Buying Your Own Health Insurance in Iowa

[khardbored]

I'm looking at a possible job change. The prospective employer is a very small company (< 20 employees) so there is no group health insurance. They give me $250 per month to put towards my own purchase of health insurance.

2 kids, wife, and me. We do use our insurance quite a lot as we require multiple prescriptions. In a couple years, we have hit out of pocket maximums.

I know it will cost WAY more than $250 per month, I'm trying to figure out how much more. Anyone here in Iowa who buys their own health insurance on the exchange (Affordable Care Act, etc)? If so, are you willing to share how much you pay per month, what your deductible is, co-pay/co-insurance, and out-of-pocket max?

I've looked in a lot of places online and it's very hard to find this info.

Thank you!

 

[BCClone]

I'm looking at a possible job change. The prospective employer is a very small company (< 20 employees) so there is no group health insurance. They give me $250 per month to put towards my own purchase of health insurance.

2 kids, wife, and me. We do use our insurance quite a lot as we require multiple prescriptions. In a couple years, we have hit out of pocket maximums.

I know it will cost WAY more than $250 per month, I'm trying to figure out how much more. Anyone here in Iowa who buys their own health insurance on the exchange (Affordable Care Act, etc)? If so, are you willing to share how much you pay per month, what your deductible is, co-pay/co-insurance, and out-of-pocket max?

I've looked in a lot of places online and it's very hard to find this info.

Thank you!

Age makes a huge difference. I run a higher deductible (3500) but that is my max out of pocket also. It’s me and three kids. I’m grandfathered in before the ACA, so my rate won’t be relevant to you. Insurance agent checked rates if I would ever lose my grandfather status, told me it would double so I feel for you.

I will say I am taking a small gamble with my insurance though because I do have a grandfathered rider. It will not cover me if I get pregnant.

 

[CyVoodoo]

Full boat family plans are probably 12,000 to 14,000 plus. A freaking mess

 

[AttackOfTheClones]

Try your nearest Farm Bureau agent. They came out with a new product January 1 2019. We signed up and are very pleased

 

[khardbored]

Try your nearest Farm Bureau agent. They came out with a new product January 1 2019. We signed up and are very pleased

My research shows that isn't ACA compliant, so would not apply to us (too many health conditions to qualify).

 

[iowastatefan1929]

i think you might be able to create an llc or similar and pay yourself a w2 and get on a group plan with other contractors or something. i dont know a whole lot about it but check with a accountant or cpa.

 

[ISUCyclones2015]

My research shows that isn't ACA compliant, so would not apply to us (too many health conditions to qualify).

Have you tried being healthier? Gosh!

But for real, me as a single 19 year old that looked into the plan, it was $300-$500 a month on the ACA when it was introduced. I opted to just take the risk and the fine at the time... for 3 years until I got into an employer plan.

 

[BCClone]

Have you tried being healthier? Gosh!

But for real, me as a single 19 year old that looked into the plan, it was $300-$500 a month on the ACA when it was introduced. I opted to just take the risk and the fine at the time... for 3 years until I got into an employer plan.

Wow, back in 2002 when I had to go on my own insurance, my agent told me what it was per kid through the age of 19, and a 19 year old was $89/month for a nice BC/BS plan.

 

[Stormin]

If you need health insurance right away you can check on Healthcare.gov. I have done a fair amount of research and have some knowledge but the Exchange would provide real answers. I am not an expert by any means. And you need to talk to those who know. And Insurance is Insurance. Policies on the Exchange have to meet all the required benefits. So you can pretty much get Apples to Apples Comparisons of Exchange Policies and ACA Compliant Non-Exchange policies offered by a private sector health insurance agent. Keep in mind though that the private health insurance agent has a vested interest in gaining a commission in wanting to sell you something. They could try to influence you that the health insurance is inferior on the Exchange. And give you a line of BS. Insurance is Insurance. ACA Compliant in policies is key. Lots of junk policies available now with changes made in law. Be careful. Private sector has their Agents motivated by Commission.

https://www.healthcare.gov/

Normal Enrollment is not open as the enrollment period is over. However the Website should be able to provide you with answers to your questions. Also numbers to contact. Do not be afraid to Contact them if you have questions. You can see if you qualify for Special Enrollment Period.

In a normal year the enrollment period is like November 15 till December 15 or something like that. Enrollment period is shorter now. It is not advertised as much now either and not sure if there are as many people to help as under previous Administration.

It all depends on your income. You will need to ESTIMATE your income. And be fairly accurate. Healthcare Exchange will then give you quotes and choices of policies in your State and County. Depending on your income situation and you must include ALL income. Must be above Poverty Level to actually buy a policy and get purchase a policy. Above 4 times poverty line and you will not qualify for subsidies. Choices are for Policies in either the Gold, Silver, and Bronze levels. The levels will give different options of health care. coverage. And Premium after Subsidy will be based on Age, Income, and Dependents.

Don’t be afraid to get answers. I would caution you that the subsidies are based on income, age, and dependents. And going above or below those qualifying incomes based on poverty level. will result in a loss of subsidy and you will have to pay it back. Everything gets rectified in the previous year premiums and subsidies when the Income Tax is filed. Seems complicated but really isn’t once you get more answers.

Check out your options and do what is best for you. All the policies sold on Healthcare.gov are actually private health insurance policies. It is not government insurance. And buying a Blue Cross Policy from a Farm Bureau requires you to buy a membership that costs $45 per year I believe.

Good Luck in whatever you decide.

 

[AgronAlum]

I just had to get temp healthcare because of a waiting period with my new job and was surprised how cheap it was. I worked with Absolute Insurance in Clive. The same place saved us a ton on homeowners and car insurance. Call them and see what they can get you for permanent coverage.

I’m paying almost double at my new employer but the deductible doesn’t reset after 3 months.

 

[Stormin]

I just had to get temp healthcare because of a waiting period with my new job and was surprised how cheap it was. I worked with Absolute Insurance in Clive. The same place saved us a ton on homeowners and car insurance. Call them and see what they can get you for permanent coverage.

I’m paying almost double at my new employer but the deductible doesn’t reset after 3 months.

Is your new policy ACA Compliant? Short term policies do not have to cover essential benefits. You might not have the coverage you might think you have.

 

[cycloner29]

I'm looking at a possible job change. The prospective employer is a very small company (< 20 employees) so there is no group health insurance. They give me $250 per month to put towards my own purchase of health insurance.

2 kids, wife, and me. We do use our insurance quite a lot as we require multiple prescriptions. In a couple years, we have hit out of pocket maximums.

I know it will cost WAY more than $250 per month, I'm trying to figure out how much more. Anyone here in Iowa who buys their own health insurance on the exchange (Affordable Care Act, etc)? If so, are you willing to share how much you pay per month, what your deductible is, co-pay/co-insurance, and out-of-pocket max?

I've looked in a lot of places online and it's very hard to find this info.

Thank you!

Wow! Only $250 month to be put toward insurance? Anymore that is almost one of the first things I would look at when look at taking a new job. I told my new employer when I thinking of leaving my former employer, what my current insurance was and deductible. I realize that employers under so many employees do not have to offer insurance. I pay over $1,200 a month for a family of 5 with a high deductible. I figured that in when I told my employer what I needed my base salary to be. My wife is not happy with our plan as the deductibles are a lot higher.

 

[DeereClone]

$10,000-$14,000 for good full coverage with a $2500-$5000 deductible.

There is a loop hole if you can form an LLC and pay yourself a wage that you can get a significant discount on that, talk to a CPA or independent agent that deals with a lot of farmers.

 

[Stormin]

$10,000-$14,000 for good full coverage with a $2500-$5000 deductible.

There is a loop hole if you can form an LLC and pay yourself a wage that you can get a significant discount on that, talk to a CPA or independent agent that deals with a lot of farmers.

Are you talking about tax deductibility? Because if you are talking about LLC formation to get a private health insurance company discount that does not necessarily make sense.

 

[SCNCY]

Have you tried being healthier? Gosh!

You can't say that! How do you know if their health situation is self made or genetic!

I have type 1 diabetes, my medicine without insurance would cost me $2200 just for my fast acting insulin per month, and I still have other medication and doctor appointments I need to have or else I would die.

So tell me how I can get healthy, I would really like to know!

 

[DeereClone]

Are you talking about tax deductibility? Because if you are talking about LLC formation to get a private health insurance company discount that does not necessarily make sense.

All I know is every farmer around here formed an LLC last winter for health insurance purposes. Mine is through an off farm job so I can’t speak from experience on it.

 

[Stormin]

All I know is every farmer around here formed an LLC last winter for health insurance purposes. Mine is through an off farm job so I can’t speak from experience on it.

If your wife is an employee of you and gets a cash wage then you can give her health insurance as an employee benefit. Health Insurance Premiums deductible for the Employer ( you). Not an accountant so things might have changed. In the example, the wife did not get insurance from another job. The wife did not have a job off Farm. And no LLC was required. But you did have to have an agreement between employer and employee. And that did require a fee from the accountant or company setting the agreement up. And that was years ago.

Honestly, most Farmers should look at Healthcare.gov Website. Farmers have the ability to control income by pre-paying expenses and deferring income. Especially beneficial to Farmers in upper 50’s and lower 60’s of age. It does take planning. But they should investigate it. They might be very surprised as to the subsidies and amount of premiums. Lots of Farmers I know have not even looked at the option. So they do not even know.

 

[keepngoal]

UofI students get access to great health insurance. We take a one credit online class every 12 months. Great plan, and deductibles. Details are online over there. Premiums are $200 individual and $1,000 for family.

We save a **** ton of money doing that, and have actual insurance not the watered down, no coverage or stupid high deductible plans.

 

[Stormin]

You can't say that! How do you know if their health situation is self made or genetic!

I have type 1 diabetes, my medicine without insurance would cost me $2200 just for my fast acting insulin per month, and I still have other medication and doctor appointments I need to have or else I would die.

So tell me how I can get healthy, I would really like to know!

You had no control over it. That is why his reasoning is BS. We need coverage for pre-existing conditions. And we need pooling of higher cost people like yourself to not be discriminated against. Sure, a healthy individual will pay higher premiums as a result of not discriminating. But leaving it up to private health insurance companies will just maximize premiums while minimizing benefits paid and coverage. ACA actually caps profits for health insurance companies. Eliminate ACA then the sky is the limit for premiums. And there will be no coverage for pre-existing conditions. You would really be screwed.

 

[cytech]

For my small business I have a 1 person group plan which I have used for quite some time. The rates I am offered for these plans are much better than I have seen from the exchange web site.

That is likely why a lot of farmers have recently made the change. I have had my 1 person group plan for 4 or 5 years now though, so I am not sure what may have changed recently.