Health Insurance Increase
- Thread starter ejman
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Too bad apparently no one else has a high deductible health insurance policy under similar circumstances. Oh well, I hope medicare will be around and I'm really looking forward to the lower premiums there. Hooray for socialized medicine
We are a bit younger and have similar deductibles, but pay around $2K monthly for both of us.
rbmrtn
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Some were posting their increases in this thread...
http://www.early-retirement.org/forums/f38/bcbs-rates-went-down-for-next-year-63064.html
http://www.early-retirement.org/forums/f38/bcbs-rates-went-down-for-next-year-63064.html
Good heavens $2k a month! I should quit my bitchin'
nun
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In MA we had average 2.1% premium increases this year.
You can't buy a $10k deductible plan in MA, the highest deductible for a family plan is $4k and that costs $1023/month for two people ages 64 and 62.
You can't buy a $10k deductible plan in MA, the highest deductible for a family plan is $4k and that costs $1023/month for two people ages 64 and 62.
I had private health insurance for several years (I'm not retired, but private insurance seemed like my only option at the time); the premiums increased 200 / mth each year - I started at 900 /mth, then 1100/mth then 1300 / mth - single payer no deductible. (Family plan was 3600 / mth which I had for several months and then down graded to catastrophic.)
In CNY, high deductibles were not an option. Last time I checked (2011) I could pay 1300/mth w/ a deductible. A guess would be the premiums are continuing to increase at the same amount I experienced.
In CNY, high deductibles were not an option. Last time I checked (2011) I could pay 1300/mth w/ a deductible. A guess would be the premiums are continuing to increase at the same amount I experienced.
IBWino
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Yikes!
My wife and I are budgeting for $1500/month with a $5K deductible. We'll both be 55 when I (hopefully) retire. Is yours a deluxe plan of some sort, or do you have some significant pre-existing conditions?
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Live And Learn
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Yikes!
I have 22k budgeted - 19k for premiums plus 3k for out of pocket. I'm ready to faint !
If I have to up my budget to 27 or 28K then I'll be working much more than "one more year" !
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53 she and 63 he with Humana $11,000 deductible is $375 in Tampa Bay area. No pre-existing. Increase was about 10% in April. Have had the policy for about 18 months. We pay the first $11,000 and then they cover 100%.
Koolau
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As many times as I've whined about (overall) medical costs, I now feel guilty. Last year, our total outlay was over $11,000 which included premiums and co-pays for service - quite a bit of service, including one surgery. That year, my company supplemented insurance had doubled our yearly co-pays to $5K (from $2.5K). Our deductible is still only $500. This year - though the premiums have gone up (again) by about 15% - I only have to pay half the premium because DW and I are both on Medicare (benefits coordinate with MC being first). Additionally, our youngest dropped off our coverage - a significant savings. On the negative side, due to a one-time large taxable gain on the sale of a property, our combined Medicare premiums for DW and me are about $280/mo. Next year, that should drop back to the standard rate (I think). Anyway, for our two plans (MC and supplemented supplement) our monthly is about $500. So, I guess I'll quit whining - for now.
I can recall going 20 years without more than the occasional small claim against my company's insurance. Since then, I suspect, I've cost my company's insurance more than my salary in claims some years. In the words of Will Sonnett "No brag. Just fact." Not proud of that, just saying. I've tried always to insure against those things I could not afford on my own, and health insurance has really paid off for me. The fact that I have supplemented coverage (and now MC) is probably the single biggest reason I can afford Paradise. The other biggest factor is the luck of decent investment results. The only factor I'll take credit for is being a good saver. YMMV.
I can recall going 20 years without more than the occasional small claim against my company's insurance. Since then, I suspect, I've cost my company's insurance more than my salary in claims some years. In the words of Will Sonnett "No brag. Just fact." Not proud of that, just saying. I've tried always to insure against those things I could not afford on my own, and health insurance has really paid off for me. The fact that I have supplemented coverage (and now MC) is probably the single biggest reason I can afford Paradise. The other biggest factor is the luck of decent investment results. The only factor I'll take credit for is being a good saver. YMMV.
JoeWras
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Wow. In 3 months, I can buy into my company's plan for 14k/year with 3k deductible (2 people), so 17k max. I hang with a lot of public sector vested friends who pay nothing and tell them this and they think I'm joking. Then I come here and read about budgeting for 25k or so per year and I think you are joking.
This is all crazy and confusing for me, and one reason I haven't planned to pull the trigger right away. I'm starting to think I should just plan for 30k per year in today's dollars in my calculations just in case.
This is all crazy and confusing for me, and one reason I haven't planned to pull the trigger right away. I'm starting to think I should just plan for 30k per year in today's dollars in my calculations just in case.
This is crazy! Similar policies ranging from $375/mo to $2200 a month just depending on which state you happen to live. It doesn't make sense. Hello! welcome to the real world.
grasshopper
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for 2012-2013 our BCBS will go up 9% PPO $2500 in network 80/20. I will be 65 about the time Obamacare kicks in so I will stay with the program so that I am grandfathered if needed.
2011 medical expenses $10187. includes minor dental surgery, dental insurance that we cancelled, found it sorta useless.
2011 medical expenses $10187. includes minor dental surgery, dental insurance that we cancelled, found it sorta useless.
I have not heard about the increase for next year and given my company was acquired, i am not sure if that will be good or bad. Right now, for 60 and 61 year old, we pay $600 per month premium which includes dental and vision. Dental is OK coverage, vision is nearly useless. Each of us have a $3,000 deductible. Then, we move into a $5,000 deductible at an 80/20 split. We are responsible for the 20% until $5,000 is covered. Once that is satisfied, the policy pays 100% of all costs during the plan year. The 80/20 split was put in place this year instead of a premium increase. We have only had one year where we have meet the $3,000 deductible for both of us. Our potential liability for health care is $23,000 per year. I think it is unlikely we would both get sick at the same time, requiring us to use the entire deductible. Given our health right now, a very conservative budgeting amount would be about $12,000 per year which assumes using $6,000 in deductibles.
pb4uski
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I agree. This state-by-state regulation of health insurance (or for that matter any insurance) seems antiquated in this day and age. I realize that premiums need to reflect costs and that medical costs vary significantly between areas of the country, but premiums seem to vary even more widely.
nun
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MA is going to mandate that premiums can't rise more than the increase in state GDP. The max deductible is 4k for a family and the out of pocket annual max is $10k. This ( along with the MA's high cost of living) means that for 2 people close to retirement age the monthly premium is $1000. Still, the low deductible helps if you do get ill, the quality of care is fantastic and pre-existing conditions aren't an issue. Buying a plan is simple; just go on the Health Connector website and you can compare lots of plans for cost and level of benefits.
It looks like it's cheaper than that in Mass with commonwealth care as long as your income is below 69k
http://www.massresources.org/commonwealth-care.html#incomelimits
Be sure to compare 'existing conditions" of the policy holder. We have none. The game insurance companies play is ratcheting up rates and those who have no pre-existing conditions go shopping. Those with pre-existing conditions have to stay and accept the increases. With pre-existing conditions (and they don't have to be really bad ones), these folks won't be able to find another insurance company to sell them insurance at a reasonable price or possibly at any price at all.
Everything is going to change in 2014 with Obamacare. I haven't done the research to know if we can still get the $11,000 deductible (anyone know?) which is what helps keep our rates 'low.' We have not been high consumers of healthcare and don't want a plan with first dollar coverage.
nun
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Livefree said:
Yes if you are below the income levels subsidized Commonwealth Care is available. I mostly like the MA system apart from the fact that a penny over the income levels and you get zero subsidy. It should be gradually phased out with rising income.
An increase to $1000 per month would be a stunning increase from our current premium of $375 (annual deductible = max out-of-pocket = $11,000). We would be paying $7500 per year to drop our deductible by $6,000.
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