Health Insurance Question

[Asuras]

So, I graduated this past spring and still job hunting. I currently hold a job in retail but getting full time is not possible at the moment to get any benefits. My coverage under my parents insurances is up early next year. Anyone here have any advice as to how I go about finding some sort of health insurance? Reading about Obamacare and such. But still not sure on how to go about this.

Help!

[Agent Bond]

This guy on another board answered it for me for you:

The only way to get subsidies (if he qualifies) to reduce health insurance premium is through the respective state's (or federal) exchange. Some brokers working for insurers may be able to help your friend enroll in the federal exchange, but I wouldn't recommend them be neutral. I've never been through site, you may be required to submit loads of personal id and tax information and I don't know if they've fixed all their errors. The federal exchange is https://www.healthcare.gov/


If that option doesn't appeal to your friend, I would recommend him try the private exchange like http://www.ehealthinsurance.com. I enrolled a sibling in a plan on there, the site is easy and straightforward, most of qualified metal plans on federal exchange are also offered this private exchange. No subsidies but you don't have to give away all your personal information to IRS...(yet, anyway)

The individual plans on there are going to be expensive or limited in coverage...nothing I can do about that...all the plans will generally fall into what I consider 3 categories

1.
HUGE Deductible plans in a PPO network
You may see deductibles up to $3000+, or $6000...yes maybe even $10,000 on there. If your friend is fairly healthy and he just wants coverage to avoid the penalty, paying $100 - $200 premium is doable...but yes, could just pay the penalty and be done. This is more for people who are healthy, don't have an emergency now, and want to build up reservoir of funds for future years.
You may ask what's the point of insurance if deductible is that high...
a. you still get the preventive care and some office visits before deductibles
b. the providers give discounts based on insurance...so even if your surgery costs $1000 to someone off the street and your deductible is $2000...the provider may give you $100 discount because you went inside the insurer's network...so you pay $900 that goes towards annual deductible instead of $1000. So, yes, despite hefty deductibles, there are advantages to getting insurance.

Their networks are usually pretty good. It's best to partner with HSA...which contributions to the annual max is tax deductible if you're financially savvy. If you're relatively young and healthy, you can save up to cover your entire deductible in..oh...2-3 years?
I think you can only get HSA with high deductible at least 1,250 or something like that.

2. Low/moderate deductibles but significant coinsurance
The networks are similar as (1). Most physician visits have reasonable co-pays. However, after you reach your deductible of say $500-$1000...you have to pay 20-40% of costs after that up Out -of pocket maximum, which is usually $5,000~$6,000. If you're moderately healthy but risk-averse, this may be a better option that (1).

3. Limited provider networks
I notice the CIGNAS and Coventries offering these type of plans....
In order to keep insurance premiums low, you may find some HMO plans with no or low deductibles or little co-pays and low to no coinsurance...but when you look at brochure, your in-network providers....kind of suck...your favorite PCPs aren't really in that network...maybe some weird ancillary services or some hospitals may be in the network. The insurer pretty much creates this crappy network for exchange people....out of network out of pocket maximums are HUGE..(think 4 or 5 digits..may be more) and there are no discounts for going to them. You have to study the inner network and see if you can find places to go to give you what you need. If you need to control your budget and you're willing to live with what they give, based on knowledge of your health this may be a reasonable option. If you want top of the line chemo....eh....probably not going to get it here...


There is no silver bullet here...these are most likely your options, unless he can get on an employer plan somehow. yep. Obamacare....its..here.

I hope that helps.

[Asuras]

Thanks for finding the answer for me. I started the process with Obamacare to realize I can remain on my parents healthcare provider for another year. Totally forgot that I can remain on their plan until I'm 26 (I turn 25 in Feb), regardless if I am a full time student or not.

But again thanks for getting me this answer! Gives me more insight and preparation for next year!

[Bigdog]

Originally Posted by Asuras

Thanks for finding the answer for me. I started the process with Obamacare to realize I can remain on my parents healthcare provider for another year. Totally forgot that I can remain on their plan until I'm 26 (I turn 25 in Feb), regardless if I am a full time student or not.

But again thanks for getting me this answer! Gives me more insight and preparation for next year!

Prepare for sticker shock next year when it does come time to see about insurance. You are the payment plan incase you didn't notice, young, healthy and most likely with a middle of the road income after graduating college which will qualify for 0 subsides.

[Asuras]

Yeah, I noticed that when I was looking at plans >.<

[rdodolak]

Originally Posted by Bigdog

Prepare for sticker shock next year when it does come time to see about insurance. You are the payment plan incase you didn't notice, young, healthy and most likely with a middle of the road income after graduating college which will qualify for 0 subsides.

Some of them love sure love transferring the burden of the actual cost to some one else just like many of the other "support" programs.

[Cardboard_killer]

Insurance is one of the things you buy and then hope you don't get anything out of it.

BTW, if you stop necroposting your life will be easier.

[fighthefutureofhd]

Originally Posted by Bigdog

Prepare for sticker shock next year when it does come time to see about insurance. You are the payment plan incase you didn't notice, young, healthy and most likely with a middle of the road income after graduating college which will qualify for 0 subsides.

I have insurance through the Healthcare Marketplace and even without their help, the cost for the insurance is rather cheap. Under $200.

[Vilya]

You won't know if your health insurance is worth its cost until you go to use it for something major and/ or chronic.