FEHB 2011 Open Season

[burrocrat]

life insurance question, short time horizon to make the choice:

private policy with end of month deadline for signing up, no med visits, answer 3 simple questions, premium never goes up and benefits never go down. $46 per PP, $75k death benefit, 3x $ long term care coverage. let's see... $76k/$46PP=1630 payments before i put more in than i will take out, that's 62.7 years by the way, and the long term care thing too. i'm 43, so add 62 and i'd have to live to be 105 before i lose money on the deal. god i hope i don't make it that far, sheet i'll be glad if i'm still changing my own shorts at 80. (jm marketing).

or...

$250k coverage now for $20PP, no long term care, but premiums go up with age, and at 65 becomes a negative return situation. (WAEPA).

i only have the standard FEGLI 1 unit right now, cant up it without a dr. visit and i don't want to go there, but need to protect kids future.

what would/do you do?

 

[burrocrat]

ok i did it. current plan premiums were going up to $90. i went for the HDHP at $100.

of the $2600 in premiums for the year, $1500 will 'pass through' into a HSA i can use to cover costs. as long a my medical expenses don't excede $1500 i figure i'm covered at 100%. all preventative visits and routine screening covered free. maybe we see the dr. twice a year for skinned knees or banged noses and such, if that pattern holds i'll have some change left over.

took the FEDVIP for another $20. plan on having some dental done for the family. whatever the health and dental policy doesn't cover will be paid from the HSA.

i still plan on coming out ahead with a bit of jingle in my pocket at the end. maybe one of the nurses will help me spend it. just got to get her to write up a reciept for the 'massage therapy'.

 

[SWAVET]

Can the balance in the HSA run out before the HD part is satisfied?

Yes, especially for the first two years since you need to build up the account to cover HD when needed. I'm in my 2nd yrs and my current balance is over $10K.

Can you use the card ahead of your deposits the way you can in a flex spending account?

No, this is just like checking account as they (Chase) told me, you can only use when you have a balance. Just withraw at any ATM with your debit (HSA) at later time to reimburse yourself when the balance is available.

 

[KevinD]

Can the balance in the HSA run out before the HD part is satisfied?

Can you use the card ahead of your deposits the way you can in a flex spending account?

 

[Steel_Magnolia]

ok, better. do dr.'s offices have a card swipe macheen so you can cover copays?

Yep. You can use it like any other debit card there.

do you pay online when get the bill with the card number like ordering of amazon?

Yeah. As long as it's a medical bill. (Don't know if they really check. I've never tried it anywhere I shouldn't.)

just go to the nearest atm and spill a few hundreds on the counter to the receptionist.

Nope. I don't think you can do that. But I could be wrong....

maybe it's kind of silly, but i need to know how it works before i take it apart.

That's not silly. It's smart to find out as much as you can about something this different.

 

[burrocrat]

My insurance premium is deducted from my pay as usual. The premium goes to Aetna. Aetna puts $65 of that premium into a Debit card that is handled through, if I remember correctly, Chase National Bank. And I then use those funds in the debit card to pay for prescriptions, etc.

I'd be happy to answer any questions I can. Ask away.

ok, better. do dr.'s offices have a card swipe macheen so you can cover copays? do you pay online when get the bill with the card number like ordering of amazon? just go to the nearest atm and spill a few hundreds on the counter to the receptionist.

maybe it's kind of silly, but i need to know how it works before i take it apart.

 

[Steel_Magnolia]

My insurance premium is deducted from my pay as usual. The premium goes to Aetna. Aetna puts $65 of that premium into a Debit card that is handled through, if I remember correctly, Chase National Bank. And I then use those funds in the debit card to pay for prescriptions, etc.

I'd be happy to answer any questions I can. Ask away.

 

[burrocrat]

but how do you actually physically pay for it? card, check, cash up front and then reimbursed? digital ones and zeros just magically fly around and the system makes sure the pot is right?

it's your money, but how do you get it? more importantly, how do you go about actually spending it?

maybe i'm just being stupid here, but it's important to me to understand how the logistics work before i commit.

 

[Steel_Magnolia]

BC, I use the Aetna HDHP. Yeah, me. With all my health problems. It works well, with $65 of my currently +/- $75 premium going into a HSA that I can access with a Visa card.

I have to pay a $1,500 co-pay, which I reach within the 3rd week of January because of my meds. I can use the money in my HSA to help with that co-pay. And if I have a year with absolutely choking health bills, like last July, well there is a catastrophic limit of $4,000. And every penny after the $4K is paid by Aetna.

So the deductible would choke a horse. But between the low price of the monthly insurance cost and the fact that I get most of that monthly cost back for my medical bills, it makes sense for me.

But that's just me. Everybody is different and your mileage may definitely vary!

Maggie

 

[burrocrat]

ok, i'm still a bit unsure and open season choices need made soon. can anybody who has used the HDHP plans with HSA explain in plain english how it works?

a big portion of your premium (pretax) goes into a savings account which funds you can use to pay billed expenses like co-pays, whatever portion of invoices insurance doesn't pay, etc.? right?

so how do you access the money? debit card and pay at point of sale? issued a 'checkbook' and write a note off your HSA balance? pay with personal funds and provide documentation to get reimbursed?

and what happens if the dr. takes one look and me and says 'you are a train wreck waiting to happen, plus you're freakin crazy as a loon' and then straps me to a gurney and i don't get out for a few weeks until i figure out how to negotiate the system?

i think i'm going to give it a shot. there is something appealing about most of my premiums to the corporate robbers passing through right back to me for my use. let's just say i'm in moral agreement with the philosphy there.

 

[Steel_Magnolia]

Serious question: Has anyone ever reached their catastrophic limit when insured by Aetna HDHP? If so, was Aetna prompt in taking over all additional bills?

Squale, my teddy bear friend, are you there and did this ever apply to you? Anyone else?

TIA,
Maggie

 

[Steel_Magnolia]

Spouse and I use Aetna HDHP. We buy two Self-Only coverages because that's less expensive than one Family. And we can do that because we're both Fed retirees. I do the spreadsheets every year, and every year it looks like we can save about $200 a month over BCBS because of their HSA feature: Aetna puts almost all of the premium I pay them back into my HSA. Sweet!

All of July's bills aren't in yet (gr-r-r-r) but I probably reached my catastrophic maximum this year.

You know, I think that the insurance alone makes it worth it to be a Fed. If we hadn't had our Aetna HDHP, last July would have ruined us for sure!

Maggie

 

[James48843]

Don't forget to enroll in a flexible spending account-

https://www.fsafeds.com/fsafeds/index.asp

that covers the copays and deductables.

 

[nasa1974]

I have been with BCBS for years and really haven't had any problems. But I am looking at switching to GEHA. It appears their coverage is pretty close to BCBS. My primary doctors are covered and their premiums are half of BCBS.

 

[dannyboy]

I'm with BCBS basic..No yearly deductable, co-pays are $25/$35, meds are $10/$35...extended hospital stays max out at $750.00...saved $2000/yr in monthly premiums...Over BCBS Standard.

Thing is, EVERYBODY accepts BCBS, EVERYWHERE there is a perferred provider.

I've always been BCBS and it's easy to find participating physicians and everythng is comperble close?, for me.

DB

 

[Buster]

I'm with BCBS basic..No yearly deductable, co-pays are $25/$35, meds are $10/$35...extended hospital stays max out at $750.00...saved $2000/yr in monthly premiums...Over BCBS Standard.

Thing is, EVERYBODY accepts BCBS, EVERYWHERE there is a perferred provider.

 

[burrocrat]

ok it's open season, someone check my logic before i push the button here?

i normally carry GEHA standard self+family, was $83, going up to $90. i hardly ever go to the clinic or doctor, if you can get on your feet you're ok, never have met my measly $700 deductible. if something big happens i'm going broke anyway no matter what if any insurance i carry. i am in a 'medically underserved' location so anywhere we go is in-network.

looking at the HDHP plan, costs $100 self+family only an additional $10. a little bit more for some services and big deductible but again it will break me if i hit it no matter what.

are you saying that of $100 biweekly premium ($2600/yr), $1500 of that goes into an account i can use for copays, prescriptions, visits etc.? net cost for insurance only $1100 then and a $1500 cushion to cover routine expenses? and carries over year to year? and i can withdraw funds and only be liable for taxes i would have paid anyway? and i can contribute extra funds tax free if i foresee a need?

what happens to the money if i switch to say BCBS regular plan in the future? still there for med expenses? can switch back and continue adding to balance?

if i understand this correctly, what's not to love about HDHP plans?

why does this insurance thing seem like dancing with the devil? at least we got choices.

 

[SWAVET]

(Almost) Free Health Insurance

http://www.govexec.com/story_page.cfm?filepath=/dailyfed/1010/100810rp.htm

 

[SWAVET]

I thought that if one did not use up the HSA by the end of the year, it reverted back to the govt. You are saying it rolls over?

Yes, it rolls over just like your regular checking account with ATM card and like you retiree (Congratulations), you can withdrawal any amount in the account to use for personal purpose other than medical then paid tax as regular income, but you are not allow while you are still in service. I expect to have at least $100K by the next 20 yrs with current balance $9.3K (so far small cap and int'l are great).

 

[jimijr]

I thought that if one did not use up the HSA by the end of the year, it reverted back to the govt. You are saying it rolls over?