Reply to Am I being insane? I just get a quote and it's cheaper to get my own insurance in the open market.

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Reply to "Am I being insane? I just get a quote and it's cheaper to get my own insurance in the open market."

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[quote=Anonymous]The other problem with buying on the open market right now is that come next year, premiums on those policies will likely rise because of the provision of Obamacare that outlaws medical underwriting going into effect. The only reason you can find such cheap policies now is because anyone with any little anything in their medical history gets rejected -- they are cherry-picking only the very healthiest people to insure, which is why they can offer such inexpensive policies and still make money. I support Obamacare, btw, but I still think that premiums on individual policies will of necessity rise in states where medical underwriting is currently practiced.

You may or may not be better off with your employer's policy. You need to look at all the fine print once they give you the pricing for employee + child versus other plans you are looking at in the individual market -- first, what is the deductible?  Since you seem not to be a heavy utilizer of health care, this is going to be the most important question since with a deductible higher than $500, you will likely pay for all of your health care in a given year out of pocket (although at the insurer's discounted rate). For people like that, a higher deductible policy with lower premiums makes sense because if you multiply the monthly premium times 12, it is often higher than the deductible minus premiums on a cheaper policy. You just have to make sure you have the deductible amount in savings ready to use if you have an unexpected medical event. plus additional for coinsurance if there is any on your policy -- also check the annual out of pocket maximum so you will know your total exposure in a year, the highest amount you could possibly have to pay. [/quote]

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