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

.....#......

 

[Martha]

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

.....#......

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.

 

[Dawg52]

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]

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]

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

......#......

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.

 

[Dawg52]

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]

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........

 

[Dawg52]

  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]

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]

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

 

[Martha]

Remember Wally, that health insurance doesn't cover anal glaucoma.

 

[perinova]

Humm so far everyone voting has health insurance.

The data is bimodal.
Most likely high deductible-HSA $100-$200/mo or lower deductible >$400/mo?

 

[free4now]

http://www.healthinsuranceinfo.net/ doesn't have info on California. Does any know the following about California:

If you are HIPAA eligible (no gaps in coverage) can a private insurance plan (e.g. something from http://www.ehealthinsurance.com/) say they won't cover preexisting conditions? I read the plan materials for one Blue Cross plan I was interested in. They said that the 6 month waiting period on preexisting conditions does not apply if I can use my HIPAA certificate for credit (which I can). But what I wonder about is whether they will simply offer me a plan with my preexisting conditions named and excluded.

I've read that this is a common thing to have happen... you submit your application listing preexisting conditions, and get back a response saying you are eligible for coverage but those conditions you listed are excluded. I know in some states they can't do that, but I'm not sure about CA.

 

[REWahoo]

http://www.healthinsuranceinfo.net/ doesn't have info on California.

The site does have summary information on CA. Click on the "Summary of Key Consumer Protections..." link on the right side of the screen.

 

[free4now]

Thanks for that, REWahoo.

Looks like California doesn't allow "elimination riders".

 

[markplus4]

DW and I pay 525/mo in SC for BC/BS individual, high deductible major medical policies. No drug coverage, or coverage for routine office visits/tests. If you're not height/weight proportionate, you have zero chance of getting covered by these people. I dropped 25 lbs on a high protein/low carb diet 2 yrs before I ER'd....glad I did.

 

[wallygator69]

DW and I pay 525/mo in SC for BC/BS individual, high deductible major medical policies.  No drug coverage, or coverage for routine office visits/tests.  If you're not height/weight proportionate, you have zero chance of getting covered by these people.    I dropped 25 lbs on a high protein/low carb diet 2 yrs before I ER'd....glad I did.

s there a chart anywhere that you know of that determines height weight proportionateneed to be to keep insurance companies happy?

Thanks,

Wally