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Message |
    
thegoodsgt
Citizen
Username: Thegoodsgt
Post Number: 966
Registered: 2-2002
| | Posted on Monday, May 8, 2006 - 3:04 pm: | 
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I'm curious to hear if any of you have turned down employer-sponsored health insurance in favor of a High Deductible Health Plan (HDHP), also known as Catastrophic Health Insurance? Likewise, if you're using a Healthcare Savings Account (HSA) for the HDHP deductible.
It's not clear to me whether these are even available in New Jersey yet. |
oots
Citizen
Username: Oots
Post Number: 393
Registered: 6-2001
| | Posted on Monday, May 8, 2006 - 6:10 pm: |
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They are available-but I don't think the small savings in premium is worth it at this time.
oots |
thegoodsgt
Citizen
Username: Thegoodsgt
Post Number: 967
Registered: 2-2002
| | Posted on Tuesday, May 9, 2006 - 7:42 am: |
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Thanks, oots. Looking at some random numbers I've seen posted on the Internet, we could probably save around $2,500/year.
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Bob K
Supporter
Username: Bobk
Post Number: 11452
Registered: 5-2001
| | Posted on Tuesday, May 9, 2006 - 8:15 am: |
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How much of a deductible/ self insured retention are you thinking of?
With the new health accounts you don't have to spend all your contributions in the year you make them (or so I understand). This is huge in that you can build up a cushion for catastrophic illness/accident if, actually more of a when, it hits.
If you are young and healthy and in a position to be able to pay the deductible from other funds if you are struck with illness or accident in the first couple of years it may make sense.
Warning: I am making this post without any real knowledge of health insurance, although I have worked with deductible and self insured retention programs for industry and governmental entities for many years.
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oots
Citizen
Username: Oots
Post Number: 394
Registered: 6-2001
| | Posted on Tuesday, May 9, 2006 - 11:42 am: |
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I already have a high deductible plan from bc bs-the premium saved by going hsa was only about 10%. With the hsa(I believe) you pay for everything out of pocket first(using the monthly deductible payments you must make-they(bc bs)will pay for 1 physical per year. Since one member of our household always hits the deductible-it was not worth it for us(the hsa plan).
oots |
Oakland
Citizen
Username: Oakland
Post Number: 43
Registered: 11-2004
| | Posted on Thursday, May 11, 2006 - 2:42 pm: |
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I have a high deductible plan through Tufts/PHCS, and LOVE it. It also affords you a tax break and to save for retirement, which I appreciate. |
moving soon
Citizen
Username: Movingsoon
Post Number: 102
Registered: 12-2004
| | Posted on Thursday, May 11, 2006 - 3:20 pm: |
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Oakland--
Does your plan qualify as an HSA? Is it through an employer, or available to individuals? I'm interested in learning more about HSA-qualified (high deductable) plans, but I'm self employed and haven't had luck finding any... |
oots
Citizen
Username: Oots
Post Number: 396
Registered: 6-2001
| | Posted on Thursday, May 11, 2006 - 3:47 pm: |
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moving
blue cross has them.
oots |
moving soon
Citizen
Username: Movingsoon
Post Number: 103
Registered: 12-2004
| | Posted on Thursday, May 11, 2006 - 4:23 pm: |
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oots--
Not available to individuals, I just called. But thanks for the tip. My search goes on... |
oots
Citizen
Username: Oots
Post Number: 397
Registered: 6-2001
| | Posted on Thursday, May 11, 2006 - 5:36 pm: |
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moving
sorry-you must be right-I have a small business group.
oots |
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