If one wanted to purchase health insurance as an individual (rather than through a Corporate entity), living in NJ, what would anyone recommend? There is existing and continuous coverage so that is not an issue. Basically, I am looking for a recommendation on the cheapest and most complete coverage for a private individual seeking to purchase insurance. Prescription coverage is important. Thanks!
It's a negative EV bet. Choose the highest deductible you can afford and invest the premium difference to pay for when you get sick. You can get quotes on websites like ehealthinsurance.com I personally have Assurant Health. It's $200 month (rises 20% each year) and has a $2400 deductible. 100% coverage after deductible is hit. Traveler
This sort of thinking may be appropriate for an IRS designated type of account known as the HSA account... deductions are similar in nature to an IRA...
i disagree with the "highest deductible/lowest premium" approach. i think it depends on your age and health. if you never go to the doctor and you dont do any activities that could result in injury, then by all means, go for the cheapo plan. but if you see the doctor a few times a year, you might be better served getting a low/zero deductible plan and paying a $500 monthly premiun instead of a $250 one. if you see a doctor 3-4 times in a year, you can easily make up the difference between a high end plan and a low one. if you want the best provider, you should go to their respective websites and do a local search to see what doctors in your area accept that insurance.
I agree. When I said "highest deductible he could afford" it might be a very low one if he already has tons of ongoing healthcare needs. Just depends on how much he spends a year on healthcare and what deals he can get on coverage. Like anything in trading it depends on your risk tolerance. You're paying a premium to lower the variance of your healthcare costs, plus to protect against the black swan of getting some really bad expensive illness. Traveler