Join Early Retirement Today
Closed Thread
 
Thread Tools Search this Thread Display Modes
Old 08-06-2016, 04:06 PM   #21
Recycles dryer sheets
 
Join Date: Jan 2008
Posts: 136
This is insane! My wife and plan to retire at 55, end of 2017, and will need purchase insurance on the open market.

There has to be a better way than $12k/yr?

On a similar topic. Did anyone catch this mornings episode of "On the Money"? There was a story about Blink Health (https://www.blinkhealth.com). Appears quite impressive what the 2 brothers have built to lower prescription meds.
__________________

__________________
serie1926 is offline  
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 08-06-2016, 04:53 PM   #22
Thinks s/he gets paid by the post
 
Join Date: Jun 2003
Location: Historic Florida
Posts: 1,645
Quote:
Originally Posted by serie1926 View Post
This is insane! My wife and plan to retire at 55, end of 2017, and will need purchase insurance on the open market.
There has to be a better way than $12k/yr?
There is but no one wants to fix it. Modify ACA add a single payer option and go. More effort seems to be going into repealing ACA other than fixing it. That is certainly insane.

My family could not have Er'd without the ACA that is for sure. Still very expensive but manageable.

It can cost more to buy health insurance than to rent a condo in Canada and never live in it simply to get health care. For those of Xpats with dual citizenship who can do so. Who do not like the cold.....
__________________

__________________
"Arguing with an Engineer is like rolling in the mud with a pig. Just remember that the pig likes it."
ShokWaveRider is online now  
Old 08-06-2016, 04:57 PM   #23
Thinks s/he gets paid by the post
ivinsfan's Avatar
 
Join Date: Feb 2007
Posts: 2,198
Quote:
Originally Posted by ShokWaveRider View Post
There is but no one wants to fix it. Modify ACA add a single payer option and go. More effort seems to be going into repealing ACA other than fixing it. That is certainly insane.

My family could not have Er'd without the ACA that is for sure. Still very expensive but manageable.

It can cost more to buy health insurance than to rent a condo in Canada and never live in it simply to get health care. For those of Xpats with dual citizenship who can do so. Who do not like the cold.....
You really think that 175 bucks a month per person is VERY expensive and with a lower OOP costs then most people on self pay? What do think would be a "fair" price?
__________________
ivinsfan is offline  
Old 08-06-2016, 05:08 PM   #24
Thinks s/he gets paid by the post
 
Join Date: Jun 2003
Location: Historic Florida
Posts: 1,645
Quote:
Originally Posted by ivinsfan View Post
You really think that 175 bucks a month per person is VERY expensive and with a lower OOP costs then most people on self pay? What do think would be a "fair" price?
I meant WITHOUT ACA. Ours would be unaffordable with Pre-existing conditions. Worse, we were told we were uninsurable before ACA. (While one of us was working)
__________________
"Arguing with an Engineer is like rolling in the mud with a pig. Just remember that the pig likes it."
ShokWaveRider is online now  
Old 08-06-2016, 05:31 PM   #25
Full time employment: Posting here.
 
Join Date: Sep 2014
Location: Grapetown
Posts: 790
DW an I recently paid $18,640.46 to DW's old employer for 12 month. It was the same insurance plan we had while she worked; the above includes dental and eye care. Her health care premium is discounted(?) and we pay $10 for office visit, no co-pay. We are both close to 60.
__________________
Winemaker is offline  
Old 08-06-2016, 05:42 PM   #26
Recycles dryer sheets
Packman's Avatar
 
Join Date: Jan 2011
Location: Phoenix
Posts: 303
I am 59 and DW is 58. We pay $700/month (combined) for a HDHP ($6,000 deductible each) policy in AZ on the ACA (insurance provider is small outfit only in AZ). The policy basically pays nothing until we hit the deductible. They try to charge us for annual preventative care and lab work. When I call customer service, they have no clue and I get nowhere.

Next year, I plan to look off of the ACA since we don't qualify for the subsidies, but I've been told the premiums are the same on or off the ACA website. Is that true?
__________________
Retired on 5/31/2011 at 54
Packman is offline  
Old 08-06-2016, 06:17 PM   #27
Recycles dryer sheets
 
Join Date: Jan 2008
Posts: 136
Quote:
Originally Posted by Winemaker View Post
DW an I recently paid $18,640.46 to DW's old employer for 12 month. It was the same insurance plan we had while she worked; the above includes dental and eye care. Her health care premium is discounted(?) and we pay $10 for office visit, no co-pay. We are both close to 60.
WOW!!!

I wonder what happens to those when/if the "ACA Fairy" stops giving?

Is there not someway to get a catastrophic only policy and pay out of pocket for anything less than worst case?
__________________
serie1926 is offline  
Old 08-06-2016, 06:36 PM   #28
Full time employment: Posting here.
Just_Steve's Avatar
 
Join Date: Apr 2016
Location: Dutchess County
Posts: 832
ACA should be asset based like food stamps and all of the other social giveaways.
__________________
Just_Steve is offline  
Old 08-06-2016, 06:42 PM   #29
Recycles dryer sheets
 
Join Date: May 2015
Location: Houston
Posts: 285
I just retired, so August is my first month. Both my wife and I retired from companies that offer retiree medical. We elcted to take the one from my company. It's the same coverage we had when I was working. The coverage is very good. It's an Aetna PPO with a thirty dollar co-pay for primary care docs and $40 for specialists. The deductible is $300 per person, and the out-of-pocket max is $2500 (each) per year.

However, even though the company is paying part of the cost, the retiree group is much more expensive then the employee group. We pay $1005 per month for the two of us, whereas when I was working it was $438 per month.

It's still way better coverage than an ACA plan, and cheaper too, since we wouldn't get much (if any) subsidy.
__________________
Slow But Steady is offline  
Old 08-06-2016, 08:25 PM   #30
Moderator
MichaelB's Avatar
 
Join Date: Jan 2008
Location: Rocky Inlets
Posts: 24,423
Quote:
Originally Posted by ShokWaveRider View Post
I am also curious why some states are so much cheaper than others.
There's not that much difference between the states. A few are more expensive, such as Hawaii, Alaska, and NY. The big differences among policies are due to type of coverage - HMO vs PPO, and network size - large, broad national networks vs restricted local and regional ones.
__________________
MichaelB is online now  
Old 08-06-2016, 08:30 PM   #31
Moderator
MichaelB's Avatar
 
Join Date: Jan 2008
Location: Rocky Inlets
Posts: 24,423
We're on the road right now so I'll give my best estimate of our insurance cost. Each of us has an HSA plan with a $6.5k deductible / TOOP. DWs (64) premium is $740 and mine (62) is $670. Next year her coverage will increase, her deductible will fall to $150 and her premium will fall to around $550. Next year my premium will increase to around $1250, as my insurer is leaving me and there's only one policy left that gives me access to a national provider network.
__________________
MichaelB is online now  
Old 08-06-2016, 09:45 PM   #32
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
pb4uski's Avatar
 
Join Date: Nov 2010
Location: Vermont & Sarasota, FL
Posts: 16,410
Quote:
Originally Posted by pb4uski View Post
Actually, SWR, yours is a good example of why we will hold off changing our residence to Florida even though we recently bought a condo down there and plan to spend almost 6 months a year down there. I priced out premiums for a plan similar to ours and it was about $1,500 a month (we are both 60). Here, we pay about $460/month (for two) for a catastrophic HDHP and a non-cat plan would be ~$800/month. A good part of the reason for the difference is that our state does not age-rate health insurance premiums.

So if we changed residence to FL our health insurance would be ~$12k a year higher, much less than any income tax savings we would have.
The numbers that I quotes are all gross... no reductions for ACA premium subsidies.... we don't get any... since our health insurance is so affordable we have chosen to pay and take advantage of Roth conversions.
__________________
If something cannot endure laughter.... it cannot endure.
Patience is the art of concealing your impatience.
Slow and steady wins the race.
pb4uski is offline  
Old 08-06-2016, 09:48 PM   #33
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
pb4uski's Avatar
 
Join Date: Nov 2010
Location: Vermont & Sarasota, FL
Posts: 16,410
Quote:
Originally Posted by serie1926 View Post
This is insane! My wife and plan to retire at 55, end of 2017, and will need purchase insurance on the open market.

There has to be a better way than $12k/yr?...
Just part of the price of freedom (from work).
__________________
If something cannot endure laughter.... it cannot endure.
Patience is the art of concealing your impatience.
Slow and steady wins the race.
pb4uski is offline  
Old 08-06-2016, 10:16 PM   #34
Thinks s/he gets paid by the post
 
Join Date: Sep 2012
Location: Seattle
Posts: 2,904
We pay about $290 a month for a couple, mid 40s, for a super subsidized silver plan with cheese ($250 deductible, $500 max OOP). Hard to say what the value of the cheese (cost sharing) is, but the unsubsidized policy would be about $700 a month.

America is already great again!
__________________
Fermion is offline  
Old 08-07-2016, 05:04 AM   #35
Recycles dryer sheets
 
Join Date: Jan 2008
Posts: 136
Quote:
Originally Posted by pb4uski View Post
Just part of the price of freedom (from work).
For this price, may be worth continuing to work.

If we were retired today, we'd be spending $19k approximately for just insurance (estimated health, home with flood, auto, and umbrella). For this amount, almost makes sense to self insure.
__________________
serie1926 is offline  
Old 08-07-2016, 05:23 AM   #36
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
travelover's Avatar
 
Join Date: Mar 2007
Posts: 9,874
Quote:
Originally Posted by serie1926 View Post
For this price, may be worth continuing to work.



If we were retired today, we'd be spending $19k approximately for just insurance (estimated health, home with flood, auto, and umbrella). For this amount, almost makes sense to self insure.

Seriously? Do you have any idea what a major illness or injury can cost?
__________________
Yes, I have achieved work / life balance.
travelover is offline  
Old 08-07-2016, 06:46 AM   #37
Moderator
MichaelB's Avatar
 
Join Date: Jan 2008
Location: Rocky Inlets
Posts: 24,423
Quote:
Originally Posted by serie1926 View Post
For this price, may be worth continuing to work.

If we were retired today, we'd be spending $19k approximately for just insurance (estimated health, home with flood, auto, and umbrella). For this amount, almost makes sense to self insure.
Self-insure is not the same as no-insure.

That $19k is close to the average cost of a family group plan in the US. The high cost is not because of insurance companies, it's because health care is very expensive. No health insurance is a financially risky move, you can lose all your assets because of an accident or a sudden serious illness.
__________________
MichaelB is online now  
Old 08-07-2016, 06:48 AM   #38
Full time employment: Posting here.
 
Join Date: Jan 2014
Posts: 661
Quote:
Originally Posted by Packman View Post
Next year, I plan to look off of the ACA since we don't qualify for the subsidies, but I've been told the premiums are the same on or off the ACA website. Is that true?
If the benefits are the same then the premium with that insurer will be the same. However, sometimes the insurer will offer additional off-exchange only plans using a different provider network or having other differences which will impact the premium.

Quote:
Originally Posted by serie1926 View Post
Is there not someway to get a catastrophic only policy and pay out of pocket for anything less than worst case?
ACA compliant catastrophic plans cannot have an OOP limit of more than $6,850 ($7,150 in 2017). Since Bronze plans have OOP limits in a similar range, the premiums are quite similar unless you live in one of the few community rated states where the cat premiums are lower.

A number of healthy people not eligible for subsidies are choosing non-compliant plans as an alternative. These include short-term health plans and accident/illness indemnity plans. Due diligence is required before purchasing non-compliant products. Most are also exempt from the penalty because the cheapest available Bronze plan is over 8.13% MAGI.
__________________
MBSC is offline  
Old 08-07-2016, 07:07 AM   #39
Recycles dryer sheets
 
Join Date: Dec 2006
Posts: 91
I am self employed and remain so even now. As such I have been paying full health premiums since 2006 when DW retired from her job. Until then we used her corporate subsidized insurance.

ACA or not, our experience has been that low deductible low copay policies cost the two of us around $16,000 per year and high deductible cost $8000 per year, both for the family plan. That did not change when our son got a job and went off the policy. And indeed did not change much when I went off the policy and on to Medicare.

For us the ACA made it easier for her to get a policy on her own when I aged off my pre Medicare coverage. She stayed with the same carrier, but the cost for one was not much less than the cost for 2.

I like the Canada strategy and we live in a border town. But for those who have done the research, it is just about impossible for oldsters to emigrate to Canada, even with money in the bank.
__________________
ZMAN is offline  
Old 08-07-2016, 07:16 AM   #40
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
pb4uski's Avatar
 
Join Date: Nov 2010
Location: Vermont & Sarasota, FL
Posts: 16,410
Quote:
Originally Posted by serie1926 View Post
....Is there not someway to get a catastrophic only policy and pay out of pocket for anything less than worst case?
There is a provision of ACA that allows you to buy catastrophic health insurance coverage if the lowest cost bronze plan available to you exceeds 8.15% of your household income even if you are over 30 years old. Normally, only those under 30 can buy catastrophic coverage. We have been doing that for 3 years now.

However, in many states the cost of a catastrophic plan is not much different from the cost of a bronze plan, so you need to see how premiums and benefits compare in your state. In our state, premiums are about 40% lower and benefits are pretty similar... but in Florida for us the cat premiums and bronze premiums would be about the same (I suspect in part because they are age-rated plans in Florida and our state doesn't allow age rating).

Since we buy health insurance principally to protect us from the financial cost of a catastrophic illness or accident and to gain access to negotiated rates with medical providers, the cat plan works well for us. YMMV.

BTW, $12k a year for a couple isn't that bad. That is what I was looking at for a bronze plan when I retired 4 years ago in that at that time our COBRA premium for a high-deductible plan was $900, so I'm sure it is over $1,000 now. Like I said, it is part of the price of freedom... if you can't afford it or are unwilling to pay it then you can just continue to work. I worked part-time for a number of years because I wasn't ready and even working 50% or more allowed me access to subsidized employer health insurance benefits.
__________________

__________________
If something cannot endure laughter.... it cannot endure.
Patience is the art of concealing your impatience.
Slow and steady wins the race.
pb4uski is offline  
Closed Thread


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Bottom line on health insurance changes for pre medicare sengsational FIRE and Money 36 03-24-2013 04:08 PM
Medicare Premiums and Co-Insurance Rates for 2010 haha Health and Early Retirement 7 10-21-2009 04:04 PM
Pay $15K upfront to pre-pay 20+ years of oil heat bills??? farmerEd Other topics 16 02-14-2008 07:46 AM
How much for pre-Medicare health insurance? caracol7 Health and Early Retirement 1 05-11-2007 03:16 AM
FIRE, How much do you pay for Health Insurance zcung FIRE and Money 32 06-13-2006 10:24 PM

 

 
All times are GMT -6. The time now is 03:57 PM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, vBulletin Solutions, Inc.