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TreasureKY -> RE: Brilliant doctors! (10/6/2013 8:36:43 PM)
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quote:
ORIGINAL: tj444
quote:
ORIGINAL: TreasureKY
I'm am by no means uninformed about the healthcare industry, as well as insurance options. I spent years working in Human Resources management (negotiating insurance as well as writing self-insured documents), and working in a hospital setting. I've also been on the receiving end of having to deal with major medical issues and expenses. As I said, it honestly depends on individual circumstances.
As I explained with regard to Firm and I, having a catastrophic policy we would be looking at a MAXIMUM out of pocket amount of $16,000 were something to happen. Were we to purchase the lowest level of insurance available through the marketplace, our out of pocket expense would be over $20,000. The catastrophic policy covers everything that the "regular" policy covers... it just doesn't kick in until we've covered a high deductible that is only about twice what the "regular" policy requires. But the monthly premiums are one third the cost.
Covering the high deductible is no problem for us. I understand that others might not be able to handle paying out of pocket that much before insurance kicks in. As I said, it depends on individual circumstances.
Loss of income is not covered under any health policy. That's why we carry disability insurance.
if I recall correctly??? you previously have said you have a HSA so you have saved up over time and so have a nest egg to pay the high deductible.. and so also get a tax deduction for your contributions to your HSA.. taking those steps can help also & make a big difference..
You might be recalling someone else as Firm and I do not have an HSA. While they can be very beneficial for some, I personally do not care to "gamble" with money. It is too easy to over-estimate how much money to divert into an HSA, and if not used, will be forfeited.
There can be a tax savings for contributing to an HSA and it can make a big difference if you know what you're doing and plan properly.
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