health insurance

[Geoff Sykes]

I was presented with a similar health insurance option at my last, (and
hopefully final), day job. It all sounded like a (too) good (to be true)
idea until I got to the fine print and learned that any money I had put into
this "savings account", and subsequently did not use by years end, was
forfeit back to the insurance company. At the beginning of each year the
account started off empty and the insurance company got to keep everything
that I had put in the account and not used the year before. And no I did not
have the option to make withdrawals. It was a deposit only account with
accounts payable only directly to medical service providers via the
insurance company. Needless to say I did not sign up. Please tell us that
this is not the case with your insurance company. On the other hand, if you
DO get to rollover this account from year to year with no penalty, let us
know how to contact these people.

-- Geoff Sykes
-- Assoc. Los Angeles




-----Original Message-----
From: pianotech-bounces@ptg.org [mailto:pianotech-bounces@ptg.org] On Behalf
Of John Formsma
Sent: Friday, December 23, 2005 5:47 AM
To: 'Pianotech'
Subject: RE: health insurance


Greg,

Having to submit your own bills is certainly something to consider - hadn't
thought about that. Thanks, I'll ask about that.

We currently have Golden Rule HSA and have been satisfied with their
services. This other company (Assurant) is nearly half the cost ($120/mo.
for me and two kids), but I'm naturally wary because I don't know anything
about this company.

David, The HSA is the way to go if there aren't many hospitalization needs.
You get to save money in your own account that builds tax-free for medical
uses. The idea is to use that money to pay for minor things like office
visits and smaller procedures. For instance, the plan I'm looking at has a
$5,100 annual deductible with 100% coverage after that. Rather than pay
$300+ every month with a traditional plan, you save the difference in the
savings account (like a medical checking account). Then you pay for small
things from that account. (Ideally, you want to build up the account to at
least the annual deductible amount so you have that readily available.) Our
normal medical needs are less than $500 every year, so this plan is great
since it offers catastrophic coverage at a cheap rate.

Susan, we're doing what you suggest. Eating around 90% organic/natural
foods, trying to get exercise, etc., saying "no" to prescription meds. It
makes some sense to me to try to cover major medical needs, especially since
I have two little ones for whom to provide. If it were just me, I probably
wouldn't have insurance and would be saving up money every month to be
self-insured (I'm 35 and in good health as far as I know).

Thanks, all, for the suggestions.

John Formsma




-----Original Message-----
From: pianotech-bounces@ptg.org [mailto:pianotech-bounces@ptg.org] On Behalf
Of Greg Newell
Sent: Thursday, December 22, 2005 11:16 PM
To: Pianotech
Subject: Re: health insurance

John,
         The HSA I use is thru Golden Rule. We get a check book with which 
to pay health cost that come out of the savings part of the plan. We even 
get something like 6% interest on the account. Not too bad in my book. 
Others I looked at way back when made me submit bills for re-imbursement. 
Not as convenient as writing a check that's for sure. Take a good look at 
the lifetime ceiling benefit too.

best,
Greg


At 10:17 PM 12/22/2005, you wrote:
>This is business related, but it’s not piano related J
>
>What are you self-employed guys doing for health insurance?
>
>I’m currently looking at a different Health Savings Account (HSA) plan
>with Assurant Health – any negative experience with this company? It used 
>to be Fortis, from what I’ve been told.
>
>Thanks and Merry Christmas!
>
>John Formsma

Greg Newell
Greg's piano Forté
mailto:gnewell@ameritech.net 

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