Author Topic: Health Insurance and your stache  (Read 2915 times)

Jules13

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Health Insurance and your stache
« on: August 21, 2013, 07:54:15 AM »
I was talking to my husband last night about whether he would ever want to go "freelance".  He works for a very large company in IT that has been very good to him over the last 10 years...but I wonder both how long that will last, how much his salary can continue to go up, how much longer he will continue to enjoy it....etc.

He said he's been thinking about it, but worries about Healthcare costs.  He comes from a country where this is not an issue...there is public healthcare and entrepreneurship and/or going out "on your own" is a much easier venture because of it. 

My question is, for those of you who are already out on your own or who are considering it...do you have a cash stache to cover catastrophic events or very expensive illnesses?  Or how does that work with your private health insurance?

My mother has cancer and without her employer's health insurance, they would surely be broke....and they are in VERY good financial shape.  But her medication is ridiculously, insanely expensive.  Not to mention all the medical equipment/aides that have been required in the past 12-18 months to care of her. 

And, I think of another friend who was in great health, training for a triathlon, who was diagnosed with ALS at 41.  If it were not for good health insurance and Long Term Care insurance, his family would have been left bankrupt.

Are these things that other people worry about when they leave employer-provided health insurance?  Or is there something I'm missing?  I mean, I know that healthcare (or lack of it) is one of, if not the, biggest cause of bankruptcy in this country.

Thoughts?  Advice?

Thanks
Jules

footenote

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Re: Health Insurance and your stache
« Reply #1 on: August 21, 2013, 08:01:09 AM »
In what country do you live?

Mr.Macinstache

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Re: Health Insurance and your stache
« Reply #2 on: August 21, 2013, 09:49:51 AM »
I'm a freelancer and I have my own private plan for my family. The deductible is $2500 for each person. I pay $471 for us and $287 for the kids per month. My wife is a cancer survivor so the plan covered every thing. I pay the deductible and its good because I can do payments with no interest to the hospitals. Our provider is Blue Cross Blue Shield. I would get some quotes for a plan and dont be afraid to put the deductible up there to keep the costs down. The private plan has worked out well for us. Yes I wish is was cheaper, but the way these providers bill out for some of their services, it's just insane. That drive my ins cost up.

Do you have a family doctor that would take cash? Then you could have an emergency plan and just pay out of pocket for routine visits.

iamsoners

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Re: Health Insurance and your stache
« Reply #3 on: August 21, 2013, 04:15:23 PM »
Assuming you're in the US, I'd wait until October 1 and check out the Affordable Care Act's Exchange rates for your state--that should give you a very good benchmark for planning.

NumberCruncher

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Re: Health Insurance and your stache
« Reply #4 on: August 22, 2013, 07:37:57 AM »
Assuming you're in the US, I'd wait until October 1 and check out the Affordable Care Act's Exchange rates for your state--that should give you a very good benchmark for planning.

You can go here for an estimate of your health care costs: http://kff.org/interactive/subsidy-calculator/ 

Spork

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Re: Health Insurance and your stache
« Reply #5 on: August 22, 2013, 08:07:16 AM »

I took a few years off several years ago (before ACA... so this may be outdated info).   During that time, I just got a very high deductible account from Blue Cross.  For myself/wife (in 40s, good health) it was a very reasonable $200/month for a $10k deductible plan.

The savings in one year of this plan vs a low deductible plan is more than $10k.  So if you go a year without a claim (which is likely if  you are a healthy individual) you have saved money.  In other words: pretend you're paying for a low deductible plan and put that money in the bank every month.  In a year: you're covered for all future years.

Jules13

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Re: Health Insurance and your stache
« Reply #6 on: August 22, 2013, 05:26:05 PM »
Hi, sorry, just checking this thread again.  We currently live in the U.S. 

Thanks for the info Spork and Mr.Macinstache.  I like having some numbers to start with. 

I will also check out that calculator, NumberCruncher.  Thanks.

All good info!

Cheers,
Jules