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Personal Health Insurance

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dreamer100
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Personal Health Insurance  Reply with quote  

I want to retire or at least only work part time. In doing my number crunching, I believe I can afford to with only one exception which is the cost of health insurance.

In going through the website http://health.usnews.com/health-insurance, it is clear that New York has incredibly high individual health insurance rates. I was surprised to see much lower rates are for individual plans in other states that I checked with New Jersey being the only exception. Also other states had many more options.

I'm wondering if people have experience with individual health insurance plans in other states. Perhaps I'll have to move.

Thanks
Post Tue Jan 22, 2013 11:31 pm
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coaster
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Insurance is regulated entirely on the state level. That's perhaps a major reason.

~Tim~
Post Wed Jan 23, 2013 7:09 am
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smk
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ny is very aggressive towards those who do not go through an employer. that may change with the new health care bill. if it doesn't, you can start some sort of company (llc for instance) where you do some work and apply as an employer. those rates have been about 20% higher than rates for large companies. if you make it a multimember llc, you can get that down to about 10%. there are also pools you can join perhaps through a local chamber of commerce that would get you to the 20% premium. i don't know, but this problem may go away with the new health care exchanges...

Steve Kanney, CFA
http://www.integratedfinancialny.com/index.html
Any comments made are designed to help you make your own decisions and do not consititute investment advice.
Post Wed Feb 20, 2013 9:02 pm
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oldguy
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quote:
but this problem may go away with the new health care exchanges...


lol - depends on your definition of "go away". The most likely outcome is that all price 'discounts' will disappear and everyone will go to the obamacare exchanges and everyone will pay the highest rate.
Post Wed Feb 20, 2013 9:50 pm
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smk
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oldguy...you are really negative on health care costs. as you know the insurance companies could not raise their rates like that unless their actual losses go up at that speed. you must really think the doctors are going to be squeezing the life out of all of their patients...

Steve Kanney, CFA
http://www.integratedfinancialny.com/index.html
Any comments made are designed to help you make your own decisions and do not consititute investment advice.
Post Wed Feb 20, 2013 10:00 pm
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oldguy
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quote:
you must really think the doctors are going to be squeezing the life out of all of their patients...


No, I think the opposite - the govt is going to squeeze the doctors until they go broke and/or take early retirement.
Post Wed Feb 20, 2013 11:22 pm
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smk
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the government does not charge the doctors. also the regulation they forced on the doctors (electronic medical records) will save them money...

its funny. there were a lot of people who talked about government death panels where government officials would decide who would live or die by approving treatments or not. people were scared because of what the government would do.

i spent some time at memorial sloan kettering and i can tell you from some rather direct expereince that people SHOULD be scared of what the private industry death panels ARE doing right now.

people are afraid of communism in THEORY, but capitalism can be every bit as bad in REALITY. personally i don't have a political agenda. but when someone comes to me with theirs, sometimes i try to get them to wake up and smell the roses...

Steve Kanney, CFA
http://www.integratedfinancialny.com/index.html
Any comments made are designed to help you make your own decisions and do not consititute investment advice.
Post Thu Feb 21, 2013 2:33 am
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coaster
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I was required by my former employer to purchase my retiree health insurance plan through a health exchange in order to get my spending account allocation. My experience is that this exchange added no value, saved no expense, assisted in no way, and the only contribution was a great deal of aggravation to the process. Well, it's new; I suppose there are growing pains. But so far my own experience has been negative. My impression is that it was just a room full of people who'd taken a cram course to get their insurance licenses, and now were only interested in selling a product, and on top of that a product they knew little about and didn't represent very well, then needed a couple kicks in the butt to get it done in time.

~Tim~
Post Thu Feb 21, 2013 6:06 am
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oldguy
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quote:
I was required by my former employer to purchase my retiree health insurance plan through a health exchange in order to get my spending account allocation. My experience is that this exchange added no value, saved no expense, assisted in no way, and the only contribution was a great deal of aggravation to the process.


lol - BTDT. The 500 company that I started at in 1966 and worked for 33 years, then retired 14 yrs ago, did a great job with both employee & retiree healh coverage. Then last year they called a meeting, notified retirees that we were being shifted to an exchange.

So we have medicare, an exchange supplement, a prescription coverage (complete w/ donut hole), plus a mail order drug provider. I mail 4 checks/mon to various providers in various cities. And then the exchange occasionally credits money back to our checkijng acount. As you say, no value-added, lots of hassle & book keeping.

Remember when Obama loudly pronounced that "if you like your healthcare you can keep it."
Post Thu Feb 21, 2013 1:48 pm
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smk
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i know in nys there is a huge difference in price between buying through an employer and as an individual. in fact, if you can't buy through an employer, most people just go uninsured because it is completely unaffordable. the insurance companies justifyit because anyone who is too sick to work is probably a bad insurance risk and their losses have been huge in this area. i thought the insurance exchanges might equalize the difference after 2014 because people who can get insurance through an employer could be offered a competitive product through an exchange. if that is not the case, then we simply keep the same structure. but there is a problem if you force poor people to buy insurance or pay a penalty. then if the insurance costs $2,000/monthm it is just not viable. i thought there were solutions for this...

Steve Kanney, CFA
http://www.integratedfinancialny.com/index.html
Any comments made are designed to help you make your own decisions and do not consititute investment advice.
Post Thu Feb 21, 2013 3:20 pm
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coaster
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quote:
Originally posted by oldguy
I mail 4 checks/mon to various providers in various cities.

Oh thanks!! You just reminded me I need to get that check in the mail!! Laughing

~Tim~
Post Thu Feb 21, 2013 5:00 pm
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hildmiley
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Personal health insurance is a great way to ensure you get the medical treatment you require when you need it. When you start a family you will inevitably have more people relying on you to be healthy and fit. If you find that you are in need of medical assistance you'll want it immediately rather than having to wait on the public system
Post Fri Apr 05, 2013 9:01 am
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