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Thread: Health Insurance

  1. #21
    Quote Originally Posted by Scott P View Post
    Hopefully the rules do get changed for HSA's. The current rules are that if you don't use all the money in the current year, you lose it.
    You are wrong about this and have it confused with a flex spending account. The money you place in a Health Savings Account is yours and you never lose it. But the HSA does come with a lot of rules, similar but different to an IRA.

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  3. #22
    Quote Originally Posted by Iceaxe View Post
    You are wrong about this and have it confused with a flex spending account. The money you place in a Health Savings Account is yours and you never lose it. But the HSA does come with a lot of rules, similar but different to an IRA.
    You are right. I was confusing it with our flex account. Flex accounts can be a pain since if you don't use it, you lose it and if you do need it, the caps are too low. As long as the money is used for medical expenses, personally I think the law should be changed so it rolls over from year to year. The maximums should be changed as well. Our max is $2600, which doesn't go very far for something like a heart surgery or cancer treatments.

    Personally I think that flex accounts should be canned in favor of HSA's.
    Utah is a very special and unique place. There is no where else like it on earth. Please take care of it and keep the remaining wild areas in pristine condition. The world will be a better place if you do.

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  5. #23
    I thought catastrophic plans were a thing of the past with Obamacare. Can you still get one of those?

  6. #24
    You can get something like catastrophic, they are called HealthSave plans and require you to maintain a health save account.

  7. #25
    I'm going to have to look into that. I've been wishing for the old catastrophic plans to come back.

  8. #26
    Under the ACA, you can have catastrophic only if you're under 30 without a penalty. If you're over 30, you'll have to pay the individual mandate penalty but can still buy a catastrophic policy and self insure.

    Under Trumpcare, if it passes the senate as written now, the individual mandate goes away and Catastrophic is a penalty free option for all ages.

    Where Iceaxe has kids, I don't understand how the current penalties apply in that situation. The total penalties might make self insurance less reasonable. Also where his family participate in somewhat more risky pursuits, spending some time with an sports focused actuary to better understand his risks could also be worthwhile in the calculation.

    My gut instinct (which lacks detailed knowledge and information) would be to stay the course this year and see how and when Trumpcare passes in the details and when it will take effect. There's too much change coming to make a long term decision such as self insurance this year.

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  10. #27
    Quote Originally Posted by phatch View Post
    Under the ACA, you can have catastrophic only if you're under 30 without a penalty. If you're over 30, you'll have to pay the individual mandate penalty but can still buy a catastrophic policy and self insure.

    Under Trumpcare, if it passes the senate as written now, the individual mandate goes away and Catastrophic is a penalty free option for all ages.

    Where Iceaxe has kids, I don't understand how the current penalties apply in that situation. The total penalties might make self insurance less reasonable. Also where his family participate in somewhat more risky pursuits, spending some time with an sports focused actuary to better understand his risks could also be worthwhile in the calculation.

    My gut instinct (which lacks detailed knowledge and information) would be to stay the course this year and see how and when Trumpcare passes in the details and when it will take effect. There's too much change coming to make a long term decision such as self insurance this year.
    I already am self insured. I'm self employed since June 2015 and health insurance would cost me anywhere from $850 per month with a $15,000 deductible to $2,100 per month with a $5,000 deductible. It's tough for me to justify that right now. I've been paying the tax penalty for the last two years because it is roughly equal to one months insurance premiums.

    I also have kids, by the way. Five of them. I've found that I can pay cash for medical services for far less than I can pay for insurance. All I need and want is something like a catastrophic plan for a couple hundred bucks a month just to prevent bankruptcy in case of something major. I'll pay for the rest.

    So I guess I'm a fan of Trumpcare for my situation if what you say is true. I think that's a step in the right direction. At least for me and my situation.

  11. #28
    Quote Originally Posted by phatch View Post
    My gut instinct (which lacks detailed knowledge and information) would be to stay the course this year and see how and when Trumpcare passes in the details and when it will take effect. There's too much change coming to make a long term decision such as self insurance this year.
    I think this is the course of action we'll take this year. It appears no matter what I do it will be a whole new ball game again next year. There is no way Obamacare can succeed in it's current format, and who knows where Trumpcare will end up.

  12. #29
    What a friggin' mess, huh? I'm leaning 100% on the VA right now. The problem with that is if I get jacked up away from a VA hospital and have to get patched up, I'm on the hook for it. It would be cash. I can't imagine how many veterans are like me. Even though I had a high deductible with the plan that Obamacare destroyed, I'd still like to be covered for major emergency room care, anywhere I am. You can burn (well, they will, actually) thru eight grand real quick if you're busted up good.

    I'm hoping for the more reasonably priced cata plans to come back. Right now the insurance companies aren't getting a plum nickle from me.

    Single payer? Hell, who knows what 3 years from now will look like with this stuff goin' on. Trump is right when he opposes paying for a big, high tech military policing the world while these countries that we protect have lavish health plans and virtually no military. Check out Germany's right now...it's pathetic. You can die waiting for treatment in England and France seems to be willing to take it up the rear in taxes to pay for it. Were is the money gonna come from to pay for it here? The insurance companies aren't going anywhere...they're deeply embedded in the government, on both sides of the aisle.

    Personally, I think that those people that smoke, drink and do drugs to the point that they're rotting themselves should be allowed to suffer the consequences. Instead we'll have to pay for new knees, hips and any number of expensive medical procedures to keep them going. I think the end of the human race may be the complete failure of applying compassion. Spend ourselves to death trying to help out.

    Yeah, well...Trump is the man for the next 4 years and I sincerely hope whatever is done will get the costs down, one way or another. I'm optimistic and I think it might take a couple of years to whip things into shape. I actually want to buy insurance.

    Hmmm...I wonder if I'll be exempt paying for single payer if I'm a veteran? It's all a waiting game. Big bucks, big politics, big power all making moves.

    Be careful, boys and girls!
    Always look on the bright side of life!

  13. #30
    You can burn (well, they will, actually) thru eight grand real quick if you're busted up good.
    For a major procedure, 8K won't get you much. I calculated my wife's heart surgery out to costing about $4167 per minute. That means 8K would pay for 1 minute 55 seconds of treatment!

    Personally, I think that those people that smoke, drink and do drugs to the point that they're rotting themselves should be allowed to suffer the consequences.
    I'd have to agree. I have an extended family member who basically fried her brain doing drugs. It's more that the medical costs; she is on permanent disability because of it.

    I think the end of the human race may be the complete failure of applying compassion. Spend ourselves to death trying to help out.
    There are people who deserve compassion. For example, I think children deserve compassion because they don't have a choice in their parent's circumstances.
    Utah is a very special and unique place. There is no where else like it on earth. Please take care of it and keep the remaining wild areas in pristine condition. The world will be a better place if you do.

  14. #31
    Quote Originally Posted by Scott P View Post
    There are people who deserve compassion. For example, I think children deserve compassion because they don't have a choice in their parent's circumstances.
    I agree with you, and of course we need to take care of not just these poor kids, but the moms with the deadbeat dads, the indigent, the truly disabled and poor elderly. We can't have these people dying in the streets. Other conservatives, like me, complain about those that assume that we want every man for themselves, and that's just not true.

    I'm just gripping that those who pollute themselves get to drink deeply from the trough.
    Always look on the bright side of life!

  15. #32
    Medical bills can rack up exceedingly quickly (as of course US residents & citizens will know). Three weeks ago I had a small medical emergency in Moab requiring helicopter medivac and three days in Grand Junction hospital.

    The helicopter was $32,000 and the medical care was $20,000 (fortunately my travel insurance will pay this).

    Rob

    (ironic that I required a helicopter; Scott P will understand!)

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