Looking for some insurance help

[daddyo]

Anyone here knowledgeable about health care insurance for an unemployed 21-yr old with Type 1 diabetes, or do you know anyone who is knowledgeable? His coverage under my wife's plan will end June 1 because he has elected not to return to school in the fall.

Just trying to figure out what his options are. Thanks.

[Smith]

Get an HSA. Then put back the limit if you can. If he doesn't use it he can withdraw the funds plus interest tax free at 65. Should run around $70-$95 a month. Best way to go for younger foks. Now the diabetes thing I'm unfamiliar with.

or

he can just get on the Obama plan. I hear it is the BEST!

[Guest Drewsett]

Also on the HSA you can take the excess funds out and invest them into a retirement vehicle like a Roth IRA

[Oh Shoot]

With HSA, do you pay insurance rate or "off the street" rate for out of pocket expenditures?

- OS

[Smith]

With HSA, do you pay insurance rate or "off the street" rate for out of pocket expenditures?

- OS

When I had to use it I paid the cash price which was generally 1/3 of the billed price. I much preferred it that way. I'm not sure how they billed the insurance company but I know it was also cheaper for them. My plan was the same as any other insurance plan in that I paid 20% and they paid 80% up to a preset limit. What I like about it was that even if the insurance company wouldn't cover something, I could still use my HSA card like a pre-paid credit card and negotiate on the cash price. I don't know why everyone, except frequent users, don't have this kind of plan. You can also pick which bank you want to use to find the best interest rate. Very convenient.