So what are you guys doing for health insurance?
How much do you pay per month for what kind of coverage?
I'd like my wife to stay home with our baby as long as possible and any ideas I can get from my friends here on Bowsite would be greatly appreciated. Plus I think it might be interesting to see what some of you are paying for health insurance.
Right now the Trump administration is not enforcing the mandate penalty. I know people that are paying more than you....if you are shelling out this kind of money get the lowest "catastrophic coverage" and do a health savings account.
Make sure your customers are paying for your insurance through your pricing of products and services.
I'm just staying with it.
Good luck, Robb
Not being able to pool with other states really limits the options in MT.
However, they won't cover ailments or injuries xprelated to alcohol abuse. Nor will they cover injuries from "high risk" activities like skydiving, rock climbing, etc.. (they have a partial list). I asked about hunting and at first was told it was considered high risk. So I canceled. Then they sent me an email and said they had reviewed it and don't consider hunting in that category, so I rejoined.
As to how well it works, I can't say because I didn't get past the $500 annual unshared amount. But they negotiated my few bills down about 25% from the doctor's uninsured cash price.
The ACA is not really the demon some politicians make it out to be. It needs work, no doubt about it. Remember insurance is shared risk. When it is not shared, then cost shifting occurs. I have a friend who was a small hospital accountant. Costs of people who have no insurance, get shifted to those who do. Hospitals tend to take everyone, as ambulance chasing lawyers would be parked near the ER entrance if they didn't. This cost shifting did not start with the ACA enactment, and has been happening since health insurance became legal under Nixon. If anything, the ACA has insured more people, and less cost shifting at hospitals is occurring now than in the past. Medicare and Medicaid pricing lists have also shifted costs. If we go back to the old days, many local hospitals and clinics, especially in rural areas will close or downsize. That means lost jobs, that means lost medical care for the local area. That is why all the medical associations and group representatives were fighting the Republicans repeal efforts. A suitable replacement was not offered according to almost ALL of the medical industry representatives. They were doing their homework on the bills presented. Dropping the preexisting condition clause is a major cost shift rule change. If companies cherry pick with policy offerings, it is not really an insurance policy. And you cannot buy something that is never offered to you. Think about getting into a car accident, through no fault of your own. You had better hope that it is a rich person who hits you, as congratulations, you could now have a preexisting condition. How many people out there take heart medication?
Most health care providers do not operate as non profits. In addition to that, many middleman exist to add another layer of cost. Locals suppliers tend to provide better care as patients are their neighbors. National concerns do stuff like this:
Here is another example: I have stage 4 cancer. I can tell you that one of the drugs most probably in my future annually costs $135,000 per year in the US; $20,000 in Canada; $22,000 in Spain. This is not uncommon given our 'free market' insurance industry in the states. Big pharma is feeding at the trough. Remember my cost shifting statement; still think high costs of health care is entirely the sick patients fault? I am not a poor person, looking for everything to be free. But I can't afford the 1st option, but could buy into the 2nd or 3rd. I am older, my life has been lived. I can make a personal choice; what choice will you make for your family member?
In my working life, I have been an accountant for one pharmaceutical company and one medical media manufacturer. I have also worked in food companies, and in the construction materials industry. I have also been involved in negotiating health insurance for the company that I worked for. My life has been working in the shadow of this industry. I know profit margins of these different industries. Nothing comes close to our health care industries when it comes to spending. This internal pattern of liaise faire cost control increases a companies costs, which is then passed on to the ultimate consumer. Then they can tell a politician how their costs are high. Take that one with a major grain of salt. One bulk pharma company I worked for, a subsidiary of a larger company, turned a 20%+ gross profit after R&D before taxes back to the home office. They did this year after year. And that was at a sales level which included intercompany pricing extended on a cost+ basis. Accounting talk here, but Mr/Mrs self employed does not have that kind of income stream.
I am retired and volunteer on two state archery boards. I love archery and bowhunting and mostly lurk on this site' since the 90's. I have a health industry perspective as a patient, an industry accountant, and a company's benefit negotiator. I am not a registered voter for either party, and I do not want to sound as someone with political bias. I want to call a spade a spade from experience. So much smoke is blown over this problem, which causes turmoil. And with turmoil, they can keep jacking up insurance rates. The majority of us need to buy insurance, somehow, or face a dire future. And the industry knows that, and so do the politicians. When I talk to my representative, I tell them to be careful with it, not to step in it. So far, they are not getting the message. Any of them; blue or red. I hope this post stands, and I have not offended anyone nor the site administrators. This stuff effects all of us.
I'll get off of the soap box now. Thanks for your time. I wish I had a perfect answer for you.
I believe that you have until April 15 of the following year to fund an HSA plan (or perhaps until you file your taxes in the following year?). You might look into that if you still wish to contribute for last year.
Ovomitcare took from those that could afford it and gave it to those that couldn`t...pure wealth re-distribution. It`s great for those that qualify for subsidies but SUCKS for those that fall into the abyss that don`t get it from a employer and have to pay it themselves.
Colomark makes a great point about the "cash costs"....you would be shocked what some doctors will do for $$$$.
Yes = Most large companies carry product liability insurance. We carried that, and it affected our bottom line, as it does all businesses. Investors demand it, as do customers. The really big ones setup their own insurance companies to be "self insured". But those costs are included in reducing income before taxes. That is allowed by the IRS and the SEC. It involves real cash outlay in the form of business coverage premiums.
No = But that would be as far as "future expenditures" could be covered. You would need an actual lawsuit, probably one where a settlement has been reached before a reserve for such an expenditure could be established on the books. Accounting rules require adherence to GAAP rules on legal liabilities. (Generally Accepted Accounting Principals.) Now it can get much more complicated then my short(ha ha!) explanation here, but also consider that the IRS would accuse a company of noncompliance to GAAP as well as trying to hide income from taxation by setting up large reserves for 'maybe sued in the future' scenarios. If that is what you are implying, it doesn't work that way. Do lawsuits increase costs, all costs in this country? You bet! But as an ex-industry accountant, I can tell you that it is not the driving cost factor in a large pharmaceutical company. If a company would have a large class action suit, or a serious violation by the FDA including a shutdown, they may just file bankruptcy 1st, then reorganize in some fashion and pop up just like Lazarus did. Some might not, but most do in some way. Those that do stay belly up, probably did so because they deserve to be dead, did not follow their own GMP's, and cut corners all for profits, not for product quality or operational efficiencies. (No one wants to reinvest in them.) I could site at lease two cases where things have gone both ways, but will not get into that on an open forum.
Redistribution of wealth happens in this country at a much larger scale and for a very long time than your ACA medical example. If that is your main beef, you are missing the forest for the trees. Scape goating solely on the sick, is not what the above post was about. Pointing out other costs factors was, something you might not hear in the news so much. (Any news source.) Think about this as a problem source for wealth redistribution. Since the early 70's, when medical insurance rules were born, employer wage dollars have been redirected to benefits. That has been a large loss of discretionary spending in lost take home pay over years nationwide. (Again, LOOONNG before the ACA enactment.) Think that is a coincidence that perhaps the erosion of the middle class may have started when medical insurance was born? Kind of weird, as you would think that it was suppose to be a benefit. People now long for the good old days, but the medical industry that has been built up and that we rely on for our health care needs is not in a position currently to go back to the good old days. We have a lot of old people who would protest when actually enacted. Everybody's Grandma has her daily pill planner box, no? And so real changes are not without pain. Pointing the finger at one single group, any of the groups involved, is not the answer. You even said that yourself when you pointed out a need for tort reform, and a cost shift within the classes of users of health care. I guess add two more to the list?
We might all go broke!
I've recieved a few PM's with questions related to my specific situation, so here a few details for those that care. I do live in Missouri and my wife is 38 and I'm 36. Kids are 15, 12, and 1.
When I was in Canada this past fall, I found out that health insurance is basically free or totally free, I'm not sure which, but it sounded like finding quality care might be a big issue. Any friends from the North feel free to correct me.
I've started checking into some of the options suggested here. I really appreciate the suggestions.
On the serious side, I have no answer for you, I hope the best, and you find something