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 Elite Veteran
Posts: 972
  
Location: Texas! | So my work is offering heath insurance now but is not paying any of it. I qualify for a $204 subsidy so can get a similar plan through the market place for $100 less than what I would be paying for work which is already double what I paid for this plan in 2017. Only problem is the plan through my work is considered affordable going by the 9.69% of my income. I'm considering going uninsured and just putting money aside for the penalty and for any office visits I need. Only reason I signed up last year was in case I had a bad accident and figured $6500 wasn't going to bankrupt us but for $80 / mo it was worth that piece of mind. Now I'm going to be required to take my works plan which the lowest plan is $224 for the same high deductible HSA. I'm just frustrated and wondering what y'all would do in this situation? |
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 BHW Resident Surgeon
Posts: 25352
Location: Bastrop, Texas | Is your work plan a combined high deductible with an HSA?
What is your monthly premium? Are you putting the maximum allowable into your HSA every month?
What is the deductible amount? |
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Elite Veteran
Posts: 972
Location: Texas! | They are both 100% HSA with deductible of $6550 before anything is paid. Both cover a yearly visit all the minimum etc. had my IUD replaced this year so I'm good on BC for 5 more years. I have not put anything into it. I pay $80/mo for my 2017 plan which the plan on the marketplace goes up to $159 for 2018 my work plan is $224 for same plan but with BCBS. |
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BHW Resident Surgeon
Posts: 25352
Location: Bastrop, Texas | You haven’t put anything into your HSA? I would do that, for one thing. Your deductible is high, like most people. Ours is the same, except we are paying $1500 a month. Consider yourself lucky.
A lot of people would love to have your dilemma. Take maximum advantage of your HSA. It’s all deductible, plus it’s your money. You own it. |
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Elite Veteran
Posts: 972
Location: Texas! | Can't afford to add to the hsa that is already doubling plus now the difference from my works plan plus now having to pay studen loan payments. Not getting a second job to pay for my works insurance. |
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BHW Resident Surgeon
Posts: 25352
Location: Bastrop, Texas | WYOracer - 2017-11-05 12:03 PM
Can't afford to add to the hsa that is already doubling plus now the difference from my works plan plus now having to pay studen loan payments. Not getting a second job to pay for my works insurance.
I don’t understand your last sentence.
Given the current climate, what do you think is a reasonable amount that you should be expected to pay for health insurance that covers all your health care expenses, in the event you suffer an extreme injury that could run up into the hundreds of thousands?
Honest question.
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Elite Veteran
Posts: 972
Location: Texas! | im wondering if there is any alternatives to being required to take my work plan since it's more than doubling my current situation. |
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BHW Resident Surgeon
Posts: 25352
Location: Bastrop, Texas | Well, whatever you decide, you are getting off easy, compared to a lot of people. In fact, most.
I'd strongly recommend you take advantage of your HSA and make contributions to it. That is not money "spent".....it's a savings account that you own.
Do you own horses? |
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Elite Veteran
Posts: 972
Location: Texas! | I do yes. We've sold all but my one. |
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Elite Veteran
Posts: 972
Location: Texas! | Has anyone had any luck on the open market with reasonable plans? |
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BHW Resident Surgeon
Posts: 25352
Location: Bastrop, Texas | WYOracer - 2017-11-05 2:23 PM
I do yes. We've sold all but my one.
Is that the one you had insured? |
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Elite Veteran
Posts: 972
Location: Texas! | Yes. He's the one that had KS surgery. |
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Go Get Em!
Posts: 13503
 
Location: OH. IO | Personally I would stay with work insurance. |
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BHW Resident Surgeon
Posts: 25352
Location: Bastrop, Texas | Well, those high deductible policies are crappy, but you really aren't paying very much at all. You are lucky compared to most.
I don't mean to pick on you, but I happened to remember that your horse had KS surgery and you were able to have that done because you were able to afford equine major medical surgery.
I'd suggest dropping the equine insurance, and put that money into an HSA. That makes more sense to me.
Priorities. |
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Elite Veteran
Posts: 972
Location: Texas! | I'm just frustrated he originally wasn't going to offer the lowest plan bc I'm the only person it would've affected but now wants it for himself and daughter and since the marketplace allowed me to sign up and said I was eligible we thought well ok it's fine but then I see that it states if I'm found eligible for "affordable" work insurance I will have to pay the subsidy back. I am going to more than double my premium for the same plan and deductible. I'm assuming no one has had any luck with plans off the marketplace or outside of work? |
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BHW Resident Surgeon
Posts: 25352
Location: Bastrop, Texas | WYOracer - 2017-11-05 4:16 PM
I'm just frustrated he originally wasn't going to offer the lowest plan bc I'm the only person it would've affected but now wants it for himself and daughter and since the marketplace allowed me to sign up and said I was eligible we thought well ok it's fine but then I see that it states if I'm found eligible for "affordable" work insurance I will have to pay the subsidy back. I am going to more than double my premium for the same plan and deductible. I'm assuming no one has had any luck with plans off the marketplace or outside of work?
I see why you are frustrated, but you have to take a step back and survey the landscape. I'll say it again......you are paying very little for health insurance, compared to the vast majority, whether it's your employer's plan or through the marketplace.
I just think you are sidestepping a point I'm trying to make, for your benefit. Even if you set aside $100 a month to put into your HSA, that is a wise move. You aren't PAYING for anything. You are simply putting YOUR money aside for an unexpected illness or injury. Scrap your horse's health insurance and put it away into your HSA. If you stay healthy, you'll build up a nice little savings account that YOU own. Most people don't have major medical for their horses, unless they own horses that are worth a considerable amount, and even then a lot of people don't spend the money on it. In my opinion, you need to re-think your priorities.
In the meantime, keep looking around for the best high deductible plan. Be careful, because there are some "plans" out there that are shady. If you run into one from an oddball company out there, make sure you read it carefully. |
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| I had a plan through the marketplace before I started my new career, which offers great insurance. I started about halfway through the calendar year, and because I had new insurance and received a huge pay increase, I had to pay back my subsidy amount for the months I had the marketplace plan. It was not fun trying to pay off that penalty, but luckily my tax return was able to help.
My husband had an HSA and it worked very well for him, because all of that money he contributed wasn't taxed, and he ended up writing it off (which I think everyone can do).
Personally, I would do the plan with the lower premium if possible, but add the difference from the two plans ($224-$159) to the HSA each month, and try to add as much to the HSA as possible for the year. I think you can add up to $3,450 if you're single, and double that if you're married, per year. Plus, that money contributed can grow and continues to stay in that account until you end your insurance plan (unless you go to a new HSA, then you can transfer the amount to that, I believe). So after a few years, that money accrued will be more than your deductible, and can be used at any time to pay for prescriptions, emergency room fees, any out of pocket medical costs, even your deductible. You can also invest the money from your HSA like you would an IRA. You can withdraw the funds at any time for any reason (not even medical related), but any non-medical reason will incur a tax penalty on the withdrawal amount.
ETA: If you love your job, but do not make enough to cover your health insurance costs, then maybe it's a good time to sit and talk with your boss(es) about what can be done to make it more affordable for you, whether it be the possibility of a raise, them paying a portion of your monthly premium, or just sitting back and taking a look at your own finances and where you can cut back to make it affordable.
Edited by madredepeanut 2017-11-05 6:10 PM
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Elite Veteran
Posts: 972
Location: Texas! | madredepeanut - 2017-11-05 5:02 PM
I had a plan through the marketplace before I started my new career, which offers great insurance. I started about halfway through the calendar year, and because I had new insurance and received a huge pay increase, I had to pay back my subsidy amount for the months I had the marketplace plan. It was not fun trying to pay off that penalty, but luckily my tax return was able to help.
My husband had an HSA and it worked very well for him, because all of that money he contributed wasn't taxed, and he ended up writing it off (which I think everyone can do).
Personally, I would do the plan with the lower premium if possible, but add the difference from the two plans ($224-$159) to the HSA each month, and try to add as much to the HSA as possible for the year. I think you can add up to $3,450 if you're single, and double that if you're married, per year. Plus, that money contributed can grow and continues to stay in that account until you end your insurance plan (unless you go to a new HSA, then you can transfer the amount to that, I believe). So after a few years, that money accrued will be more than your deductible, and can be used at any time to pay for prescriptions, emergency room fees, any out of pocket medical costs, even your deductible. You can also invest the money from your HSA like you would an IRA. You can withdraw the funds at any time for any reason (not even medical related), but any non-medical reason will incur a tax penalty on the withdrawal amount.
ETA: If you love your job, but do not make enough to cover your health insurance costs, then maybe it's a good time to sit and talk with your boss(es) about what can be done to make it more affordable for you, whether it be the possibility of a raise, them paying a portion of your monthly premium, or just sitting back and taking a look at your own finances and where you can cut back to make it affordable.
I love my job and we just bought a house here because we are happy here. Which has been great bc our costs have actually gone down versus us renting and we'll we own our place. I'm happy with my pay and am paid well considering the national avg. where I work besides doctors of course bc I have a bachelor degree and take on other administrative duties as well. This is the first time they've offered a group plan but didn't want to hurt anyone well Im the only one it affects bc of my pay so I'm basically taking a pay cut to pay for the insurance through work. The $159 plan was with a subsidy which I will not get if the $224 plan is offered at my work so I either have to take the $224 plan find something through the open market or go uninsured. The HSA would be great if I wasn't looking at an additional $134 mo going towards student loan payments plus the $144 work health insurance is going to increase. Oh well I guess I just have to pick my sucker up out of the dirt and hope they can start paying towards our insurance maybe next year. Joys of adultinf I guess, the minute you feel like you're finally going to start getting ahead life smacks you with a new bill. |
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| WYOracer - 2017-11-05 4:38 PM
madredepeanut - 2017-11-05 5:02 PM
I had a plan through the marketplace before I started my new career, which offers great insurance. I started about halfway through the calendar year, and because I had new insurance and received a huge pay increase, I had to pay back my subsidy amount for the months I had the marketplace plan. It was not fun trying to pay off that penalty, but luckily my tax return was able to help.
My husband had an HSA and it worked very well for him, because all of that money he contributed wasn't taxed, and he ended up writing it off (which I think everyone can do).
Personally, I would do the plan with the lower premium if possible, but add the difference from the two plans ($224-$159) to the HSA each month, and try to add as much to the HSA as possible for the year. I think you can add up to $3,450 if you're single, and double that if you're married, per year. Plus, that money contributed can grow and continues to stay in that account until you end your insurance plan (unless you go to a new HSA, then you can transfer the amount to that, I believe). So after a few years, that money accrued will be more than your deductible, and can be used at any time to pay for prescriptions, emergency room fees, any out of pocket medical costs, even your deductible. You can also invest the money from your HSA like you would an IRA. You can withdraw the funds at any time for any reason (not even medical related), but any non-medical reason will incur a tax penalty on the withdrawal amount.
ETA: If you love your job, but do not make enough to cover your health insurance costs, then maybe it's a good time to sit and talk with your boss(es) about what can be done to make it more affordable for you, whether it be the possibility of a raise, them paying a portion of your monthly premium, or just sitting back and taking a look at your own finances and where you can cut back to make it affordable.
I love my job and we just bought a house here because we are happy here. Which has been great bc our costs have actually gone down versus us renting and we'll we own our place. I'm happy with my pay and am paid well considering the national avg. where I work besides doctors of course bc I have a bachelor degree and take on other administrative duties as well. This is the first time they've offered a group plan but didn't want to hurt anyone well Im the only one it affects bc of my pay so I'm basically taking a pay cut to pay for the insurance through work. The $159 plan was with a subsidy which I will not get if the $224 plan is offered at my work so I either have to take the $224 plan find something through the open market or go uninsured. The HSA would be great if I wasn't looking at an additional $134 mo going towards student loan payments plus the $144 work health insurance is going to increase. Oh well I guess I just have to pick my sucker up out of the dirt and hope they can start paying towards our insurance maybe next year. Joys of adultinf I guess, the minute you feel like you're finally going to start getting ahead life smacks you with a new bill.
I hear you. If it's not one thing, it's another  |
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Married to a Louie Lover
Posts: 3303
| No suggestions just a hug.
I feel your frustration. I just switched jobs and previously we had VERY affordable insurance for myself and my husband. I’m currently wading through enrolling in insurance for the balance of this year and next year with the new company. Different types of plans, different company contributions, it’s a lot to figure out. The plans do cost more, enough to pretty well offset the raise I got. Luckily I only drive 8 miles now vs 60 one way... so that helps. My husband has reoccurring health expenses which adds to the complexity of the decision.
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