health insurance question

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ViviTheMage

ViviTheMage

Lifer
Dec 12, 2002
36,189
87
91
madgenius.com
I remember reading a thread about where you can get health insurance, but hte money you pay towards premiums, you can keep? YOu'd have a high deduct...12k-15k or something similar.

I rarely go to the doc, and ma paying $62, pretax for my health insurance (health, dental). It's pretty good, but I feel like the money could go to better use at the age of 24, non smoker, non drinker, haha.

Anyone recall what those are called, are they worthwhile?
 
K

kami333

Diamond Member
Dec 12, 2001
5,110
2
76
HDHP?

However, I doubt you'll get lower than $64 a month (I used to pay $54/month with Assurant Health for a HDHP 4years ago at a similar age) and that was without dental.
 
ViviTheMage

ViviTheMage

Lifer
Dec 12, 2002
36,189
87
91
madgenius.com
I pay $64~ per check, which is every 2 weeks...used to be 30 bucks, but it has gone way up...considering how much I don't use it, I wanted to look into something else...HDHP you think it is?

Anyone have that?

IF you drop HDHP, what happens to the money you put into it?

Does work help at all with these sort of plans? Or is it there plan or nothing?
 
Gooberlx2

Gooberlx2

Lifer
May 4, 2001
15,381
6
91
High Deductible Health Plans allow you to contribute to a Health Savings Account (HSA) for out of pocket medical costs like co-pays, prescriptions, etc.. Unlike a Flexible Spending Account (FSA), you get to keep the funds in your your HSA account; which also act like an IRA. FSAs otoh are "use it or lose it" on an annual basis.

Regardless, I've never heard of a HDHP (or any insurance plan) that lets you keep the actual premium costs. It wouldn't make sense. I have heard of employers matching one's premium costs to their HSA/FSA though.
 
ViviTheMage

ViviTheMage

Lifer
Dec 12, 2002
36,189
87
91
madgenius.com
oooooooooh, use it or lose is it pointless. I haven't gone to the docs in 3-4 years, outside of checkup/physicals.

I was hoping you could keep it, let it accumulate over the years, til you get old, and really need it.
 
Gooberlx2

Gooberlx2

Lifer
May 4, 2001
15,381
6
91
FSAs = Use it or lose it. Can use with any insurance plan.
HSAs = Keep for retirement. Requires High Dedictible Health Plan (HDHP).

In both cases you're still paying the $XX.xx per paycheck premium for the actual insurance plan. HDHPs do tend to be less expensive than traditional plans.
 
ViviTheMage

ViviTheMage

Lifer
Dec 12, 2002
36,189
87
91
madgenius.com
xx.xx is a-okay, but I was hoping that money could accumulate for when I was older, oh well. I'd even pay the same amount, if the money was saved away, accumulative.
 
ViviTheMage

ViviTheMage

Lifer
Dec 12, 2002
36,189
87
91
madgenius.com
Gooberlx2 said:
Well, last I knew, insurance companies weren't in the business of offering their products for free. :p
Click to expand...

I can understand that, but quick checkup...I can get a HDHP for 60 a month, now if they had an account where I could dump another 60, which I could KEEP for health issues (pretax?), with no loss, that'd be great.

That specific HDHP is pretty bad though, might as well stick with employer plan.
 
BrunoPuntzJones

BrunoPuntzJones

Lifer
Feb 24, 2001
14,513
4
81
Are you sure you aren't thinking about life insurance? There are some life insurance policies that do what you describe. Don't die before the expiration date and you get some of the premiums paid back.
 
X

xSauronx

Lifer
Jul 14, 2000
19,582
4
81
BrunoPuntzJones said:
Are you sure you aren't thinking about life insurance? There are some life insurance policies that do what you describe. Don't die before the expiration date and you get some of the premiums paid back.
Click to expand...
i just converted part of my life insurance to this. my dad has had such a plan for a while, and cashed out ~15k late last year from the policy

hes 54 or 55
 
S

soulcougher73

Lifer
Nov 29, 2006
15,904
4,475
136
Just cancel everything and go to the local clinics for free or next to nothing probably if you only go for physicals.
 
Gooberlx2

Gooberlx2

Lifer
May 4, 2001
15,381
6
91
soulcougher73 said:
Just cancel everything and go to the local clinics for free or next to nothing probably if you only go for physicals.
Click to expand...

Are you actually recommending that the OP go without health insurance? Aside from having to wait 17 thousand hours to be seen at the free clinics, it won't do shit for him if he's ever truly hurt or sick.
 
S

Schfifty Five

Lifer
Oct 20, 2005
10,978
44
91
I used to work for a big tech company and it paid for all premiums for my insurance (health, dental, vision). And the insurance was pretty damn good.

I'm not working for a smaller company and i'm paying about $80ish for all 3 coverages per paycheck...sucks.
 
ViviTheMage

ViviTheMage

Lifer
Dec 12, 2002
36,189
87
91
madgenius.com
Gooberlx2 said:
Are you actually recommending that the OP go without health insurance? Aside from having to wait 17 thousand hours to be seen at the free clinics, it won't do shit for him if he's ever truly hurt or sick.
Click to expand...


yeah ... i'd really rather have SOME insurance.... I did not know free clinics existed.
 
Y

yuchai

Senior member
Aug 24, 2004
980
2
76
At only $62 pretax per paycheck, I think it's very unlikely that you can get something cheaper on your own that isn't some kind of "mini-med" plan that has very restrictive coverage limits, which sort of defeats the purpose as the whole point of insurance is to be covered from the unlikely large loss that can bankrupt you.

Your best bet is to stay on the current plan for now and hope that your employer starts offering the HDHP/HSA plans in the future. They are definitely getting more prevalent these days!
 
Gooberlx2

Gooberlx2

Lifer
May 4, 2001
15,381
6
91
yuchai said:
Your best bet is to stay on the current plan for now and hope that your employer starts offering the HDHP/HSA plans in the future. They are definitely getting more prevalent these days!
Click to expand...

In fact, speak with HR about it and make the suggestion if needed. It usually reduces the cost to them as well.
 
T

Turin39789

Lifer
Nov 21, 2000
12,218
8
81
ViviTheMage said:
I can understand that, but quick checkup...I can get a HDHP for 60 a month, now if they had an account where I could dump another 60, which I could KEEP for health issues (pretax?), with no loss, that'd be great.

That specific HDHP is pretty bad though, might as well stick with employer plan.
Click to expand...

I think this got a little confused.

If you have a HDHP that is HSA eligible(not all are), then yes the $60 a paycheck you pay for premiums goes directly to the plan, but you can also fund your HSA with 60,70,100 and that money goes into an account that you keep and is portable from employer to employer. Once you have over a certain $ amount you can even participate in some investment options depending on who your HSA is held with.

The IRS has a nice page about HSA's if you feel like doing some reading.
 
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