My own insurance? someone help!?

Hey everyone, I need some help with picking out insurance. I am getting some online for work. They dont provide it. I am single, in good health and only go to the doctor for a pap smear every year and birth control refills...I dont want a high payment but i want something that will cover me if something were to happen....any suggestions??

You might consider an IRS-approved High Deductible Health Plan (HDHP). As the name suggests, it has high deductible amounts, so the premiums are much lower than with traditional health insurance. Under federal law, the minimum deductible in a HDHP plan is $1,100 for an individual; the maximum is $5,500.

An HDHP allows you to shelter up to $2,850 per year from federal and state taxes in a Health Savings Account (HSA). Depending on your tax bracket and where you live, that could save you as much as $1,480 in taxes per year, assuming a combined tax rate of 51.95%â€”35% in federal income tax, and 7.65% in Federal Insurance Contributions Act (FICA) tax, and 9.3% in state income tax (California). Basically, your pre-tax dollars are worth twice as much as after-tax dollarsâ€”so they buy twice as much. The contributions you make to an HSA are yours to keep, rolling over from year to year. The funds remain untaxed as long as you use them to pay medical expenses or withdraw them after age 65. The funds earn interest on a tax-deferred basis. Think of it as an IRA that you can use to pay out-of-pocket medical expenses.

To find out more about an HDHP and to compare rates between different companies for standard insurance, try talking to a health insurance broker. A broker works with several companies and can find the best rate for you. To find one in your area, log on to http://www.healthinsurancewiz.com and fill out a form requesting a free quote. Your information will be sent to a broker in your area who will contact you. There is no obligation, so give it a try.

try and find a high deductible policy - like $1000/yr with a stop gap of $5000/yr

Check with the company you have other policies with (car, auto, home) they may also carry health insurance. You may get a better rate and perhaps a discount because of multiple policies.

Check the yellow pages for insurance brokers/agents that handle individual health insurance policies. Get several quotes and compare prices/coverage.

Tons of suggestions...

Go with a high-deductible plan that has doctor visits, prescriptions, and wellness covered with copays. The higher deductible, the better. Your premium will be lower with a higher deductible, but you don't have to meet that with just doctor visits, prescriptions and wellness if covered by a copay. But beware: Alot of insurance companies are starting to limit the doctor visits to 2 or 4 a year. Another thing: By having a PPO (which you want) instead of an HMO (which you don't), you will have 'contracted rates' for major things like hospitalization. An example is my outpatient knee surgery...the bill was $25,000 !! The contracted rate was only $2000. So I saved $23000 even though the insurance company didn't pay a dime. The contracted rates are the same whether I had a $500 deductible or $5000 deductible. Another thing that will save costs is going with a 50/50 plan as opposed to an 80/20. What's that , you say ? Am I crazy ? Well no, because you have a CAP on what you pay. 80/20 is typically $3000; 50/50 is typically $2500...a better deal AND a better premium (cost per month). I would call a broker...it doesn't cost you anything...the premium is the same as if you went direct. Preferably get his/her name by referral. I work by referral only...if you do a good job for people, they will tell others about you, so find someone who will refer you to a good broker. Alot of people try to shop for insurance online...here is why it doesn't work in the easiest terms possible. Imagine you have a car and you can change your own oil. But something happens to the car and you research the problem online to try and fix yourself. That still doesn't make you a mechanic. With your health insurance, especially since it doesn't cost you anything, confer with a licensed professional, preferably one who only does health insurance (as opposed to someone who does it on the side so they can get you for life insurance). There's a reason people have to be licensed and go to continuing education every so often. It's too important for 'do-it-yourself'-ing. Good luck.

Regarding the response to check with your 'other carrier'..don't. There IS no discount whatsoever and the policies they have are substandard compared to what else is available. Also, the agents may be great at auto insurance, but health insurance is infinitely more complicated...get someone who specializes.

Regarding the response of get a high deductible...$1000 is the new 'low' deductible on individual health insurance plans. Better to get a $5000 as you'll still get discounts (as illustrated above). No need to do without copays on wellness and doc visits...which can run into the HUNDREDS of dollars for a simple wellness exam with mammogram and PAP smears. What you want is out there...find a broker who specializes in health insurance to find it.

A major medical policy with a really high deductible. You'll be paying for the doc & pap & pills yourself - but in the long run, it will save you money by cutting your premium in half.

But you're better off buying it through a local agent, than on the internet.

If you are single with no family, why do you need insurance? The purpose of insurance is to provide protection to one's family or loved ones, if (you) the breadwinner should die prematurely.

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