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Message
re: What exactly am I getting out of my health insurance
Posted on 3/1/23 at 12:58 pm to kj993
Posted on 3/1/23 at 12:58 pm to kj993
quote:
Our employer matches 100% up to 3k a year. Very generous and almost unheard of.
That’s a pretty amazing HSA match offer by your employer. Ours isn’t a match, but only $1000 for singles (or $2000 for family plans). Anyone who’s financially able is foolish not to take advantage of that!
Not to get too far off topic, but what sort of 401K match does your employer offer?
1
Posted on 3/2/23 at 3:43 pm to Ric Flair
quote:
Insurance is about mitigating catastrophic risks/bills
But if I had an account full of money I paid to insurance companies, i would be much better off and could actually afford the catastrophic bill. Now I pay insurance, never use it, and will still not have the money for a future catastrophic bill because the insurance company has my money.
Posted on 3/2/23 at 3:49 pm to dgnx6
quote:
But if I had an account full of money I paid to insurance companies, i would be much better off and could actually afford the catastrophic bill. Now I pay insurance, never use it, and will still not have the money for a future catastrophic bill because the insurance company has my money
Dude. Many of us here have HSAs giving us a tax break and some investment gains. That is what you should be doing.
The HSA funds are what you use to pay your catastrophic bills.
This post was edited on 3/2/23 at 3:51 pm
Posted on 3/2/23 at 4:49 pm to dgnx6
quote:
But if I had an account full of money I paid to insurance companies, i would be much better off and could actually afford the catastrophic bill.
We can’t predict what the catastrophic event might be or when it might happen… or how much it might cost. Let’s say that you have a heart attack and have to be airlifted to the hospital. You then require open heart surgery and a pacemaker, along with follow up visits with a specialist. Based on what happened to a friend of mine, that bill could exceed $300K. Do you think you could save and be prepared to write a check for that much by not having to pay health insurance premiums?
This post was edited on 3/2/23 at 4:51 pm
Posted on 3/3/23 at 11:53 am to AndyJ
Yeah, just hire stupid people because they check the right box. Great.
Posted on 3/3/23 at 4:21 pm to Jag_Warrior
It really is. Yet people still complain about our insurance despite them contributing zero to their HSA. 
My employer matches dollar for dollar up to 6%. Immediately vested. We are a company of about 300 in the construction industry.
quote:
Not to get too far off topic, but what sort of 401K match does your employer offer?
My employer matches dollar for dollar up to 6%. Immediately vested. We are a company of about 300 in the construction industry.
This post was edited on 3/3/23 at 4:27 pm
Posted on 3/4/23 at 10:52 am to kj993
On both the 401K and the HSA, that’s a sweet deal. 
Posted on 3/4/23 at 9:30 pm to kj993
quote:
If you are healthy, an HSA is beneficial because it’s pretax and, at least at the bank we use, anything over 2k— you can put in stocks.
The issue I have with investing your HSA in stocks is that it could take a big hit in down years and if you just so happen to have a catastrophic health event during that time you could be screwed.
Posted on 3/4/23 at 10:06 pm to La Place Mike
You wouldn’t invest the full HSA balance in risk assets. I’ve always kept the amount of my max out of pocket in money markets and/or treasury securities.
Posted on 3/4/23 at 10:10 pm to indytiger
How much you paying? You’re fortunate to have such a good employer.
Opt for the HMO/POS since your employer paying the majority of your premium. Premiums are age related so either you’re 80 years old or your employer is paying for you abs your family/dependents insurance. Be grateful.
Opt for the HMO/POS since your employer paying the majority of your premium. Premiums are age related so either you’re 80 years old or your employer is paying for you abs your family/dependents insurance. Be grateful.
This post was edited on 3/4/23 at 10:10 pm
Posted on 3/16/23 at 8:30 am to AdelPetersen
quote:
You could try contacting your insurance provider directly and asking for more information on what your plan covers and what your out-of-pocket expenses are
I'm pretty sure that was all included in links during open enrollment that probably weren't read.
Posted on 3/16/23 at 9:16 am to indytiger
Welcome to the ACA.
Premiums out of control. Co pays high.
If something catastrophic happens I think I will be glad I have it but other than that it’s a drain
Premiums out of control. Co pays high.
If something catastrophic happens I think I will be glad I have it but other than that it’s a drain
Posted on 3/16/23 at 9:30 am to indytiger
When my son was born we took a private jet to Texas Children's. 2 open heart surgeries later, the bill was $1.4M. We paid $3600 out of pocket max. 3rd open heart surgery at 4 years old was another $600k. Paid $3600 out of pocket max again there.
This post was edited on 3/16/23 at 9:49 am
Posted on 3/16/23 at 12:34 pm to indytiger
It’s not the “insurance” that’s a scam, it’s the class action lawsuits and costs associated with all the regulations etc.
Some companies have self funded health insurance plans for their employees and watch every cent like a hawk. They pay for insurance over the self funded amount and administration costs.
You get a lot of value if your health insurance is with a competent broker that has a good EB program.
Insurance companies have no control over what they’re being charged by hospitals and doctors.
Some companies have self funded health insurance plans for their employees and watch every cent like a hawk. They pay for insurance over the self funded amount and administration costs.
You get a lot of value if your health insurance is with a competent broker that has a good EB program.
Insurance companies have no control over what they’re being charged by hospitals and doctors.
Posted on 3/17/23 at 9:48 am to indytiger
It is a scam. Better off giving that $1500 to the employee to save for cash only healthcare.
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