Insurance sure costs a lot

[nun]

Here are my annual insurance costs going into ER. I am a single 52 year old male and live in MA. Do these seem reasonable? How do they compare with yours?

Auto $500
Long Term Care $340
Home $1300
Dental $320
$2M Umbrella $235
Health $5160

My health insurance is a former employer's plan that will reduce to $1300 in 2.5 years when I reach 55. I could also go with an ACA plan which would probably cost $2000/year, but have far higher deductibles and give far less coverage.

 

[jerome len]

Seems in line with what I pay.....maybe a little less. If you are trying to cut costs look at your deductibles......especially home insurance.

 

[nun]

Seems in line with what I pay.....maybe a little less. If you are trying to cut costs look at your deductibles......especially home insurance.

Thanks. The home insurance is as high as it is because I have a fairly large 2 family home. I've also reduced my auto insurance and used the savings to buy the Umbrella policy. The health plan has a $250 deductible and costs $430/month, but I chose to go with it for convenience, as I can simply continue my current employer's plan, and avoid all the ACA sign up issues and uncertainties and get really good coverage.

 

[Gill]

Wish mine were that low!
Bruce

 

[SJ1_]

Here are my annual insurance costs going into ER. I am a single 52 year old male and live in MA. Do these seem reasonable? How do they compare with yours?

Auto $500
Long Term Care $340
Home $1300
Dental $320
$2M Umbrella $235
Health $5160

My health insurance is a former employer's plan that will reduce to $1300 in 2.5 years when I reach 55. I could also go with an ACA plan which would probably cost $2000/year, but have far higher deductibles and give far less coverage.

We actually got a quote yesterday and yours is really close to ours (except our health is a lot lower - have through old job ) we also do not have the long term care
Have friends that own a water cleanup and restoration franchise so they deal with agents all the time. They recommended a broker so we would have someone working for us rather than dealing directly with the insurance co.

 

[DayDreaming]

Single 53 yr old male in NJ - my expenses for 2013:

auto: $400 (13 yr old car)
home: $676
health: $4641

no LTC, no dental, no life insurance.

For 2014 I expect my health insurance to be around $3353 thanks to the ACA.

 

[MikeWillRetire]

I'm 51, still working, with two teenagers, so I still have life insurance for a few more years. As a comparison, my insurance costs are:
Auto 2050 (teen driver)
Home 500
Health 5200
Umbrella 500
Life 2900 (wife and I)

No dental of long term care.

 

[Buckeye]

55/64
Auto 1600 (2 cars, liability portion expensive in FL, high limits for Umbrella)
Renters 200
Health Insurance 5200 (HDHP, 2 adults, things will change when DH turns 65 this year, could increase with Medicare & Medigap)
$1M Umbrella 200
Dental Discount Plan 140

No LTC or dental insurance.

 

[nun]

I'm 51, still working, with two teenagers, so I still have life insurance for a few more years. As a comparison, my insurance costs are:
Auto 2050 (teen driver)
Home 500
Health 5200
Umbrella 500
Life 2900 (wife and I)

No dental of long term care.

Wow, teen drivers are expensive......figures I suppose.

 

[nun]

We actually got a quote yesterday and yours is really close to ours (except our health is a lot lower - have through old job ) we also do not have the long term care
Have friends that own a water cleanup and restoration franchise so they deal with agents all the time. They recommended a broker so we would have someone working for us rather than dealing directly with the insurance co.

Yes I have had a broker for a while and it's worth it for the service.

I get home, auto and umbrella through the broker and they are all with the same company.

LTC is an old employer's plan that I started when I was 38. The $28/month gets me $200/day with annual inflation increases. I have no idea if that is good or not, it was just an option through work that I continued because the premium was so inexpensive.

Health and dental are from the employer I'm about to retire from. I can keep my existing plans for as long as I like and pay full premiums as a "deferred retiree". At 55 I become a "retiree" and the premiums are cut by 75%. That will be a big day.

I looked at an ACA plan for the 2.5 years until I reach 55 and with a sensible MAGI (~35k) a mid range silver plan (2k/5k with co-insurance) would have run me $3500. So I felt the unsubsidised work plan with a $250 deductible, no out of pocket max, no-coinsurance for $5160 was worth it. I also don't have the hassle of the ACA application or the moral conflict of getting a subsidy when I have a high net worth but can manage my MAGI.

 

[FANOFJESUS]

I just paid $905 for 1300 sf house in MO. I think that sounds high what do you think?

 

[jkern]

Single male 56 yrs old living in SF Bay Area.

Home: 1190
Auto: 1180
Health: 3870 (retirement plan from former employer)

No dental, no LTC, need umbrella.

 

[nun]

I just paid $905 for 1300 sf house in MO. I think that sounds high what do you think?

That does sound high, but it will depend on the assessed value, contents etc.

My home is assessed at $450k and has a 2000 sf unit and a 1000sf unit downstairs. I pay insurance of $1300 a year.

 

[RetireAge50]

Seattle area 2,400 sq ft Cost $792

08 accord 03 pilot 96 corolla 79 ford pickup 4 people ages 47,46,20,17
Cost $1,992

$1 million umbrella $624

Life $1 million $312

Health $0 (still working)

 

[MRG]

I just paid $905 for 1300 sf house in MO. I think that sounds high what do you think?

I pay $1300 for 3900 sf in MO. The appraisal is around $425k. Think you may want to go insurance shopping.
MRG


Sent from my SAMSUNG-SGH-I337 using Early Retirement Forum mobile app

 

[wmc1000]

I pay $720 on a 2500 sq.ft home in IN

Auto - 1 car $705 - other vehicle is company car
Health currently entirely paid for by employer
Dental - $157
LTC - none
Umbrella - no
Life ins - suspended premium payments when dividends and cash value increases were in excess of premiums due

 

[mpeirce]

Here are my annual insurance costs going into ER. I am a single 52 year old male and live in MA. Do these seem reasonable? How do they compare with yours?

Auto $500
Long Term Care $340
Home $1300
Dental $320
$2M Umbrella $235
Health $5160

My health insurance is a former employer's plan that will reduce to $1300 in 2.5 years when I reach 55. I could also go with an ACA plan which would probably cost $2000/year, but have far higher deductibles and give far less coverage.

Outside Columbus, Ohio. Family of 3 (DS in college, 52/60/19), two cars, largish house:

Budgetted / Spent in 2013
Health Insurance Premium $4,300 / $4,300
Health Insurance OOP $11,000 / $920
Auto Insurance $1,200 / $1,200
Home & Umbrella Insurance $2,500 / $2,468

We self insure dental and LTC.

 

[nun]

I'm interested that very few people carry dental insurance. Maybe I have an over aggressive dentist, or a mouth full of old fillings, but I've had a fair amount of dental costs over the last 10 years - crowns etc and I obviously go in for a cleaning every 6 months. So $27/month for dental insurance sounds like value for money to me.

 

[nun]

$1 million umbrella $624

That sounds very expensive!

 

[nun]

I pay $1300 for 3900 sf in MO. The appraisal is around $425k. Think you may want to go insurance shopping.
MRG


Sent from my SAMSUNG-SGH-I337 using Early Retirement Forum mobile app

That's in line with my $1300 for a 3000sf place in Boston appraised at $450k

 

[mpeirce]

I'm interested that very few people carry dental insurance.

I expect this has to do with people's specific dental health (genetics / fluoridated water / etc.).

I had one filling replaced two years ago (I have two). Except for that, nothing but cleanings for the last 10 years. DW is about the same. DS has never had a cavity or braces. I guess we won the dental lottery.

I dropped dental insurance when the company was paying part of it and that saved us money.

 

[nun]

Interestingly, insurance is 22% of my $35k annual budget.

 

[ripper1]

Here are my annual insurance costs going into ER. I am a single 52 year old male and live in MA. Do these seem reasonable? How do they compare with yours?

Auto $500
Long Term Care $340
Home $1300
Dental $320
$2M Umbrella $235
Health $5160

My health insurance is a former employer's plan that will reduce to $1300 in 2.5 years when I reach 55. I could also go with an ACA plan which would probably cost $2000/year, but have far higher deductibles and give far less coverage.

Your health insurance is a bargain. As a retired city of chicago employee my annual health premium is 12600 or 1050 a month. Of course I am a public employee that supposedly gets showered with all these great benefits that the media and the wealthy elite have mislead the general public to believe.

 

[Live And Learn]

Here are my annual insurance costs going into ER. I am a single 52 year old male and live in MA. Do these seem reasonable? How do they compare with yours?

Auto $500
Long Term Care $340
Home $1300
Dental $320
$2M Umbrella $235
Health $5160

My health insurance is a former employer's plan that will reduce to $1300 in 2.5 years when I reach 55. I could also go with an ACA plan which would probably cost $2000/year, but have far higher deductibles and give far less coverage.

Wow - I'm jealous !

Auto $1k
LTC - do not have because it would be 3k / year !
Home - $2500
Health / Dental (through work) $2400 - if I were retired it would be a lot more
Umbrella - I need to do that ! thanks !!

 

[nun]

I expect this has to do with people's specific dental health (genetics / fluoridated water / etc.).

I had one filling replaced two years ago (I have two). Except for that, nothing but cleanings for the last 10 years. DW is about the same. DS has never had a cavity or braces. I guess we won the dental lottery.

I dropped dental insurance when the company was paying part of it and that saved us money.

I actually don't know how my dental insurance company makes any money. I pay $320/year and at a minimum that covers 2 x cleaning, 2 x exams, and x-rays which according to the schedule of charges will run around $250. Anything else and they are losing money. The margins seem tight.