I'm paying the COBRA (a huge amount of money for me) but it runs out in June. Eddie, what am I suppose to do?
#24 | Posted by hope4hope
If you have been like 90% of Americans, you've been brainwashed into thinking that either the company you work for or the government is required to provide you healthcare! When did this happen?
Over the last 3 to 4 decades, companies have been using the paying of health care premiums for employees and their families as a retention policy. It worked for a while. Now, it doesn't work anymore and it's getting costly to the point where the company will not pay for the family anymore.
Another phenomenon... Since health care was free to the employee/patient, the patient stopped shopping around, stopped questioning the bill, and stopped caring him/herself. The natural thing to happen was that Providers got careless with billing and started even billing the insurance company directly. Cost went up--quicker than inflation.
We are babes in the woods. Companies are abandoning us and leaving us to fend for our own health now. We don't know what to do because it's far too complicated and IT'S SUPPOSED TO BE FREE!!! I don't mean to insult you, but everyone in the country is in the same boat as you, one month away from having to find new insurance.
If you don't have any preexisting conditions, you can go with a high deductible plan and a Health Savings Account.
I'll give you an example. I have high blood pressure and high cholesterol (hereditary). I'm on 4 medications that cost $35/month. If I went with an old-school 100% policy, it would cost me $550 a month with a $10 co-pay, 100% covered up to $5 million. Instead, I am with Assurant Health (in Colorado), a high deductible plan of $3500 a year and no drug coverage and they pay for a yearly exam and labs -- cost per month, $98.
So, the most I'll pay out in a year is $4700.
On the other old-school plan, I pay out $6600.
Now, here's the thing. On my plan, if I don't get sick (and I lose 40 lbs to get off the meds), I save $3500 a year. The other plan goes to the insurance company!!
PLUS! If I start contributing the $3500 a year to a Health Savings Account, I write that off on my taxes (as you would an IRA)