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Question about health insurance for full time trader
- Thread starter webbma
- Start date
Quote from chewbacca:
first of all, are you even profitable trading part-time?
trader that thinks he will make it big on hope alone
you're an obvious newbie without a clue as to how this business works - your post gives it away [/B]
No one here has the time or inclanation to put up with nonsense like this. Obviously the trader refeered to has given us a sense of his extensive experience but even if his experience was less impressive he wouldn't desrve this rediculous reply.
SOBER UP, GROW UP, DO BOTH or get lost.
Tommy
Just a couple of comments regarding insurance:
First regarding pre-existing conditions. This is a real problem with insurance policies. As one poster said, they all have an initial period where a pre-existing condition may not be covered, usually a few months.
But if your wife has a more chronic condition, they may completely exclude it for a few years, or they may decide not to insure you at all. My wife had a back problem that was excluded for 3 years on a policy. Fortunately though, it was not something that required ongoing treatment, so that was not an issue for us.
The way I have approached insurance for my wife and I is to select policies with very large deductibles. At my age everything is expensive. But what we are going for is more of a catastrophe type of insurance. We just have to pay all of the doctor visits, etc. However, it does serve to lower the premium. On the other hand, it also gives you the negotiated rate that was negotiated between the doctors, hospitals, etc and the the insurance company. This has saved us quite a bit for medical services under the deductible.
I also have a corporation. When I have gotten quotes for corporate policies, they have always been higher than for individual policies. You might want to speak to some good insurance brokers though regarding this.
Another consideration is the financial stability of the health insurance company. You don't want to get into a situation where your insurance company fails, and now you are unable to get insurance due a medical condition. I've seen this happen to a number of people. Usually the state offers a high risk pool, but this is a very expensive policy, and not a very good one at that. At one time I had a doctor who checked your insurance company against a list of companies he maintained, and nearly denied my company because they were on a "troubled company" type of list. That company later went broke. I simply went on to another insurance company because I had good health. But there were alot of people with serious conditions who now couldn't swith because the new insurance companies wouldn't take them.
Another poster mentioned that individual policies may be cheaper than family policies. I have found this to be true too. So my wife and I have separate individual policies, and in our case, they are with different companies even.
Finally, as another poster mentioned, if you are still currently with an employer, you may be offered a cobra plan, which is a continuance of your existing policies after you leave the company. These policies are usually more expensive than some of the private alternatives. Yet, in your situation it may be a strong consideration due you your wife's pre-existing conditon. Somewhere in the back of my mind I'm thinking these cobra plans run out at some point....but that something to check.
You gotta alot of things to consider. You need to sit down and start calling around. Do alot of homework because this is a very large expense these days. Again, in my case, I have opted to have large deductibles. The typical doctors visit is $60 to $100. I just pay those out of pocket. Right now I have the deductibles set at $2500. I'm considering raising them to $5000, maybe $10000. What I'm looking for is just something that kicks in if something is really wrong. I can afford the smaller bills.
Good luck with it.
OldTrader
First regarding pre-existing conditions. This is a real problem with insurance policies. As one poster said, they all have an initial period where a pre-existing condition may not be covered, usually a few months.
But if your wife has a more chronic condition, they may completely exclude it for a few years, or they may decide not to insure you at all. My wife had a back problem that was excluded for 3 years on a policy. Fortunately though, it was not something that required ongoing treatment, so that was not an issue for us.
The way I have approached insurance for my wife and I is to select policies with very large deductibles. At my age everything is expensive. But what we are going for is more of a catastrophe type of insurance. We just have to pay all of the doctor visits, etc. However, it does serve to lower the premium. On the other hand, it also gives you the negotiated rate that was negotiated between the doctors, hospitals, etc and the the insurance company. This has saved us quite a bit for medical services under the deductible.
I also have a corporation. When I have gotten quotes for corporate policies, they have always been higher than for individual policies. You might want to speak to some good insurance brokers though regarding this.
Another consideration is the financial stability of the health insurance company. You don't want to get into a situation where your insurance company fails, and now you are unable to get insurance due a medical condition. I've seen this happen to a number of people. Usually the state offers a high risk pool, but this is a very expensive policy, and not a very good one at that. At one time I had a doctor who checked your insurance company against a list of companies he maintained, and nearly denied my company because they were on a "troubled company" type of list. That company later went broke. I simply went on to another insurance company because I had good health. But there were alot of people with serious conditions who now couldn't swith because the new insurance companies wouldn't take them.
Another poster mentioned that individual policies may be cheaper than family policies. I have found this to be true too. So my wife and I have separate individual policies, and in our case, they are with different companies even.
Finally, as another poster mentioned, if you are still currently with an employer, you may be offered a cobra plan, which is a continuance of your existing policies after you leave the company. These policies are usually more expensive than some of the private alternatives. Yet, in your situation it may be a strong consideration due you your wife's pre-existing conditon. Somewhere in the back of my mind I'm thinking these cobra plans run out at some point....but that something to check.
You gotta alot of things to consider. You need to sit down and start calling around. Do alot of homework because this is a very large expense these days. Again, in my case, I have opted to have large deductibles. The typical doctors visit is $60 to $100. I just pay those out of pocket. Right now I have the deductibles set at $2500. I'm considering raising them to $5000, maybe $10000. What I'm looking for is just something that kicks in if something is really wrong. I can afford the smaller bills.
Good luck with it.
OldTrader
here's the problem with the above concepts. yes everythings fine by switching year to year finding the cheapest policy. but somewere you or you wife will get caught having a health problem and be stuck with a policy and at the mercy of the insurance company who can raise your rates 50-100% a year.and yes one can move to a 10k or 25k decutible. but what happens when you devolope a chronic condition that requires 20-40k a year of expenses? each and every year you have to outlay your 10-25k deductilbe plus your you'll be hit with 50-100% premium increases. the best solution if possible is send your wife to work a menial job at a public school were the hrs are 7-3 for many schools and a 9 month work year and full health benefits and a good pension.i figured it will save me 1 million over 23 years.i was spending $1200 a month or family coverage 4 years ago and now it cost $180 amonth for even better coverage. something to think about
I'm in Texas and have a small biz. I get my insurance through it as Tx has purchasing pools for small businesses.
I suggest looking at an HSA compatiple policy as every time I compared a standard policy (drug plan, copays, low deductibles, 80% copays after meeting the deductibles), the higher premiums were not worth it.
Instead I have a 5K deductible with 100% coverage after meeting the deductible plus an HSA. Works well and for me and my wife as it had the best overall economics.
YMMV.
Best of luck in the crisis situation health care in the USA is in.
DS
I suggest looking at an HSA compatiple policy as every time I compared a standard policy (drug plan, copays, low deductibles, 80% copays after meeting the deductibles), the higher premiums were not worth it.
Instead I have a 5K deductible with 100% coverage after meeting the deductible plus an HSA. Works well and for me and my wife as it had the best overall economics.
YMMV.
Best of luck in the crisis situation health care in the USA is in.
DS
Quote from webbma:
I am planning to go fulltime in the next 6-9 months, and I have a question for any of the traders with families. My wife is a stay at home mom, so getting coverage from her is not an option. What do you guys do for health insurance coverage? Do the prop firms your with offer a plan? Do you have to get seperate health care coverage? If anyone is in NJ and has a family plan, what is the approximate cost of the plan?
Thanks for any input you can provide.
I read the thread.
I am familiar with your situation and my viewpoint is that of a person who has been licensed in the health and other insurance profession in many states. The nearest to you is NY and PA.
At this point you need several diffent coverages to take care of the near future and long term.
There must be a segway for you as well. Your professional needs more or less dictate that you need to consult with a person in an agency which has the capability to deal with a broad and comprehensive bidding process to get you the better choices that are possible.
That person will explain cobra to you and how long offers are good and how interdependent the different coverages you will be needing. It is extremely important to not gloss over any conditions and the way a condition changes to another aspect of health difficulties.
Over the seven parts of an individual's life about 22 types of financioal instruments do come into play. Where you are now and where your family is presents several problematic aspects. For sure you need to get those under control before you begin the segway that you will be putting yourself in as you come to rest as a fulltime independent trader, professional or amateur.
You need a senior agent at a full service insurance agency. Were I you, I would check out networking with some other wealthy independent traders in NJ (Princeton, Cherry Hill or NY metro); they will connect you to the services that you need to begin to remediate the current problems you have, the segway hazards and coming to rest as a person who likes being at great family risk.*
*You started much too late when you compare 6 to 9 months with the time lines of things you are not currently facing.
If you and your wife have been continuously covered by medical insurance for the last 12 months, you can not be turned down or given exclusions for pre-existing conditions (HIPAA statutes).
Make absolutely sure your transfer from company plan to whatever you elect (cobra or individual plan) is seamless - any gap can be a disaster, so don't let coverage lapse.
Make absolutely sure your transfer from company plan to whatever you elect (cobra or individual plan) is seamless - any gap can be a disaster, so don't let coverage lapse.
I wish we were like other countries where the people do not have pay any health insurance premiums. Why in the world does a health insurance company, that is looking to make a profit, need to be in the healthcare business. They can charge whatever the hell they want. So now Joe sixpack and his wife Sally have to get a second job on nights and weekends flipping burgers or waiting tables just so they can pay $2,000/month for health insurance for them and their 2 kids. They are better off without health insurance. If something does go bad, you pay $50/month to the hospital for the rest of your life, or file bankruptcy. Beats paying $1,000 or more/month.
Health coverage should be paid with income taxes collected by the government. I think if everyone in the U.S. dropped their health insurance coverage, put the insurance companies out of business, we would be able to start seeing some change around here.
Health coverage should be paid with income taxes collected by the government. I think if everyone in the U.S. dropped their health insurance coverage, put the insurance companies out of business, we would be able to start seeing some change around here.