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Fishguy | Are there any unforeseen problems I may encounter if I drop my employer's health ins. then get ins. on my own |
We pay nearly $800.00 a month for family coverage now. If I switched to an individual plan with very high deductibles and co payments, I can pay less than half this much, but I'll be paying for doctors visits and the such out of pocket.
I can live with paying for services rendered as needed, but I am I missing some potential tax problem or potential problem with getting insurance at a later date? |
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Zarnev
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You'll want to visit a local independent agent who can sit down with you and compare your current policy with the individual policies. They don't charge you anything for the service and will be able to answer your questions.
An individual policy cannot raise your rates based on a catastrophic illness or accidents and the major medical policies have a lifetime max of $2M to $8M.
There may be a small tax implication if you are currently paying your premiums with pre-tax dollars. However, since you are looking at a high deductible plan you can possibly make up for the tax difference if you get an HSA qualified health plan and open up an HSA account. The agent will be able to help you with that as well.
The only problem with getting insurance at a later date would be you would not be eligible for COBRA or portability insurance should you become uninsurable and move to a different state. Be sure to discuss this with the agent also. |
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KC
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COST!!!!! |
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mbrcatz
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The ONLY problem is having the insurance company refuse to take you.
So I'd be darned sure the new coverage is in place, solidly, before dropping the employer's plan. |
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Ken
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In order to avoid being taxed on the income which you use to pay your premium you may see if your employer offers a cafeteria plan. Otherwise, you will be taxed on the premiums except to the extent they exceed the floor (I believe it is around 7% of AGI).
Potential problems with your insurance: When your premiums rise, the cost will be solely borne by you. If your employer pays, the cost of increases usually falls largely on the employer.
If anyone in your family has a catastrophic illness, your premiums may rise to the point that you cannot afford them. Employers use group policies to keep these costs down because they are spread over a large group of people.
Finally, employers often bundle life, health and disability benefits. Are you sure you are getting the same coverage for 1/2 the amount? What about lifetime maximum coverage? Again, if there is a catastrophic incident you can exceed even a $1,000,000 policy pretty quickly.
Good luck, I hope this helps. |
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hightechchic
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First and foremost, you'll want to be absolutely SURE you can even save the money you believe you can.
Unless you've submitted an application that's been fully underwritten by the company, all you have now is quotes. No rate is EVER final until it's been underwritten and you may be shocked at the difference in the rates if the company finds what they consider to be a serious pre-existing condition. (Please note, your idea of a serious pre-existing condition and the insurance company's definition of same may be wildly different. For example, you may consider a snoring problem to be a nuisance, but they may consider it to be sleep apnea and that can mean exponential increases in the rate.)
As a general rule (though certainly not always), group health policies offer broader coverage than individual policies. Some group policies (unlike ALL individual policies) do not have lifetime maximum caps for benefits either, which could potentially be a big deal if someone were to become seriously ill.
Ultimately, you may still be better off to go with the individual policy; however, you do need to be aware of all the above. Do NOT let go of your current coverage until you have a final rate for the individual policy and have considered all of these implications. |
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