Health Insurance

PokerBob · #1 03-16-2005, 11:07 AM

I am going to take a 1 year leave from my job, and will be playing poker as my income. I am single with no dependents. I will need heatlh insurance. Any suggestions?

gila · #2 03-16-2005, 11:12 AM

Where do you live? If your in the midwest, I have a suggestion.

PokerBob · #3 03-16-2005, 11:24 AM

[ QUOTE ]
Where do you live? If your in the midwest, I have a suggestion.

[/ QUOTE ]

Minnesota.

As Zehn · #4 03-16-2005, 11:41 AM

One option is to get a policy with a high deductible (which will keep the premiums down) and simultaneoulsy set up a Health Savings Account (HSA). Talk to your accountant.

gila · #5 03-16-2005, 11:42 AM

Hey, my roommate works for the NASE (National Association for the Self-Employed). He has just started and I do not think he can sell in MN yet. You may want to check out the NASE web site, for they seem to offer pretty good deals on insurance for the self-employed, i.e., they have a large group (600,000) so you are basically getting a group discount of some sort. Not sure what their web address is.

Brock

As Zehn · #6 03-16-2005, 11:45 AM

Unless their rate have changed a lot in recent years, you can do a lot better.

Post-Oak · #7 03-16-2005, 11:46 AM

[ QUOTE ]
I am going to take a 1 year leave from my job, and will be playing poker as my income. I am single with no dependents. I will need heatlh insurance. Any suggestions?

[/ QUOTE ]

Yes. Elect COBRA. It is good for 18 months. You will keep the same plan as you have now, but have to pay for it yourself. You still get the group rate your company gets though (with a slight adjustment).

Last I heard, you pay 102% of what your company would pay for you. So you are basically getting the group rate. It expires after 18 months.

Do you work for a big company? Do they have good health benefits? Talk to human resources about electing COBRA.

Look it up on the internet.

Spartacus · #8 03-16-2005, 12:45 PM

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groo · #9 03-16-2005, 12:50 PM

Both COBRA and the N.A.S.E. are pretty expensive from my experience. If MN is anything like AZ, check the yellow pages and there will be dozens (if not hundreds) of companies selling health insurance. An independant agent will probably find you the best deal as they represent many companies, but shop around as rates and service do differ greatly.

If you suspect you may be self-employed for longer period of time consider the N.A.S.E., while their rates are about double (or more) their rates are also more stable about a 5% increase annually. While other companies tend to maintain your rate for the first year, I've seen semi annual increases in the range of 25-35% after that. This eventually means you have to change companies, which can become problematic if any serious health problems arise.

MikeyObviously · #10 03-16-2005, 01:06 PM

I'd say don't get health insurance.

But I like to gamboool...