Health Coverage for Traders - Traders Hideout | futures io social day trading
futures io futures trading


Health Coverage for Traders
Updated: Views / Replies:1,755 / 12
Created: by greenroomhoo Attachments:0

Welcome to futures io.

(If you already have an account, login at the top of the page)

futures io is the largest futures trading community on the planet, with over 90,000 members. At futures io, our goal has always been and always will be to create a friendly, positive, forward-thinking community where members can openly share and discuss everything the world of trading has to offer. The community is one of the friendliest you will find on any subject, with members going out of their way to help others. Some of the primary differences between futures io and other trading sites revolve around the standards of our community. Those standards include a code of conduct for our members, as well as extremely high standards that govern which partners we do business with, and which products or services we recommend to our members.

At futures io, our focus is on quality education. No hype, gimmicks, or secret sauce. The truth is: trading is hard. To succeed, you need to surround yourself with the right support system, educational content, and trading mentors Ė all of which you can find on futures io, utilizing our social trading environment.

With futures io, you can find honest trading reviews on brokers, trading rooms, indicator packages, trading strategies, and much more. Our trading review process is highly moderated to ensure that only genuine users are allowed, so you donít need to worry about fake reviews.

We are fundamentally different than most other trading sites:
  • We are here to help. Just let us know what you need.
  • We work extremely hard to keep things positive in our community.
  • We do not tolerate rude behavior, trolling, or vendors advertising in posts.
  • We firmly believe in and encourage sharing. The holy grail is within you, we can help you find it.
  • We expect our members to participate and become a part of the community. Help yourself by helping others.

You'll need to register in order to view the content of the threads and start contributing to our community.  It's free and simple.

-- Big Mike, Site Administrator

Reply
 
Thread Tools Search this Thread
 

Health Coverage for Traders

  #1 (permalink)
Elite Member
annapolis USA
 
Futures Experience: Intermediate
Platform: Ninja, MC, Sierra, Amibroker
Broker/Data: PFG (too bad), IB, Fidelity, AMP
Favorite Futures: ES, NQ, Equities, Forex, Etc.
 
greenroomhoo's Avatar
 
Posts: 276 since Jun 2011
Thanks: 107 given, 225 received

Health Coverage for Traders

Currently trying to budget for this and having kids it is a big issue for me. What are full time folks doing on this front?

I know that the ideal structure for group health under new laws is 10-50 employees and was wondering if folks had ever created a corp/association for traders to avail themselves of the benefits of hitting a group plan in that sweet spot?

Anyone have any recommendations on coverage, policies, structuring etc.? Is it best to form a company and get a small business group plan so pre-exstings and coverage cant be dropped?

Reply With Quote
 
  #2 (permalink)
Elite Member
Chicago Illinois USA
 
Futures Experience: Advanced
Platform: Ninja Trader
Broker/Data: IB
Favorite Futures: duh hammer!
 
wldman's Avatar
 
Posts: 2,069 since Aug 2011
Thanks: 967 given, 2,624 received

Hey Green

I have a health insurance business and while it looks like you are in MD where I am not appointed, I could answer your general questions and point you somewhere beneficial.

In IL 2 qualify as a "group". However almost all 2 person groups are created because someone will not qualify for individual/family coverage. Group health insurance is typically WAY more expensive than comparable and similar individual coverage.

The major carriers in IL will not write an "association" group. In many cases that language should be a warning that you are looking at an indemnity plan NOT major medical health insurance. Additionally there are quite a few items that are required to create a group. That means the grey areas that you might think would allow you to get it done are quite black and white.

Depending on your state there will be sponsored options that your kids may qualify for. Also, if you are a sole prop and making some money an HSA compatible plan will give you a decent above the line deduction to agi (tax break).

Most states have a plan for people that have exhausted COBRA continuation benefits and have no other access.

As far as the children and pre-ex go...because of PPACA Obamacare the carriers must issue coverage the includes all children regardless of pre-ex....but it will probably cost more than an arm and a leg as the idea like most of that "law" where terribly ill-conceived. Remember that some pre-ex for adults will have a waiting period of 12 months so it is better to have the rest of you covered than none of you at all.

There are a few conditions that are deemed "auto-decline" meaning that the carrier will not issue coverage at any price.

If you want to talk specifics of your situation send me a PM. I'll try to help sort things out if you like. DB

Reply With Quote
The following user says Thank You to wldman for this post:
 
  #3 (permalink)
Elite Member
annapolis USA
 
Futures Experience: Intermediate
Platform: Ninja, MC, Sierra, Amibroker
Broker/Data: PFG (too bad), IB, Fidelity, AMP
Favorite Futures: ES, NQ, Equities, Forex, Etc.
 
greenroomhoo's Avatar
 
Posts: 276 since Jun 2011
Thanks: 107 given, 225 received


wow - what a response. thanks. Can one trust individual retail health plans?

Reliable (ie a carrier that wont drop you if you or your kid gets some aweful disease) health coverage is all that i am really concerned about.

What type of retail plan would you recommend? High deductible with very high catastrophic coverage and limits?

I would have thought group plans were cheaper on balance.

Reply With Quote
 
  #4 (permalink)
Elite Member
annapolis USA
 
Futures Experience: Intermediate
Platform: Ninja, MC, Sierra, Amibroker
Broker/Data: PFG (too bad), IB, Fidelity, AMP
Favorite Futures: ES, NQ, Equities, Forex, Etc.
 
greenroomhoo's Avatar
 
Posts: 276 since Jun 2011
Thanks: 107 given, 225 received

one more Q

looks like you have a lovely family congrats....

What is the best state for broader backup coverage? I am domicile agnostic and already leaning toward florida for tax/asset protection reasons.

Since you are a health guru is there a country you recommend? would love to live in the UK time zone for their trading hours.

Reply With Quote
 
  #5 (permalink)
Elite Member
Chicago Illinois USA
 
Futures Experience: Advanced
Platform: Ninja Trader
Broker/Data: IB
Favorite Futures: duh hammer!
 
wldman's Avatar
 
Posts: 2,069 since Aug 2011
Thanks: 967 given, 2,624 received

group plans...

are guaranteed issue, meaning that they can NOT eliminate coverage for pre-ex. So their risk profile generally is wider than plans that can just say no.

Also maternity MUST be included in group where that is often an elected coverage on the individual side.

The FIRST consideration should always be...Is the carrier a name I recognize and is that a name I can trust. Next you look for info on how they pay their claims...an easy way to do that is ask the billing person at your docs office who is best and fastest paying there claims? Who is the easiest to deal with for you? Those two questions will generally reflect the culture at those companies. The giant companies generally have too much to lose by jacking people around.

IDK about which plan type because IDK your specific situation financially or health wise.

Generally if you are earning or have a bit of money and are reasonably healthy I would say that you want to align your position in the relationship as closely to that of the underwriter at the carrier. They spend millions to do the math that prices their product in a way that should maintain their margins.

My family has Blue Edge Individual HSA 2600 individual ded/5200 family deductible with 80% co insurance. We have had that plan since 2004 and just now pay $500 per month in premium.

We contribute the legal maximum to our HSA account to grab the best tax advantage possible. I invest the HSA balance in SPY and occasionally use options for that purpose. When my market assumption is strong I pay my medical expenses with my regular check book and let the tax free HSA deposit accrue. When I don't have any idea or suck at executing I use the tax free dollars to pay claims under my deductible.

Smallest, most manageable expense footprint (premium) and the greatest option for other advantage to include lower agi and a nice tax deferred market return.

Reply With Quote
 
  #6 (permalink)
Elite Member
Chicago Illinois USA
 
Futures Experience: Advanced
Platform: Ninja Trader
Broker/Data: IB
Favorite Futures: duh hammer!
 
wldman's Avatar
 
Posts: 2,069 since Aug 2011
Thanks: 967 given, 2,624 received

Now I think...


greenroomhoo View Post
looks like you have a lovely family congrats....

What is the best state for broader backup coverage? I am domicile agnostic and already leaning toward florida for tax/asset protection reasons.

Since you are a health guru is there a country you recommend? would love to live in the UK time zone for their trading hours.

you must be a friend of someone in my inner circle or a government agent.

Without question domicile in Argentina and apply for citizenship in Uruguay.

* Argentina between Euro and NY so you get the MEAT from both sessions ...perfection.


Last edited by wldman; March 15th, 2012 at 11:12 AM. Reason: add time zone
Reply With Quote
The following user says Thank You to wldman for this post:
 
  #7 (permalink)
Elite Member
annapolis USA
 
Futures Experience: Intermediate
Platform: Ninja, MC, Sierra, Amibroker
Broker/Data: PFG (too bad), IB, Fidelity, AMP
Favorite Futures: ES, NQ, Equities, Forex, Etc.
 
greenroomhoo's Avatar
 
Posts: 276 since Jun 2011
Thanks: 107 given, 225 received

your great...

next time im in chitown on business i owe you dinner....

interesting so you basicly go out of pocket for basic maintenance and pay that with pre tax cash...

"IDK about which plan type because IDK your specific situation financially or health wise."

3 kids family in perfect health so far no pre-exists.. know that wont last.

"Generally if you are earning or have a bit of money and are reasonably healthy I would say that you want to align your position in the relationship as closely to that of the underwriter at the carrier. They spend millions to do the math that prices their product in a way that should maintain their margins. "

I dont understand "align your positoin in the relationship as closely to that of the underwriter at the carriers"?

Argentina - LOL - Ill float that by the boss. another state is going to be a tough sell but i guess i could just give her the option of getting a full time job and see how that flies.

Reply With Quote
 
  #8 (permalink)
Elite Member
Chicago Illinois USA
 
Futures Experience: Advanced
Platform: Ninja Trader
Broker/Data: IB
Favorite Futures: duh hammer!
 
wldman's Avatar
 
Posts: 2,069 since Aug 2011
Thanks: 967 given, 2,624 received

Okay...

you should be set.

Go to the Blue Cross Blue Shield of Maryland site directly. Do NOT type your personal information into a collection site on the net....you will get 5 calls before a minute passes and those agents are generally not sage experienced pros.

You can purchase directly from the carrier and I would recommend that unless you have or can identify a trusted adviser in your local community. Do not integrate with the carriers HSA. Use HSAbank out of Sheboygan WI or someone like them....where their ONLY business is HSA accounts. You national or local bank will SUCK as far as information and service. At HSAbank, I think they have a selection of brokers that you can link too.

Choose an initial deductible that does not cause you or your wife undue stress if you had to write a check to cover that amount. Move your deductible higher every year as your deposit balance in the HSA account grows until you have the 5000/10000 deductible. Start with that plan if you can swing the maximum deposit of 6000 and 4000 from another source if you had a big claim. The idea is to keep your money in your control and optimize the benefit you get from your effort.

By being on the same side as the actuary...what I mean is they have access to all the data. Their job is to look at historical claims and the breadth of their risk book and determine rates for each product that round their business in a way that meets their margins.

A simple statement that the average claims per person is running about 1400 per year should point you initially to the first deductible higher than that.

If you look at the cost in premium versus the additional risk of a higher deductible you should get a basic view of the sweet spot for consumers.

Reply With Quote
The following 3 users say Thank You to wldman for this post:
 
  #9 (permalink)
Elite Member
Atkinson, NH USA
 
Futures Experience: Intermediate
Platform: NinjaTrader 8/TensorFlow
Broker/Data: NinjaTrader Brokerage
Favorite Futures: Futures, CL, ES, ZB
 
NJAMC's Avatar
 
Posts: 1,925 since Dec 2010
Thanks: 2,962 given, 2,294 received

Chamber of Commerce?

Some communities have a Chamber of Commerce, sometimes they offer health coverage for their members. You would just need to join your local Chamber. Not all offer this service so check first.

Nil per os
-NJAMC [Generic Programmer]

LOM WIKI: NT-Local-Order-Manager-LOM-Guide
Artificial Bee Colony Optimization
Reply With Quote
The following user says Thank You to NJAMC for this post:
 
  #10 (permalink)
Elite Member
Chicago Illinois USA
 
Futures Experience: Advanced
Platform: Ninja Trader
Broker/Data: IB
Favorite Futures: duh hammer!
 
wldman's Avatar
 
Posts: 2,069 since Aug 2011
Thanks: 967 given, 2,624 received

Those are ...


typically indemnity plans. They may be major medical but be careful of indemnity plans.

Reply With Quote

Reply



futures io > > > Health Coverage for Traders

Thread Tools Search this Thread
Search this Thread:

Advanced Search



Upcoming Webinars and Events (4:30PM ET unless noted)

Linda Bradford Raschke: Reading The Tape

Elite only

Adam Grimes: TBA

Elite only

NinjaTrader: TBA

January

Ran Aroussi: TBA

Elite only
     

Similar Threads
Thread Thread Starter Forum Replies Last Post
Trader's Health GridKing Off-Topic 51 November 26th, 2013 03:03 PM
Poll: Health Care bill, for or against? Big Mike Off-Topic 99 March 25th, 2012 03:57 PM
DTN.IQ Currency and Credit Market Coverage horton Reviews of Brokers and Data Feeds 1 June 30th, 2011 06:28 PM
Is this how we pay for Health Care rtrade Off-Topic 32 June 25th, 2011 12:12 AM
My Journey to Psychological and Physical Health ZTR Psychology and Money Management 78 December 30th, 2010 02:19 PM


All times are GMT -4. The time now is 03:36 AM.

Copyright © 2017 by futures io, s.a., Av Ricardo J. Alfaro, Century Tower, Panama, +507 833-9432, info@futures.io
All information is for educational use only and is not investment advice.
There is a substantial risk of loss in trading commodity futures, stocks, options and foreign exchange products. Past performance is not indicative of future results.
no new posts
Page generated 2017-12-13 in 0.14 seconds with 19 queries on phoenix via your IP 54.226.132.197