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Medical insurance for family of 4 with no pre existing conditions

Medical insurance for family of 4 with no pre existing conditions

Old Nov 11th 2019, 8:24 pm
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Default Medical insurance for family of 4 with no pre existing conditions

Hi all,

My wife and two daughters (10 and 8) are heading to California early next year and my employer has asked me to obtain few quotes as they will be covering the cost. I'm getting quotes north of $22/24k, with deductibles and some co-share.

Sounds expensive but does this sound about par for the course?

Thanks

Mic
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Old Nov 11th 2019, 8:58 pm
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Default Re: Medical insurance for family of 4 with no pre existing conditions

Originally Posted by Mic1 View Post
Hi all,

My wife and two daughters (10 and 8) are heading to California early next year and my employer has asked me to obtain few quotes as they will be covering the cost. I'm getting quotes north of $22/24k, with deductibles and some co-share.

Sounds expensive but does this sound about par for the course?

Thanks

Mic
Here are the state averages for employer-provided insurance:

https://www.kff.org/other/state-indi...2:%22asc%22%7D

So high but not outrageous, presuming you are not eligible for any ACA subsidy.

How large is your employer? Why aren't they providing your health insurance as opposed to you going out and looking for something?
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Old Nov 11th 2019, 10:04 pm
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Default Re: Medical insurance for family of 4 with no pre existing conditions

Originally Posted by Mic1 View Post
Hi all,

My wife and two daughters (10 and 8) are heading to California early next year and my employer has asked me to obtain few quotes as they will be covering the cost. I'm getting quotes north of $22/24k, with deductibles and some co-share.

Sounds expensive but does this sound about par for the course?

Thanks

Mic

Where are you looking? On Covered California.? Quotes are given on age of all members of the family, what the income is for the family unit, and what level the plan is (bronze, silver, gold etc)

Just as an experiment I input for a family of 4 (guessed your ages as 40 and 38) and got quotes from $1030 per month for a bronze plan with a 10K deductible to a Blue Shield platinum plan at $2240 per month with no deductible.. (I input salary at 150K per annum and the quotes can back with a 'maybe' subsidy)

So, your quotes sound high but not unrealistic taking into account all the different elements (above) one needs to take into account.

As another forum member said, why is your employer asking you to get quotes from the public market place? Sounds like they are not offering a company/group scheme - and a company/group scheme is by far the best option.

Think I have found out the answer to the size of company question - you are starting up a new office and sounds like YOU are going to be the only guy in it for a while......

Last edited by SanDiegogirl; Nov 11th 2019 at 10:13 pm.
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Old Nov 11th 2019, 10:16 pm
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Default Re: Medical insurance for family of 4 with no pre existing conditions

Pre existing conditions is not a rating factor.

Increased deductibles and coinsurance will reduce the price.
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Old Nov 12th 2019, 1:13 pm
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Default Re: Medical insurance for family of 4 with no pre existing conditions

Originally Posted by Mic1 View Post
Hi all,

My wife and two daughters (10 and 8) are heading to California early next year and my employer has asked me to obtain few quotes as they will be covering the cost. I'm getting quotes north of $22/24k, with deductibles and some co-share.

Sounds expensive but does this sound about par for the course?

Thanks

Mic
Sounds about right, I am in the NY Metro Area and currently pay my own, it’s about $2,100 a month for good Aetna medical (in network only), Delta dental and optical. Most employers would pay 60-80 of that figure for you with your 40-20% being taken pretax so effectively costing you less in net income.

The best way for a new company (less than 10 employees) to offer a full set set of good benefits is to use a PEO like TriNet, rather than being employee 1, you are employee 50,001 and that means they negotiate the discounts, offer a very large range of plans, I had 15-20 to chose from on the medical side and they also support all the usual LTD, STD, life insurance, pretax transit, FSA, DCA etc that you need to be tax efficient. A 401k is also an important consideration.

Last edited by tht; Nov 12th 2019 at 1:18 pm.
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Old Nov 13th 2019, 11:32 pm
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Default Re: Medical insurance for family of 4 with no pre existing conditions

Originally Posted by Giantaxe View Post
Here are the state averages for employer-provided insurance:

https://www.kff.org/other/state-indi...2:%22asc%22%7D

So high but not outrageous, presuming you are not eligible for any ACA subsidy.

How large is your employer? Why aren't they providing your health insurance as opposed to you going out and looking for something?
Thanks for the feedback, it will be them that provides it but they asked me to find one i was happy with. The company in Spain has 45 employees.
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Old Nov 13th 2019, 11:38 pm
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Default Re: Medical insurance for family of 4 with no pre existing conditions

Originally Posted by SanDiegogirl View Post
Where are you looking? On Covered California.? Quotes are given on age of all members of the family, what the income is for the family unit, and what level the plan is (bronze, silver, gold etc)

Just as an experiment I input for a family of 4 (guessed your ages as 40 and 38) and got quotes from $1030 per month for a bronze plan with a 10K deductible to a Blue Shield platinum plan at $2240 per month with no deductible.. (I input salary at 150K per annum and the quotes can back with a 'maybe' subsidy)

So, your quotes sound high but not unrealistic taking into account all the different elements (above) one needs to take into account.

As another forum member said, why is your employer asking you to get quotes from the public market place? Sounds like they are not offering a company/group scheme - and a company/group scheme is by far the best option.

Think I have found out the answer to the size of company question - you are starting up a new office and sounds like YOU are going to be the only guy in it for a while......
Thanks, yep Covered California was one i checked on.

Where this is a completely new venture for us, we're just learning as we go. As far as their HR dept was concerned, they asked me to find a policy that i was happy with, as far as coverage is concerned and then they as the employer would then approach them direct. And yes, you are almost right, it will be me and one admin/customer service rep initially......we think!
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Old Nov 13th 2019, 11:42 pm
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Default Re: Medical insurance for family of 4 with no pre existing conditions

Originally Posted by tht View Post


Sounds about right, I am in the NY Metro Area and currently pay my own, it’s about $2,100 a month for good Aetna medical (in network only), Delta dental and optical. Most employers would pay 60-80 of that figure for you with your 40-20% being taken pretax so effectively costing you less in net income.

The best way for a new company (less than 10 employees) to offer a full set set of good benefits is to use a PEO like TriNet, rather than being employee 1, you are employee 50,001 and that means they negotiate the discounts, offer a very large range of plans, I had 15-20 to chose from on the medical side and they also support all the usual LTD, STD, life insurance, pretax transit, FSA, DCA etc that you need to be tax efficient. A 401k is also an important consideration.
Good info, thanks tht. I'll pass this over to our HR dept. My employer is expecting to pay 100% of the cover.
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Old Nov 13th 2019, 11:43 pm
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Default Re: Medical insurance for family of 4 with no pre existing conditions

Then go for the best coverage.
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Old Nov 13th 2019, 11:51 pm
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Default Re: Medical insurance for family of 4 with no pre existing conditions

Originally Posted by Mic1 View Post
Good info, thanks tht. I'll pass this over to our HR dept. My employer is expecting to pay 100% of the cover.
as an employee I would love that, as a Director that owes a fiduciary responsibility to my shareholders I would advise against that. The different plans are applicable for different circumstances, so writing a blank check encourages waste, while cost sharing encourages analysis and selection of the plan that best fits an employees and their family’s needs. Just my 2 cents, or in reality a large difference in cost for potential little additional benefit.
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Old Nov 14th 2019, 12:05 am
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Default Re: Medical insurance for family of 4 with no pre existing conditions

Originally Posted by Mic1 View Post
Good info, thanks tht. I'll pass this over to our HR dept. My employer is expecting to pay 100% of the cover.
Most unusual...... most employers pay around 60% - 70% of the premiums; the rest being down to the employee.

You'll still have deductibles, co-pays I expect - unless they are prepared to pay for the platinum plans.....



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Old Nov 14th 2019, 7:32 pm
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Default Re: Medical insurance for family of 4 with no pre existing conditions

Originally Posted by tht View Post


as an employee I would love that, as a Director that owes a fiduciary responsibility to my shareholders I would advise against that. The different plans are applicable for different circumstances, so writing a blank check encourages waste, while cost sharing encourages analysis and selection of the plan that best fits an employees and their family’s needs. Just my 2 cents, or in reality a large difference in cost for potential little additional benefit.
Good question, tricky answer. I'm an employee of the Spanish company but a director and shareholder of the USA subsidiary !
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Old Nov 14th 2019, 7:35 pm
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Default Re: Medical insurance for family of 4 with no pre existing conditions

Originally Posted by SanDiegogirl View Post
Most unusual...... most employers pay around 60% - 70% of the premiums; the rest being down to the employee.

You'll still have deductibles, co-pays I expect - unless they are prepared to pay for the platinum plans.....
I should have mentioned, i am a minority share holder of the USA subsidiary but have been given casting vote over everything the company does.
Yes, there will be deductibles and co shares.

Thanks
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Old Nov 15th 2019, 5:27 am
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Default Re: Medical insurance for family of 4 with no pre existing conditions

Originally Posted by Mic1 View Post
I should have mentioned, i am a minority share holder of the USA subsidiary but have been given casting vote over everything the company does.
Yes, there will be deductibles and co shares.

Thanks
That does not sound like a very intelligent set-up, and is terrible corporate governance, unless your company is in a restricted industry like Aviation or certain other national security related industries there is no need for control to be held by a legal alien resident in the US. If you are the “Managing Director” you would already have the authority to act unilaterally for and on behalf of the company, while the true majority ultimate beneficial owner(‘s) (UBO) would retain the ability to overrule you and provide the normal oversight a normal shareholder(‘s) would. You could effectively do some very bad things to the real UNO and they would have a costly and limited recourse. If this is the setup they have suggested I would run a mile and if it’s their advisors I would sue and seek a refund of legal fees paid.
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Old Nov 17th 2019, 9:49 pm
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Default Re: Medical insurance for family of 4 with no pre existing conditions

Originally Posted by tht View Post


That does not sound like a very intelligent set-up, and is terrible corporate governance, unless your company is in a restricted industry like Aviation or certain other national security related industries there is no need for control to be held by a legal alien resident in the US. If you are the “Managing Director” you would already have the authority to act unilaterally for and on behalf of the company, while the true majority ultimate beneficial owner(‘s) (UBO) would retain the ability to overrule you and provide the normal oversight a normal shareholder(‘s) would. You could effectively do some very bad things to the real UNO and they would have a costly and limited recourse. If this is the setup they have suggested I would run a mile and if it’s their advisors I would sue and seek a refund of legal fees paid.
I think there's maybe a little more trust between myself and the UBO.....
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