Thinking about health insurance. How much should I pay a month?

Question

Right now I pay $400 a month for health insurance and it sucks because I still have to pay the first $3000 before the insurance company starts paying anything.

So my dilemma is that if I have a bad accident once during the year, I am paying $7800 for the year before insurance kicks in. I am not sure of the statistics but the chance of anyone really having a serious enough accident is very slim.

I know that the general consensus is that you need GREAT insurance and that the high fees are worth it because of the coverage, but is it really that beneficial if there is a super low probability of a serious injury?

I am just wondering because we do make decent enough money and I wonder if a low monthly payment along with a high deductible is a better option because you aren't throwing as much money away each month.

My family consists of myself, my wife and my 1 year old.

Answer 1

I think it's a great idea to raise your deductible and take on more risk if you are a healthy family.  If you need a tax deduction in addition, look into the high deductible health plans with health savings accounts associated with them.  Money goes into your health savings account pre tax and comes out tax free to pay for medical expenses and more.  

You can get quotes here on regular plans or on health savings account.  You should have a broker work on your case and see what they can drum up.  Click the link below and complete the short form.  It will put you in touch with local agents in your area.  I hope that helps!

http://myinsurancequotes.net/free-health...

Sincerely,

Jared Balis

www.utahinsurance.org

Answer 2

wow that is an incredible amount to pay for month AND then if god forbid anything ever went wrong . . . at http://www.COMPAREusINSURANCE.com you can view a list of the major insurance companies looking for your business by giving discounted prices, i hope you can find something cause those are some pocket hitting prices.

Answer 3

OK, the average family plan costs about $1200 a month, so if you're paying $400 a month for tree of you, with that $3,000 deductible, you've got a good deal.   Run the numbers - I think you''ll see that what you're doing now, is more cost effective than a low/no deductible plan.

Your problem isn't an accident.  The problem with health insurance, is that as you get older, you develop problems - stuff starts going wrong.  It can go wrong at 20, or 30, or 40, or . . .whenever.  The PROBLEM is, if something goes wrong when you're not insured, you'll never get a company to cover it, on a private policy.   And the likelihood of something going wrong is pretty much 95%, by the time you get to 60.

Answer 4

$400 per month for a health insurance plan with a $3000 annual  deductible sounds like such a GOOD deal to me I would take it to an insurance broker to make sure there aren't any strange things written into the contract that would prevent you from getting benefits.

Do you have to meet the annual deductible before the plan pays prescriptions? My husband is self-employed with an individual plan with a high annual deductible but his drugs are paid for immediately without his paying out the deductible.

I was an underwriter and the risk of having a accident that will cause a life-long disability is 3%. The chance that you, your spouse or child will reap the rewards of maintaining your health insurance plan is about 80% over of the course of time. You may not have $7800 in expenses this year but you could easily with just needing something as simple as having your gall-bladder removed next year have a hospital bill of $17000 in addition to preventative health screens your wife needs and well baby checks your will incur.

Answer 5

Whether the plan you have is a good deal or not is hard to tell without knowing some of the specifics of the plan, who the insurance company is, and what state you live in.

One thing that you can do is shop around. It is always best practices to compare rate quotes at least every 6 months just to make sure that you have the best value and the best plan for your family's needs.

As long as you stick with a large and trusted company like a Blue Cross Blue Shield, Aetna, United Healthcare, Humana, etc. then the more you shop around the better it can be for you.

Just don't make the mistake of thinking that you can go without coverage or you can purchase a limited or no benefit imitation to insurance like a discount card. Remember, the biggest cause of personal bankruptcy in the US is due to medical bills. You do not want to have to blow your money for a downpayment on a large medical bill or worse go into bankruptcy and damage your credit so bad that you cannot qualify for a loan.

Of course do not cancel the coverage that you have until you find out if you are approved for any new and cheaper plan that you may apply for.

Health insurance rates are constantly changing so it can pay off quite a bit to shop around. Here is some more information on finding cheap health insurance:

Answer 6

http://www.healthbuy.com/?aid=370236