Fellow EJ 'rs, bend over

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Oct 17, 2008 1:15 pm

Have you looked at your health benefit cost increases this year?

 
The firm is eliminating the POS plan, and claiming that this will cost them money. Everyone has to choose the health security plan.
Deductibles are going to 3000 per person, almost 6000 family.
And payroll contributions will increase "between 5.90 and 34.30 per month."
This after a pay cut in my great state of California...
 
I would love to know how this compares to other plans out there!
Think I'll pop across the street to the insurance agent and compare it to a blue cross plan.
 
Whats your two cents, forum dwellers?
 
Thanks.
Oct 17, 2008 2:22 pm

Yes, I just read it myself. That is a major bummer. I cannot believe they made that decision.



Miss J

Oct 17, 2008 3:01 pm

If you really look at it, it make sense.  98% of FA's used the HSP.  There'e no way they could keep costs down with only 150-200 FA's on the HSP.


It's nice to compare to stand-alone insurance, but it is impossible to get a better rate than large group rates like this on your own.  You can get it cheaper, but at a cost.  The cost being higher deductibles, less coverage, higher co-pays, or some combination of this.
 
I had responsibility for researching medical options when I was a controller in a past life.  I can tell you from experience, it is one of the hardest things to do when medical costs go up 10-25% per year, EVERY YEAR.  As much as it burns me (and my wallet), it does not surprise me one bit at the increase.
 
The one thing people should consider, is that if they are healthy, are single, and don't have any type of special medical needs, you MIGHT be able to get away with a private plan that has less coverage (and lower costs).  But for a family, and even for women, these plans are probably better (women generally go to the doctor more and have "special" doctor needs).  If there are kids in the future, or in the family already, don't mess around.  I have two young kids, and almost everythying is paid for (well visits, shots, etc.).
 
My son had major surgery this year.  In total, it cost about $42,000 (and we are not done with follow-ups).  It only cost me about $2,000 out of pocket (I had already spent $500 towards his deductible).  To me, that's worth a few extra hundred dollars per year.
Oct 17, 2008 4:17 pm

My family coverage costs $377/month.  $1,000 per event deductible and 80/20 on the next $5K, thus my $12,000 hand surgery last year cost me the same $2,000 you referenced.  I got this coverage on my own and no, it does not cover scrips, office visits, etc.  It is strictly major medical, although. it does have maternity benefits, which unfortunately are of no benefit to me...

Oct 17, 2008 5:23 pm

Obama's plan will take care of you... oh wait, it won't.

Oct 17, 2008 5:35 pm

Wife doesn't like it. ...  Seg 3's probably won't like it, but my feeling is that the firm doesn't much care what you think if you are Seg. 3.


Oct 17, 2008 6:29 pm

Interesting that this post was born. I have a wirehouse sending me information on their health insurance plan as we speak, so I'll have something to compare the Jones coverage to.

Oct 17, 2008 10:51 pm

I went from the HSA high deductible plan at Jones and now have a POS plan since I have gone independent. The costs are very similiar. A lot less hassles with the POS plan.

Oct 18, 2008 1:07 am

If you live in one of the less populated Western states, you can buy much better insurance for a lesser cost than what Jones offers.  In the years I worked at Jones, I always purchased insurance on the outside.  It was better insurance that cost about 15-20% less than what was being offered on a group basis.  If you live in Montana, Wyoming, Idaho, Nevada, Utah, New Mexico, No. Arizona, E. Oregon, etc., etc. then shop around. 

Oct 18, 2008 10:00 am

I'm telling you, I used to do this annually. I used to have to shop plans for my company. You can't just look at the premiums. There are many other things to consider. I find it an absurd statement that anyone can buy better insurance individually, ALL THINGS considered, than a firm with 30,000 employees.



I have also helped retiree clients get health insurance. For a plan like we have, they are looking at well over $1,000/mo. Granted they are older, but I'm talking just husband and wife, no kids. Anyone can get "major medical" for a few hundred per month. But you don't get much for that. If you're a single guy, young, and you never bother going to the doctor, take the plan and don't contribute to your HSA. It will cost a few hundred a month. If you are less than 42 months with the firm, it's nearly free.

Oct 18, 2008 10:07 am

Note, single FA, no kids, less than 42 months will cost you $62.50 per month. More than 42 months, $152 per month. For a family, it's $189 and $395 per month.



The plan pays 100% (without deductible) of Physicals, well-baby, mammograms, well-woman, colonoscopies, eye exams, prostate screens, immunizations. After the deductible, the plan pays 100% of everything.



Oh, and for BSpears.....they pay 100% for Mental Health.

Oct 18, 2008 12:25 pm
B24:

I find it an absurd statement that anyone can buy better insurance individually, ALL THINGS considered, than a firm with 30,000 employees.


B24,
Depending on the individual and the circumstances, this may not be as absurd a statement as it seems, because of adverse selection.  The typical group plan is guaranteed issue, which obviously means all eligible employees may become participants without any underwriting required, no matter how poor their health.  Anyone with poor health will certainly enroll in the plan.  A plan with 30,000 employees will certainly include a number of participants who are undeniably terrible health risks.  The group coverage must therefore priced in a such as way as to reflect this adverse selection. 

OTOH, if you (and your family members if any) are fortunate enough to enjoy good health as demonstrated through medical underwriting, you can certainly expect the total premiums to be cheaper than those for a typical group guaranteed issue plan, as you are only paying premiums based on your demonstrated lower risk coverage.  (The opposite is true for those with worse than average health histories.)   Where the big cost difference typically comes into play is if and to what extent these total premiums are subsidized; if an employer pays half or more of the premium the net employee cost is almost always less than an individual underwritten plan.

Oct 18, 2008 1:23 pm

I know how it works. It's still a BS statement. Jones pays 40-65% of the premiums. It's sort of like an indy broker saying "I take home 90%". Well, no. You get paid out 90%, then you have to pay for everything. I captive broker gets paid out 40%, then has a bunch of that stuff paid for by the firm.



Tell me, as a single person with no kids, how much could you get for $62.50 per month?

Oct 18, 2008 1:55 pm

Tell me, as a single person with no kids, how much could you get for $62.50 per month?



 
 
3 cases of beer.
Oct 18, 2008 2:19 pm

B24, It sounds like we're both saying much the same thing (that including
the employer paid subsidy it's likely to be cheaper to the employee with a group plan like at EDJ or elsewhere),
so I'm not sure why you seem so worked up about Indyone's earlier statement.  He said his coverage was major medical only with high deductibles - clearly dramatically different coverage/policy anyway.  Or are you disagreeing with the possibility that a healthy individual could get comparable underwritten coverage for a total premium (including both EE and ER premium) that is less than that of a group plan?

As far as I can see this isn't an indy vs. not issue at all, it's the type of cover (major medical vs. comprehensive), individual underwritten vs. guaranteed issue group coverage, and subsidized premium vs. unsubsidized. 

B24, I realize lots of folks here love to lob grenades at everything Jones-related, and you probably get tired of that, but my comments at least had nothing specific towards EJ. 

Oct 18, 2008 6:49 pm

Morph, yes, my posts probably had an annoyed feel to them. It had nothing to do with Indy or not. I get annoyed with people in general that bltch about things without really getting all the facts sometimes. It was not really aimed at anyone specific. I see so many people on this board (even people that have never worked for Jones before) that spout off about the shortcomings at Jones, but don't even know WTF they are talking about. My comment was not aimed at Indyone at all. I understood what he was saying.



Keep in mind, mostly the "non-happy" Jones and former-Jones people come on here. And out of almost 12,000 current FA's at Jones, it's a rather small sample size.

Oct 18, 2008 8:10 pm

I liked the high deductible plan.  As best as I can tell, it looks like it's beneficial if you (and your family) are either heavy users or light users.  Jones does pre-fund the HSA so that if you get hit early in the year you won't get killed.  Remember, although ideally you shouldn't, the IRS does allow you once in your lifetime to rollover an amount equal to your annual deductible from your IRA to fund your HSA.

Oct 19, 2008 10:14 am
imabroker:

I liked the high deductible plan.  As best as I can tell, it looks like it's beneficial if you (and your family) are either heavy users or light users.  Jones does pre-fund the HSA so that if you get hit early in the year you won't get killed.  Remember, although ideally you shouldn't, the IRS does allow you once in your lifetime to rollover an amount equal to your annual deductible from your IRA to fund your HSA.

 
 
Why wouldn't it be a good idea to do roll over some money into the HSA? If used properly, wouldn't that mean that that portion of your IRA money (now HSA) would never be taxed?
 
Also, if I understand correctly, you can later roll your HSA into the IRA.
Oct 19, 2008 11:26 am

I think to solution is marry someone who works for the government(teachers are popular) and then don't use or pay for the Jones insurance

Oct 20, 2008 10:46 pm
Without the deductible!  Yeah, way to leave that out when its 5k for a family, essentially doubling your monthly cost if you have young children always using it. B24 you will do anything to defend EJ and its disgusting.