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Author Topic: -----When to CANCEL group health care insurance??  (Read 1382 times)

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Offline mike19601997

  • Member
  • Posts: 3
-----When to CANCEL group health care insurance??
« on: March 27, 2009, 11:22:17 PM »
When I was diagnosed POZ....this is what I did in response..

1.  I RETIRED from my job (so that I could leave the area [hide out]).
2.  I STAYED in my employer's group health care (BC/BS) unsure of whether I could ever get benefits again.
3.  I DID SECURE a new job and new group health care (United).  I have been employed here now for 5 years.
4.  I STILL pay the monthly premium for membership in my former employer's group plan (BC/BS) but my current plan with United is the primary.


I can COBRA with my current employer should something go wrong.

Question:  Should I drop my previous (retirement) group health care indemnity plan (BC/BS at $375 per month).   If I should drop it, why?

When I was first diagnosed all I could imagine was a lengthy medical-intensive death so I kept the group just in case I could not secure new employment OR I could not perform my new work requirements due to the effects of the infection.

Help, please.  Thanks.  Mike


Offline aztecan

  • Member
  • Posts: 5,398
  • 29 years positive, 57 years a pain in the butt
Re: -----When to CANCEL group health care insurance??
« Reply #1 on: March 28, 2009, 09:46:48 AM »
Hey Mike,

You have, I am presuming, full coverage - including prescriptions - with your new employer's policy, right?

You also would have COBRA benefits should that employment end for some reason, as you have stated.

When you were first diagnosed, you feared the worst, which is understandable. But now it sounds like you realize keeping the old insurance policy is overkill.

It is amazingly cheap at $375 a month. But that is $4,500 a year you could be spending on something else.

In other words I don't think you are getting the best bang for your buck.

Of course, its your money. But, were it me, I would just stick with your new employers policy as long as it meets your needs and spend the $375 a month on something else - or even put it in a savings account.

HUGS,

Mark

"May your life preach more loudly than your lips."
~ William Ellery Channing (Unitarian Minister)

Offline Assurbanipal

  • Member
  • Posts: 2,173
  • Taking a forums break, still see PM's
Re: -----When to CANCEL group health care insurance??
« Reply #2 on: March 28, 2009, 10:47:56 AM »
Mike

I think there's a lot of information that is specific to you that you should take into consideration -- have you considered sitting down with a financial planner that can help you think through this using your own information?  It seems like enough money that it would be worthwhile.

Here's some questions you might want to think about:
1) What is your net cost for the retiree coverage? (Assuming it is secondary to your employer coverage it should be reimbursing you for some of the stuff your primary plan does not pay -- subtract those reimbursements off from your premium payments.  That is the amount of potential savings if you stay employed.)
2) If you drop the retiree plan can you re enroll?  It isn't typical, but some employers do allow this and it is worth checking.
3) How secure is your job?  All the survey stuff seems to say that while the biggest wave of layoffs has happened for this year, there are still a lot left that are pending.  The old plan is probably cheaper than COBRA would be if you need it -- and it lasts more than 18 months.
4) How close are you to age 65?  What happens to your retiree plan when you hit 65?  If it doesn't provide much coverage to supplement Medicare that could argue for dropping it if you are within a couple of years.
5) How easy would it be for you to find a new job with benefits?
...

Good luck in whatever you decide.

Ashurbanipal
(who has completed steps 1 and 2 of your program but hasn't gotten a new job with benefits yet :) )
5/06 VL 1M+, CD4 22, 5% , pneumonia, thrush -- O2 support 2 months, 6/06 +Kaletra/Truvada
9/06 VL 3959 CD4 297 13.5% 12/06 VL <400 CD4 350 15.2% +Pravachol
2007 VL<400, 70, 50 CD4 408-729 16.0% -19.7%
2008 VL UD CD4 468 - 538 16.7% - 24.6% Osteoporosis 11/08 doubled Pravachol, +Calcium/D
02/09 VL 100 CD4 616 23.7% 03/09 VL 130 5/09 VL 100 CD4 540 28.4% +Actonel (osteoporosis) 7/09 VL 130
8/09  new regimen Isentress/Epzicom 9/09 VL UD CD4 621 32.7% 11/09 VL UD CD4 607 26.4% swap Isentress for Prezista/Norvir 12/09 (liver and muscle issues) VL 50
2010 VL UD CD4 573-680 26.1% - 30.9% 12/10 VL 20
2011 VL UD-20 CD4 568-673 24.7%-30.6%
2012 VL UD swap Prezista/Norvir for Reyataz drop statin CD4 768-828 26.7%-30.7%

Offline mewithu

  • Member
  • Posts: 160
  • mewithu
Re: -----When to CANCEL group health care insurance??
« Reply #3 on: March 28, 2009, 11:29:54 AM »
 Why do you feel you need two health plans. Do you pay the same amount for both plans. Cobras only are allowed to last for a couple of years before you get medicare anyway. Cobras are expensive also. You have a lot to think about. If your secure with your new company 1 insurance should be enough. If it happens you have to go on SSd it takes two years to get medicare after receiving SSd. so keep the cheapest best insurance you have at the time i guess. Its all your call really. Hope I didn't confuse you. Jerry
1997 is when I found out, being deathly ill. I had to go to the hospital due to extreme headache and fever. I fell coma like,  two months later weighing 95 pounds and in extreme pain and awoke to knowledge of Pancreatis, Cryptococcal Meningitis, Thrush,Severe Diarea,  Wasting, PCP pneumonia. No eating, only through tpn. Very sick, I was lucky I had good insurance with the company I worked for. I was in the hospital for three months that time. 
(2010 Now doing OK cd4=210  VL= < 75)
I have become resistant to many nukes and non nukes, Now on Reyataz, , Combivir. Working well for me not too many side effects.  I have the wasting syndrome, Fatigue  . Hard to deal with but believe it or not I have been through worse. Three Pulmonary Embolism's in my life. 2012 520 t's <20 V load

 


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