Individual health insurance for a couple with one healthy teen–high-deductible or low-deductible?
I quit my job and I can continue with a decent health insurance plan for my family under COBRA, or I can switch to an individual plan. Being over 50, my wife is supposed to have over $500 of routine tests in a year, otherwise she’s pretty healthy. My son and I are in pretty good health. Any payments we make would be deducted from my wife’s salary before taxes. Our marginal income tax rate, including state tax, is about 19%. Would we be better off with low deductible and high premiums or the reverse? The COBRA plan is fairly low deductible and high premiums.
Question got messed up, should say, “is high-deductible or low-deductible better?”
Thanks,
Houyhnhnm
My reply to Insuranceguytx–yes I can pay $5,000 out-of-pocket for major problems. If I can recoup it in a reasonable period with lower premiums, I’d take that chance.
insuranceguytx posted: 31 Aug at 10:58 am
Are you comfortable paying $5,000 out of your own pocket if something major should happen? The bar for ‘major’ gets lower every year.
Willieshac posted: 31 Aug at 11:48 am
May I suggest to you Ameri Plan’s discount benefits program. They do not have any restrictions on ongoing conditions and you can start saving immediately. There is a hospital advocacy program that assigns you a personal advocate to negotiate with doctors on your medical bills.
The plan also includes savings on dental, vision, prescription and chiropractic care. I’d check them out. I’m so proud to be with them. I know I shouldn’t advertise, but your need sounds great. Let me know if you have any questions. wlakin@ameriplan.net
http://www.mybenefitsplus.com/40378118
We are currently running a promotion for just the dental, vision, prescription and chiropractic plan where you can try it out for 3 months for $23 total. This is a great service. You should check it out!
asking-a-question posted: 31 Aug at 12:00 pm
With the information you’ve provided, I strongly believe that a consumer-driven health plan (aka high deductible, low premium) is right for you.
Health Person posted: 31 Aug at 12:25 pm
Since u are healthy you should consider getting off COBRA ASAP. An individual/family plan should be almost half the cost of the COBRA.By keeping COBRA you run the risk of developing a medical problem that will make you ineligible for a individual/family health plan later on. When the COBRA time period ends you will be in trouble. Get off of it now. Most plans I sell are now $1,000 ded or $2,500 ded. Run the quotes and see what premiums make sense to you. You will have to pay this premium yourself and your company cannot deduct it pre-tax anymore but if you want a GREAT tax deduction look at an HSA plan. Look at the $5,450 family deductible plan and you can make a yearly contribution of this amount to your HSA and get a top-line tax ded on your IRS 1040 (line 28). The monies can then be used for qualified medical expenses subsidized, in effect, by the tax savings.