Do you have health insurance?

[Real Deal Denver]

From my understanding, there is still technically a mandate in the US to have health insurance. However, there is no longer a financial penalty for not doing so. Therefore, there is no enforcement mechanism.

I used to think there was no enforcement too. I was wrong. Below is a clip a friend took on his i-phone the day they came after me. It isn't pretty - it never is. I made it out. I got to the choppa!

 

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[IceCreamKid]

I pay $700 a month through Kaiser. There are still penalties until the end of this year.

If you want to avoid paying for health insurance and still have coverage while jobless then incorporate your biz and set it up in a fashion where you're an employee of it receiving a poverty level salary. Basically look poor on paper so you qualify for free government health insurance, but still have control over your assets.

"Own nothing, control everything" -Rockefeller

 

[CareCPA]

From my understanding, there is still technically a mandate in the US to have health insurance. However, there is no longer a financial penalty for not doing so. Therefore, there is no enforcement mechanism.

 

[theag]

If so how much are you paying a month?

Just under 800€/month in Germany

State mandatory insurance, scales with income, I pay the maximum. At least most of it is tax deductible.

The alternative is private insurance, which is much cheaper if you are young and healthy, but gets much more expensive as you get older and get kids (because you pay for each one separately compared to family plan in state mandatory insurance).

If someone knows how it works in Germany, let me know...

Its mandatory, so if you do don't have any, sooner or later you will run into trouble.

If you don't have insurance, you get some kind of bare minimum service in emergencies. You will need to pay back payments for the time you didn't have insurance, once you sign up for it. Insurances are legally obligated to collect this and hunt you down for up to 30 years.

But there is really no reason not to have health insurance in Germany, since it is paid by the employer (automatically deducted from your salary) in every job with a salary of (I think) over 451€/month, so even low level part time gigs. You also get free health insurance if you are unemployed, paid for with my taxes .

 

[theag]

As far as I know there is the possibility to pay cash for your health / at the doctors / etc. It's pretty unusual but theoretically possible. So if you don't have any health insurance you can go this way.

Yes, its possible. Despite paying 800€/month the waiting times for a specialist are a joke. 95% of the time its something like "yeah I see an open spot in 3 months". When you pay cash you usually get a much faster spot (this/next week). So I sometimes do that if I don't want to wait so long...

 

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[MJ DeMarco]

I don’t know how I’d feel comfortable living without it.

Going w/o health insurance is a big no-no.

I carry it with the full expectation that it is useless unless you get into a big car accident, get diagnosed with cancer, or some other life threatening illness. Other than that, it's a necessary waste of money, or a necessary evil.

The way the system is set up (now, USA) you use HI for catastrophes, not because you need a blood test.

 

[TheOwl8]

I'm surprised by the pro health insurance comments on here. Sure if you have a family it makes sense, but as a younger single guy?

Have any of you ever been in a major accident or had a chronic life threatening disease? In the US, if this happens to you, there's a high likelihood you'll be bankrupted whether you have insurance or not. The insurance company will do everything in their power not to pay your bills. Ambulance ride? Not covered. Took you to an out of network hospital? Sorry that isn't covered. Surgeon coded something incorrectly? Too bad, the insurance company deems that it wasn't a medical necessity and you're on the hook now.

Also if you don't have insurance and end up with a $100K hospital bill, you can negotiate a payment plan with the hospital. So rather than paying $400 a month to the insurance company forever, you'll be paying $400 a month to the hospital forever.

At the end of the day your in the same place.

 

[amp0193]

Using it as a catastrophe policy rather than a maintenance plan makes a lot more sense. I've set a definitive date in early 2019 to get coverage.

Yes, only catastrophic.

Just get the highest deductibles you can, and the lowest premiums.

It's there to stop you from paying crazy 6 figure expenses, not for the occasional doctor visit. Just pay out of pocket for those.

 

[TheOwl8]

It's a simple process. Stupid but simple. You have the right to not answer the IRS when they ask. If you decline to answer then they can't fine you.

Again stupid but it works until the affordable care act individual health care mandate is actually removed.

The IRS has caught on to this. Last tax year people were just not answering the question about health insurance and leaving it blank. In response, the IRS has released a statement that they will no longer process tax returns that do not answer the "did you have minimum coverage" question.

So in order to file your tax return you must answer the question.

 

[socaldude]

Just curious, for those who do not want to carry health insurance, what is your thinking on how you would handle unforeseen medical expenses?

I know this is not practical for everyone but you can always become a citizen of another country. Or not even, you can just go to another country.

I'm a dual US/Mexican citizen and Mexico has a way better health care system than the US in terms of cost.

There are medications in the US that cost hundreds and need a prescription. In Mexico you can sometimes walk right into a pharmacy and get the same pill for a fraction of the cost. Despite a lot of incompetence in Mexico, it actually has a pretty good system in place unlike the US.

For example I used to suffer from hypertension(started exercising). After getting kicked off my parents plan I turned to Mexico. The same medication(Amlodipine) that costs hundreds in the US I can get in Mexico for $350 pesos($20 bucks) for 6 months supply without a prescription.

Comprehensive Blood studies cost around $1500 pesos without insurance or $83 unlike in the US it costs $1000.

I don't have American health insurance as I really don't see the need. If I get really sick or something I don't see how It will bankrupt me in Mexico.

And Mexican health insurance plans are pretty good at reasonable prices.

But it really sucks to see how F#$%k up expensive health care is in the US.

 

[biophase]

I know this is not practical for everyone but you can always become a citizen of another country. Or not even, you can just go to another country.

I'm a dual US/Mexican citizen and Mexico has a way better health care system than the US in terms of cost.

There are medications in the US that cost hundreds and need a prescription. In Mexico you can sometimes walk right into a pharmacy and get the same pill for a fraction of the cost. Despite a lot of incompetence in Mexico, it actually has a pretty good system in place unlike the US.

For example I used to suffer from hypertension(started exercising). After getting kicked off my parents plan I turned to Mexico. The same medication(Amlodipine) that costs hundreds in the US I can get in Mexico for $350 pesos($20 bucks) for 6 months supply without a prescription.

Comprehensive Blood studies cost around $1500 pesos without insurance or $83 unlike in the US it costs $1000.

I don't have American health insurance as I really don't see the need. If I get really sick or something I don't see how It will bankrupt me in Mexico.

And Mexican health insurance plans are pretty good at reasonable prices.

But it really sucks to see how F#$%k up expensive health care is in the US.

What happens if you get into an accident? You will end up in a hospital emergency room in the USA and a $100k bill.

It’s just so odd that people would work so hard to get money and then risk getting it all wiped out with no catastrophic insurance.

 

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[MJ DeMarco]

would the government come after me if I didn't get a health plan?

Where are you a citizen?

 

[RayAndré]

Where are you a citizen?

Ah great point MJ. I'm in the US.

 

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[Zcott]

As MJ says, it depends on where you are a citizen.

I am a UK national who has also worked in Australia and now in Canada, I've never had to worry about health insurance (apart from the confusing admin process in Canada).

 

[becks22]

Following. Turning 26 in September. Going to get kicked off my parent's plan. I pay my parents $200 a month right now. Cheapest plans I've seen are around $400 a month. I live in NY. Looking into something called "Catastrophic Plans" which are only for people under 30.

 

[TheOwl8]

From my understanding, there is still technically a mandate in the US to have health insurance. However, there is no longer a financial penalty for not doing so. Therefore, there is no enforcement mechanism.

For tax year 2018, the wonderful Obamacare individual mandate is still in full effect. There is a penalty for not having health insurance. The penalty is repealed beginning in the 2019 tax year.

 

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[The Abundant Man]

I'm Type 1 Diabetic. So I have to have health insurance. Insulin costs thousands of dollars. Otherwise, I wouldn't have it.

 

[E-Sharp]

As said earlier, the federal penalties for not having coverage will be dropped. The only "coming after you" that the government will do is a fine at tax time for not having coverage. If you're healthy and manage go the whole year without incurring medical expenses or ending up in an ER, it could be cheaper to just pay the fine. That's a dice roll, though.

Premiums vary considerably based on age, coverage elections, deductibles, and the state you reside in.

Edit: I just remembered, here in Washington state, the number of carriers offering coverage to the self-employed shrinks each year. And if a person buys insurance coverage for the year and then doesn't continue paying the premiums for whatever reason, the insurance company will threaten ineligibility for any future coverage, and the state insurance commission I believe allows them to collect on the unpaid premiums. I'm not sure what other states do.

 

[Eisenstein]

Had the same question a month ago (Germany).

Germany:
If you are employed the health insurance is covered and as far as I know, in this situation you are forced to pay a health insurance.
If you are unemployed and dependent on the government, the health insurance is paid with taxes.
If you are self-employed you don't have to pay health insurance. So it's up to you. I've seen rates starting at 400€/month. If you can pay this every month, everything's fine.
As far as I know there is the possibility to pay cash for your health / at the doctors / etc. It's pretty unusual but theoretically possible. So if you don't have any health insurance you can go this way.

This is my knowledge at the moment. If there's something wrong, please correct me

 

[Patrickg]

The IRS has caught on to this. Last tax year people were just not answering the question about health insurance and leaving it blank. In response, the IRS has released a statement that they will no longer process tax returns that do not answer the "did you have minimum coverage" question.

So in order to file your tax return you must answer the question.

Keep you on your toes... worked great last year. Let's hope President Trump can fix this before this years filing...

 

[biophase]

Just curious, for those who do not want to carry health insurance, what is your thinking on how you would handle unforeseen medical expenses?

I’ve always had health insurance, but rarely use it. I don’t know how I’d feel comfortable living without it.

 

[biophase]

We're in the U.S., family of 4, self-employed, and pay ~$1,600/month. It's f'ing crazy: annual 40% premium increases. In my state (New Mexico), there are few options for health insurance. Oh, and that $1,600/month has no dental or vision coverage.

My company pays $1200/mo for me and 3 employees with $5k deductibles.

Do you have any employees?

 

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[NMdad]

My company pays $1200/mo for me and 3 employees with $5k deductibles.

Do you have any employees?

Just myself; everyone else who does work for my s-corp is a contractor. The 40% annual increases (with accompanying cuts in coverage / increases in out-of-pocket) is insane. It's almost as if I should subsidize a med student who'll become my personal physician.

 

[ApparentHorizon]

Just curious, for those who do not want to carry health insurance, what is your thinking on how you would handle unforeseen medical expenses?

I’ve always had health insurance, but rarely use it. I don’t know how I’d feel comfortable living without it.

It was uncomfortable getting off of it the first couple of months. Every little ache and pain wondering if it was something serious. Then it fades away since you're conditioned to believe you'll be ruined if you don't have it. There may be some truth in that.

I heave a healthy stash accruing interest, which is liquid.

Young enough, eating healthy, exercising daily, relatively stress free, and don't travel much except to the grocery store and the occasional meet and greet.

It's a gamble, and I'm ok with starting over if things hit the fan.

But I do plan on getting coverage within the next couple of years as I approach my 30s.

 

[biophase]

It was uncomfortable getting off of it the first couple of months. Every little ache and pain wondering if it was something serious. Then it fades away since you're conditioned to believe you'll be ruined if you don't have it. There may be some truth in that.

I heave a healthy stash accruing interest, which is liquid.

Young enough, eating healthy, exercising daily, relatively stress free, and don't travel much except to the grocery store and the occasional meet and greet.

It's a gamble, and I'm ok with starting over if things hit the fan.

But I do plan on getting coverage within the next couple of years as I approach my 30s.

It’s a weird gamble because you could probably get some for $250/mo at your age. So it’s a $3000 yearly expense going up against your net worth or savings or declaring bankruptcy.

Shit, umbrella insurance is $400yr for $2-$3 million and most people don’t get that either.

 

[E-Sharp]

Any pointers in finding/choosing a plan? I'm a resident of WA state. I'll quit my job and be self-employed soon. I'm completely ignorant about health insurance due to working in tech industry for a long time and not having to think about it at all. So any help is much appreciated!

Right now since it's not open enrollment I would start by checking one of these:
Special Enrollment Period | Washington Health Benefit Exchange
WA Health Planfinder Waitingroom

You don't have to purchase through the WA state benefit exchange during open enrollment. The WA benefit exchange lists the big insurers here and their plans, rates etc. I prefer to deal directly with the insurance company to arrange the coverage.

You can also buy coverage through independent brokers but when I looked into that I had a hard time discerning the legit options from the sketchy companies (that keep robocalling me).

Edit: If you plan to quit your job soon you're probably eligible for COBRA coverage. If you declined that, I'm not sure what that does to your eligibility for the special enrollment coverage but that topic is probably covered on those sites i linked.

 

[AdamMaxum]

wife and kid - no insurance. the lowest plan for my income was going to cost above $1300 every month. I can't justify spending 15k-20k a year on health insurance and related costs at this point. The $1300+ doesn't even help much with medication co-pays and shi* like that. Total waste of money unless like people said, you end up with a long hospital stay or something. I'm rolling the dice this year. May change in future of course.

 

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[eliquid]

I live in Kentucky and pay for me, wife and 2 kids.

We lost our state exchange a year or 2 ago, but I buy through healthcare.gov and pay less than $600 a month total and my kids have dental with that.

I always put down I will make less in the year to get the cheaper rate, and then at tax time I pay the difference when I make more. I'd rather do this then pay the pull price monthly, but that's just me. I've been in situations before where one month I'm making $50k profit, and the next 6 months $0. So I like making up at the end of the year personally.

For dental, it's actually cheap to pay out of pocket for me and wife in cash. Same with vision.

We have hardly used our health insurance ever and it pretty much only pays for routine Dr visits and the such. You know, like if you get the flu or need a yearly checkup.

This month my wife had to go in for some routine stuff and they found a massive polyp that has to be sent off to pathology. While I have hated having insurance bc we never use it, this is one time I am glad we had it.

Hopefully, it is benign. If not, I am glad we have something this time around.

If I were you, I'd find the cheapest insurance you can get and just carry it for health. Dental and vision are cheap out of pocket unless you have something major already wrong with you.

.

 

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[RayAndré]

For those who are jobless and full on committed to their business...do you have health insurance?
If so how much are you paying a month?
If not, do you care? Does the government care?

If I got up and quit my job tomorrow, would the government come after me if I didn't get a health plan?

 

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[Deleted58925]

For those who are jobless and full on committed to their business...do you have health insurance?
If so how much are you paying a month?
If not, do you care? Does the government care?

If I got up and quit my job tomorrow, would the government come after me if I didn't get a health plan?

I was thinking about that too. If someone knows how it works in Germany, let me know...