Wife got new job - what to do about health insurance?

[akdiver 3]

Currently, the only health insurance we have is through my (foreign) wife's job at the university. It's good and cheap insurance. However, after completing her (second) master's degree in May, she finally got an excellent job offer from somewhere else. The health insurance is even better - and slightly cheaper - but it does not begin until the first of the month after she has been employed for 90 days. So, in this situation, we're talking about 1 August until 1 November.

So now we are trying to decide whether we should continue the benefits under her current employer via COBRA. That will cost about $900/month, or $2700 for the period of time we're talking about. As we see it, the alternatives are:

1). Spend the $2700 and have our existing health insurance from 1 August - 1 November

2). Keep the $2700 and have NO health insurance from 1 August - 1 November

3). Try to find some private and affordable "catastrophic health insurance" for this time period, just in case something serious happens.

One factor about option 1 - the "plan year" just began on 1 July, so that means we have to meet deductibles again before getting any coverage anyway. Deductibles under this insurance are around $300 per person.

We're inclined to go with option #2.

Option #3 could be tempting, but I doubt we will find any policy that lets us just have coverage for 3 months, rather than a whole year or something.

Anyone have any recommendations for policies under option 3, or any other ideas for options?

Thanks!

AKDiver

Edited July 4, 2008 by akdiver

[KarenCee 3]

Currently, the only health insurance we have is through my (foreign) wife's job at the university. It's good and cheap insurance. However, after completing her (second) master's degree in May, she finally got an excellent job offer from somewhere else. The health insurance is even better - and slightly cheaper - but it does not begin until the first of the month after she has been employed for 90 days. So, in this situation, we're talking about 1 August until 1 November.

So now we are trying to decide whether we should continue the benefits under her current employer via COBRA. That will cost about $900/month, or $2700 for the period of time we're talking about. As we see it, the alternatives are:

1). Spend the $2700 and have our existing health insurance from 1 August - 1 November - good if you have ongoing medical needs and need medication on a regular basis. I considered this too, but it was quite expensive (COBRA).

2). Keep the $2700 and have NO health insurance from 1 August - 1 November - good if you are very healthy and don't anticipate anything happening...which I'm sure you know anything could. Just MHO

3). Try to find some private and affordable "catastrophic health insurance" for this time period, just in case something serious happens. - been there, tried that. I went for a job interview a few weeks back that if I had gotten it, my husband and I would have been without insurance for about two months...maybe three. He would be eligible for health insurance through his employer, but not until October. I checked around for private insurance. I found some inexpensive ones, very high deductibles but cheap premiums (ex. $263/mo with a $5K deductible) BUT the bad part is...my diabetes would be considered a "pre-existing condition" and I would not receive coverage for that. Just something to consider. FWIW I didn't take the job.

One factor about option 1 - the "plan year" just began on 1 July, so that means we have to meet deductibles again before getting any coverage anyway. Deductibles under this insurance are around $300 per person. -

We're inclined to go with option #2.

Option #3 could be tempting, but I doubt we will find any policy that lets us just have coverage for 3 months, rather than a whole year or something. - there are some out there that will sell you a short term policy...but it can be very expensive!

Anyone have any recommendations for policies under option 3, or any other ideas for options?

Thanks!

AKDiver

It's scary to be without insurance of any kind, but I guess it depends on how healthy one is, as well as other factors. If you do decide to look for private insurance, be warned! I am still receiving sales calls from insurance companies wanting to sell me insurance. I did an online quote request...it has caused me to have a neverending string of calls about insurance. What I did find when I searched online was that BCBS (Blue Cross/Blue Shield) has some cheap premiums but mid to high deductibles. They seemed to be the most reasonable of them all.

Good luck with whatever you decide.

[pegbert64 0]

If you decide to go with option #2 (no insurance), be aware of the "lapse of coverage" pitfall that some insurance companies hit you with. My husband changed jobs, and we had coverage at both the old and new places of employment. However, his new company did not provide insurance until after 3 months on the job. When we signed up at the three month mark, we were told that we had a "waiting period" for existing conditions because we had been without insurance for three months (a "lapse of coverage"). BCBS of NC offers a "temporary" coverage that you can purchase on your own to cover lapses in coverage due to employment situations. That's what we're going to do next time, now that we know about this stupid "waiting period" stuff!

Good luck!

[akdiver 3]

Well, a quick search reveals some interesting things.

I found some policies that are for a specific period of time, that let you make one-time payment of premium (seems easier than monthly billing), that have reasonable deductibles. Some examples:

Assurant Health 93 days, $545.59 $500 deductible, 20% coinsurance. You pay 20% after deductible.

Assurant Health, 93 days, $483.58 $1000 deductible, 0% coinsurance. You pay 0% after deductible.

Assurant Health 93 days, $365.96 $1000 deductible, 20% coinsurance. You pay 20% after deductible.

Plan Highlights:

-freedom to choose own doctor and hospitals

-prescription drug coverage

-in-hospital and out-patient benefits

-does not cover pre-existing conditions (anything diagnosed or treated in the last 5 years)

Kinda seems too good to be true - and never heard of Assurant Health before. I wonder if places will accept that insurance.

They have other options with higher deductibles - but I figure that if I were going to go that route, then I might as well stick with COBRA. For the $70 price difference, the first option seems like a good way to go - but the 0% coinsurance on the second option looks pretty good too.

Any thoughts?

Cheers!

AKDiver

[mary'n'ev 0]

Mary and I have searched for a reputable health insurance plan for when I move down. We found this site: http://www.ehealthinsurance.com/ehi/indivi...th-insurance.ds .

This is an interesting topic as many, well 99% of fiance(e)s will be moving down with either insurance or no insurance, If you do find a decent (good coverage, moderate monthly price) private insurance company I'd like to know who and how you picked it. I havn't entered yet, so we're still browsing.

good luck!

[Labhrais 6]

Another thing you can try to do is negotiate the cost of the COBRA with the new employer. It never hurts to ask!

[kaffy 2]

Any feedback on Assurant? We need temporary health insurance since we are moving and I am switching jobs. My new insurance won't kick in till November and while we are both healthy with no pre-existing conditions or on any medication, it is still important for us that we have coverage because anything can happen - at our age appendicitis and car accidents are the two most likely health issues we risk facing. COBRA is outrageously expensive at $1100/month so we aren't considering it.

I found an Assurant plan costing just $530.54 for 3 months of coverage (2 adults) with $1000 deductible and 100/0 coinsurance for just

Compared with a Premera Blue Cross plan which is $687 for the same period of coverage, same $1000 deductible but only offers 80/20 coinsurance.

More inclined to go with Assurant and have emailed them to see what hospitals they cover in the area. Any feedback would be greatly appreciated - thanks!