I had an interesting conversation with a health insurance broker the other day

[Tobin S.]

This is a cross post from GD.

I guess that's what I should call her. She works with several different insurance companies for those looking to buy policies for themselves and their families. I would think mostly self-employed people and those who can't get coverage through work.

Here in about a week I will be officially self-employed. I'm a trucker and I bought a semi. I also have a pre-existing mental health condition called schizoaffective disorder. Most people haven't heard of it. It's like severe bipolar disorder. I take medication to control the symptoms and it works well. Truckers have to pass a Department of Transportation physical once every couple of years and I have to get a letter from my psychiatrist to give to the doctor performing the physical saying that he thinks I can perform my job safely. It's kind of demoralizing, but it's the only way I can work in this field and I love what I do.

Okay, we got the disclaimer out of the way. :)

I went into this health insurance broker's office the other day thinking that since I just gave up my job to be self-employed I would have to buy health insurance, and I understood that my illness would probably not be covered. After I explained the situation to her she told me about COBRA. I was under the impression that COBRA was very expensive and that's why I had not pursued it. It turns out that I can get the same insurance I have now through COBRA for about 15% more than I'm paying now for a year, which is about $220 a month. After that I can get the same coverage for another six months, but I will have to pay 100% of the premium which is about $625 a month. I'm 37, single with no children, btw. My medication costs about $325 a month before coverage, and the doctor, who I have to see once every three months, is $85 per visit. With coverage the meds are about $50 a month and the doctor a $30 co-pay. If I go the COBRA route I will be covered until January of 2012.

Even at $625 a month, with the coverage I get it's still cheaper than any kind of insurance I can buy on my own. The insurance broker then showed me some options for after the COBRA ends. The best I will be able to do, with enough coverage that I won't go into bankruptcy to have some kind of surgery, is about $530 a month. That's for a $1,000,000 lifetime benefit. The next best thing I can do is about $340 a month with a $50,000 lifetime benefit, which is not much of a choice. And, of course, none of the costs associated with my pre-existing condition will be covered. Also, my premium would likely go up as I age. I'll probably have to do something like that until 2014. And even though my pre-existing condition will be covered then, I don't know what my premium will be. I'm hoping somebody here can tell me it will be an improvement.

[mopinko]

1. cobra often is expensive, but it depends on the cost that

the employer is paying. i would suppose that your company was able to insure you cheaply, so your cobra is not that bad. even tho you have a pre-existing condition, ongoing medication, and even a few days in the hospital is not that big of a possible outcome. compared to surgeries, lengthy hospitalizations, chemotherapy, or even the kind of wellness care that you start to need when you are older, colonoscopies, cardiac imaging, it really is peanuts.

congratulations, friend. so glad that you are able to move your life forward in this way. you have worked hard, and have earned this success. hope it all goes just right for you. hope you still have time to post!

[Tobin S.]

2. Thanks, mopinko

I think the reason why the company insurance is cheaper with better coverage is that I worked for a large muti-national corporation. That ol' group buying power thing. But I guess you are right in that, even with my illness, I may not have really been all that costly to insure, especially when you consider the buying power of the insurance company. I hadn't really thought of it that way. But, yeah, that $625 a month is the deal my employer got and I paid 20% of the premium. When the Cobra goes into effect I'll have to pay 35% of the premium for a year with the government subsidizing the rest. After a year and for the following 6 months I have to pay 100% of the premium, which is still a better deal than I can get anywhere else, considering the coverage, sad to say.

I will still be posting here. I've got a laptop and I just signed up for mobile broadband so I'm good to go. I will likely have more stories from the road and also some pictures from out there to post, so check for me in the lounge. I'll be at orientation Wednesday and Thursday of next week and then maybe on the road by Friday. If not, then I should be out there the following Monday.

[mopinko]

3. cool. looking forward to the stories, and the pics.

hmmm. may have to even start hanging in the lounge?!?!?! well, i'll get some asbestos underwear.