Why Baby Boomers Don't Understand Occupy Wall Street

[mawilson 2,133]

High Deductible Plan and HSA to cover the High Deductible and any co-pays. That way, you're not throwing away your money for insurance but rather put it into a dedicated savings account - tax free - and accumulate it for when you need it.

I started this last year and paid as much each month as I did the previous year for my regular medical plan. Only now, I have several thousand dollars in my HSA which will cover a full year's worth of deductibles and then some. Going forward, I really only need to replenish whatever I think I might use. Or I can save up for medical expenses for my old days - not sure that I want to do that at this point. Anyway, having built a sufficient balance in my HSA last year, I can now reduce my monthly HSA contribution. That saves a couple hundred a month right there. Additionally, my premium actually goes down 30% next year (that was quite a nice surpise). All said, I'll pay a pittance for health care coverage and do not have to worry about medical bills at all. And I actually live responsibly taking care of my family rather than just sitting there demanding that everyone else does while doing no such thing myself.

Yep - that's what I have now as well. HSA is great.

[slim 1,530]

Nothing - if you have a million dollars to pay your medical bills if you do get struck down by a catastrophic illness such as cancer or chronically bedridden by a long-term disease requiring hospitalization.

If you have insurance, you will owe no more than your deductible - usually no more than a couple of thousand dollars.

Yes, and so will you. Everyone gets sick sooner or later.

Usually is the key word in your story. Usually you owe XXXXXX. Every situation is going to be different but for some reason, people seem to think they're better off with insurance than without it.

a few months back my husband had surgery and a one night stay in the hospital.. total cost that was billed to my husband's insurance was around $20,000.. we only have to pay around $1000 of that..

a few years back we had a baby who had to be in the NICU for 12 days... insurance was billed over $100, 000 , we payed nothing because at that time everything was covered 100% by our insurance... now they cover 80% after a $200 deductible

I am sure glad we have insurance.. you never know what could happen

Case in point.

If this happened now, they would've had $20,200 in medical bills. Still responsible?

Well and your coinsurance if you have one. Also, there are a lot of ####### plans out there. Check out the Basic and Essential plans by Horizon NJ. They pay the first $600 for preventative, the first $700 for non-preventative and then you're on the hook for everything else until you end up in the hospital.. they will pay the first 90 days in the hospital but only the hospital charges (not the doctor charges if they exceed the 700 limit).

On the hook for everything else.

Sounds responsible.

I think choosing a plan that doesn't leave you on the hook for thousands of dollars should be a part of the "living within your means" pledge.

This would be smart.

Yep - that's what I have now as well. HSA is great.

HSA is the way to go. Why everyone who chooses to get insurance doesn't opt for this instead is a mystery to me.

[mawilson 2,133]

HSA is the way to go. Why everyone who chooses to get insurance doesn't opt for this instead is a mystery to me.

Because you don't qualify unless you have a high deductible insurance plan.

Every situation is going to be different but for some reason, people seem to think they're better off with insurance than without it.

Because they *are* better off.

[Marilyn. 340]

actually our bill would have been less because before our insurance pays, they take off a big discount.... i doubt we would have payed more then a few thousand.. not anywhere near 20,000..

oh and i forgot that we have a Out-of-Pocket Maximums of around $2000.. anything over that is covered by our insurance 100%

Edited October 20, 2011 by Marilyn.

[mawilson 2,133]

oh and i forgot that we have a Out-of-Pocket Maximums of around $2000.. anything over that is covered by our insurance 100%

Yep - most decent plans have that.

[Alex & Rachel 78]

HSA is the way to go. Why everyone who chooses to get insurance doesn't opt for this instead is a mystery to me.

Not all companies offer it? And individual plans can be very pricey.

Heck, to insure me and my husband costs my company $750 a month - and we're two healthy adults in our mid-twenties. Only $160 comes out of my paycheck. If my company didn't offer insurance or if I were to lose my job I'd be screwed. Having medical insurance tied so heavily to employment has always seemed a little insane to me. I know people with extremely serious medical problems who are powering through work - and no doubt both their health and job performance is suffering as a result - because they cannot afford to lose their coverage.

[Marilyn. 340]

one of the only rreasons my husband sticks with his job is because of the benefits.. i doubt he could find better elsewhere...

that and he gets 15 vacation days a year

Edited October 20, 2011 by Marilyn.

[mawilson 2,133]

Heck, to insure me and my husband costs my company $750 a month - and we're two healthy adults in our mid-twenties.

I buy my own for about $400 a month. Can't remember the exact figure - I'm paying for myself and three employees, and the total is about $2,400 per month - the breakdown is $1000 (family coverage) and $400 x 3 (individual).

[mawilson 2,133]

Having medical insurance tied so heavily to employment has always seemed a little insane to me.

It's not. If you lose your job, you can keep your coverage for a period of time (12 months?) - you just have to pay for it yourself.

[Marilyn. 340]

we pay about $300 month before taxes for the two of us...

we have a PPO plan.... we could ave got a cheaper plan with Kaiser (HMO) but i don't like to be told what doctors or hospitals we can go to...

It's not. If you lose your job, you can keep your coverage for a period of time (12 months?) - you just have to pay for it yourself.

i plus 1'd by mistake..lol

yeah you can do that but for us it would have been around 800 buck a month...

Edited October 20, 2011 by Marilyn.

[slim 1,530]

Because you don't qualify unless you have a high deductible insurance plan.

Then why have one at all?

Because they *are* better off.

How so?

actually our bill would have been less because before our insurance pays, they take off a big discount.... i doubt we would have payed more then a few thousand.. not anywhere near 20,000..

oh and i forgot that we have a Out-of-Pocket Maximums of around $2000.. anything over that is covered by our insurance 100%

You said it cost you nothing last time. $2000 this time is more than nothing last time.

Not all companies offer it? And individual plans can be very pricey.

Heck, to insure me and my husband costs my company $750 a month - and we're two healthy adults in our mid-twenties. Only $160 comes out of my paycheck. If my company didn't offer insurance or if I were to lose my job I'd be screwed. Having medical insurance tied so heavily to employment has always seemed a little insane to me. I know people with extremely serious medical problems who are powering through work - and no doubt both their health and job performance is suffering as a result - because they cannot afford to lose their coverage.

Why do two healthy adults in their mid-twenties need coverage? You're basically paying $2,000/yr on insurance you don't need.

one of the only rreasons my husband sticks with his job is because of the benefits.. i doubt he could find better elsewhere...

that and he gets 15 vacation days a year

Why not work a better job with less benefits?

I see this all the time. "I have to stay here because the benefits are so good." Well, if you worked a less stressful job that you actually didn't mind doing, perhaps you wouldn't need medical benefits at all.

[mawilson 2,133]

How so?

If you get cancer, the treatment will cost you $2,000 instead of $200,000 or $2,000,000.

[slim 1,530]

If you get cancer, the treatment will cost you $2,000 instead of $200,000 or $2,000,000.

What if I don't get cancer?

[Marilyn. 340]

$2000 is better then paying $100,000...

yeah because getting a lump in your neck or a baby needing to be in the NICU is caused by stress.. ..

[mawilson 2,133]

What if I don't get cancer?

Maybe you personally won't, but somebody like you will.

I don't want to pay for any schmuck who doesn't have health insurance and ends up getting sick.