Independent Insurance

[MrsSz]

So I'm in uncharted territory. Health Insurance is due to expire on the 30th of this month and I want to make sure we have coverage without having to take a job I don't want. I'm exploring independent insurance options and I'm completely overwhelmed. I know I'll have to pay extra premiums for maternity coverage (and Ohio has a 9 month waiting period before it'll be covered) but Insurance through the school is just astronomical (about 700/month). Has anyone done the independent method and have any words of wisdom or advice?

[Michele]

I used an online guy and thought he was really nice. He responded to my emails and calls very promptly but wasn't pushy. I can give you his name and number if you want. He was really patient when I bought a policy, had to cancel and then had to rebuy within 2 months and even helped me with all of the follow up when I was denied the same plan the second time....I ended up with a Cigna plan that costs me about $150/month.

[MrsSz]

I would love his info!! Thank you!

I'm looking for normal coverage... so as close to what we have now as possible, without being insane. DH's school requires him to have coverage or they force you to buy the crap that they have. Blech. Who knew quitting your job would cause so many issues haha

[spotty_dog]

I did my research with ehealthinsurance.com. I found it pretty straightforward to compare premiums and coverage and choose what we were looking for. (Then, because I'm paranoid, I went ahead and signed up straight through the company I chose, but you can get the same rates on the website and they're a well-regarded company.)

[Thirteen]

I did my research with ehealthinsurance.com. I found it pretty straightforward to compare premiums and coverage and choose what we were looking for. (Then, because I'm paranoid, I went ahead and signed up straight through the company I chose, but you can get the same rates on the website and they're a well-regarded company.)

This was us, too.


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[HouseofWool]

I was looking online at a variety of things and I guess I am not really clear what they mean when they say a plan is HSA eligible. Can anyone help a dummy out?

[spotty_dog]

If you can prove you have a High Deductible Health Plan (HDHP) with a deductible of at least $1250 for an individual or $2500 for a family, then you can open a Healthcare Saving Account (HSA). The HSA is a use-it-or-keep-it account, unlike an FSA that's use-it-or-lose-it. You can invest your HSA if you don't expect to need it right away and you don't mind risking it; deposits are tax-free, growth is tax-free, and withdrawals are tax-free if you use them for qualified (ie. healthcare) expenses. You can deposit $3250 per year for a self-only plan or $6450 for a family.

Basically it's meant to be a way for you to pay lower premiums and invest the difference to help cover the costs of the less-effective coverage in case you need it. Thanks to ACA, these plans still have to cover a preventive well-check, so they can really be useful for a relatively young and healthy person if you have the discipline and/or ability to save.

So far with ours, we've had one year where we paid almost $10,000 out of pocket for an unexpected injury. But in 3.5 years we've probably saved at least that much as compared to a higher-coverage plan.

[HouseofWool]

So, how does the HSA work if it isn't sponsored by an employer? As in, how do I get to make tax free contributions to it if my employer hasn't set it up. I know I get an HSA through my credit union...

[spotty_dog]

So, how does the HSA work if it isn't sponsored by an employer? As in, how do I get to make tax free contributions to it if my employer hasn't set it up. I know I get an HSA through my credit union...

Your bank/credit union will give you a statement at the end of the year. That will give you a figure you can use in...looks like Form 8889, which outputs a number you can put on Line 25 of your 1040, reducing your taxable income.

[HouseofWool]

That makes much more sense that it is a deduction at the end of the year versus tax free contributions. Granted, both end up in the same place, but I couldn't figure it out.

[MrsSz]

So it is a use it or loose it or you get to carry it over if you don't use it? Oh em gee I'm so dumb with this crap!

[spotty_dog]

Nope, it's a carry-over thing! That's the best part.

[SuzySunshine]

We love our HSA and its an investment that if you don't use it when you get to retirement age you can use for anything, doesn't have to be health stuff.

[spotty_dog]

We love our HSA and its an investment that if you don't use it when you get to retirement age you can use for anything, doesn't have to be health stuff.

I would have thought your family would have a full-bore health plan with DH being a healthcare employee! Color me surprised (but HDHP makes *so* much sense for the families of docs, for a variety of reasons...)

I've asked this before but no one answered...do you invest your HSA in equities or bonds or anything higher-risk like that, and if so, where do you keep the account?

[SuzySunshine]

We've had HSA's since residency we love them. I see no reason to pay for a regular plan. Ours is through Aetna, I'd have to go look at it to remind myself what it's invested in but our last one was pretty small gain options. And since DH us employed we get employer matching.