Am I paying too much for Health Insurance?

Submitted by More_River_9912 t3_101k6dj in massachusetts

Hi all!

So I get my insurance through my employer pay about 360 monthly, 90 weekly and I'm trying to figure out if I'm paying too much. (Single guy in 30s, no serious health issues) I was planning on applying to masshealth but for the first time ever I apparently am just above income to qualify.

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Does anyone get health insurance outside their employer for a better deal or is this normal?

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charliefromohio t1_j2ofdjr wrote

We all pay too much for health insurance. And health care. The system is mostly built with that in mind.

17

thefenceguy t1_j2oeg0w wrote

That’s a lot. I offer my staff a pretty decent gold level plan from the health connector and it like $290/month/man. I cover 100% though.

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tesky02 t1_j2pf9xr wrote

Some employers offer a high deductible insurance with a HSA account - health savings account. It’s a favorite of the young, healthy and FIRE folks.

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ZaphodG t1_j2r3exo wrote

It’s not possible to answer this question without knowing details about the plan, the split between employer & employee contributions, and the demographics of the group. Corporate group plans are priced according to the coverage and the health risk of the employees. If you work in a company with a lot of older employees and you have a low deductible PPO plan, the policy could easily be $2,000 per month. Split 80/20, that’s a $400/month employee contribution.

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EzualRegor t1_j2oe921 wrote

That sounds about right. Insurance is not free and the more you try to save on premiums the more it will cost you when you need it.

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goPACK17 t1_j2omecp wrote

Had a previous employer in 2019 ask for $450/month for health. I was a single in my 20s at the time. I laughed, went to then mass health connector, and found a plan for like $220/month.

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[deleted] t1_j2ojogx wrote

Pay about $180 every month. I believe my employer pays around $260 in addition to my payment.

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user1194 t1_j2q649u wrote

I was paying $850/month for a family plan. $4,500 deductible.

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oliguacamolie t1_j2orovz wrote

That’s a bit less than what my org charges single people for the good plans (there are cheaper plans that cover jack shit). However I’ve heard from most of my friends that I’m getting fucked because my employer contributes very little compared to others.

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SileAnimus t1_j2p9sj0 wrote

You should check your plan options. Normally there's a "compact" plan for single people that runs ~$15-30/w

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OppositeProgress5421 t1_j2q0j4r wrote

I pay 350 a month for my whole family. I am employed by the commonwealth though. I paid 600 a month in the private sector for a whole family.

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mxharlow t1_j2q4f7h wrote

Keep in mind the payments you make via payroll deductions are reductions to taxable income. For many middle class Massachusetts residents that’s a 27% discount.

Just an FYI vs paying outside of your company’s plans

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jdutches13 t1_j2qbznu wrote

That seems like a lot. My blue cross blue shield is 120/month

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Ok_Fox_1770 t1_j2zzosi wrote

Better than a $1700 fine at the end of the year for not having it… well I can’t afford that either! Quite a paradox.

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