Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
Old 01-28-2016, 03:18 AM   #21
Recycles dryer sheets
Bryan Barnfellow's Avatar
 
Join Date: Feb 2004
Location: Switzerland
Posts: 338
Results for this poll are a bit different here in Switzerland, but for the record (based on gross income):

11.1 % Health Insurance for 2 of us (300 Swiss francs deductible each for doctor visits, tests,
all meds, and 6,500 hospitalization deductible)
1.1 Co-pays
------
12.2 %

We also reserve 1.6% annually to self insure dental expenses.
Note: Health insurance at basic level is mandatory for everyone here. However, it is paid throughout one's life by each individual. No government program, except subsidies for those falling below minimum incomes.


-BB
__________________

__________________
FIREd, April 1, 2015. My Retirement Benefits Package includes: 6 months vacation, twice a year.
Bryan Barnfellow is offline   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 01-28-2016, 05:56 AM   #22
Full time employment: Posting here.
Golden sunsets's Avatar
 
Join Date: Jun 2013
Posts: 748
5.9% of income here not including interest, dividends and Capital gains. Not including LTC premiums which is another chunk I lump into a different category. We are both on Medicare with OPM subsidized BCBS Basic as secondary plus dental and eye. Occasionally that percentage goes out of whack if a dental implant or crown is needed. Normally we have no OOP, so the % is for premiums only. That percentage will drop to 4.7% when I finally claim SS at 70. Still it's quite a lot of money despite heavy OPM subsidy.
__________________

__________________
"Luck favors the prepared mind"
Pasteur
Golden sunsets is offline   Reply With Quote
Old 01-28-2016, 06:09 AM   #23
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
pb4uski's Avatar
 
Join Date: Nov 2010
Location: Vermont & Sarasota, FL
Posts: 16,501
23.4% of income (interest, dividends and capital gains).... 5.8% of tax return income (including Roth conversions).
__________________
If something cannot endure laughter.... it cannot endure.
Patience is the art of concealing your impatience.
Slow and steady wins the race.
pb4uski is online now   Reply With Quote
Old 01-28-2016, 08:24 AM   #24
Thinks s/he gets paid by the post
John Galt III's Avatar
 
Join Date: Oct 2008
Posts: 1,288
for 2015, my premiums were $20.32 per mo times 12 = $243.84 for the year. Deductible was $100 all of which I used, so add $100 to $243 = $343.

Add in eight $5 copays which is $40, and I get $383 annual medical expense.

Never got close to my max oop of $500, luckily.

Income was engineered up to $15,300 with Roth conversion both to avoid Medicaid and to qualify for a subsidized ACA policy.

$383 / $15,300 = 2.5 %

If I were brave enough to go on Medicaid I suppose I'd be right in around 0.1 %.
__________________
John Galt III is offline   Reply With Quote
Old 01-28-2016, 08:46 AM   #25
Full time employment: Posting here.
 
Join Date: Oct 2006
Posts: 525
Last year total expenses for medical, dental, prescriptions, contacts, insurance premiums was approx. 8% of all income due the fact that we had very little in expenses. Unfortunately, we have a high deductible plan thru ACA that has about a $13,000 annual deductible. If we would happen to have any kind of hospitalization stay with this insurance, the percentage would jump to more like 40% of yearly income. That is real scary so we are doing our best to stay healthy. Thank goodness that Medicare is 2 years away for me and 3 years away for DW.
__________________
***********
My motto is.... "a dollar saved is better than a dollar earned. I don't pay tax on the dollar I saved."
Tom52 is online now   Reply With Quote
Old 01-28-2016, 09:05 AM   #26
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
kcowan's Avatar
 
Join Date: Jul 2006
Location: Pacific latitude 20/49
Posts: 5,741
Send a message via Skype™ to kcowan
$1730 for 2 for basic medicare in BC
$3260 for 2 for out-of-province coverage
Pharmacy, dental and Blue Cross not included
All Canadian $ at 0.70 US
__________________
For the fun of it...Keith
kcowan is offline   Reply With Quote
Old 01-28-2016, 11:03 AM   #27
Thinks s/he gets paid by the post
mpeirce's Avatar
 
Join Date: Feb 2012
Location: Columbus area
Posts: 1,598
Last year we spent a tad over 6%. That's for insurance premiums and OOP. If we ever get forced into an exchange plan it'll be at least double that.
__________________
mpeirce is online now   Reply With Quote
Old 01-28-2016, 11:17 AM   #28
Recycles dryer sheets
 
Join Date: Apr 2011
Location: Castro Valley
Posts: 402
Medical/Dental costs/AGI equals about 30%.
__________________
jkern is offline   Reply With Quote
Old 01-28-2016, 12:06 PM   #29
Recycles dryer sheets
Theseus's Avatar
 
Join Date: Aug 2013
Posts: 484
With 2015 being our first full calendar year of retirement, we were at 27.9%. Broken down it was 12.7% for HI premiums, 2.8% for dental care, and 12.4% for medical care. Both of us hit our max OOP last year which we don't anticipate doing again, so we hope to improve on that in 2016. And I'm not counting HSA contributions which are basically pre-paid medical expenses.
__________________
Theseus is offline   Reply With Quote
Old 01-28-2016, 12:42 PM   #30
Thinks s/he gets paid by the post
 
Join Date: Nov 2009
Posts: 3,874
Quote:
Originally Posted by W2R View Post
In my case, I don't have dental or optical insurance but I included those expenses too because it's all health to my way of thinking.

In June of 2013 I went on Medicare and kept my federal retiree BCBS Standard.
In June of 2014 I went on SS, increasing my income.

My health expenses including everything you mentioned, plus dental & optical, has been:

2012: 10% of income
2013: 21% of income
2014: 10% of income
2015: 16% of income
AVERAGE: 14% OF INCOME

As you can see, it varies wildly from year to year depending on my health that year. Some years nothing much happens, other years are not so good. Medicare has been helpful but my health hasn't cooperated.
Like yours, my ratio has jumped around a lot in the 7 years I have been ERed. It has ranged from 13% to 20% but its 7-year average has been 16%. (I have included only interest, dividends, and cap gain distributions in my income.)
__________________
Retired in late 2008 at age 45. Cashed in company stock, bought a lot of shares in a big bond fund and am living nicely off its dividends. IRA, SS, and a pension await me at age 60 and later. No kids, no debts.

"I want my money working for me instead of me working for my money!"
scrabbler1 is offline   Reply With Quote
Old 01-28-2016, 12:58 PM   #31
Recycles dryer sheets
 
Join Date: Jan 2015
Posts: 170
I am not retired yet, but these are based on ACA rates, subsidies, and our current budget. 15% of our budget in years were we don't have any medical expenses other than one office visit each, and only regular dental cleanings, xrays, etc. In bad years where we rack up the medical bills, it will eat up to 45% of our budget as long as there are no out of network disasters. There does not seem to be a ceiling on out of network costs on many plans, so I guess our out of network medical expenses could theoretically bankrupt us.
__________________
Dreaming of Freedom is offline   Reply With Quote
Old 01-28-2016, 01:51 PM   #32
Full time employment: Posting here.
 
Join Date: Nov 2009
Posts: 510
Quote:
Originally Posted by ocdokie View Post
DH and I both retired in 2010 (he was 59, I was 52). Since then, our health care expenses -- consisting of insurance premiums, deductibles, doctor visit co-pays, lab tests, and drugs -- i.e., our out-of-pocket costs, have held steady at 33% of income.

DH goes on Medicare this year, and from estimates given him by Medicare.gov, it doesnít look as if our health care expenses will diminish much, if any. I am curious whether other ER board membersí health care expenses changed -- or didnít -- once Medicare kicked in. Anyone want to share their experience?
Our health care expenses run about 33% of budgeted base expenses (we carry no debt). Retired in 2009 and go on Medicare this year as well.
__________________
fritz is offline   Reply With Quote
Old 01-29-2016, 11:02 AM   #33
Recycles dryer sheets
Bryan Barnfellow's Avatar
 
Join Date: Feb 2004
Location: Switzerland
Posts: 338
Quote:
Originally Posted by kcowan View Post
$1730 for 2 for basic medicare in BC $3260 for 2 for out-of-province coverage Pharmacy, dental and Blue Cross not included All Canadian $ at 0.70 US
Wow..0.70 US Dollar. I remember about 8 or 10 years ago when I lived in Maine and the Loonie was killing the USD. You could hardly stretch out your arms without touching a denizen of the Great White North, lording it over us with their strong currency! It was great fun having so many truly nice people in the neighbourhood, even if they were just passing through on their way to Florida. Perhaps it will happen again sometime soon! But for me, now settled in Switzerland, I worry over the USD/Swiss franc pair. The strong dollar is hurting our US stock investments, but is great for transferring funds for living expenses to CH. it makes for a kind of ad hoc currency hedge.

-BB
__________________
FIREd, April 1, 2015. My Retirement Benefits Package includes: 6 months vacation, twice a year.
Bryan Barnfellow is offline   Reply With Quote
Old 01-29-2016, 11:22 AM   #34
Moderator
Alan's Avatar
 
Join Date: Jul 2005
Location: Eee Bah Gum
Posts: 21,153
2013 - 11.45%
2014 - 10.15%
2015 - 16.7%

I'm 61, DW is 60. Retiree Health insurance from ex-employer. Increase in 2015 due to a medical condition of mine.

2016 figure is already at 12% of income due to 83% increase in premium.
__________________
Retired in Jan, 2010 at 55, moved to England in May 2016
Now it's adventure before dementia
Alan is online now   Reply With Quote
Old 01-29-2016, 12:13 PM   #35
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
RunningBum's Avatar
 
Join Date: Jun 2007
Posts: 5,202
I don't think % "of income" is too relevant to retirees because income may be high due to Roth conversions, or may be low due to selling stock funds at a loss or very low capital gains. % of money withdrawn makes more sense to me. I was up near 10% one year from using up my high deductible and over the covered max on PT visits. Other years I have very little out of pocket other than premiums, which have been under 3% some years, more like 4% now as rates have risen.
__________________
RunningBum is offline   Reply With Quote
Old 01-29-2016, 12:47 PM   #36
Thinks s/he gets paid by the post
mpeirce's Avatar
 
Join Date: Feb 2012
Location: Columbus area
Posts: 1,598
> I don't think % "of income" is too relevant to retirees because...

I ignore "income" since it has little to do with what I spend. Income of for me right now is mainly a tax management thing (I have no pension, SS, or RMDs).

So my answer we based on my budget. That is, percent of spending for the year.
__________________

__________________
mpeirce 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
401k (high expense ratio) vs. Non-Tax deferred account (low expense ratio) Mike54 FIRE and Money 15 11-11-2012 11:31 PM
Whats the ratio of your net worth to your taxable income nun FIRE and Money 60 02-12-2012 08:19 AM
Budgeting for health care expenses swakyaby Hi, I am... 36 02-24-2011 01:50 PM
What is an ideal debt to income ratio? And savings to income? TennisFan Young Dreamers 20 11-18-2008 05:54 PM
Poll: How do you cover health care expenses in ER? chinaco Life after FIRE 48 04-24-2007 10:45 AM

 

 
All times are GMT -6. The time now is 04:21 PM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, vBulletin Solutions, Inc.