Individual Health Insurance Policy

[stlfisher]

Ness and JD:

I agree there is a cause for concern regading the company finances. I have not had a raise since the economy went in the tank.I think some(not all)companies due this sort of thing because they can get away with in the current environment and not because they have to. I believe that is what my company is doing. Either way it is time for me to look at other positons...even though that may be difficult in this market.

I am also very aware that I could be much worse off and all things considered I have it "good" compared to others.

[ness]

Ness and JD:

I agree there is a cause for concern regading the company finances. I have not had a raise since the economy went in the tank.I think some(not all)companies due this sort of thing because they can get away with in the current environment and not because they have to. I believe that is what my company is doing. Either way it is time for me to look at other positons...even though that may be difficult in this market.

I am also very aware that I could be much worse off and all things considered I have it "good" compared to others.

Yeah, it all depends on the company. We reported the first quarterly loss in 20 years last quarter. It was pretty small, and probably the only one we'll have. In the meantime, our insurance company actually reduced our premiums (based on loss experience) and the company passed that savings on to us despite our issues.

I looked real hard at a high-deductible / health savings account option this year too. It just didn't make sense right now, but I'm keeping my eyes open. One of the problems with HSAs is that, sadly, having assets can be a negative late in life.

I have two aunts that recently had to be moved into a nursing home due to dementia. The home is licking their chops because they've both got large savings accounts. So we pay an astronomical amount per month to the home until their money is gone, then they flip the switch and Medicaid pays a discounted rate from then on. The good news is they're taken care of for life. The bad news is look where the money's going.

[stlfisher]

Yeah, it all depends on the company. We reported the first quarterly loss in 20 years last quarter. It was pretty small, and probably the only one we'll have. In the meantime, our insurance company actually reduced our premiums (based on loss experience) and the company passed that savings on to us despite our issues.

I looked real hard at a high-deductible / health savings account option this year too. It just didn't make sense right now, but I'm keeping my eyes open. One of the problems with HSAs is that, sadly, having assets can be a negative late in life.

I have two aunts that recently had to be moved into a nursing home due to dementia. The home is licking their chops because they've both got large savings accounts. So we pay an astronomical amount per month to the home until their money is gone, then they flip the switch and Medicaid pays a discounted rate from then on. The good news is they're taken care of for life. The bad news is look where the money's going.

Good to hear your company passed along those savings to the emplyee's. Sorry to hear about your aunts. I have two grandparents in similiar situations in which they are tapped out financially due to medical expenses. They are both in their 90's so extended care is pretty much a necessity. It is a shame how much of your retirement nest egg will end up going to cover medical expenses. Longetvity runs on both sides of my family and with the advancements in healthcare I think 100 is certaintly a possibility for the younger generation. I am figuring I need to work until I am at least 65 or 70 just to fund a decent retirement. I am going to be very unhappy if I keel over at 71.

[jdmidwest]

Ness and JD:

I agree there is a cause for concern regading the company finances. I have not had a raise since the economy went in the tank.I think some(not all)companies due this sort of thing because they can get away with in the current environment and not because they have to. I believe that is what my company is doing. Either way it is time for me to look at other positons...even though that may be difficult in this market.

I am also very aware that I could be much worse off and all things considered I have it "good" compared to others.

I have seen some mean spirited stuff going on with some companies lately. There are alot of people unemployed or working below their pay scale just to make ends meet. I have seen some companies squeezing out their high paid people knowing full well they may find a replacement of equal or higher quality for less money.

[Quillback]

I think what we are seeing is the beginning of a long term trend where companies will gradually pull out of providing health care insurance for employees. They have already, for the most part gotten out of providing pensions, and health care will be next. I know someone that owns a print shop, he's looking at the new health care bill that passes and he sees a choice between providing health care at $500/month per employee, or under the new bill he can drop the coverage and pay $2000/year per employee penalty.

Just as most of us our on our own for funding our retirements, we're eventually going to be on our own for providing for our health care.

[denjac]

I have pretty much giving into I will have to work until I croak. Have several friends retired and work part time jobs just to pay for there supplement insurance. My Mom who is 80 pays almost $500 a month between supplements and what they take out of her SS for insurance. The golden years arnt so Golden anymore.

[ness]

Those corporate pensions are in far worse shape than is generally realized. They're just kicking that can down the road.

We've all heard about the shortfalls in Social Security, but what's not getting a lot of press are the huge state and local budget shortfalls and how that will effect civil servant pensions going forward.

Something's got to give, right?

ness' plan:

1) live modestly

2) save as much as I can

3) pay all debt off quickly

4) be nice to my kids so they'll take care of me when I'm old

[stlfisher]

I have contacted an old friend that is now in the insurance business and he is going to some leg work for me and get me a couple of quotes. I should have a little more information on the options in a week or so. I will be sure to post for anyone else that might be interested.

[stlfisher]

Just as a follow up to this topic I looked at a few policies and was able to find a few that were a little cheaper, but the differance in premiums and coverage options was not really substantial enough for me to change. If I would have needed any kind of medical care it would pretty much have been a wash. Pay now or pay later type deal. In the meantime our work has since picked up a larger percentage of our policies so I have decided to stay with the company policy for now.

[Brian Sloss]

The only problem I see with the health savings account, and it is a big one, is that the huge deductible and co-pays start again every calender year. So after deductible and co-pay you owe $10k lets say. You get a cancer in Nov and quickly run through your $10k, then Jan 1 comes along, another $10k. Plus you have to pay for your meds, because low coverage policies don't normally cover much in the way of meds, so there goes a few more thousand dollars. In other words, you better have quite a bit of money put away that you can afford to loose from your retirement. That will eat up a lot of IRAs. You normally get better deals in a group setting.