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health insurance

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  1. MangosPapa MangosPapa is offline

    Posts: 851
    Joined: Jul 05

    Oct 28th, 2005 (10/28/2005 3:26pm)

    those of you who play full time, what do you do for health insurance?

    I am playing full time these days. I can elect for COBRA if i chose, but it is $380/month. This may be the norm,and i COULD afford this, however, i'd like to find something a bit more reasonable.

    If anyone has any tips or links on what i can/should do, please let me know. BTW, i live in Arizona, so not sure if this makes a difference as far as what is offered state by state.
  2. grapsfan grapsfan is offline Head Curmudgeon

    Rosemount, MN
    United States

    Posts: 7,980
    Joined: Jun 05

    Oct 28th, 2005 (10/28/2005 3:34pm) in reply to MangosPapa

    COBRA is far and away the most expensive health coverage out there, but if you're leaving an existing job and you or a dependent have an existing condition, COBRA may be the only way to make sure you still can get treatment for it.

    I don't know what options are available to you, but being able to state that you're "self employed" will likely open coverage options to you that weren't available to me when I was "unemployed". For instance, about five years ago I looked into starting my own business, and part of that research was to investigate insurance options for my potential employees (myself and three other people). What I found out was that Blue Cross/Blue Shield didn't particularly offer squat for any old individual, but you could get reasonably priced insurance if you were a small business owner...even if that business employed just one person.

    Now, that was in Illinois, insurance companies seem to drastically change their coverage options on a yearly basis, and I really don't know shit about most of it. But that's my story, and I'm sticking to it.
     
  3. CaptinMorgan CaptinMorgan is offline

    Fargo, ND
    United States

    Posts: 870
    Joined: Apr 05

    Oct 28th, 2005 (10/28/2005 4:26pm) in reply to grapsfan

    Mangos,

    Check out www.bcbs.com and click listing of Blue companies on the left hand side. Then click on Arizona Blue Cross link. Grapsfan is right about COBRA being one of the most expensive options available but that is only if our healthy and are eligible for other group coverage.

    If you can't get other group coverage by becoming self insured try getting individual coverage through BCBS of Arizona. If you qualify it should cost you less than the COBRA.

    If you qualify for group coverage through being self employed try going on that, it might be a little more expensive then individual coverage but it is likely better coverage.

    As for $380 a month in premiums if your paying that for yourself I think its a little high (depending upon you age). If it's for family coverage your getting a heck of a deal.

    Also if they saying your not eligible for group coverage because your a group of one you can always check to see if there are any association plans in you area that accept groups of one.

    Were I'm from (Fargo, North Dakota) there is a association plan that groups of one can go on. (they have to medically qualify for it though).

    Hope this helps.

    BCBS isn't your only option either. I'm not familiar with what available in Arizona but you can go on the states website and check out what health insurance companies can sell group health insurance in the state. It's normally in the insurance commissioners portion of the states website.
  4. MangosPapa MangosPapa is offline

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    Oct 28th, 2005 (10/28/2005 4:37pm) in reply to CaptinMorgan

    Thanks for the assistance, fellas. I found a website, ehealthinsurance.com, that offers quotes for all the health plans here in arizona. I am leaning towards applying with one of the companies they recommend. It seems to be a reputable site, and their customer service was very helpful in finding a plan that fits my need. I will be sure to double check with Blue Cross Blue Shield to see if their package is better.

    I am not surprised that I could find help here at P5's. The advice/help is much appreciated!!
    Thread Starter
  5. delete3 delete3 is offline

    Ithaca, NY
    United States

    Posts: 47
    Joined: Sep 05

    Oct 28th, 2005 (10/28/2005 4:54pm) in reply to MangosPapa

    I have individual health with Blue Cross of Illinois since i'm self employeed. I'm 29, single, and pay $72 a month for high deductable ($2250 ded.) If you are single, i'd recomend this (high deductable option) if you dont have any medical conditions or see a doctor regularly. Then you can also open a HSA (or also called MSA). HSA stands for Health Savings Account. Since my ded. is $2250/year, I can contribute that amount each year into this account and invest it, and withdraw it if I need it for medical purpose down the road. AND, you WILL NOT lose it if you dont spend it during the year. and even better, the amount you contribute to this account is 100% TAX DEDUCTABLE. It saved me about $500 last year in taxes by contributing to this account. Well worth it. (I know alot this topic since I'm a financial advisor) my email is mattkewenig@yahoo.com if you have alot of specif questions, i'd be fine with answering them. I'm not familiar with what is available out in AZ but Good luck.
  6. 12stacks 12stacks is offline

    O Fallon, MO
    United States

    Posts: 46
    Joined: Jun 05

    Oct 28th, 2005 (10/28/2005 5:07pm) in reply to MangosPapa

    Very good question. I'm a licensed agent and self employed as well. I would go through GHP.
    GHP.com is the site i believe. I pay around 80 a month, no test, physicals, etc. Might be higher if you smoke. If you do rarely or if you chew tobacco occasionally i wouldn't worry about it. I believe the deductable is like 500 or 1000 not much. As you can tell i have not used it :)
    Hope this helps. PLUS, you can fill it out online, its a breeze!

    12stacks
  7. BlufforNuts BlufforNuts is offline

    Chilliwack
    Canada

    Posts: 204
    Joined: Jul 05

    Oct 28th, 2005 (10/28/2005 5:30pm) in reply to MangosPapa

    I own a business and purchase our company's health insurnace and am also familiar with COBRA rights.

    The poster who said that COBRA is the most expensive option is incorrect. COBRA is an acronym for a law that mandates that an employer offer an employee who has terminated (regardless of reason) employment the right to purchase at cost the coverage afforded other employees for 2 years after employment terminates.

    Other than a nominal adminstrative fee of a few bucks a month, the employer cannot mark up the cost.

    So the "cost" of that COBRA coverage will vary depending on whom your employer was. Most employers get group rates and their coverage is usually cheaper than buying an individual policy.

    BUT beware. There is a risk to COBRA coverage. Your employer has no obligation to extend COBRA coverage to you beyond 2 years. If you get sick you may be uninsurable when you attempt to move to your own coverage after two years.

    This rsik doesn't apply to your own policy because an insurer must renew you once you are insured at market rates even if you get sick.
  8. MangosPapa MangosPapa is offline

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    Oct 28th, 2005 (10/28/2005 6:12pm) in reply to delete3

    Matt, i sent you an email in regards to HSA's. Thanks for the additional info everyone.
    Thread Starter
  9. chavs chavs is offline

    Hartford, CT
    United States

    Posts: 308
    Joined: Oct 05

    Nov 4th, 2005 (11/4/2005 3:11am) in reply to BlufforNuts

    $72 a month is really cheap. I might get that since i'm still young.
  10. CaptinMorgan CaptinMorgan is offline

    Fargo, ND
    United States

    Posts: 870
    Joined: Apr 05

    Nov 4th, 2005 (11/4/2005 9:57am) in reply to BlufforNuts

    BlufforNuts -

    I'm not the one who said COBRA was the most expensive but I've got to take issue with what you said. Yes COBRA is a Federal mandate. An employer can markup a 2% admin fee. It's 18 months not 2 years. But group rates in most states are almost always more expensive then individual rates (if your healthy). The reason for this is that most groups (those not self insured) must follow both Federal and State mandates for there health coverage and individual plans are not under the same obligation. For instance all group plans cover pregnancy. Some/most individual plans do not. These mandates increase the cost of group plans normally making them more expensive.

    And to the BUT beware part - The risk is you become sick and cannot qualify for an individual plan while your on COBRA but you can still obtain coverage. Every state has state guaranteed coverage. Normally the coverage isn't as good and the cost is more but you still will be able to obtain coverage.

    And yes individual plans do not allow the company to discontinue coverage to you once you qualify or give you a larger rate increase than they give everyone else if you become sick. They must file there rate increase with the state they are in. So the only advice there is make sure you go with a company that has a large presence in your state.

    So in summary. COBRA is almost always more expensive then individual coverage in healthy. If you take COBRA and in the 18 months it's offered to you get sick you can/will no longer qualify for individual coverage and get stuck with state mandated coverage (less benefit/higher cost).

    Why would you take COBRA? Unless the need is temporary (switching job's) there really is no reason.
  11. chavs chavs is offline

    Hartford, CT
    United States

    Posts: 308
    Joined: Oct 05

    Nov 11th, 2005 (11/11/2005 4:59am) in reply to CaptinMorgan

    COBRA is the most expensive insurance to have.
  12. chipgeeks chipgeeks is offline

    Cincinnati, OH
    United States

    Posts: 91
    Joined: Sep 05

    Nov 11th, 2005 (11/11/2005 8:37am) in reply to chavs

    FYI, if anyone needs health insurance let me know and I can give you the number of the guy that hooked me up. $40 a month with a $1000 deductable.

    Also don't forget about disability. Something to consider. If you get seriously injured and can't work (play online I presume) then you will need something to take care of that loss of income. Disability will allow you to qualify for up to 60% of your actual income, often per your last W2. Its a little more expensive than health insurance but still a consideration.

    Also, while I'm at it, you may want to consider opening up an ING Direct Savings account. They offer the best interest rates around on your money and its very easy to move money in and out from a checking account. Just some things to think about.
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