LOOK for an HSA compatible health plan

Although I am a medical professional, I recently found myself in the position on needing to buy my own health insurance. First I considered the prospect of COBRAing the health plan I had. Not a bad idea, especially if you have a preexisting condition. However, at $800 per month the cost was too high. So I went out for a catastrophic plan with a deductible of $2400/$4800 for the individual and family deductible. Since I could afford having to pay the deductible and since I can basically self-diagnose and treat myself and know and emergency, not a bad idea for me. The plan I chose also covered my wife and pregnancy, it was the Blue Shield High deductible. As a bonus, it also covers 30% of meds from the start.

A word of warning. I was initially denied from the plan because my doctor had written a rule out shoulder injury in my chart. I have no shoulder problems. This is one of the HMO scams, they simply will not right for anyone with any kind of medical problem, pushing you into the high risk and very expensive state pools. Based on my relationship with my physician, I immediatley initiated an appeal and a personal letter from my physician explaining the error, and the decision was reversed. I'm not sure everyone is ready to do this, but i would encourage you to appeal. I also got a new year's present, a 20% increase in my rate as the HMO's prepare for state mandated health care premiums in my state.

One thing I didn't do is add my child. I got my child a separate, 30% copay plan directly from the same insurer. Why? Your kids are much more likely to get sick and they need regular Dr. visits. Also, it was cheaper to break out my child rather than do a family plan, pulling my child out only cost about $100, after the new year 20% price increase. A couple of more tips for kids, take your child to public health if you don't get free or $10 vaccinations from your health plan. It is usually cheaper. Also, if you make less than around $52,000 for a family of three, sign your kids up for healthy families. The plan is comprehensive and co-pays are very cheap. If you qualify, it's not a good idea to not take advantage. This year you may even be able to sign up as well as a parent even if you don't qualify for medicaid. Keep a look out for this.

If you actually use an HSA compatible plan you can also sign up for an HSA account. Look at Wells Fargo, they have a program now. You can put up over $5,000 a year in your HSA. However, don't use the money for healthcare unless you have to. It is more of an IRA type account. Save the money for when you are retired and need to supplement Medicare if it still exists or you can always pull the money out and pay taxes after a certain age.

Best regards and Keep well.

Dr. Doug