Healthcare Premium Costs???

[PERSonalTime]

Just trying to get a feel for what folks pay for healthcare on a monthly basis. Please let me know how much you're paying per month and indicate if this is for an individual or for both yourself and DH/DW.

 

[pb4uski]

WADR what we pay is irrelevant. What is relevant is what you are going to need to pay for the coverage you need. That said, we pay about $425 a month for 2 for catastrophic coverage, less than half of the COBRA for a HDHI plan we had when I was working.

 

[Senator]

I am still on my employers coverage, but here is something I am also thinking about, the deductible.

If you are paying $500 per month, with a $6,000 annual deductible, you need to budget $1,000 per month for health care. You may not hit the deductible every year, but if you do, you do not want to eat dog food that year.

 

[2B]

I suggest you go to ehealthinsurance.com and get a quote specific to your location and situation. You'll need to "lie" in the appropriate places to let them give you an ACA compliant quote because open enrollment is closed. It's possible to shop between different levels of plans but for my situation the gold and silver plans seemed to be just prepaying the higher deductible of the bronze plan. I have talked with someone that had a medical issue with his wife where he knew he would meet the max-OOP and the gold plan was actually cheaper when it was all said and done.

 

[jerome len]

Money Mag a couple months ago did a story on a single woman with a $4500 deductible, she paid over $1,045 a month. She bought the top plan because of prescription meds and actual costs depend on your State and your income. I don't know what anyone can tell you other than to do as 2B suggested above. But......I'm still working part time, not for the money but for health care for my younger DW and DS.

 

[aaronc879]

I'm poor(relatively speaking) so I pay $32/mo with a $500 deductible and $500 max OOP. That is for a single 34 y/o male earning $15K/yr after business expenses.

 

[MichaelB]

What people pay and how much healthcare costs are different and not always related. This Kaiser report will show the average cost of healthcare premiums in the US EHBS 2013 Section 1 | The Henry J. Kaiser Family Foundation . For 2013 the average large group premiums were (individual) $5.3k and (family) $15.2k.

How much people are paying for their policies depends mostly on whether they are receiving direct or indirect subsidies or premium assistance from employers or taxpayers. I really don't think an average applies here. You can see the range of premium costs for guaranteed issue policies at websites such as healthsherpa

 

[2B]

I'm poor(relatively speaking) so I pay $32/mo with a $500 deductible and $500 max OOP. That is for a single 34 y/o male earning $15K/yr after business expenses.

You also look like many of the pre-Medicare retirees here. There have been a few threads on whether to minimize taxable income in order to get the ACA subsidy. I can't help having too high an income in 2015 to qualify but I will have to choose between subsidized healthcare or Roth conversions out of my IRA. Both options have financial advantages to me but I can't do both. I'll do an assessment for open enrollment for 2016. Things could definitely change by then.

 

[scrabbler1]

I am paying $384 a month (single male, 51) for a Silver plan i bought through the NY Marketplace (Exchange). However, I chose not to have any subsidy applied to the premium for now, instead reconciling the subsidy on the 2014 federal income tax return I will file next year. I plan to simply have it apply to the federal income taxes I will owe and forgo an estimated tax payment later this year. The subsidy I estimate will be about $80 a month.

 

[Mulligan]

I am 50 paying about $90 a month for a $5500 individual deductible HSA. Hoping like hell the carrier extends the "if you have it you can keep it" doctrine for the coming two years, before I get promoted to a many times higher premium with higher deductible on the exchange.


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[martyb]

I am 56, DW is 53, and I just retired last week. I also just got the paperwork in the mail today that says our premium going forward, at least until the end of 2014, will be $327.27 per month. I believe our deductibles are $300 for each of us. Our insurance is National Association of Letter Carriers. I was not a postal employee, but have access to NALC through FEHB (Federal Employees Health Benefit Plan).

 

[scrabbler1]

I should add that my HI company, Anthem BCBS (NY) wrote to tell me they filed for an 18% increase for 2015. But if the ACA subsidy limits my share of the premium to x% of MAGI, won't the increase be borne solely by the federal government?

 

[pb4uski]

...If you are paying $500 per month, with a $6,000 annual deductible, you need to budget $1,000 per month for health care. You may not hit the deductible every year, but if you do, you do not want to eat dog food that year.

I disagree, because what you suggest is assuming that you reach the deductible every year, which is probably more unrealistic than assuming you pay $0 deductible each year (unless you have chronic health issues to budget for). It would be overkill and might result in unrealistically deferring retirement longer than necessary.

I budget for premiums and a provision for deductibles and co-pays based on recent experience and our overall health. I realize in a good year it may be less and in a bad year it may be more.

 

[Mulligan]

I disagree, because what you suggest is assuming that you reach the deductible every year, which is probably more unrealistic than assuming you pay $0 deductible each year (unless you have chronic health issues to budget for). It would be overkill and might result in unrealistically deferring retirement longer than necessary.



I budget for premiums and a provision for deductibles and co-pays based on recent experience and our overall health. I realize in a good year it may be less and in a bad year it may be more.

I budget the premium and expect not to spend a penny toward my deductible other than maybe an office visit. For me anyways, making the max individual HSA deduction each year kind of forces me to the middle, as it equals approximately half the annual deductible. Now that I have over 5 years contributions in it, I could easily pay this from my HSA for several years if needed. Though I prefer to continue down the current path of being healthy and paying no medical costs and allowing HSA to grow.


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[bizlady]

We are 57 and pay $898 a month with a $1500 family out of pocket deductible. We will be eligible for a subsidy when we file taxes this year, but like 2B, we will need to choose next year between a subsidy and a Roth conversion.

 

[Looking4Ward]

I just signed up yesterday for a BCBS Bronze plan with a $6K annual deductible.

Cost is $290 a month (I'm 54).

Basically, it appears that I would spend close to $10K in any given year before they pay a dime.

Office visits/routine checkups are included, sure - but based on past experience if the provider renders any care at all during those visits, it is coded separately and charged separately.

I'm not eligible for any subsidy, DW is still working so our household income is above any reimbursement thresholds.

 

[Buckeye]

I am 50 paying about $90 a month for a $5500 individual deductible HSA. Hoping like hell the carrier extends the "if you have it you can keep it" doctrine for the coming two years, before I get promoted to a many times higher premium with higher deductible on the exchange.


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I called Humana to make sure they end DH's coverage at the end of this month because he's turning 65 in August. We have one of those high deductible 'if you have it you can keep it policies' which I thought ended December 2014. Come to find out, it doesn't end until Dec 2015.

Our $433 premium will decrease $205 when he drops off. Thought it was interesting that he (male, 64) is less expensive to ensure than I am (female, 55). I emailed Humana asking if I was understanding things correctly.

For him, I want the flexibility of regular Medicare and the protection of the F supplement but that combination is more expensive than what we just cancelled by $83 (but 1st dollar coverage instead of $6,000 deductible). We haven't spent any money on healthcare (other than eye exams) in three years so I don't know why I'm getting all hinky about having so much coverage!

 

[Buckeye]

I just signed up yesterday for a BCBS Bronze plan with a $6K annual deductible.

Cost is $290 a month (I'm 54).

Basically, it appears that I would spend close to $10K in any given year before they pay a dime.

Office visits/routine checkups are included, sure - but based on past experience if the provider renders any care at all during those visits, it is coded separately and charged separately.

I'm not eligible for any subsidy, DW is still working so our household income is above any reimbursement thresholds.

Do not complain about any issue during your wellness visit and remind the staff/doc this is a wellness visit! Save any complaints for another visit or things can get complicated.

 

[John Galt III]

Do not complain about any issue during your wellness visit and remind the staff/doc this is a wellness visit! Save any complaints for another visit or things can get complicated.

+1. My doctor's office was trying to change a routine annual physical (which is no cost to me) into an office visit ($20 copay) all the time, if I asked any questions at all. Had to have a talk with them. Now I can get my RAP and ask questions, and it stays coded as RAP. But I always remind them I'm coming in for a routine annual physical, not an office visit.

In the good ole days, a routine annual physical was when you were expected to mention any medical concerns you had at the time. You weren't charged extra for that luxury.

 

[John Galt III]

I'm only paying $24 a month for $100 deductible, $500 max oop. Getting large subsidy from the ACA.

 

[Mulligan]

+1. My doctor's office was trying to change a routine annual physical (which is no cost to me) into an office visit ($20 copay) all the time, if I asked any questions at all. Had to have a talk with them. Now I can get my RAP and ask questions, and it stays coded as RAP. But I always remind them I'm coming in for a routine annual physical, not an office visit.

In the good ole days, a routine annual physical was when you were expected to mention any medical concerns you had at the time. You weren't charged extra for that luxury.

Your second paragraph is the impression I was under for one of these. So what good is the purpose of one of these visits then? I can check my weight and BP on my own.


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[Buckeye]

Your second paragraph is the impression I was under for one of these. So what good is the purpose of one of these visits then? I can check my weight and BP on my own.


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Free bloodwork is one of the major things. I call it a 'well baby' check.

 

[Mulligan]

Free bloodwork is one of the major things. I call it a 'well baby' check.

Thanks Buckeye. Well I guess a person gets something out of it. I noticed I can get a complete 12 panel bloodwork for $45 at a nearby lab, and just skip the doctor. Last year I went I got my visit free for my "wellness check", I know I had to pay about a $100 for my bloodwork at the hospital where my doctor works. Maybe older policies are different.


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[John Galt III]

My doctor will not write prescriptions for me unless I have a physical every year. I get any bloodwork done at a lab, and it only costs $12 per lab visit, on my current insurance. But you're right, Mulligan, many blood tests can be had for cash for pretty low prices, if you shop around.

 

[DallasGuy]

I'm 58 and pay $467 for an individual plan with $5000 deductible through Cigna (not through Obamacare). It has been a very good plan other than the higher deductible. Cigna offered it to me for an additional year through the end of 2014 although I'm not sure if they're going to offer it again in 2015. If not, I'll be switching to Obamacare. I was diagnosed with multiple myeloma (a blood cancer) about a year ago and with the high treatment costs (over $12,000/month for just one of the maintenance treatment drugs), I no longer look for the most affordable plan as far as premiums go but the plan that will cover most of my treatments even if it means a much higher premium. After all, even a 10-20% cost sharing for drug treatments would be very expensive for me.

I've looked at the current Obamacare plans and if I had to switch today, I'd probably end up with a gold plan with a monthly premium of about $360-390 (after the subsidy...my retirement income is about $30,000/year). I'm guessing that those premiums will rise in 2015. They don't offer any platinum plans where I live.