Obtaining Private Health Insurance?
Hello:
In about 5 years when I'm 47 I will be looking to purchase private health insurance for my family. Probably I will look for some high deductible catostrophic insurance and pay for services as they occur. Any suggestions where I should look? Any advantage to buying it before I'm 45?
You have got the right idea in what to look for. Good for you.
The type of coverage you want and need, you need now before something happens to you.
Where is a problem because the politicians have messed it up so. My strategy was to find startup companies that had bargain rates to build a base and change when they became unreliable or raised their rates. That requires you to keep up with what is happening. The money I saved paid for the reading I had to do. I do not have a fully satisfactory answer for you, except to shop around now.
I would check out Zander Insurance: http://www.zanderinsurance.com/health/he... They are based out of TN and they are an "insurance broker." I have gotten quotes from them on life insurance and they are very easy to work with (I didn't qualify for insurance, otherwise I would have purchased from them).
If you live in Michigan, Blue Cross Blue Shield just opened up the health insurance for individuals.
I don't know about advantages or disadvantages of buying before or at age 45.
Answers:
The only advantage to purchasing the policy earlier rather than later is that in most states Individual/family health insurance plans are individually underwritten - this means you have to medically qualify for the health insurance.
In other words, you can be declined for health insurance if you have too many pre-existing conditions - again this is the situation in most states.
However, because you are already thinking about a high deductible plan, when you do purchase you should look at a Health Savings Account (HSA) Qualified plan. By having one of the HSA qualified plans, you can open the HSA and pre-fund your deductible on a tax-free basis. The money inside your HSA is never taxed as long as you use it for qualified medical expenses.
Premiums are reasonable for HSA qualified plans.
I'd look to a local, independent agent for quotes.
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