I Need a Health Insurance Recommendation

[timamr]

Sounds like a pretty good deal. I don't sell health insurance in Indiana but I doubt you'll find a better option if this is an HSA-compatible plan. You're going to be in for a shock when January 2014 rolls around.

Indeed he will! I just spoke to an old friend of mine that just received a 51% rate increase for his family of 3. I wont mention the name of the company but they love the color blue.

 

[somarco]

Headcase, would you be willing to keep your current deductible but add $40 copay's for an additional $75 per month in premiums?

 

[scagnt83]

Im 34 wife is 33 daughter 4 located in Clark County Indiana. We are all in very good health. Wife and I are self employed. I have a $7,000 family deductible and 100% coverage after that. My premiums are $290 a month.

I hate paying for this because I am out of pocket another $100 plus a month paying for Dr visits and so on. I feel my coverage sucks and there isnt any value to it. Im considering raising the deductible to save premium dollars and picking up some kind of critical illness or accident plan but dont know what to do. The way I see it whats a couple thousand more dollars if Im already on the hook for 7k? Any ideas on how to get a better deal or just add value. Thanks

Honestly there isnt much value in it... until there is.

What I mean is that there isnt much value in it until you all of a sudden rack up $100k in medical bills over a 2 week period.

But $290 is not much to pay for HI at all. And your premiums are reasonable (if not lower) compared to the national market. (for a comparable plan at your age it would be $330+ in my area)


I wouldnt suggest the Accident or Critical Illness in place of your current deductible.

Say you raise your deductible to $10k, how much will that lower your premium? Maybe $50 or $60 per month? (I might be wrong)

Then you buy a family Accident Plan for $40, so you save maybe $20 per month. It would take 12.5 years for that $20 per month savings to equal the extra $3k!

Now my numbers are obviously just educated guesses as a current Life/Annuity agent and former Supplemental/Health agent.
So the hard #s will shake out a bit differently for you.

Get some quotes and evaluate your situation.


The problem with the supplemental policies are that after paying those premiums you might as well keep your current HI were its at.

Accident Policies dont pay out a heck of a lot. And as the name implies, are limited to accidents.
Critical Illness Polices can help to fill the gap of the high deductible since they usually have richer benefits than accident policies. But they can be limited in the scope of what illnesses they cover; especially illnesses that kids are prone to get. (CI policies are geared towards the 45+ crowd)

At the end of the day there is no real good substitute for good old Health Insurance.


Talk to an agent about Plan Options.
Maybe you can Raise your Deductible slightly and add a Co-Pay Rider (which should help with some of the out of pocket expenses for dr visits)

Chances are you can customize a plan and not worry about the supplemental policies.

 

[Yagents]

When the kid breaks their arm playing sports, there is no difference between a $7k or $10k deductible, you are paying the 2-5k out of pocket.

When you have a high deductible type plan, there are two reasons to incur high out of pocket expenses, accidents and illnesses. Being a young family with kids, the chances of an accident to an illness is probably 70/30%. Critical illness at your age is a waste of money.

Buy insurance to match your family characteristics. If your house is on a mountain top vs near the beach, which would buy flood insurance or not?