Health Insurance

An HSA rolls over each year (you might be thinking of a FSA). I have a $6k deductible, so as long as I put in enough each January to keep the HSA acct above $6k, then I don't worry about unexpected medical bills for the rest of the year.

Regarding disability, good luck getting a disability policy as an independent trader. Unless you work prop or have an LLC, I don't know of anyone that will give you a policy, especially if you trade from home and they have no way to disprove you can't trade anymore from that "bad back" you got over the weekend.

I ended up getting a Critical Illness policy from Assurity instead. Like life insurance you can get covered regardless of your job. It pays a lump sum if you get anything that would really keep you from trading -- like blindness, cancer, heart attack, stroke, paralyzed, loss of limbs, etc., but doesn't kill you (life ins covers that). You should look into it if you have a family to support.
 
if you live in New York and for whatever reason do not make very mich money for three months in a row (like 2500 a month if you a familly of three) you can qualify for healthy NY and pay like 500 a month for great coverage. Once you qualify you are good for a year regardless of how much you make.
 
These are great tips, it's great feedback for all. I live in CO. I also recall, and I can't find the older threads at the moment, but you can join a craft guild, any association that will let you join, and offers insurance, and get in on their volume discount.
 
Quote from QQQBALL:

depending upon financial situation, i would prefer LT care ins over life insurance. if you have enough to pass along to heirs/dependents, get the LT care policy - thats the one along with medical expenses that can wipe you out.
More...

Thanks QQQ. You know I have just been putting off getting LT care, because I am so very young. At what age do you think it would make sense.
 
Quote from sophiekay:

Thanks QQQ. You know I have just been putting off getting LT care, because I am so very young. At what age do you think it would make sense.
More...

before you need it:D

i think the earlier you start, the cheaper the premiums... i cant get it, i have a pre-existing condition & i think the premiums would be massive:mad:
 
Quote from Brandonf:

When you get insurance, make sure to read the fine print. I thought I was very well covered and it turns out not so much. Part of the fine print was a lifetime coverage amount of $250,000 on any particular illness, and if something serious happens to you, you can go through that very quickly. I spent half of May, all of June and part of July in the hospital this year and spent nearly $400,000...so the bills can pile on very quickly. GET CATASTROPHIC COVERAGE.
More...

Brandonf,

I've followed your posts very closely. The point you make above is very important and yet escapes most people. Pardon me for prying, but can you elaborate? Of the 400K, how much came out of your pocket? Your lifetime cap is now reduced to what? Can you switch providers? What type of coverage did you have prior to your illness?

To your health and a speedy recovery,

John
 
You must log in or register to reply here.
Back
Top