Thread regarding Bank of America layoffs

Consumer Directed High Deductible is not the PPO plan.
The PPO plan is a third option that is offered only to employees earning less than $100k/year.

If you or your dependents are going to consume a lot of medical care, then consider one of the relative luxury plans. Pay once up front instead of being forever nickel-and-dimed, it's the same money. Seems like a lot, I know, but that's this country.

You can thank the GQP for the healthcare mess. Insurance companies as the middleman determining what healthcare you get. The GQP hates you, but they love their crooked corporate campaign donors. And when they hear about single payer as the way to go, they smear it with the same old stupid comments about how the dems want communism in the US. Unfortunately, their ignorant base eats this all up and continues to vote against their own interests.

High Deductible with Health Savings Account (HSA).

Contribute what you can to the HSA with the goal of ultimately covering the deductible and out of pocket maximum. If you receive a bonus, you can front load it into the HSA pre-tax to build up your nest egg quicker.

Not paying higher insurance premiums every year for less or no additional coverage. HSA stays with you wherever you go.

American healthcare su-ked before and after Obama. Most regular working people are one medical emergency away from being financially ruined.

@2dwl+1p7Q51NV - wrong, PPO IS offered to Active Employees making over $100k:

Aetna Consumer Directed High Deductible

I know b/c I enroll in it every year.

PPO isn’t offered to active employees making $100,000/year or over.

Re @1ksl+1p7Q51NV, once I happened to see a spreadsheet with the next level -- the highest-priced plans also have the largest employer contribution (the employer simply bears all remaining covered costs after the employee, so this contribution is notional, an average). So if you want to stick it to 'em, go for the relative luxury plan.

I have heard so much bi--hing about heath benefits here since I started 15 years ago. Obviously, you have NOT been out in the real world to see how much health insurance costs in the real world. Wells insurance is substantially worse, Amazon, TIAA Cref…everywhere.

I have probably the highest rates of all policies (I have no idea how much the senior leaders spend) since I am childless and have a spouse that doesn’t work, and I have the highest priced plan. I’m THRILLED to have this insurance. Wah wah wah. I hope you have time to practice your itty bitty violin.

@1tbh+1p7Q51NV - short answer: Employers have more leverage in negotiating coverage levels, network and pricing than any of us as individuals will have.

Longer answer:

• Looks like BofA Plan now only offers PPO for Active Employees.
• For BofA Retirees, the option is EPO (not PPO) at least these days. (maybe earlier retirees had/have access to PPO.)

EPO is similar to PPO in coverage levels.
EPO has a wider in-plan network than HMO, but EPO network is slightly narrower than PPO.

You can still purchase PPO as an individual in most states. But obviously won't get the Employer subsidy. The Retiree plan ain't cheap, so you'll need to do some math and check that the doctors/specialists you want are in the respective network. Good luck!

@1gke+1p7Q51NV

Looks like you are a new comer. Look at all the precious treads. 🤪

Why the heck are you asking people on a layoffs site what health insurance option is best for you? What could go wrong? SMH

If you are planning to retire from the bank be sure you see what is covered on the retirement plan side as it differs based on what is mandated by government
For the comment below blaming Obama care, get a clue.
Privatized insurance in a society embracing capitalism will never be rooted in what is best for the individual or society as a whole
Executive salaries and comp packages and the entitlement of this group is off the charts.
Politicians have access to the best insurance while telling us we deserve less and should lift ourselves up from our boot straps.
Stop infighting and focus on the real issues or we will be doomed to continue perpetuating this cycle of the middle class/upper middle class getting screwed.

I don’t even understand how the health insurance system works. It’s so confusing. For PPOs:

I have a PPO but was told by an insurance broker that a group PPO through an employer is ALWAYS way better than an individual PPO purchased through the open market.

I thought a PPO was the same regardless of if it was a group or individual policy but apparently that’s not the case.

Sounds like a group PPO gives you access to a huge number of in-network doctors while an individual PPO gives you access to a very small number of in-network doctors.

Moral of the story: even if you were able to find a cheaper individual plan, your coverage won’t be nearly as good as the group plan through an employer.

Sounds like you crossed into a higher salary range. Insurance premiums stayed flat for most people.
You can’t get individual insurance that will beat the group rate unless they cap your max payout or restrict you to Medicare clinics.

US health care was a mess way before Obama. Pretty much been that way my entire adult life. 30+ years.

Thank Obama for the Insurance mess. An already cobbled together system got a hard push from him. The ultimate goal is a single payer system, which is great if you are very poor or very rich (buy dedicated coverage outside the system). it will su-k for the rest of us. Look at NHS in UK.

It only went up if you have dependent coverage really. So tell your spouse to get their own plan and put the kids on theirs.

if you find cheaper for the same coverage, please do share. I can find "cheaper", but coverage has lower caps on amount insurer pays for anything serious and more out of pocket if it's not just the preventative care now required by law in the U.S.

I agree $75 copay for specialist is ridiculous. I’m looking at getting my own privately it’s way too much money.