Jobs and insurance...

[detlion1643]

I have a job right now that provides benefits. I've had it for about 5 years now. It's mundane but stable.

I just received an opportunity to work for someone else for a little more money (not concerning), but doing what I'd rather do for work life.

The problem:
The new job doesn't provide any coverage. I've tried shopping online and everything I see averages $250ish, some way less, some way more. *These figures provide for myself, wife, and son.

I have no idea what I'm looking for or who to trust. I found "e health insurance" compiles a list of different companies (Aetna, Humana, Blue Cross, etc) with quotes for my area. However, even after talking to someone from there, I'm uneasy about it.

Anyone have any experience in dealing with Individual/Family coverage, instead of through employers?

*I talked to 1 agent early today who told me of a quote with high deductibles but it wouldn't matter because of supplementals provided with it? I'm not made of money here and can't afford to swing 5k/10k/etc..

 

[brewkinger]

For me and my family, a decent to "good" health insurance plan especially one that is partially sponsored by employer is worth $5 to 10K in additional income)
Can you get a comparable policy for that amount of $$.

 

[VegasJ]

Recently my insurance more than doubled & my boss asked me to start shopping for coverage on my own.

I shopped around & due to age, health, habits... no one would even cover me unless the yearly out of pocket was high... unrealistically high. Only good thing I see with O-Care is soon, none of those places will be able to deny me... but at what price?

My situation seemed to ... uh, work itself out, but for you, with the wife & a kid I'd weigh the choices you have & keep in mind, insurance will just keep going up as we get closer to 2014.

 

[Henry22]

Also be aware that because of Obama Care most individual premiums will rise significantly. In California its suppose to go up 150-300%. They pushed back the requirement on businesses I think but it will still go up for individuals.

 

[dkwolf]

No direct experience with what you're asking for, but I would offer up a bit of advice: Give an HSA/HDP (Health Savings Account/High Deductible Plan) some consideration. Basically, the HSA is like a cafeteria/flex spending plan if you've had those in the past - except the money doesn't have to be spent in one calendar year, and some banks actually let you put it into a 401(k) *type* account. The kicker of it is, you can't be covered under a "normal" PPO plan, you have to have a high deductible plan attached. With the plan I used to be on, my individual deductible was $2,500; anything up to $2,500 was paid 100% by me (out of that HSA fund), and once you hit the $2,500, you pay 0%.

Basically, it puts the power back in your hands - buddy of mine went in to get snipped after his second child, asked the receptionist what his cost would be if it was billed through the insurance (was like $2k or something), and then asked what it would cost if he wrote a check right there on the spot -- took $700 off.

A few of us looked at the HSA plans pretty hard when it became an option, and we determined that if you're someone that either doesn't use insurance much, or uses it a lot, the HSA pays off. If you're someone that every year ends up being real close (one way or the other) to your deductible, then it doesn't make sense for you. Typically, the HSA/HDP premiums are around $100-150/month less than a comparable PPO plan. (I am fortunate in that my employer feels that to be fair, any employee that chooses the HSA option, they contribute that difference into our HSA account every month.

There is a maximum you can contribute every year, which is set by the government. And down the road, say you change jobs again and have coverage provided, or enroll in medicare, the money you have built up in your HSA can be rolled into a 401(k)

 

[daksin]

My healthcare costs have been cut in half thanks to Obamacare (nee Affordable Care Act), but I am keeping my day job while my wife quits hers to run the brewery full time, just so we can have those benefits.

It really depends on your individual situation. I've done both, and in my experience, individual plans don't differ that much (in coverage or service) from any employer provided plan unless they have really great benefits/compensation. HSA didn't work for me, but I haven't looked at it that hard. Like many on here, I'm a relatively well-off, overweight, mustachioed, home-owning white man, so your mileage may vary.

 

[TNTgill]

I had group health insurance through an industry group (Avma) and they quit offering the plan due to Obamacare. Employer paid all premiums which were 300 monthly. It was pretty good coverage deductible was 1500 then 80/20. Fast forward now I have to pay 440 (with nothing going into to the Hsa just the plan) for a Hsa with 5k deductible and still only 80/20 coverage after the deductible is met. I personally would love my old plan back but its gone. So much for "if you like your plan and doctor you can keep it" promise. I would look for traditional coverage if that's what you like and are used to.

 

[Pappers_]

In Illinois, the new health care insurance exchange (part of the Affordable Health Care Plan) is getting started, so people in your situation can get insurance coverage. You might check on that in Pennsylvania.

 

[detlion1643]

Thanks for all the info everyone!!!

Turns out I might take a plan that offers slightly less coverage than the current employer offers, but the new employer is willing to work with me and split the costs. It's almost a win/win. The new employer saves a little money on my $/hr and I still take home a little more than my current employer. The biggest kicker is I'll be doing something I'd rather be doing, software development.

Edit: I haven't really looked at the new act and what it means yet in PA. But, I have read about not being able to apply for whatever until January.

 

[Misplaced_Canuck]

Don't forget that if you are self-insured (and I don't mean an individual insurance plan), that the rates that you see in doctor's office will be higher than if you have insurance. The health insurance company negotiate rates with the doctors before those doctors will accept a given insurance.

MC