<p>I second the recommendation to look at ehealthinsurance.com I learned about that website from a friend who worked for our state commissioner of insurance so I felt confident that it was legit.</p>
<p>One warning I would give is that the initial rate you might find for your son is no indication whatsoever of what you may be paying in the future. Our D has a $3500 deductible individual policy and the monthly cost has almost tripled in two years despite the fact that she has not gone to a doctor a single time!!</p>
<p>IvyAlum- isn’t the coverage by the UK NHS still considered to be coverage? I have two kids abroad, one o NHS and one on a work based plan in Canada and I have not gotten them US plans, as I can still show they have been continuously covered, just not here, but they have not been here. Am I wrong?</p>
<p>I must say I am astonished by people who think of $1,500 or $2,000 as “high deductible” plans. All of the self-insured adults I know with whom I have discussed this have $10K and $15K deductibles. Now THAT is high.</p>
<p>One thing you should look at carefully is what the plan covers. When we were first self-insured, we had a policy through the National Association of the Self-Employed: something that is often recommended. Then we found out that–just as an example-- if you got cancer it doesn’t cover chemo!</p>
<p>Another thing you should check into carefully is whether the insurer is likely to vanish when a significant claim is made. Many people have faithfully paid premiums for years only to find that their “insurer” was nowhere to be found when major medical costs finally struck.</p>
<p>Consolation-
We were only able to afford the relatively low deductible on son’s policy because he is a young healthy person. We would have to buy a MUCH higher deductible if we were trying to insure old folks like DH and me.</p>
<p>So the $1500 deductible DOES seem high when compared with he 'Cadillac" plan he aged out of through my employer plan. That had a $300 per year deductible and paid 80% after that. Of course, I think he only met the ded ONE year of his entire life. Oh, the joys of youth and health!</p>
<p>At what year did he age out? If the new healthcare bill goes through, one of the things that takes effect immediately is that kids can stay on their parents’ policies until age 26. Some states already have it that high or higher. I’m wondering if kids who are already off the parents’ plans will be able to go back on when the age is raised.</p>
<p>Unfortunately you can’t talk about this without talking about the ethics involved.</p>
<p>From the individual’s perspective, it is silly to have health insurance if you’re young, healthy, independent, and lacking a job that provides it. If I get hit by a bus, I will get the same emergency treatment regardless if I have health insurance or not. Now, if I don’t have health insurance I won’t be truly expected to pay. Hell, if I don’t have health insurance, it’s extremely rare for a hospital to even bother pursuing me (I.E. get a court order declaring I disclose my assets). The end result will usually be paying nothing, even if I have a sizable savings, for the catastrophic event. This is a much better deal for the individual than buying catastrophic health insurance.</p>
<p>However there are some problems with this. For starters, in the world of social darwinism we live in today, going without health insurance and knowing that you’ll be just as well off if catastrophe strikes either way is considered highly unethical. You also have the whole thing of preexisting conditions to deal with but again, the chances of getting diabetes or heart disease or any other preexisting condition between the time between school and a good job is pretty unlikely.</p>
<p>It really boils down to how much you value the implications no having health insurance has to society.</p>
<p>That is a myth. Have you read the thread? If you get hit by a bus and your face is cut, do you want to be stitched up by a plastic surgeon or a resident who is doing it for practice. Just try getting a choice of doctors or a specialist to see you without insurance. </p>
<p>With regard to hospitals not pursuing the debt - that is another myth. You may end up not paying but you may very well ruin your credit at the same time because they are usually not going to give up without involving a collection agency. </p>
<p>With regard to pre-existing conditions. Let’s say your leg has to be amputated because of that bus accident or you break a vertebra in your back. How about those for pre-existing conditions?</p>
<p>Our state (CT) already has a provision for kids to remain on their parents’ plans until age 26 BUT only if the employer is fully insured. If the employer is SELF INSURED…they are not obligated to have these young adults continue on the plan. I work in a self insured school district that made the choice NOT to include the kids after they are out of college (plan covers them while they are full time students to age 25). I was SO disgusted…especially since we are PAYING the fully insured rate to this district. Yes…they are self insured but we are paying the fully insured rate which is higher.</p>
<p>My son, age 25, has an individual policy…and my daughter graduating in June will need one then too.</p>
<p>I hope the new federal health initiatives close this loophole.</p>
<p>cartera45 said:
At what year did he age out? If the new healthcare bill goes through, one of the things that takes effect immediately is that kids can stay on their parents’ policies until age 26. Some states already have it that high or higher. I’m wondering if kids who are already off the parents’ plans will be able to go back on when the age is raised.</p>
<p>I also wonder about whether our DS could go ‘back’ on our employer plan. My employer, like thumper’s, chose NOT to allow young adults to remain on the SELF INSURED plan that I pay for through work. So, in NJ, the age is actually 30, but employers that self insure do not HAVE to agree; mine allowed DS to be insured until Dec of year he turned 23 years old. For him, that was 12/31/09. Thus the individual policy that I pay for him while he is a grad student.</p>
<p>I really hope that there will be something reasonable for young adults also. </p>
<p>And PurpleAndProud, you are living in some other universe. I work for a hospital. We do not turn anyone away from the ER. That doesn’t mean you won’t get a bill, have it go to collections if you cannot/do not pay, or incur large debt for non-emergent care.
You will.</p>
<p>We are not wealthy. We have purchased individual health insurance for DS so he will not start life with huge debt should his good health not hold. Young people, although most would not admit it, do sometimes become seriously ill, requiring hospitalizations.
A bill for a few days inhouse would far exceed the premiums I am paying for son.</p>
<p>Do the math - look at an insurance policy and compare the annualized premium costs for each deductible level. You will often find that you are essentially paying the deductible through your premiums; in many cases, you would be paying more than the full deductible through higher premiums. </p>
<p>If there are chronic health problems and a high likelihood of meeting the higher deductible, then you might as well pay the premiums and start getting reimbursement from the insurance company early on.</p>
<p>But if not, then it makes sense to go for the lower deductible and pocket the savings. I’ve had a $5K deductible for years, but never come anywhere close to meeting my deductible. </p>
<p>I do get some benefits from insurance – some preventive care is covered without the deductible, I don’t have to meet the deductible for the prescription drug plans, and (as noted above), I pay the insurance-negotiated rate for health care, not the amount that the doctors or hospitals bill at the outset. </p>
<p>One thing I like about my particular plan is that if and when I do meet the deductible, the insurance pays 100% of all bills after that. A lot of plans with lower deductible still leave some sort of patient co-pay, typically 20-30% of the bill. So I know that my costs are limited to a maximum $5K + my premiums every year. </p>
<p>I also have a HSA and I do contribute regularly to the account – my monthly HSA contribution is actually higher currently than my monthly premium – so basically more $$ coming into my pocket than the insurance company’s, and I have the funds available to pay for deductibles. </p>
<p>I have some issues with the overall ethics of HSA’s, but I think they can be a great choice for someone like me.</p>
<p>We tried to figure out a way for our self employed son to have a HSA to use when meeting his deductible for his individual health insurance. Unfortunately…our insurance broker said…not possible.</p>
<p>thumper- why not possible? why can’t he have an HSA?</p>
<p>I just made my first claim in 18 years and will meet that high deductible, luckily early in the year, so man oh man, my family is heading in to have all sorts of maintenance things done over the remainder of the year. But I am amazed at the cost of a single ER visit without admission- all the bills are not in yet, but so far it is in excess of $6500+ with more to come :(</p>
<p>I’m going to look into it again…it would be nice for him to have an HSA…but it was something about his self employed status…can’t really have a deduction pretax when he gets paid only in 1099’s.</p>
<p>Also, son’s insurance company said one could not set up an HSA type plan if one was still claimed as a dependent for IRS purposes. That might apply to some young adults who are students still supported by their families.</p>
<p>The portion that raises the age of dependency for coverage goes into effect 6 months after it is signed. It would be better for it to be immediately as kids graduating in May will be in limbo. There are several features that go into effect right away.</p>
<p>Current system favors the worker who works for a larger corporation and those whose predecessors who had insurance on them previously. </p>
<p>It discriminates against small businesses, those who work for small business, entrepreneurs, tradespeople, artists, those who are new to the workforce, those who have a pre-existing condition whether by birth, by accident, by some-elses’ negligence, by social economics, or the misfortune of losing a job at the wrong time. Hard work, fortune, or chance will not get you health insurance. </p>
<p>It is latter who left England, Ireland, Eastern Europe, China, Mexico, in vast emigration waves to escape the former in hopes to gain a chance to whatever they were seeking. </p>
<p>We know that that the current system is unsustainable. No system is perfect and we know that because it costs us our wealth. We do need to start somewhere, and change any future system as need be.</p>
<p>Thumper, I’m self-employed and have an HSA – I don’t know what your accountant could possibly have meant. Under the current system, I write off 100% of my HSA premiums as part of the self-employed health insurance deduction, and I also get a credit for my contributions to the HSA, similar to an IRA deduction. </p>
<p>Maybe the problem was that your son’s overall net income was simply too low to warrant the writeoffs? </p>
<p>My son had an HSA-qualified policy for awhile, but I don’t think he set up the HSA. It was just that when he went back to school, the HSA seemed like the best deal (lowest monthly premium), so that’s why he opted for it. But now he’s got a different plan via his employer… and also a different metric as he is married with a baby due next month – so now of course he wants more comprehensive coverage.</p>