Health Insurance

Discussion in 'Homesteading Questions' started by Unregistered-1427815803, Dec 30, 2003.

  1. Wondering what do some of you do about health ins.?

    We have had to stay closer to town in order to keep husbands job so that we can keep health ins. for our family. Our kids qualify for reduced lunch at school so our income is not alot for a family of 5. Our premium monthly for my husbands ins. through work is $1000. or $12,000 a year. And each person has a $2500 deductible and 20 copay at doc. Sounds pretty sucky huh? Well despite this we have been very frugal and saved some retirement money, college money by living in a house that "below our means"....$400 monthly mortgage....and never going out to eat, gardening,goating,and wearing handmedowns. Our income qualifies us for state ins. program but because we have lived in a small house and saved for future we do not qualify. If we were to take all money out(of bank) the state would allow us to own a home worth $250k. And drive one new vehicle (say a Hummer). Other assets could not exceed $10k, and family members could gift us to a certain amount to cover legit expenses.
    We sure could by a lotta home for $250k and only need one vehicle really and borrow family members equipment.....makes me wonder why we are working so damn hard only to pay higher health insurance every 6 month.
  2. HilltopDaisy

    HilltopDaisy Well-Known Member Supporter

    Feb 26, 2003
    New York
    I work full-time for the State of NY, and have excellent insurance. That is the ONLY reason I still work full-time. I have asthma, glaucoma, and a stomach disorder, which all require prescription meds.

    I won't go so far as to say I hate my job, but I'd rather be home in my garden. I'm interested to hear how some of the "retired" younger folks do it.

  3. eb

    eb Well-Known Member

    Sep 14, 2003
    Its getting to be a real problem for many people. I am in the same boat as you, in that are income is low enough to qualify us for free insurance, but because we own our home and have no debt, we are considered too "rich" to get it for free. So, like you, we get "punished" for saving; had we constantly re-financed our house and spent the money on toys for ourselves (cars, tv, vacations etc), the government would be more than happy to give us health insurance for free.

    We also currently pay about $1000 per month for a family policy (4 kids). We are seriouly considering going without starting in the spring; I look at it this way, even assuming the $1000 per month doesn't go up, we are looking at around $50,000 in the next 5 years, or $100K in the next ten years to pay for health insurnace *in case* we get sick. I'd say the odds are in our favor that we would come out ahead if we banked the money instead and paid-as-you-go for services. Haven't made a definete decision yet though....

    Universal care is coming; its inevitable. Less and less companies are provding health-care and they average person can longer afford the typical health policy if they have to pay 100% of the premuim. 43.5 Million people w/out health insurance is a lot of votes.
  4. One detail that I neglected to include in my original post...

    My husbands employer allots a weekly stipend beyond the hourly wage in the amount of $179. This is "his" contribution to ins. but if we cancel our policy he will take the $179 weekly away from my husband so without ins. we would only gain $450 a month. This is the kind of bull*&^% that we live with because not many jobs in area since NAFTA came to pass.
  5. Beeman

    Beeman Well-Known Member

    Dec 28, 2002
    East TN
    Health insurance has become the largest controller of people's lives. it causes people to stay at jobs they hate. It also crushes small business, and I should know, I closed mine down mostly due to rising insurance costs both health and liability. I now have employer health insurance and thought it was high at $250 per mo. for a family with dental. You have made me feel like I'm getting a bargain.
    As for the "free" gov't health insurance you can keep it. I lost my job some years back due to the company closing down. I was then eligible for the state health care. I felt like I was a political pawn and was constantly having to update forms and disclose every asset. Every time any election came about I was threatened with losing my health coverage. I was never so happy to get away from it and was sorry I ever joined it.
    Oh yea, I forgot to tell you how my previous employer didn't pay the years premiums and because of the slow pace of paperwork we didn't find out until after the bancruptcy. Not only did I lose my job I got all of that previous years doctor bills as the insurance rejected them. So I guess either way you're screwed. the thought of not having health insurance is pushing it a little beyond where I want to be. I tried that for years of self employment. I paid out of pocket for 2 kids births. This was when I was younger and health was not even a consideration. Youngest child was a preemie and ended up in intensive care. I didn't own her outright for quite a few years. I read on another board about someone considering a health care acct. Another wrote back about his bills from a heart attack. The insurance paid $160,000 for his tratment and hospital. That's over 13 years of saving at $1,000 per mo. and now you would have a pre existing condition that not many would want to insure. And that's on only one family member.
    Insurance has become the true terrorists of our society, hell you even have to buy terrorism insurance. It's a lot like a Mafia protection plan with TV commercials.
  6. june02bug

    june02bug Well-Known Member

    May 23, 2003
    North Carolina
    Our cost is similar to Beemans... we pay about $250 a month with dental for the 3 of us. We have a $350 deductilbe. Dh works for a very large company mainly for our benefits. He likes most of the other employees but thats about it. The pay isn't great but if we had to pay full price for our health ins we couldn't and we probably couldn't qualify with our pre-existing stuff either. I think one of us will have to keep a job with beneifts for a good long time... I can't say until medicare because it may be long gone by the time we can use it.

    If you do cut the health ins... I would recommend you get a catastrophe plan (covers major illnesses and hospitalizations) and save the rest.