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Insurance sure costs a lot
Old 02-20-2014, 06:55 AM   #1
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Insurance sure costs a lot

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.
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Old 02-20-2014, 07:06 AM   #2
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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.
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Old 02-20-2014, 07:10 AM   #3
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Originally Posted by jerome len View Post
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.
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Current AA: 65% Equity Funds / 20% Bonds / 7% Stable Value /3% Cash / 5% TIAA Traditional
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Old 02-20-2014, 07:53 AM   #4
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Wish mine were that low!
Bruce
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Old 02-20-2014, 08:02 AM   #5
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Quote:
Originally Posted by nun View Post
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.
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Old 02-20-2014, 08:08 AM   #6
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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.
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Old 02-20-2014, 08:10 AM   #7
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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.
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Old 02-20-2014, 08:45 AM   #8
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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.
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Old 02-20-2014, 09:22 AM   #9
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Quote:
Originally Posted by MikeWillRetire View Post
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.
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Old 02-20-2014, 09:29 AM   #10
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Originally Posted by SJ1_ View Post
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.
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“So we beat on, boats against the current, borne back ceaselessly into the past.”

Current AA: 65% Equity Funds / 20% Bonds / 7% Stable Value /3% Cash / 5% TIAA Traditional
Retired Mar 2014 at age 52, target WR: 0.0%,
Income from pension and rent
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Old 02-20-2014, 09:35 AM   #11
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I just paid $905 for 1300 sf house in MO. I think that sounds high what do you think?
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Old 02-20-2014, 09:45 AM   #12
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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.
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Old 02-20-2014, 09:46 AM   #13
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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.
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Current AA: 65% Equity Funds / 20% Bonds / 7% Stable Value /3% Cash / 5% TIAA Traditional
Retired Mar 2014 at age 52, target WR: 0.0%,
Income from pension and rent
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Old 02-20-2014, 09:47 AM   #14
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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)
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Old 02-20-2014, 09:50 AM   #15
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Originally Posted by rec7 View Post
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.
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Old 02-20-2014, 09:58 AM   #16
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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
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Old 02-20-2014, 10:05 AM   #17
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Quote:
Originally Posted by nun View Post
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.
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Old 02-20-2014, 10:06 AM   #18
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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.
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“So we beat on, boats against the current, borne back ceaselessly into the past.”

Current AA: 65% Equity Funds / 20% Bonds / 7% Stable Value /3% Cash / 5% TIAA Traditional
Retired Mar 2014 at age 52, target WR: 0.0%,
Income from pension and rent
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Old 02-20-2014, 10:07 AM   #19
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Originally Posted by RetireAge50 View Post

$1 million umbrella $624
That sounds very expensive!
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“So we beat on, boats against the current, borne back ceaselessly into the past.”

Current AA: 65% Equity Funds / 20% Bonds / 7% Stable Value /3% Cash / 5% TIAA Traditional
Retired Mar 2014 at age 52, target WR: 0.0%,
Income from pension and rent
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Old 02-20-2014, 10:09 AM   #20
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I pay $1300 for 3900 sf in MO. The appraisal is around $425k. Think you may want to go insurance shopping.
MRG


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That's in line with my $1300 for a 3000sf place in Boston appraised at $450k
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“So we beat on, boats against the current, borne back ceaselessly into the past.”

Current AA: 65% Equity Funds / 20% Bonds / 7% Stable Value /3% Cash / 5% TIAA Traditional
Retired Mar 2014 at age 52, target WR: 0.0%,
Income from pension and rent
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