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Thread: where did u guys go for health insurance?

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    Senior Member lola025's Avatar
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    Default where did u guys go for health insurance?

    I'm thinking of starting to work part time at my day job, but if so the health benefits will be cut. I'll just keep dancing part time one or two nites a week. Do you guys have private insurance? if so how costly is it? I just need some advice. Thanks

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    God/dess cinammonkisses's Avatar
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    Default Re: where did u guys go for health insurance?

    Read this thread: http://www.stripperweb.com/forum/sho...ghlight=health

    Also do a search under "health insurance" thread titles and it will bring up more!







    Some Douchebag: "[Pimp C] 12:43 am: its true we got to stick together the black people on SW CK you is teh condoleeza of SW"


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    Senior Member DanMorris95156's Avatar
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    Default Re: where did u guys go for health insurance?

    Don't forget that you'll probably be able to use COBRA for 18 months of coverage. You will pay the full cost. If you are going to be self-employed with net self-employment income you will be able to deduct the cost of the insurance. If you are healthy and relatively young - a Health Savings Account (HSA) program may be a great deal as it allows you to save money but provides for the catostrophic insurance that is necessary to cover things like appendectomies, broken bones, the various cancers, etc. that can bankrupt you. No one goes bankrupt over the flu or cold, it is the accidents and things that can really cripple you.

    Dan Morris
    Daniel D. Morris, CPA
    [email protected]

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    God/dess montythegeek's Avatar
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    Default Re: where did u guys go for health insurance?

    Dan,
    Add unexpected chronic diseases like diabetes which, though often associated with high weight, can be genetic, occur in the very fit, and cost several hundreds of dollars per week as well as hurt your ability to work, crimping your income as well as boosting your med bills.

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    Default Re: where did u guys go for health insurance?

    Dan,

    What is COBRA? And could you explain just how the the HSA works? My understanding is that if you don't eventually use that money for health care you lose it. Is that right? If so, why would I want to take a chance putting my money there?

    Thanks for your help.

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    Senior Member DanMorris95156's Avatar
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    Default Re: where did u guys go for health insurance?

    Shakti -

    COBRA (I don't remember the exact full name) is a federal act that requires companies to extend insurance to former employees for a period of upto 18 months (it could be 12) at a price not to exceed 105% of the direct cost to the employer. If you are currently covered, and you leave/fired/layed off (what is that difference really to the impacted person?) you have the legal right to opt in to COBRA - however you have like only 60 days to make the decision. And it does terminate over time but is intended to provide that transition insurance.

    HSA - is not what is called an FSA (flexible spending account) - HSA is a new (like 1/1/05) program that provides an IRA type based opportunity for people to provide insurance with long-term savings. Here is the basic princple for an HSA (health savings account) (note I am not an insurance broker/sales person). 1) you have to have "high" deductible insurance defined as a like a minimum of $2k or so for singles - meaning you cover the 1st $2k of covered items before you can tap insurance support. 2) you place into a checking/savings/investment account the $2k that you need for your deductible. This is always your money. You can do anything you want with it. You can invest it or spend it. If you spend it on medical needs including over the counter drugs, massage, non-traditional medical needs, most plastics (I believe) then there is no tax consequences to you. If you spend it on non-medical needs (note you will get a check book for your money to spend as you wish) then the money becomes taxable. If at 65 you can spend on anything you want like an IRA. 4) You get a tax deduction, above the line (like IRAs) for your HSA contribution amount. 5) why I like for young? Well generally healthy (pregnancy is probably the major medical expense for people under 35/40 as a general rule) you get to put $2k or so a year away and that grows tax free for those times you want a medical treatment that might not be covered or when you have those expensive medical needs. You have full insurance, just a high deductible so you won't go broke. HSA money is good for prescriptions, glass, ortho, dentists, etc. that may or may not be covered under your plan. Places the consumer in charge of their medical expenses and choices, etc.

    Hope this helps.

    Regards,

    Dan
    Off to give a speech in Vegas - so have to sign off now.
    Daniel D. Morris, CPA
    [email protected]

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    Default Re: where did u guys go for health insurance?

    Dan,

    Yes, that helped a lot. The HSA sounds even better to me now. I'd been having trouble understanding exactly how it works and since it's so new it's been hard to find info. I'm thinking of going with a $5000 deductable insurance policy. I'm youngish but very healthy (knock on wood).

    I got a great rate on my last policy but after a few months I discovered it was because the agent had accidentally registered me as a man! The rate shot up when it was corrected.

    Thanks again!

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