Also, if you go without coverage longer than 62 consecutive days then pre-existing conditions my not be covered under the new plan, self insured or employer insured.

This would not be a good fit for older males and women of any age, anyone with pre-existing conditions, or you get ill/seriously ill. The costs far exceed any benefits.

As for the others: 30 percent of a $100,000 procedure (say…a triple bypass? a kidney transplant? cancer treatment?) is $30,000. You’re sick, you may be disabled to the point where you can’t work, and you’re saddled with a $30,000 debt…and that may just be for starters. That way, my friends, lies bankruptcy.

And $174/month is not my idea of “cheap.” When you’re unemployed or living on Social Security (you’re not eligible for Medicare till you 65 but can start SS at 62, which in this economy an older laid-off worker may be forced to do), that could represent a large chunk of your income. Since most freelancers earn around 10 grand a year, it’s potentially unaffordable.

Last time I had to carry my own policy, like Damon I had an HSA. It had a very high deductible, higher than the maximum I was allowed to contribute to the savings account in a single year. Consequently, had I fallen ill in the first year of coverage, the amount in the savings account would not have paid the deductible. Bank fees on the savings account were astonishing. Premiums were high — as much as I had been paying for the most expensive PPO at my employer’s. However, it covered any doctor I chose (not just docs in a network), and coverage was 100%. Lifetime coverage was unlimited.

The system we have now is just not adequate.

Not everyone is single, young, childless and healthy. Also rates vary depending on where you live. The last time I qualified for private health insurance, I was 27 and was looking at paying $380/month which was a lot of money for me. When I was laid off on disability this past June, my COBRA was going to be $600/mo before the ARRA package. Now that I recently moved out of state, I had to wave COBRA goodbye and now looking into group insurance for freelancers (which I will pay out of the nose for). My case is relatively mild compared what what millions of people in this country is going though.

That’s what.

The downside of this is that you end up with two separate deductibles instead of one family deductible. However it can work if you are careful and do the math so you know exactly what you are getting into.

I spent some time selling health insurance, and it’s a real nightmare, especially as you get older or if you have pre-existing conditions. For some people, there are no options out there!

You’ve provided excellent advice, thanks!

What is everybody worrying about then? The cost is a dinner for two at your local chinese restaurant, or fancy steakhouse with win!

I can go on and on, but I just wanted to make the point that you really should speak to an agent! Yes, I am an agent and I’ve seen some of the horrible contracts sold on the internet so I get every worried when people try to figure this stuff out without an expert opinion.

One last thing, don’t forget the ARRA subsidy!!! If you are terminated from your job and lose your insurance, you may be able to continue your coverage and only pay 35% of COBRA premium.

Good luck everyone and get an agent!