Author Topic: How do mustachians do health insurance?  (Read 7082 times)

-JR

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How do mustachians do health insurance?
« on: June 01, 2013, 10:03:22 PM »
I'm doing the math and resenting the hell out old he fact that I'm going to be forced into forking over nearly 10% of my take home income for so little in return. I can only imagine how tight the noose will be around recent college grads with with debt but decent jobs and income that'll put them over the subsidy line...

Right now I'm single with no children, 26 years old, on pace to make between $35,000 and $36,000 this year. Working with the online calculators I'm looking at paying $200 minimum per month, receiving something like $4 in subsidies. I'm looking through plans and trying to figure out the HSAs which seems to be where a lot of promise lies, but nothing really jumps out. 

Where is the equivalent to Airvoice to my Verizon, or cycling to cure my clown like car habit? Is there anything out there that doesn't negate everything I'm doing here at the Badassity Barrio?

« Last Edit: June 01, 2013, 10:12:13 PM by -JR »

smedleyb

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Re: How do mustachians do health insurance?
« Reply #1 on: June 01, 2013, 10:29:50 PM »
I live in NYS state, so I do it as expensively as humanly possible. 

My favorite financial torture device is try to get MMM's insurance plan via esurance for my area.  The premium is always triple what he pays and the provider is rated the absolute worst. 

huadpe

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Re: How do mustachians do health insurance?
« Reply #2 on: June 01, 2013, 11:07:54 PM »
I live in NYS state, so I do it as expensively as humanly possible. 

My favorite financial torture device is try to get MMM's insurance plan via esurance for my area.  The premium is always triple what he pays and the provider is rated the absolute worst.

If you're in NY and have self-employment income, look into Freelancer's Union.  They have some decently priced plans.  Still expensive though.  The $10,000 deductible plan is $630/mo for family.

oldtoyota

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Re: How do mustachians do health insurance?
« Reply #3 on: June 02, 2013, 06:34:00 AM »
I thought those under age 30 could buy a "catastrophic plan," which is a lot cheaper.

Considering this new health program starts in 2014, there seems to be precious little info about how the details work.

grantmeaname

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Re: How do mustachians do health insurance?
« Reply #4 on: June 02, 2013, 06:42:45 AM »
I'm doing the math and resenting the hell out old he fact that I'm going to be forced into forking over nearly 10% of my take home income for so little in return. I can only imagine how tight the noose will be around recent college grads with with debt but decent jobs and income that'll put them over the subsidy line...
The world is much better when you believe you live in a positive place where you have the power to control how your life story goes than when you're the victim in your narrative getting screwed over by the man, your own student loans, or the requirement that individuals purchase health insurance for the good of society. Try to keep in mind that you live in a country with low tax rates, extraordinarily permissive laws about early retirement and investment income, and a consistently strong and growing economy, not just a country which temporarily does not have its health insurance system figured out.

Where is the equivalent to Airvoice to my Verizon, or cycling to cure my clown like car habit? Is there anything out there that doesn't negate everything I'm doing here at the Badassity Barrio?
Ride bikes, lift weights, eat healthy food, stay mentally active through your whole life, be optimistic, sleep well.

Frugalady10

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Re: How do mustachians do health insurance?
« Reply #5 on: June 02, 2013, 07:19:15 AM »
I am not sure if they have this in every state but here (in PA) Costco offers discount health insurance plans for its members.  I am 28 and my husband is 31 and we have an Aetna plan through Costco that is 174/month. We have a 10,000.00 deductible but it is waived for doctor's visits, specialist visits, and prescriptions. Dental cleanings are free also!
Anyway, it's the best deal I could find.
https://www51.aetna.com/iqs/costco/aimquote.do that is the link to the site.

mpbaker22

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Re: How do mustachians do health insurance?
« Reply #6 on: June 02, 2013, 07:57:08 AM »
I live in NYS state, so I do it as expensively as humanly possible. 

My favorite financial torture device is try to get MMM's insurance plan via esurance for my area.  The premium is always triple what he pays and the provider is rated the absolute worst.

I wonder why it's so expensive?  I can see car insurance being more in the city because of more accidents and what not.  But is living in the region more dangerous to one's health?  Maybe just the hospital bills are more for the same treatment?

footenote

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Re: How do mustachians do health insurance?
« Reply #7 on: June 02, 2013, 08:01:44 AM »
Healthcare costs vary by region. Part of this is physicians' habits in various areas. Part of it is underwriting the demographics of that region.

This is no different for automobile insurance (or any other type of insurance). The Affordable Care Act will not change life for most people - it is expected to impact about 8% of the population. The removal of insurers' ability to deny coverage based on a pre-existing condition and capping of highest rates (ex: highest cost policy can't be more than 250% of the cost of the lowest cot policy) will be the biggest impacts.

ACA should be a big boon to ER not because rates are going to be particularly low, but because you can't be excluded for a pre-existing condition. (And if you keep your income  MMM-style low, you may be eligible for a subsidy. There is no asset test.)

Spork

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Re: How do mustachians do health insurance?
« Reply #8 on: June 02, 2013, 08:15:23 AM »
I thought those under age 30 could buy a "catastrophic plan," which is a lot cheaper.

Considering this new health program starts in 2014, there seems to be precious little info about how the details work.

Hmmm.... Does this imply that very high deductible plans won't be legally allowed for old farts like me?  When I've been semi-retired before, that is what I did -- and the rates were fairly reasonable.  (And the savings in ONE YEAR on premiums is enough to fund a slush fund that would cover the deductible.)

I am 28 and my husband is 31 and we have an Aetna plan through Costco that is 174/month. We have a 10,000.00 deductible but it is waived for doctor's visits, specialist visits, and prescriptions. Dental cleanings are free also!
Anyway, it's the best deal I could find.

Hmm... I love Costco and maybe they have enough weight to make this work, but my experiences with Aetna are awful.  In fact, in a region I used to live in doctors started putting signs on their door refusing patients that had Aetna.

huadpe

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Re: How do mustachians do health insurance?
« Reply #9 on: June 02, 2013, 09:23:21 AM »
The reason NY insurance is so expensive has a small amount to do with doctors charging more, but that's not mostly it.  New York has 2 policies that make insurance expensive: guaranteed issue and community rating.

So that $630/month for a family?  That's the same for everyone in NY regardless of age or health.  I as a 25 yr old can buy that policy, and my 62 year old mother who's a pack-a-day smoker can buy that policy, both for the same price.  That's community rating: same price for everyone regardless of age or health.

Also, my mother can't be denied the policy, regardless of her prior health.  Even if she had multiple heart attacks and was diabetic (she's not, but for example).  Or if she was diagnosed with cancer and facing expensive treatment.  Guaranteed issue means they have to let her enroll like anyone else.

Obamacare will have both guaranteed issue and community rating in all 50 states. However, it will also have a 3rd thing New York does not: the individual mandate.

The idea of the individual mandate is that guaranteed issue + community rating means only people who expect to have high health expenses will buy insurance, and the rest will just wait on the sidelines til they become sick, and then use the guaranteed issue to get covered.  So they make everyone get insurance to make sure the risk pools don't just become sick people (with correspondingly sky-high premiums)

kudy

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Re: How do mustachians do health insurance?
« Reply #10 on: June 02, 2013, 10:36:48 AM »
The world is much better when you believe you live in a positive place where you have the power to control how your life story goes than when you're the victim in your narrative getting screwed over by the man, your own student loans, or the requirement that individuals purchase health insurance for the good of society. Try to keep in mind that you live in a country with low tax rates, extraordinarily permissive laws about early retirement and investment income, and a consistently strong and growing economy, not just a country which temporarily does not have its health insurance system figured out.

Ride bikes, lift weights, eat healthy food, stay mentally active through your whole life, be optimistic, sleep well.

Thanks grant, this was a very optimistic and encouraging thing to read today! Also, I love your (new?) avatar blurb - how'd you add that BTW?

grantmeaname

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Re: How do mustachians do health insurance?
« Reply #11 on: June 02, 2013, 11:03:48 AM »
Thanks grant, this was a very optimistic and encouraging thing to read today! Also, I love your (new?) avatar blurb - how'd you add that BTW?
Thanks!

The text is whatever you put in the "personal text" box under where you choose your avatar in profile > forum profile. I've attached a screenshot. You only get a tweet's worth of characters, so make 'em count!

-JR

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Re: How do mustachians do health insurance?
« Reply #12 on: June 02, 2013, 11:42:05 AM »
I'm doing thehand resenting the hell out old he fact that I'm going to be forced into forking over nearly 10% of my take home income for so little in return. I can only imagine how tight the noose will be around recent college grads with with debt but decent jobs and income that'll put them over the subsidy line...
The world is much better when you believe you live in a positive place where you have the power to control how your life story goes than when you're the victim in your narrative getting screwed over by the man, your own student loans, or the requirement that individuals purchase health insurance for the good of society. Try to keep in mind that you live in a country with low tax rates, extraordinarily permissive laws about early retirement and investment income, and a consistently strong and growing economy, not just a country which temporarily does not have its health insurance system figured out.

Where is the equivalent to Airvoice to my Verizon, or cycling to cure my clown like car habit? Is there anything out there that doesn't negate everything I'm doing here at the Badassity Barrio?
Ride bikes, lift weights, eat healthy food, stay mentally active through your whole life, be optimistic, sleep well.

Despite my simple expression of resentment, I don't feel down on the world here. I think it would suck just the same for you to have 10% of a pay cut to pay for some dubious benefit you had no need for in the previous 9 years. Regardless, I've played with the link MMM provided in his insurance post and have adjusted my attitude after educating myself about HSA plans and their immense benefits.

Now my problem is the fact that I know jack squat about health insurance and can't discern the difference between value and worthlessness. I don't exactly know what to look for in the way of red flags or shady practices. If I wanted a car with good cost of ownership, I can go on any number of sites with resources comparing MPG, reliability, safety and cost of maintenance. I know never ever to purchase European car when an Asian car will do.

Is there some comparison resource that'll show side by side comparisons for costs incurred for below deductible expenses like a chiro visit, or random issue I need checked out? Or even point out things I just need to open my eyes for and I'll do the comparing. I see lots of coverage numbers AFTER the deductible is met, but honestly I'm not planning on trying to meet the deductible!

On HSA basics found a start here (http://www.hsaedge.com), kinda wish there was a more in depth review. It was easy as hell poring through MVNOs finding the best cell plan, all the info I need is simple to understand and readily available. Interesting challenge so far. ;)

« Last Edit: June 02, 2013, 11:57:18 AM by -JR »

BlueMR2

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Re: How do mustachians do health insurance?
« Reply #13 on: June 02, 2013, 12:02:28 PM »
Right now I'm single with no children, 26 years old, on pace to make between $35,000 and $36,000 this year. Working with the online calculators I'm looking at paying $200 minimum per month, receiving something like $4 in subsidies. I'm looking through plans and trying to figure out the HSAs which seems to be where a lot of promise lies, but nothing really jumps out. 

Go find and visit real insurance agents...  5 years ago when I was out of work I was able to pick up a plan better than I had at work for $62 a month.  Ancient history as far as insurance goes, but...  My wife's job just got outsourced to India and before we added her on my employer's plan for an extra $40 a month from me, I had her ask around just to make sure that's what we wanted to do.  She was able to find a good solid individual plan for under $80 a month!  Still went with my employer's plan of course, but I was surprised to hear that individual plans were still reasonable, especially for a female (we've noted previously that *individual* plans for females tend to run around 25% more expensive than for males).  As a side note, her COBRA costs would have been around $360 a month, and my (5 year ago) COBRA costs would have been near $600 a month (my employer was a manufacturer, and they have truly astronomical rates due to the injuries/disabilities that come along with being in the manufacturing sector).

chucklesmcgee

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Re: How do mustachians do health insurance?
« Reply #14 on: June 02, 2013, 03:53:10 PM »
I got my Humana plan through Esurance for $45/month. $5500 deductible, HSA-eligible. It was basically the cheapest HSA-eligible PPO with a good rating.

oldtoyota

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Re: How do mustachians do health insurance?
« Reply #15 on: June 02, 2013, 07:18:56 PM »

Where is the equivalent to Airvoice to my Verizon, or cycling to cure my clown like car habit? Is there anything out there that doesn't negate everything I'm doing here at the Badassity Barrio?
Ride bikes, lift weights, eat healthy food, stay mentally active through your whole life, be optimistic, sleep well.

You have a point. However, people get sick despite healthy ways. I know organic-food-eating and regularly exercising people who get cancer. It's not just those with unhealthy habits who get sick.

grantmeaname

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Re: How do mustachians do health insurance?
« Reply #16 on: June 02, 2013, 08:23:53 PM »
You have a point. However, people get sick despite healthy ways. I know organic-food-eating and regularly exercising people who get cancer. It's not just those with unhealthy habits who get sick.
I've got a genetic disorder that I sure didn't ask for, so your point isn't lost on me. It's why people have health insurance. But you can lower your risk of some diseases, all but eliminate your risk of others, and control or eliminate the symptoms of still other established diseases by controlling your lifestyle. More importantly, they're about the only thing you can do to help yourself beside regular check-ups , and there's no reason to worry about the things you can't control. That's what I was getting at with the other half of that post:
The world is much better when you believe you live in a positive place where you have the power to control how your life story goes than when you're the victim in your narrative

FlorenceMcGillicutty

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Re: How do mustachians do health insurance?
« Reply #17 on: June 02, 2013, 09:42:51 PM »
Yeah, from what I know, it's right that you'll be paying around $200/mo for insurance (assuming you don't get it through work, which you might next year because of the employer mandates). For young adults, prices for health insurance will go up. The good news is that you can't get kicked off your insurance if it turns out you actually need it for something. In the past, that's what happened--insurers would kick off young people after they got sick. So there's a consolation prize!


expatartist

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Re: How do mustachians do health insurance?
« Reply #18 on: June 02, 2013, 09:49:01 PM »
A Singaporean friend was complaining about the (British) National Health Service, which ate up about 10% of her salary when she worked in London. "I only used it for X, Y and Z in ten years," she said. She's just 29, and always paid for supplementary private insurance to get top quality care.

But any nationalized health scheme is about the long-term view for both yourself and your country, not just you  at age 29. Because, statistically, things will crop up over the years, particularly as you get older. And people won't go bankrupt paying for it like they do now.

Frugalady10

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Re: How do mustachians do health insurance?
« Reply #19 on: June 03, 2013, 06:48:27 AM »
I have 2 pre-existing conditions (one is lifelong autoimmune disease) and in the past when I actually needed healthcare my insurance has bumped me off for too many problems. It stinks when you can't get insurance and you need it, I am glad that is going to change.