latest and best treatment is not covered and you end up running up a million dollars in medical bills?
If you read the fine print, you will find that the really expensive stuff is just not covered.