[Jewelry making - Article 00067] - Re: [Orchid] Insurance policy

[Lee Einer]

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    An MSA has it's benefits. Basically, an MSA works like this-- 

    You take out an individual, catastrophic policy on yourself and/or
    your family. You can then set up a Medical Savings Account, into
    which you can deposit a limited amount of funds on a tax-free basis.
    The limit on the tax free yearly deposit is the lesser of 65% of the
    deductible if you are the only insured, 75% of your policy's
    deductible if your family is on the policy. Out-of-pocket can be up
    to $3,000 for individuals and up to $5,500 for families. Your
    premiums are paid out of this MSA, which means that for practical
    purposes a portion of your premiums are tax free. I say a portion
    because the limit on the amount which you can deposit into an MSA
    tax-free  is such that it is unlikely to completely cover your
    premium, let alone pay for active care. 

    Now a tax savings is always nice, but it is not what's important
    when you are looking for health insurance-- what is important,
    vitally important, is that you research your prospective health
    insurer to make sure that they are reputable. Health insurance
    reimbursement is my day job, has been for roughly 20 years, and I can
    tell you that I have seen lives ruined by sleazy health insurers.
    Insurers peddling individual policies, unfortunately, tend to be the
    worst of the lot. Common dirty tricks include lowball initial
    premiums, unacceptably broad exclusionary riders, and the despicable
    practice known as "underwriting on the back end." 

    Be safe and contact your state Department of Insurance. Most, if not
    all, maintain complaint statistics on insurers within their state.
    Check out your prospective insurer on the Internet. If you have to
    pay more for a reputable plan, do it. If you can get group coverage,
    give it serious consideration.  What little you will save now by
    going with a cheap plan is a drop in the bucket compared to what is
    at stake if you become seriously ill or injured and your insurer
    deals in bad faith. 

    And if, heaven forbid, any of you do find yourself dealing with a
    bad faith insurer here in the USA, feel free to contact me offline
    for assistance. 

Lee Einer
http://members.cox.net/appealsman/

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