Anonymous
Anonymous asked in Business & FinanceInsurance · 9 years ago

Is this too high for heath insurance or is this how they all are?

I pay 130/month for health insurance through Humana for 1 adult and 2 children, full coverage. I usually have to pay a $20 copay for minor doctor visits. Recently I found out Humana is going to start charging an extra $20/week so it will be $150/week, so about $500-600/month, which is a little more than our mortgage payment. We pay less in groceries every week than the amount it costs us to pay for this insurance and we rarely visit the doctor, maybe twice a year, and the amount that is charged hardly adds up to the amount paid throughout the whole year. It's really ridiculous, in my opinion. I get this insurance through my work. I only have the option to cancel or change things about the insurance twice a year and the time has come up. So I am considering canceling and looking elsewhere for health insurance, or just paying out of pocket because if I cancel that's an extra 150 bucks in the bank. I will still keep my vision and dental. Is this a good idea to cancel? Pros. vs. Cons.? Are there any better health insurance companies I could go with that would charge less in the state of Ohio? Honestly I am considering applying for medicaid because we are struggling.

We are behind in several medical bills that the insurance wouldn't cover and they are less than what the insurance company charges us monthly, yet because all our money is spent on the insurance, we can't pay for the actual bills - what's the point in the insurance? Enlighten me someone? I was told once that the two biggest crooks are lawyers and insurance companies and I'm starting to see why.

Update:

Actually this is NOT full coverage. (btw I'm asking this for my bf who actually pays for this insurance; I cannot get it because we are not married. It's for him and our 2 kids)

Update 2:

"In this case not only would you then be on Medicaid but you'll also be in section 8 housing."

I'm don't understand this, could you explain? Are you saying that if I get on medicaid that I would be in section 8 housing? What exactly is section 8 housing and is that considered bad or something? Does that mean I would have to live in an area of section 8 housing because I would get medicaid? Confused.

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  • 9 years ago
    Favorite Answer

    That's dirt cheap. The average no deductible family plan runs around $1700 a month. His employers are kicking in a LARGE amount towards that insurance.

    Go shop around, and see how much it's going to cost you to get coverage privately. Then you'll see how realistic it is.

    You won't get dad and two kids insured for $600 a month or less, unless they're ALL in perfect health, no preexisting conditions, youngest child is OVER two years old, and you take at least a $2500 deductible per person.

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  • 9 years ago

    1. You might even be able to go with the same insurance company and pay less in the state of Ohio. If you buy insurance on your own, directly from the insurance company, and cancel the insurance from work, then the prices are totally different.

    2. The comment about Section 8 does not mean what you think it meant. It meant that if you cancel your health insurance and you do not get other health insurance, and then something happens that makes the cost of paying for everything out of pocket very high (heart attack, cancer, etc.), then you will have to spend all your money on medical care, so you will not be able to pay your mortgage, and you will lose your home, and Section 8 housing will be the only type of housing that you will be able to get.

    3. To answer your original question, the insurance you have now is not "how they all are". Some cost more and cover less.

    4. Although there might be "better health insurance companies... that would charge less ", you do not necessarily need to switch companies. Simply getting the insurance on your own, without getting it through your employer, could make it cost less, even if you stay with the same insurance company.

    5. If you get insurance through your employer, then the amount that is charged for insurance is based on the amount of use that the average employer makes, not the amount of use that your family makes. You are not paying a high price because of this insurance company. You are paying a high price because the other employees (or their families) use it a lot more than your family does. If you buy it on your own, directly from this insurance company or another insurance company, then the price will not be based on the other employees, so you may not have to pay as much.

    6. The point to insurance is so that if something (heart attack, cancer, etc.) happens that causes hundreds of thousands of dollars of medical bills, you pay "only" ten thousand or so, instead of paying hundreds of thousands, or even millions.

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  • Zarnev
    Lv 7
    9 years ago

    You may or may not get a better rate through an individual policy. Most likely you will get a better rate because group policies are as a rule much more expensive than individual policies. Most people don't realize that fact because many companies pay a portion of the premium. Since I don't know how much your employer is kicking in I can't do any type of analysis. Your ages and current health conditions will also affect the rates.

    You need to contact a local agent that works with all of the major companies in your area to see what is available. Be aware that if you get a catastrophic policy where you pay for the little things the premium will be much less. There is no charge using an agent and you'll know your options.

    If you go without insurance you can pay the little things out of what you'd be paying in premium. However, can you afford to pay the $100,000 surgery out of pocket should something major happen? In this case not only would you then be on Medicaid but you'll also be in section 8 housing.

    EDIT for your additional details: That is another way of saying that if you get hit with an expensive hospital bill you may lose your house. Section 8 housing is housing for people who cannot afford their rent or mortgage. It has nothing to do with Medicaid except that to qualify you must be poor. A $100,000 hospital bill will make you poor.

    Source(s): Independent Agent
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  • 3 years ago

    I suggest that you visit this site where onel can get quotes from different companies: http://COVERAGE-FINDER.NET/index.html?src=2YAjzlqo...

    RE :Is this too high for heath insurance or is this how they all are?

    I pay 130/month for health insurance through Humana for 1 adult and 2 children, full coverage. I usually have to pay a $20 copay for minor doctor visits. Recently I found out Humana is going to start charging an extra $20/week so it will be $150/week, so about $500-600/month, which is a little more than our mortgage payment. We pay less in groceries every week than the amount it costs us to pay for this insurance and we rarely visit the doctor, maybe twice a year, and the amount that is charged hardly adds up to the amount paid throughout the whole year. It's really ridiculous, in my opinion. I get this insurance through my work. I only have the option to cancel or change things about the insurance twice a year and the time has come up. So I am considering canceling and looking elsewhere for health insurance, or just paying out of pocket because if I cancel that's an extra 150 bucks in the bank. I will still keep my vision and dental. Is this a good idea to cancel? Pros. vs. Cons.? Are there any better health insurance companies I could go with that would charge less in the state of Ohio? Honestly I am considering applying for medicaid because we are struggling.

    We are behind in several medical bills that the insurance wouldn't cover and they are less than what the insurance company charges us monthly, yet because all our money is spent on the insurance, we can't pay for the actual bills - what's the point in the insurance? Enlighten me someone? I was told once that the two biggest crooks are lawyers and insurance companies and I'm starting to see why.

    Update: Actually this is NOT full coverage. (btw I'm asking this for my bf who actually pays for this insurance; I cannot get it because we are not married. It's for him and our 2 kids)

    Update 2: "In this case not only would you then be on Medicaid but you'll also be in section 8 housing."

    I'm don't understand this, could you explain? Are you saying that if I get on medicaid that I would be in section 8 housing? What exactly is section 8 housing and is that considered bad or something? Does that mean I would have to live in an area of section 8 housing because I would get medicaid? Confused.

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  • 9 years ago

    Insurance is insurance - your child falls out of tree breaks their leg, needs surgery.

    - Normally, unless you have some sort of condition that requires you to have regular treatment it does not make sense to have the "best coverage". Your plan looks like really good coverage.

    Don't cancel the insurance until you have something else lined up. If you don't figure out the insurance situation before the enrollment period ends change your insurance to after-tax. Not pre-tax. If your insurance is after-tax, you can change it at anytime. your company is required to offer you this option. After you have investigated your options, if you decide to stay with your company's plan, you can change it back to pre-tax at the next enrollment period.

    Insurance companies are not crooks. They make a VERY small profit- less than 2%. Insurance costs a lot because healthcare costs a lot. 20 years ago, you sprained your ankle. You might have gone to the doctor had an x-ray (inexpensive) and been given some crutches. Today, you sprain your ankle, the doctore gives you an MRI (very expensive), physical therapy (expensive), a walking cast... Insurance has to pay for this....

    What you need to do. Get a referral for an independent agent in your area. Tell them your scenario and find out what they have to offer. As you say, you don't go to the doctor often, you don't mind paying out of pocket. It probably makes sense for you to have a high deductible insurance plan. You will end up paying out of pocket for many things, but overall you will save money. If something major happens you will have the insurance.

    DO NOT, I REPEAT, DO NOT GO A MINUTE WITHOUT INSURANCE!!!

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  • 9 years ago

    Don’t go uninsured – especially if you have kids. Your current health insurance policy may not be the right fit for you, but all health insurance plans limit your liability for medical expenses – and that’s nothing to sneeze at when a single unexpected injury or illness could land you in the hospital and put you into bankruptcy.

    I was a little confused by your cost descriptions. Are you paying $150 per month or per week? On a per-month basis, that would be quite affordable, especially for three people. On a per-week basis, well, it’s getting a little high, but it depends on the kind of coverage you have and how many people are being covered by the plan. It’s also going to depend on where you live, since each state has its own health insurance market.

    I’d recommend that you work with a licensed health insurance agent, online or in your area. It doesn’t cost anything extra to work through an agent and it can give you a better idea of the individually-purchased plans available in your area. You may find that you can save money by going with a plan with a higher deductible, for example, while not sacrificing the benefits that are most important to you.

    Whatever you do, don’t cancel your current plan until you are officially approved for a new one. If you, or any of your children, have pre-existing medical conditions, you could potentially be declined coverage.

    If you’re interested, we published a shopper’s guide for people buying health insurance on their own. You can read it online here:

    http://www.ehealthinsurance.com/individual-health-...

    Best of luck.

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  • Anonymous
    5 years ago

    Compare quotes for free at - ASSURECOMPARE.INFO-

    RE Is this too high for heath insurance or is this how they all are?

    I pay 130/month for health insurance through Humana for 1 adult and 2 children, full coverage. I usually have to pay a $20 copay for minor doctor visits. Recently I found out Humana ...show more

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  • Lynn
    Lv 7
    9 years ago

    You don't mention what your deductible is. If it's low - raise it. Re the vision and dental. Those coverages are usually pretty poor. Would it be cheaper for you to delete that and pay out of pocket. Sometimes it is.

    Also if you want to shop around, keep your current policy while you're looking. It can take 30 to 60 days in some cases for a new company to get the policy in force due to delays in getting medical records, etc.

    Source(s): CA insurance agent.
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  • E&L
    Lv 7
    9 years ago

    Most companies offer more than 1 plan and those with the low deductibles or copayments are usually the most expensive. Have him check on other plans which would offer coverage if a major illness or accident happened, but would be much cheaper on a weekly basis.

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  • 9 years ago

    I broke my wrist and the bill was more than $10,000...for just a broken wrist. Being without insurance is not wise. Sure it might be as much as your mortgage, but without it you could end up losing your home.

    You can check it out on your own (as opposed to your employer), but you need to start the process about 60 days ahead of your open enrollment.

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