Here is a question from a CNN.com/NewEconomy user named Al Reinboldt. He writes:
I am a sole proprietor and started my business a little over a year and a half ago. I am currently paying close to $5,000 a year on health insurance for my family and myself. I have a son that has a heart condition, (which) is considered a pre-existing condition and cannot ... change insurance for him. What are my options for health insurance to help reduce this cost?
I have considered a medical savings account for my family with coverage for catastrophic ... (and) keeping my son on his own plan -- as I feel I must keep him covered. Any ideas on how or where I (might) be able to get help on reducing this cost?
Here is what we learned.
Mr. Reinboldt is actually paying a reasonable rate, according to Dr. Marliyn Moon, an economist focusing on health, income security, and public policy at the Urban Institute. But she said he should consult his state regulations on health insurance because some states offer special programs that try to keep health insurance costs low for small businesses and the self-employed. If he belongs to any professional societies or fraternal organizations, she suggested that he check to see if the organizations offers health insurance to its members. "Group coverage is often the only way to lower your premiums," she said.
For his son's pre-existing condition, she suggested that he check his state's laws on how they regulate health insurance plans and pre-existing conditions. Mr. Reinboldt is right to be cautious in changing his son's insurance. "You don't want to give up the insurance unless you know the next place will take you without a gap in coverage," she said, noting that people with pre-existing conditions often pay $8,000 to $10,000 a year for health coverage.
To check state regulations, Dr. Moon suggested visiting the Consumer's Guides to Getting and Keeping Health Insurance Web site at Georgetown University.
Dr. Marilyn Moon: Dr. Moon is an economist with interests in health, income security, and public policy. She is currently serving as a public trustee of the Medicare and Social Security trust funds. She is a member of the Board of Directors of the National Academy of Social Insurance, the Medicare Rights Center, the Secure Retirement Coalition, and the Association for Health Services Research, and is on the steering committee of the National Academy on an Aging Society.
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