Am I paying too much?

[eggman2001]

New York.

I'm self employed so I can't get group coverage. Right now I'm paying about $130 per month for a plan that has a $10,000 deductible, so any medical costs I incur up to $10,000 I basically have to pay out of my pocket. Are there any better deals out there for people who are self employed?

 

[moburkes]

New York.

I'm self employed so I can't get group coverage. Right now I'm paying about $130 per month for a plan that has a $10,000 deductible, so any medical costs I incur up to $10,000 I basically have to pay out of my pocket. Are there any better deals out there for people who are self employed?

You're not asking a legal question. You're asking us to do your homework and shop around for auto insurance for you. You do the shopping, and then compare, and then make a decision.

 

[ecmst12]

Have you looked into small-business-owners groups in your area? Professional associations for people in your profession? Those may provide a source of group insurance.

Also can't speak to whether you're getting a good deal. Talk to a local insurance agent or broker.

 

[eggman2001]

Okay I'll try that. Thanks.

 

[Betty]

You're not asking a legal question. You're asking us to do your homework and shop around for auto insurance for you. You do the shopping, and then compare, and then make a decision.

Mo - I believe they are talking about health ins. - not auto ins.

 

[moburkes]

Mo - I believe they are talking about health ins. - not auto ins.

I meant to say health, can't get auto off my mind.

Thanks!

 

[Betty]

I thought that was probably what you meant.

 

[TIMMAAYY]

You actually have a better deal than you think. Here's why:

1) Your premium is only $130 a month. Over a years time that's $1,560. Not bad.

2) You obviously qualified for individual insurance, meaning you don't have any serious health conditions. That's good. That means the chances of you actually hitting that deductible are pretty low, very low you might even say.

3) If you re concerned about paying more than the standard "copay" at a doctor's office or ER, take a look at individual plans with those included. You'll quickly find they are NOT as good of a deal as they'd have you believe. You don't think the insurance company or the doctor get by on allowing you to only pay $20 for an office visit do you? No. You'll pay for it every month in your premium, and then some, just in case you actually use it.

4) You OWN that policy. as long as you pay the premium. If you had group and lost your job, you'd have to worry about COBRA. If you really want to try the group route, which I would not recommend as you already have health insurance that is fairly inexpensive, you could hire your spouse ( if you have one ) as long as they perform some type of task that helps you... books, cleaning, etc. As long as it's business related. And you can pay them in benefits only.

You have a much better deal than you realize.

 

[justme2007]

thank you're lucky stars

Think about this.....I have a policy that I pay $400/mo for, with a $2,000 ded and 20% after that (with RX that runs about $500/mo)- and I consider myself one of the lucky ones.....I've got a chronic condition (MS) and it's hard to find insurance. That means my yearly MINIMUM is $12,800......be thankful for your low cost insurance and good health. Just think how quickly you'd meet the deductible if hospitalized even for a day or two.

 

[TIMMAAYY]

The key is to look at everything on an annual basis. At January 1, the deductible starts all over again. This is your RISK for the year.

The premium you are going to pay every month, no matter what. This is your KNOWN.

Keep insurance as insurance. Don't buy office visits and other copays because they "look like a good deal". 99.9% of the time you lose.

Buy smart. Save money. Take on as much risk as you can afford, or what you COULD afford if something bad were to happen. Don't pay $400 a month and then say "Gee, my office visits are only $20!". Yeah, they may only be $20, but you are paying $400 a month... this is just an example, not picking on the poster above.

 

[justme2007]

I agree

Health ins has be come very personal and is definitly not a one size fits all. If you go to the doc once or twice a year....an expensive policy that has a $20 copay(for example) may be a waste of your money. You need to look at your situation, some may need only hospitalization, some need the full boat. You need to shop around, examine not only the policy, but your needs.

 

[eggman2001]

Thanks all for the advice. That's very helpful!