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re: Any way to switch insurances mid-year and carry deductible over?
Posted on 7/2/24 at 3:38 pm to Jag_Warrior
Posted on 7/2/24 at 3:38 pm to Jag_Warrior
Your issue is you are only looking at one portion of the equation.
The issue with health insurance for young people is exactly this limit.
He is paying $400-500/ month for a HDPI with a $2500 deductible and a $8000 MAX out of pocket.
That amount of insurance for a young person is absolutely laughable for that cost.
He's paying $6000 in premiums plus $2500 in deductible, that's $8500 before he really even gets to his insurance. Its ridiculous.
Yes, times have changed I understand. But when I was under 28 15-20 years ago I was paying through my employer $35-55/ month. That was the early stages of a HDHI and I didn't get shite until like $3000-5000 deductible, but it also didn't cost shite.
My point isn't your delta on the Max out of pocket, sure, you are right. But my point is that for $8500/ year that's some shitty insurance that we are offering young people.
If you offered most people under 30 an option at $75-100/ month for a $25,000-50,000 catastrophic plan I'd wager many would choose that over more expensive options.
When I worked for a government contractor one of my customers had 35 employees and they had to either offer their benefit package which included good health insurance or the hourly wage, literally 35 out of 35 took the additional $3.45/ hour instead of retirement and health insurance.
The issue with health insurance for young people is exactly this limit.
He is paying $400-500/ month for a HDPI with a $2500 deductible and a $8000 MAX out of pocket.
That amount of insurance for a young person is absolutely laughable for that cost.
He's paying $6000 in premiums plus $2500 in deductible, that's $8500 before he really even gets to his insurance. Its ridiculous.
Yes, times have changed I understand. But when I was under 28 15-20 years ago I was paying through my employer $35-55/ month. That was the early stages of a HDHI and I didn't get shite until like $3000-5000 deductible, but it also didn't cost shite.
My point isn't your delta on the Max out of pocket, sure, you are right. But my point is that for $8500/ year that's some shitty insurance that we are offering young people.
If you offered most people under 30 an option at $75-100/ month for a $25,000-50,000 catastrophic plan I'd wager many would choose that over more expensive options.
When I worked for a government contractor one of my customers had 35 employees and they had to either offer their benefit package which included good health insurance or the hourly wage, literally 35 out of 35 took the additional $3.45/ hour instead of retirement and health insurance.
1
Posted on 7/3/24 at 2:53 pm to baldona
quote:
Your issue is you are only looking at one portion of the equation.
The portion of the equation that you’re looking at isn’t what the OP is concerned about. Read the OP again. His wife is 6 months pregnant and he’s switching jobs. He’s looking for a way to carry over his current deductible, which you seem to think would be OK at $25,000 to $50,000 a year, as long as the premium was cheap.
If he just wanted some sort of catastrophic coverage, he could forget about traditional insurance, sign up for a health sharing plan, choose a very high “deductible”, pay very little per month, pay medical bills out of pocket (up to what is essentially the deductible on the sharing plan) and then file for reimbursements for every medical bill thereafter. But most people, especially younger couples with children, aren’t in a financial position to shoulder that burden.
I don’t have kids, but I did used to be a kid.
And I well remember my many trips to the doctor and hospital for various daredevil stunts and sports injuries. Insurance was very different back then. But guessing that kids these days still get sick and injured (to say nothing of the mother), at a $25,000 to $50,000 deductible or max out of pocket, to save $300 or $400 a month, once they go broke after a couple of years, I guess they’d then be able to afford a subsidized or basically free ObamaCare policy. 
Posted on 7/4/24 at 1:28 pm to Jag_Warrior
Ok, I am back and prepared after a few hours of work today.
Here is what it all shakes out to.
Ex employer plan:
Individual Deductible 3500
Max OOP 6400
New employer plan:
Individual Deductible 2000
Max OOP 5000
Cost for me and kid(s) on new plan: 240/m
Cost to add wife to new plan with us: 346/m
Cost to keep wife only on COBRA: 382/m
Wife's 3500 deductible is already hit.
So here is my plan.
Bring me and kid (and soon to be second kid after life event) to new plan with new employer. This will be 240/m.
Opt only wife into COBRA at 382/m with plans to keep her there through the year, and bring her over to new employer during open enrollment in November/December to start new coverage Jan 1.
Assuming we hit wifes max OOP, my cost with this plan in place for the remaining of the year is estimated to be 6632, which is (240*6)+(382*6)+(6400-3500).
This is opposed to simply moving her over with me and kids, hitting that max OOP, and paying a total cost of 586/m for total family coverage for the rest of this year. This turns into 5000+(586*6) = 8516.
So by keeping her on COBRA, I estimate to save about 1884 all things kept equal.
While this thread had some chatter, it sparked a little creativity which is exactly what I hoped it would do. Thank you all.
Here is what it all shakes out to.
Ex employer plan:
Individual Deductible 3500
Max OOP 6400
New employer plan:
Individual Deductible 2000
Max OOP 5000
Cost for me and kid(s) on new plan: 240/m
Cost to add wife to new plan with us: 346/m
Cost to keep wife only on COBRA: 382/m
Wife's 3500 deductible is already hit.
So here is my plan.
Bring me and kid (and soon to be second kid after life event) to new plan with new employer. This will be 240/m.
Opt only wife into COBRA at 382/m with plans to keep her there through the year, and bring her over to new employer during open enrollment in November/December to start new coverage Jan 1.
Assuming we hit wifes max OOP, my cost with this plan in place for the remaining of the year is estimated to be 6632, which is (240*6)+(382*6)+(6400-3500).
This is opposed to simply moving her over with me and kids, hitting that max OOP, and paying a total cost of 586/m for total family coverage for the rest of this year. This turns into 5000+(586*6) = 8516.
So by keeping her on COBRA, I estimate to save about 1884 all things kept equal.
While this thread had some chatter, it sparked a little creativity which is exactly what I hoped it would do. Thank you all.
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