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Company Health Insurance vs Private
Old 10-28-2015, 10:09 AM   #1
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Company Health Insurance vs Private

My Company Health Insurance soared 17.4% for 2016 up $2005 out of pocket just to have it. The all the co-pays, etc on top of that. Are there any options for early retirees regarding health care? Obviously ACA is not an option. Is Private health care just as high?
Also, just read America's Bitter Pill by Steven Brill. Amazing reading about how the ACA came about (back room deals, why costs are so high, etc) and what the future holds.
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Old 10-28-2015, 10:14 AM   #2
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First of all, welcome to the ER.org forums.

When you say "private health care", do you mean an individual (non-employer group) policy or are you talking about just cutting deals to get better pricing on services all out of pocket? If the latter, unless you are so wealthy that you could eat the cost of a catastrophic event including multiple surgeries and weeks of hospital stays without breaking into hives, then I'd advise against that.

As for the former, yeah, if you are eligible for an employer group plan and it costs you less than 9.5% of income you wouldn't be eligible for any tax credits on purchase of individual insurance from the Healthcare Marketplace, but you could still purchase a policy there, just unsubsidized.
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Old 10-28-2015, 12:17 PM   #3
Confused about dryer sheets
 
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Thanks Ziggy29. This is an employer group policy via my retirement health care. It is up over $13K out of pocket just to have it (and that is after the company "credits")
This is over 9.5% of income so will look into this further. But I thought if you are offered Company retirement insurance you are not eligible for credits on the marketplace?
Being almost 59 years of age, this could get real ugly in cost so nee to look at options. Thanks again.
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Old 10-28-2015, 03:18 PM   #4
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If you are under 65 and you are eligible for an employer-sponsored group plan that costs you more than 9.5% of your adjusted income, that plan is not considered "affordable" under the ACA and you would be eligible for a policy on the Marketplace with a tax credit if your income makes you eligible (i.e. less than 400% of the federal poverty line).
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RIP to Reemy, my avatar dog (2003 - 9/16/2017)
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Old 10-30-2015, 12:03 PM   #5
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Quote:
Originally Posted by Open Air View Post
This is over 9.5% of income so will look into this further. But I thought if you are offered Company retirement insurance you are not eligible for credits on the marketplace?
Being almost 59 years of age, this could get real ugly in cost so nee to look at options. Thanks again.
If you have retiree health benefits you are not required to take them. You can enroll in a marketplace plan. There rules on what is allowed. Here is the FAQ

https://www.healthcare.gov/retirees/
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Old 10-30-2015, 01:43 PM   #6
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Quote:
Originally Posted by Open Air View Post
This is over 9.5% of income so will look into this further. But I thought if you are offered Company retirement insurance you are not eligible for credits on the marketplace?
As far as I know, anyone is eligible for tax credits, depending on their income, if the employer group plan cost is over 9.5% of income. Retirees can pass on the employer retiree insurance and be eligible, even if it costs less than 9.5% of income.
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"Hey, for every ten dollars, that's another hour that I have to be in the work place. That's an hour of my life. And my life is a very finite thing. I have only 'x' number of hours left before I'm dead. So how do I want to use these hours of my life? Do I want to use them just spending it on more crap and more stuff, or do I want to start getting a handle on it and using my life more intelligently?" -- Joe Dominguez (1938 - 1997)

RIP to Reemy, my avatar dog (2003 - 9/16/2017)
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