Life & Health Insurance/HSA and VA benefits

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Question
QUESTION: My husband is a 60% disabled Veteran and receives all medical needs except work related injuries. Our HSA personal insurance has increased to over $800 per month with a $7500 deductible, we really need some advice as to whether we should 'drop him off' the Golden Rule policy as it is becoming stupidly expensive. It is just us two on the policy, he is 48 and I am 59. Any ideas ?  Thank you.

ANSWER: Hi Wendy,
   Unfortunately there isn't a lot of competition in your state, so your options are quite limited at this juncture until Obamacare starts 1/1/2013. In the interim, depending on the health of the family, you might want to look into getting a short term plan to help cut costs.  Just keep in mind those type of policies don't typically cover preventative, pre-existing conditions, and you would not be able to continue to fund your HSA account.

J.R. McCollough

---------- FOLLOW-UP ----------

QUESTION: Thank you for your reply, yes I am aware that Wyoming isn't very competitive regarding Health Insurance. I really wanted advise about whether it is a good idea, or not, for my husband to have no personal insurance and use only the VA benefits and for me to insure myself and to see if there are any policies that would cover my husband for work related injuries. We are self employed. Thanks again

Answer
You need to find out what it would cost if you were the only one left on the policy. My guess is you might save 30%-40% of your premium, but your insurance carrier will be able to tell you the exact amount. Additionally, you might try to look into Aflac or Value Benefits of American about getting some on the job coverage for your husband. Both companies are well known in the industry and provide great coverage. The latter company knows me very well, so just tell them I sent you and they will take good care of you.

It's up to you to decide whether or not to keep your husband on the policy after getting the aforementioned information.  Obamacare enrollments start 10/1/2013 this year and at that time you may or may not qualify for subsidies depending your income.

I hope this helps.

J.R. McCollough  

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John (J.R.) McCollough

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I can answer questions pertaining to Health and Medicare insurance for individual and/or family coverage, students, retired/separated military members, small businesses under 20 employees and seniors in the United States. Additionally, I can assist people in understanding their options if they've been turned down for insurance and do not know about what state and federal programs are available.

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