Health Insurance

**chuckd4735** · 01-26-2010, 01:21 PM

I know, another insurance thread, but...

As a non-married 26 year old with no kids, I have been thinking of getting off the insurance that is provided through my employer and getting it on my own. For anybody who gets health insurance privately, who do you use and would you recommend it. Any other details would be greatly appreciated.

I have been looking at Wellmark Blue Cross, Blue Shield, which seems to be one of the better deals.

**DaddyMac** · 01-26-2010, 01:28 PM

I got laid off a number of years ago, had COBRA for about 3 months, then was left to either pay the full premium or go on my own. I picked up a Wellmark BC/BS plan.

Pretty basic - the "in case you get hit by a truck" type of policy. Not much for simple office visits, and didn't cover my pre-existing asthma. But even so, it saved me hundreds a month.

Only had it for another 3-4 months til I got back on a company plan. I think it was maybe 80-100/mo and that was '02.

**ddisu** · 01-26-2010, 01:29 PM

Should be able to get a plan from BC/BS anywhere from $45-$150/month. Just depends on how much coverage you want and how much you want to self insure.

**Stewo** · 01-26-2010, 01:30 PM

My suggestion? Join the military. Get Tricare for ~$47 a month.

**Bobber** · 01-26-2010, 01:32 PM

Originally Posted by chuckd4735

I know, another insurance thread, but...

As a non-married 26 year old with no kids, I have been thinking of getting off the insurance that is provided through my employer and getting it on my own. For anybody who gets health insurance privately, who do you use and would you recommend it. Any other details would be greatly appreciated.

I have been looking at Wellmark Blue Cross, Blue Shield, which seems to be one of the better deals.

Just curious why you're considering this? Most times coverage is better and less expensive going through employers?

**ddisu** · 01-26-2010, 01:34 PM

Originally Posted by Bobber

Just curious why you're considering this? Most times coverage is better and less expensive going through employers?

Almost always the true cost of the insurance is more through an employer. The emoployee just doesn't see all the cost b/c the employer pays X percentage. I have worked at places that provided insurance but if you had your own plan, the company saved money and gave me a little of that in a bonus.

**ddisu** · 01-26-2010, 01:35 PM

Originally Posted by Bobber

Just curious why you're considering this? Most times coverage is better and less expensive going through employers?

Also about the only better coverage is for dental and vision. In the individual market you will almost always be ahead just to self insure for these as opposed to purchasing coverage for them.

**Bobber** · 01-26-2010, 01:37 PM

Originally Posted by ddisu

Almost always the true cost of the insurance is more through an employer. The emoployee just doesn't see all the cost b/c the employer pays X percentage. I have worked at places that provided insurance but if you had your own plan, the company saved money and gave me a little of that in a bonus.

Of course..

I pay about $5,000 for my family plan while the company picks up the other $15,000...

I just don't think a little bonus is going to cover him if he goes off on his own even for a young single guy..

**ChrisMWilliams** · 01-26-2010, 01:38 PM

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**jsb** · 01-26-2010, 01:42 PM

I'd be a little leary of doing this if I were you, it's never quit as cheap as it appears once you factor in the out of pocket costs.

**ddisu** · 01-26-2010, 01:51 PM

Originally Posted by jsb

I'd be a little leary of doing this if I were you, it's never quit as cheap as it appears once you factor in the out of pocket costs.

You have those costs on a group plan as well. IMO part of the reason that health insurance has gotten out of hand is that people want their insurance to pay everything. I carry a high deductible. I am not worried about a $150 office visit, I am worried about $150,000 hospital bill.

**ddisu** · 01-26-2010, 01:53 PM

Originally Posted by Bobber

Of course..

I pay about $5,000 for my family plan while the company picks up the other $15,000...

I just don't think a little bonus is going to cover him if he goes off on his own even for a young single guy..

What isn't going to be covered (assuming no pre existing conditions)? You could get a private individual plan for $5-7000. Now if your company could save $12,000 per year on each family insurance plan, would that be good or bad for the company?

**chuckd4735** · 01-26-2010, 01:56 PM

Originally Posted by Bobber

Just curious why you're considering this? Most times coverage is better and less expensive going through employers?

We are given $6600 in flex cash on top of our salaries and given an option of 4 plans to choose from, all which carry monthly premiums of about $500. If you choose not to go through employer for insurance, you still get the flex cash.

I'm young and like to think I am pretty healthy, so I only use my insurance for regular check-ups.

**Bobber** · 01-26-2010, 01:57 PM

Originally Posted by ddisu

What isn't going to be covered (assuming no pre existing conditions)? You could get a private individual plan for $5-7000. Now if your company could save $12,000 per year on each family insurance plan, would that be good or bad for the company?

Generally you pay less, you're going to get less coverage. No way I get the coverage I have now and pay less.

Still I'm curious why you want to do it? Is it going to save you some out of pocket cost?