30 Second Insurance Tips©

Tip 244- Time Flies When You’re Having ‘Fun’

With the start of the annual Open Enrollment Period on November 1st, I wrote Tip # 240 entitled “Let the Shopping Begin.” With just nine days left in the OEP, I thought I’d share a typical consumer experience.Sara is 53 and self-employed. Her income is high enough that she does not qualify for ‘Obamacare’ tax credits, so she pays the full cost for an HSA Plan with a $3500 deductible; i.e., $679/month.

Unfortunately, Sara’s insurer has decided to drop their broad network PPO option. Sara wants to preserve maximum flexibility to see any provider anywhere without referrals or other restrictions.

There is only one insurer left that offers that kind of option. And that insurer offers only one HSA plan; it has a $6,450 deductible and will cost $555/month in 2016.

Do the math; premiums plus claims. Sara’s maximum exposure has increased by $1,462 .
I wish there were more options. At least in this case, just the one choice is enough!

  •   Mini Tip # 244-B: Medicare Open Enrollment ends tomorrow, December 7th
  •   Mini Tip # 244-C: for most new Medicare enrollees, the ‘standard’ Part B premium for

    2016 is increasing to $121.80 per month (up from $104.90)