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Health Insurance individually
Old 06-13-2014, 12:48 AM   #1
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Health Insurance individually

Just planning for the future and I checked out how much it would cost for us to buy HDHP right now for our family of 4. We are currently covered by our employer, but online with a $2k individual/$4k family deductibles; Maximum annual OOP $6350 individual/$12,700 family, with $50 co-pay after deductible is $596.71/month!

Okay is it location based? How is MMM getting it to $240/month. We are not unhealthy but what are others doing?
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Old 06-13-2014, 06:20 AM   #2
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Health care costs do vary by location, but the average family group premium in the US is around $15K (IIRC) so your numbers are not unusual.

What do people do? It's painful and very costly. Most employes pay part of the premium and many individuals and families are eligible for premium assistance when they purchase through the state health exchange. The rest of us grit our teeth and pay.
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Old 06-13-2014, 06:33 AM   #3
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Health care costs do vary by location...
...and age.
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Old 06-13-2014, 07:40 AM   #4
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...and age.
Only for individual policies for people age 26 and above. For everyone else age doesn't matter.
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Old 06-13-2014, 07:46 AM   #5
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DW and I pay ~$13k a year for what basically is COBRA coverage from former local government employer; we can keep it indefinitely but it's full freight. Looked at ACA and might have been able to save a few bucks but at 63 would rather stay with what we know for the next few years.

Had surgery from an injury last year; when totaled up all healthcare for taxes it came up to almost $18k. Yikes. First time able to actually get some deduction.
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Old 06-13-2014, 07:48 AM   #6
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Only for individual policies for people age 26 and above. For everyone else age doesn't matter.

I should have read beyond the thread title: Health Insurance individually
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Old 06-15-2014, 08:47 PM   #7
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...and age.
Yup, age is a huge variable here.

My wife and I opted for a very high deductible with proportionally lower monthly premiums. We calculated what our expected prescription drug costs and annual preventative medical expenses would be and determined that it made much more (dollars and) sense to pay less now and pay the medical expenses as they occur.

While this does save us money, we do suffer a bit of sticker shock each time we go to the doctor and have to write check, but cumulatively it's cheaper...

David
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Old 06-15-2014, 10:07 PM   #8
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Okay is it location based? How is MMM getting it to $240/month. We are not unhealthy but what are others doing?
MMM?

Employers are of course subsidizing your insurance as part of your benefits package. They get help from a tax deduction as well.
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Old 06-15-2014, 10:12 PM   #9
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If your family is usually pretty healthy and you can live off after tax money some years or have other ways to keep your O-MAGI low, your subsidized premiums may be a $100 a month or even less with a Bronze plan.
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