Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
Old 09-14-2014, 01:01 AM   #41
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: May 2005
Posts: 13,251
Quote:
Originally Posted by ripper1 View Post
So far I got everybody beat by a mile.

I think it has to do with what kind of plan you have... I could get up to your payment, but would be in the top metal level... I was in bronze and paid $660 per month for family of 4.... but I also paid 100% of medical until reached the max deduction the law allowed...
__________________

__________________
Texas Proud is online now   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 09-14-2014, 01:30 AM   #42
Recycles dryer sheets
 
Join Date: Nov 2009
Posts: 55
Quote:
Originally Posted by M Paquette View Post
With those assumptions, yes.

Assuming a historical perpetuity-appropriate rate of return (3-3.3%), about 850,000 to 925,000 USD are needed to cover medical costs for a family of three for an indefinite period of time, if one conservatively estimates that Max Out-Of-Pocket will be reached every year.

One of the more interesting exercises I did was to look at the cost of plans with a low Max Out-Of-Pocket, and a higher monthly premium. Oddly enough, they worked out to very roughly the same annual cost. Gosh, it's almost like they had someone really good at statistics and case optimization building their numbers.

In my case, since we are all in overall reasonably good health compared to others in our age groups, we decided to carry much of the risk ourselves and let the insurance cover the more catastrophic cases, under the assumption that we would normally not approach the Max Out-Of-Pocket limit every year. We pay for the Bronze level coverage, and make a maximum contribution to our HSA every year.
Pretty sobering, motivating us to continue saving, thanks for your post.
__________________

__________________
Finder is offline   Reply With Quote
Old 09-14-2014, 02:06 AM   #43
Recycles dryer sheets
 
Join Date: Jul 2013
Location: Villa Grande
Posts: 259
$177 a mo for 2; ACA silver plan (KP). (Would be $900 a mo w/out subsidy.)
__________________
TimSF is offline   Reply With Quote
Old 09-14-2014, 06:07 AM   #44
Recycles dryer sheets
 
Join Date: Apr 2013
Location: Humble
Posts: 188
When I retire, it'll be around $800 a month w/ no dental. Retirees pay the entire premium with our mega-corp. It's not great, but the company hasn't ditched the retirees either, since it doesn't cost them much.
__________________
Turn_the_Page is offline   Reply With Quote
Old 09-14-2014, 06:21 AM   #45
Full time employment: Posting here.
 
Join Date: Aug 2008
Location: Romney, WV
Posts: 729
DW and I are in our late 50's, we pay $1050 per month for medical, dental, and vision.
__________________
davemartin88 is offline   Reply With Quote
Old 09-14-2014, 06:35 AM   #46
Recycles dryer sheets
tomz's Avatar
 
Join Date: Mar 2006
Posts: 251
DW & I are 62. Florida Blue Silver Plan - $1300 w/o ACA subsidy. $182 w/subsidy.
__________________
tomz is offline   Reply With Quote
Old 09-14-2014, 07:04 AM   #47
Thinks s/he gets paid by the post
 
Join Date: May 2014
Posts: 2,966
DH and I pay about $750/month combined for healthcare plus dental for DH. (I may get Dental as well but haven't decided yet.) DH has Medicare plus a supplement and he's got a fairly high deductible on his Prescription Plan. The prescriptions he takes currently are fairly low out-of-pocket so that made sense. My plan is through Coventry, not through the exchanges, and has a $6K deductible. I'm pretty healthy and absorbing the deductible wouldn't be a financial hardship (although it would be traumatic!) if we had to. Reading some of the figures above, I feel better.

I'd think that these costs would put a lot of people into the position of being able to deduct most of their premiums, medical and dental costs off on the taxes- more so than in previous years with all the shifting of cost to the consumer. Because of DS's age, our threshold is 7.5% of Adjusted Gross. We're gonna get a big refund next year. I plan to file as soon as I get the W-2 from my previous employer!
__________________
athena53 is offline   Reply With Quote
Old 09-14-2014, 08:01 AM   #48
Thinks s/he gets paid by the post
Tadpole's Avatar
 
Join Date: Jul 2004
Posts: 1,169
Premiums $792/mo (includes $99/mo dental);
Total yearly cost (premiums + prescriptions) ~$12,000
__________________
Tadpole is offline   Reply With Quote
Old 09-14-2014, 08:37 AM   #49
Recycles dryer sheets
 
Join Date: Jun 2011
Location: Broomfield
Posts: 87
Ripper1, I got you beat! $1,434 a month for two of us, retired, both age 59. That's a high-deductible HSA plan with Aetna. Here's the deal - when our company took away retiree medical, they set us up with an account with some cash in it to try to cushion the premiums blow before Medicare age. The catch is, you must use it only for the company's plans - which are not subsidized at all for retirees. So, I am using some of that money to help me pay that outrageous premium, so in actuality the full $1,434 is not out of pocket until the money runs out. Then I will look at the whole market and see what's best for me.
__________________
psweath is offline   Reply With Quote
Old 09-14-2014, 08:43 AM   #50
Thinks s/he gets paid by the post
Car-Guy's Avatar
 
Join Date: Aug 2013
Location: Citizen of Texas
Posts: 2,465
It cost us $450 a month for me and the DW. And, we still get a good insurance subsidy from my mega corp in retirement.


I'm not sure how much value there is in these numbers since benefits can vary so widely based on your plan type. bronze, silver, gold, platinum, etc.
__________________
Car-Guy is offline   Reply With Quote
Old 09-14-2014, 08:49 AM   #51
Dryer sheet aficionado
 
Join Date: Aug 2012
Posts: 27
$1370.96 per month for wife and I through Megacorp "retiree insurance" (i.e. it's not subsidized but I'm allowed to buy through their group plans). High deductible PPO with HSA, deductible is $3200. No dental. I'm 58 and wife is 54.
__________________
LarryG is offline   Reply With Quote
Old 09-14-2014, 08:59 AM   #52
Recycles dryer sheets
 
Join Date: Aug 2011
Location: Atlanta
Posts: 420
Quote:
Originally Posted by ripper1 View Post
So far I got everybody beat by a mile.
$289 for 2 people (state of GA)

At one point there was a notice about medicare supplement going up 775% but since I am 62 I did not really look into it. The official 2015 rates have not been released the last time i looked.

They try to keep the payments down by cutting benefits.

we have not gotten COLA for years and do not see any in the near future.
__________________
SJ1_ is offline   Reply With Quote
Military
Old 09-14-2014, 09:02 AM   #53
Dryer sheet wannabe
 
Join Date: May 2012
Posts: 16
Military

My wife and I, both now 35 but retired at 33, have free coverage through the VA (I clock a 90% rating) but we also pay for the military Tricare Prime as a backup. It's $555/year, so $46/month, for full family coverage.
__________________
23Red is offline   Reply With Quote
Old 09-14-2014, 09:41 AM   #54
Thinks s/he gets paid by the post
 
Join Date: Nov 2006
Posts: 2,268
Quote:
Originally Posted by LarryG View Post
$1370.96 per month for wife and I through Megacorp "retiree insurance" (i.e. it's not subsidized but I'm allowed to buy through their group plans). High deductible PPO with HSA, deductible is $3200. No dental. I'm 58 and wife is 54.
DW and I are retiring in Jan and our retiree rates are very high as yours are. Here's my question to you because we are in the same boat. Why are you staying with your retiree insurance when you can clearly see that rates are cheaper on the open market? What benefit do you get for "buying thru their group plan"?
__________________
utrecht is offline   Reply With Quote
Old 09-14-2014, 09:57 AM   #55
Thinks s/he gets paid by the post
John Galt III's Avatar
 
Join Date: Oct 2008
Posts: 1,283
Quote:
Originally Posted by BellBarbara View Post
$1400 a month for two (late 50s),4K deductible. Welcome to Boston, highest rates in the nation. I do have to add that right now we are paying nothing, we are on Medicaid, as they could not process our application due to website issues. Back to 1400 a month in January. BTW - Medicaid is AWFUL.
BellBarbara,

Why was Medicaid so awful? I currently have a subsidized Silver plan, but was thinking about switching to Medicaid, in Pa.

Thanks
__________________
John Galt III is offline   Reply With Quote
Old 09-14-2014, 10:09 AM   #56
Thinks s/he gets paid by the post
John Galt III's Avatar
 
Join Date: Oct 2008
Posts: 1,283
$24 per month for one person. Subsidized Silver plan.
__________________
John Galt III is offline   Reply With Quote
Old 09-14-2014, 10:18 AM   #57
Full time employment: Posting here.
 
Join Date: Mar 2010
Location: Chicago
Posts: 863
Quote:
Originally Posted by Running_Man View Post
1668 retiree medical for family of 3
108 retiree dental
$4,000 deductible
$6,000 out of pocket limit
Wow, runner, and I thought I had it rough. It seems like these rates are all over the map. I told my wife healthcare was going to be the wild card when I retired. It is something early retirees have to deal with prior age 65. I remember when I first started with city of Chicago in 1980 as a single person I was paying a token 2.35 a paycheck. Of course it went up quite a bit as I was there longer and got married.
__________________
ripper1 is offline   Reply With Quote
Old 09-14-2014, 10:37 AM   #58
Moderator
MichaelB's Avatar
 
Join Date: Jan 2008
Location: Rocky Inlets
Posts: 24,406
Here's the latest KFF survey of employer healthcare costs, hot off the presses. (here, pdf here)

Large group employer sponsored is how most get their health care coverage. Most of the cost is still covered by the employers, but they have frozen their healthcare outlay by passing the increases to the employees via greater premium share together with higher deductibles.

The average family premium is estimated to be $16834 for 2014.
__________________
MichaelB is offline   Reply With Quote
Old 09-14-2014, 11:04 AM   #59
Full time employment: Posting here.
Golden sunsets's Avatar
 
Join Date: Jun 2013
Posts: 734
DH 67, me 65

Medicare Premium $142.90 for each of us (includes income related adjustment)
BCBS Federal Retiree Coverage $309.30 (picks up all deductibles and copays- so no out of pocket costs)
dental $26.69/mo
Vision $26.5/mo

Total $648.64/mo.


Only out of pocket costs are for co-pay portion of filings or crowns and portion of eyewear cost that is not covered by vision insurance. No Prescription costs as husband is 100% VA rated and receives all meds free. I am covered by Champ VA for which their is no premium as the wife of a 100% rated husband, and prescription copays are reimbursed by Champ.
__________________
Golden sunsets is offline   Reply With Quote
Old 09-14-2014, 01:21 PM   #60
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: Feb 2013
Posts: 5,325
Just under $200 a month for an ACA family plan, with us and young adult kids still on our plan, Bronze HSA. The $200 is a tax deductible business expense for us since we dropped our hours but still kept our small businesses going.
__________________

__________________
daylatedollarshort is online now   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
KFF FAQ on expected healthcare premiums in 2014 MichaelB Health and Early Retirement 15 03-31-2013 07:03 PM
What would you do - pay off student loan or pay down mortgage? bank5 FIRE and Money 27 07-27-2009 06:30 PM
Pay $15K upfront to pre-pay 20+ years of oil heat bills??? farmerEd Other topics 16 02-14-2008 07:46 AM
Pay COBRA premiums using HSA free4now FIRE and Money 3 08-22-2006 01:18 PM

 

 
All times are GMT -6. The time now is 11:58 PM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, vBulletin Solutions, Inc.