Jul
12
2011
Individual health insurance for a couple with one healthy teen–high-deductible or low-deductible?
Posted by admin in Health Insurance Quotes, tags: Cobra, Decent Health, Good Health, health insurance, Health Insurance Plan, Health Plan, Income Tax Rate, Individual Health Insurance, Individual Insurance, Insurance, Job, Premiums, Reply, Routine Tests, Salary, State Tax
Houyhnhnm asked:
I quit my job and I can continue with a decent health insurance plan for my family under COBRA, or I can switch to an individual plan. Being over 50, my wife is supposed to have over $500 of routine tests in a year, otherwise she’s pretty healthy. My son and I are in pretty good health. Any payments we make would be deducted from my wife’s salary before taxes. Our marginal income tax rate, including state tax, is about 19%. Would we be better off with low deductible and high premiums or the reverse? The COBRA plan is fairly low deductible and high premiums.
Question got messed up, should say, “is high-deductible or low-deductible better?”
I quit my job and I can continue with a decent health insurance plan for my family under COBRA, or I can switch to an individual plan. Being over 50, my wife is supposed to have over $500 of routine tests in a year, otherwise she’s pretty healthy. My son and I are in pretty good health. Any payments we make would be deducted from my wife’s salary before taxes. Our marginal income tax rate, including state tax, is about 19%. Would we be better off with low deductible and high premiums or the reverse? The COBRA plan is fairly low deductible and high premiums.
Question got messed up, should say, “is high-deductible or low-deductible better?”
Thanks,
Houyhnhnm
My reply to Insuranceguytx–yes I can pay $5,000 out-of-pocket for major problems. If I can recoup it in a reasonable period with lower premiums, I’d take that chance.
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