Health Insurance??

[GDR]

Currently we are running with the “Don’t get sick” plan and not sure if we should look at something different. There’s my wife and I with our 4 and 5 year old kids with no major pre existing conditions currently. Dental is becoming more of an issue with the kids looking like one may need braces. Just took them for a simple cleaning and it was $480 for the two of them and they strongly suggest coming back in 6 months.

Just curious what others are doing and how satisfied you are with it. Been doing some reading on “cost plus” plans where it becomes a business expense but would like to know someone who’s gone that route or the traditional (blue cross, sunlife, etc...).

Thanks in advance.

Same situation as you right now with nothing. Check with UFA, they had a group plan for farmers a few years back, we looked at it and decided not to at the time but it's an option.

[SASKFARMER3]

We had a plan through my wife’s work then when she retired the same company plan offered a program similar only thing we lose the eye glasses part. That’s easy with Zeni now.

The Dentist thing is a joke in Canada. You pay and pay and pay. It’s a game

But coverage is 100% on cleaning and big kicker is crown and root canal you pay half. It costs her about 270 now that’s four 4 of us and boys are coverd till 26 if living at home or attending school.

But they will have their own and be gone before then her cost drops to 218.

That’s 4 weeks in USA strait extra days 6 bucks a day.

You pay one or other. Just a note all family and a friend who had ever had dental in Mexico are gone. Just saying. Other places are better.

[farmaholic]

Insurance companies aren't non profit enterprises. It will cost more in the long run to buy insurance, than to simply pay the costs.

I would think this pretty much nails it. Someone is paying. Not quite this bad, but I was going to compare it to a ponzi scheme. Do these plans invest your premiums to pay for your long term benefits or is it like some large under funded pension plan and they're always borrowing from the future.

Are new participants of a mandatory or voluntary plan allowed to use it after one premium instalment or do they have to contribute for a period of time before they're allowed to use it? What would stop someone from abusing it.

They must also be relying on some people in the plan not using the value of their contributions......would anyone not use their plan benefits in this day and age?

[farmaholic]

These plans probably keep the actuarials busy..... costs, age demographics, participation levels.

[AlbertaFarmer5]

I would think this pretty much nails it. Someone is paying. Not quite this bad, but I was going to compare it to a ponzi scheme. Do these plans invest your premiums to pay for your long term benefits or is it like some large under funded pension plan and they're always borrowing from the future.

Are new participants of a mandatory or voluntary plan allowed to use it after one premium instalment or do they have to contribute for a period of time before they're allowed to use it? What would stop someone from abusing it.

They must also be relying on some people in the plan not using the value of their contributions......would anyone not use their plan benefits in this day and age?

They do invest your money, and at one time I did hear that they actually pay out more than they collect in premiums due to their investment income. However low risk investments lately are paying virtually zero, so not sure how that is turning out. Of course, we would expect the same if we put money away for a rainy day( instead of insurance), if that rainy day doesn't happen for decades, it should have grown, even just in an interest bearing account. Health insurance doesn't have such long time frames between claims, so likely there is no time for investment growth.

[woodland]

Farmaholic that’s all I can use for flossing since my teeth are so tight that the fingers don’t quite cut it. Also need the toughest floss so it doesn’t shred it too. My FIL never took care of his chompers when he was younger and was very thankful to have awesome coverage through work which he maxed out every year.

[woodland]

Thanks for all the different ideas. Going to talk to the accountant (my mother) and crunch some numbers. Generally I despise insurance except crop insurance which saved our bacon last year.😉