Your health insurance premiums?

[perinova]

Only relevant if FIREd and not yet on medicare if you didn't I still gave you an option
Please indicate your health insurance premiums per person
Divide by 2 for a couple and by 3 for family coverage.

OK I know the deductible can make a big difference but we should get a pretty good idea of the average cost for ERed folks.

Also I would really like to know your personal experience in different states or countries.

[MasterBlaster]

Well I'm not retired but between myself and MegaCorp we pay about $312 a month for our coverage.

[HFWR]

My share for medical/dental is $55/mo.

[Martha]

I am not retired. *However, when I retire and COBRA runs out, we will get our insurance from the Minnesota risk pool.

If we went for a $500 deductible, the premium for a person between 50 and 54 would be $503.88. *Smokers would pay a pile more. So between the two of us our cost would be a bit more than a $1000 a month. *There are a number of choices for deductibles. *If we went for a $10,000 deductible plan our cost would be only $149.93 each, for a total of less than $300.

So the deductible is very important in determining cost.

[Poundkey]

Martha, do I understand correctly that when going with a state's risk pool, a person has higher premiums than when going with a standard individual health insurance policy?
thanks

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[Martha]

Originally Posted by Poundkey

Martha, do I understand correctly that when going with a state's risk pool, a person has higher premiums than when going with a standard individual health insurance policy?
thanks

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Sorta.* If you are healthy, definitely would you pay more on the risk pool.* Minnesota prices it at about about 25% higher than a comparable individual policy.* Other risk pools in other states price them even higher.* But, if you are not in good health or have a chronic condition , the risk pool price may be less than an individual policy, if you can even buy an individual policy.* For example, I might be able to buy a conversion policy in Minnesota, but it would cost me more than the risk pool.*

Most risk pools will take you as a customer no matter what if you are coming off of a group policy and are HIPAA eligible. If you are not HIPAA eligible, many risk pools will only take you if you cannot buy insurance at any price and won't take you just because individual health insurance is too expensive.

[Dawg54]

I pay $165/mo, $10,000 ded, $15 dr copay, $5/15 generic/preferred drug copays with BCBS. Not a bad plan as long as I stay well. *

[Poundkey]

Thanks Martha...one more question. What's a "conversion" policy?

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[Martha]

Originally Posted by DOG51

I pay $165/mo, $10,000 ded, $15 dr copay, $5/15 generic/preferred drug copays with BCBS. Not a bad plan as long as I stay well. *

That's interesting. *Minnesota's risk pool is cheaper. I assume it is an 80/20 coverage plan with a breakpoint at some point? *

[Martha]

Originally Posted by Poundkey

Thanks Martha...one more question.* What's a "conversion" policy?

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Conversion policies are policies you get if you convert your group policy at work into an individual policy.* Some states have laws requiring the group insurer provide conversion coverage to people leaving their jobs.* The problem is that they tend to be expensive and are not required to have the same level of coverage as your group policy.* Generally they are considered not to be a good deal.

[Dawg54]

Originally Posted by Martha

That's interesting. *Minnesota's risk pool is cheaper. I assume it is an 80/20 coverage plan with a breakpoint at some point? *

Yes, it is an 80/20 plan up to another 2,500 total out of pocket then pays 100%. $2 million lifetime max. MS risk pool is horrible. Cost about $500/mo with a $500k lifetime max.(at least the last time I checked)

[Martha]

Originally Posted by DOG51

Yes, it is an 80/20 plan up to another 2,500 total out of pocket then pays 100%. $2 million lifetime max. MS risk pool is horrible. Cost about $500/mo with a $500k lifetime max.(at least the last time I checked)

Minnesota's risk pool's cap is at 2.8 million.

We da man.

[Poundkey]

That's good to know. *Good to have y'all around for the recently FIRED. *Y'all bring up things I wasn't aware of. *Thanks Martha.

......#'s DW........

[Dawg54]

Originally Posted by Martha

* Minnesota's risk pool's cap is at 2.8 million.*

We da man.

That is a good deal. MS is just a poooooorrrrrrrr state. But I can play golf 12 months a year.*

[wallygator69]

Originally Posted by Martha

1. Most risk pools will take you* as a customer no matter what if you are coming off of a group policy and are HIPAA eligible.*

2. If you are not HIPAA eligible, many risk pools will only take you if you cannot buy insurance at any price and won't take you just because individual health insurance is too expensive.*

Hey Martha,

I'm still reading "The New Health Insurance Soultion" and trying to gain as much knowledge as I can egarding getting Individual insurance to replace wifes Insurance from Mega Corp...

I broke your quote into two items above and was wondering if you know how your statements relate to relocating out of state. I'm moving from Massachusetts to South Carolina in October.


Thanks,

Wally

[REWahoo]

Wally, I'm sure no Martha , but one of the things she will tell you is to check www.healthinsuranceinfo.net and look at South Carolina. It should let you know if SC has a risk pool and provide information on availability and coverage.

[Martha]

Originally Posted by REWahoo!

Wally, I'm sure no Martha , but one of the things she will tell you is to check www.healthinsuranceinfo.net and look at South Carolina.* It should let you know if SC has a risk pool and provide information on availability and coverage.

As REW says, this guide is very, very helpful.

Briefly, if you plan to get on South Carolina's risk pool, SCHIP, you can do so after you move to SC and your wife's COBRA expires, provided she is HIPAA eligible.* HIPAA eligibility is described in the guide.* There would be no pre-existing condition waiting period. South Carolina's risk pool premiums are rather high, about twice the amount that a healthy person would pay for a similar plan sold by a private insurer.*

If not HIPAA eligible, the you need to be a resident of SC for 30 days to get on SCHIP.* There may be a 12 month* pre-existing condition waiting period and there are other requirements as well.

If you are looking at buying health insurance on the private market in SC, individual health insurers are:

--free to turn you down
--free to put pre-existing exclusions on you for two years
--free to vary your premiums due to age, gender, health, etc.
--free to change your premiums on renewal.* Although they do have to renew the policy.

Remember, I am not an insurance agent and I am not giving legal advice. Health insurance just happens to be a topic of interest to me.

[wallygator69]

I love you guys Thanks

Wally