health insurance

[Bruce D. Rempe]

Geoff,

I'm not sure what organization was offering you such a plan, but that would
certainly NOT meet the technical definition of an MSA - or HSA.  The whole
idea of the MSA or HSA plan is that the money is yours and that it
accumulates.

The whole "big idea" behind the MSA/HSA plan is that you are spending "your
own money" (or money that would otherwise be yours if you didn't spend it on
medical expenses).  The idea is to reduce needless and excessive medical
expenditures, and cause a "moment of cost/value consideration" before you
consume medical services.

If you've ever been to a modern-day emergency room, then you know what I’m
talking about.  There's nothing more NON-emergency than today's modern
emergency room.  The place is full of people who either have dollar-one
coverage from their insurance company, or they have no insurance or are
covered by some gov program.

Since they have no concern for the cost, they show-up every time they have a
sniffle -- and sometimes when they don't.  For many, the attention of
emergency room docs is the most attention they ever get.  So, they are there
with some frequency.

Combine this with the fact that the ER is the MOST EXPENSIVE way to dispense
medical care, and you have a system who's costs are out-of-control.  The
same "no cost/value concern" mentality (often called the third-party-payer
syndrome) permeates every aspect of the medical system/industry, and
needlessly drives up the cost.

The MSA/HSA approach is to make unspent money yours.  That way you spend it
more cautiously, and with an eye toward value received per dollar spent.  If
everyone had an HSA plan, you can bet that medical expenses in this country
would be a fraction of what they are today.

Sorry to "go off" on this topic.  But, it's an issue that I've been working
the ins and outs of for some years.  I’m a HUGE FAN of the HSA approach.  I
have been an MSA/HSA customer of both Assurant and Golden Rule for quite
some time now, and both companies are respectable (from my experience).

There really aren't too many options for the self-employed.

All the best to you and yours during this holiday season!!

-bruce

Bruce D. Rempe


-----Original Message-----
From: Geoff Sykes [mailto:thetuner@ivories52.com] 
Sent: Friday, December 23, 2005 1:25 PM
To: 'Pianotech'
Subject: RE: health insurance

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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