I am uneasy not knowing what I will need to pay for health and dental insurance, can anybody give me a rough idea? Retired last summer, but I am covered by dental/medical until mid-summer this year (2013), then I am on my own. With a net worth of $1.2M I am wondering if I could just buy catastrophic $10,000 deductible insurance (in case I break a leg, have a stroke, etc) and for most things medical just pay out of pocket (a perk of that is i could choose my 'doc' as I want to, e.g. i could see an ND instead of an MD) for $200-$300/month?
How much will health/dental cost me?
- Thread starter beowulf18
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although you might be able to buy this kind of plan now starting in 2014 under obamacare this kind of plan will not be allowed.
why don'tyou contact the local insurance companies in your area-or go to their websites and price an individual policy
Midpack
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
These might be a good place to start, lots of good info...
http://www.early-retirement.org/forums/f47/faq-archive-buying-private-health-insurance-30756.html
http://www.early-retirement.org/forums/f47/patient-protection-and-affordable-care-act-61961.html
http://www.early-retirement.org/forums/f47/faq-archive-buying-private-health-insurance-30756.html
http://www.early-retirement.org/forums/f47/patient-protection-and-affordable-care-act-61961.html
I pay my own dental insurance to the tune of $35 a month. That covers two cleanings a year, 80% of fillings and 20% of crowns. Office visit is also covered. I'm thinking of dropping it because it reàlly isn't that good. If you can find something better go for it but at least this gives you some idea of what is out there.
Health insurance is a much tougher one to figure out. $689 a month as a single coverage is mine. It's pretty comprehensive but again, perhaps that helps give you an idea of cost.
Health insurance is a much tougher one to figure out. $689 a month as a single coverage is mine. It's pretty comprehensive but again, perhaps that helps give you an idea of cost.
Hmm, not so sure on that. Looks like there will be a 'Bronze' plan one could buy similar to a catastrophic plan.
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Maybe. Just that I know once they have your contact info they will use all powers to annoy me with telemarketers and all.
the importan thing with dental coverage is that it controls what can be charged on services.
provider has to supply at contracted price which is mostly much cheaper than cash billings
i live in mass. obamacare is romneycare. max deductible 2000 then co-isurance.
i think thats what your reading. in mass chepest bronze plan((not tied to 1 clinic) is 485 per month-2000 deductible-up to 5000 co-insurance.
people who have money are going to be shocked at Obamacares prices
go to mass. health connector-it will tell you not open enrollment but you can still price policy-use any mass zip code and enter some info. name not required just date of birth and zip code-look at prices and deduct/coinsur
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Living in Massachusetts I'm very happy with what Romneycare has done for the Commonwealth, but it will be a bit of a change for people as it gets rolled-out across the country. Take Gerry's advice and check out the Mass Health Connector to see the prices we pay here. These changes shift around the costs a bit. For example, between 2006 and 2010, the use of emergency rooms for non-emergency reasons fell nearly 4 percent, representing a big savings since using emergency rooms for routine care is far more expensive than visiting a doctor.
I wish, though, that there was a way to use a certain amount of money in retirement accounts to buy a "health care annuity" that will pay for everything Medicare and good Medicare supplement will pay for, for life, backed by the government. That kind of peace of mind will make it so much easier for older folks to focus on other concerns.
I wish, though, that there was a way to use a certain amount of money in retirement accounts to buy a "health care annuity" that will pay for everything Medicare and good Medicare supplement will pay for, for life, backed by the government. That kind of peace of mind will make it so much easier for older folks to focus on other concerns.
rbmrtn
Thinks s/he gets paid by the post
There is a calculator here
National Health Care Calculator
As I understand it the high deductible plans are not outlawed but restricted to under 30s and those with a hardship exemption.
National Health Care Calculator
As I understand it the high deductible plans are not outlawed but restricted to under 30s and those with a hardship exemption.
Does anyone know if HSA's/high deductible plans will be available under the HCA? From some of the comments, it sounds like the Mass plan DOES NOT allow high deductible plans. If the only option for individuals with assets trying to retire early is to get a low deductible plan and pay out the nose, then the ACA is actually not helping those wanting to retire early.
Thanks for the input. That's very good to know. I'm a big fan of high deductible b/c we are not big users of healthcare but would never consider going without HI. Do you have an HSA and/or do you know if that will still be an option with the ACA.
The bronze level plan covers 60% of the actuarial value, much less than a catastrophic plan. There have been a few indications that a higher deductible is being considered but, this close to start date, I doubt a major change would be announced.
One of the issues with catastrophic coverage is most medical service providers charge much higher rates for self paying customers and have much lower rates for insurance companies. This pushes consumers unwillingly into insurance plans and makes self-funded coverage much more risky.
HSA and HD plans will be available, but specific levels of cost sharing are not yet known.
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Here's a link to a KFF paper on actuarial value, with input and estimates from some of the major actuarial consulting firms. It shows a table with their estimates of how different levels of AV would translate into specific $ amounts of cost sharing. http://www.kff.org/healthreform/upload/8177.pdf
Thanks MichaelB. In my mind, the ability of an early retiree to use an HSA is a way to offset the cost of buying HI since the amount placed in an HSA reduces taxes (without having to have "earned" income). I think this is especially advantageous for those who do not use the healthcare system often and therefore are not going to meet the deductible in most years. At least, that's my understanding.
Because of the secondary insurance, I'm not eligible for an HSA. I see no reason to believe I couldn't have an HSA if it weren't for the secondary insurance but I haven't checked into it.
how high a deductible or should i say what do you consider high. mass has max deductible. i thought it was 2000 another here says 2500. i don't think any higher
I know you won't believe this but I do not think Obama created this plan for people who want to retire early
mpeirce
Thinks s/he gets paid by the post
This may well be true, but I've yet to find anything definitive on this. Do you have a concrete source for this?
I've read that the medical loss ratio (MLR) specified in the law is the mechanism that will be used to kill off HDHP's while other sources claim this isn't necessarily true (this https://hsa.umb.com/stellent/groups/public/documents/web_content/040802.pdf says that for non-employer based HDHP's the MLR doesn't apply).
Personally, we've been very pleased with our HDHP/HSA in early retirement.
Well, I don't think anyone, business or gov't, is out to help us retire early. That's why we have the E-R ForumI know you won't believe this but I do not think Obama created this plan for people who want to retire early
There are two issues with high deductible amounts in the PPACA.
First, the high deductible - low premium combination attracts not only higher net worth folks, it also lures lower income people who can't afford higher premiums. Because some also can't afford the deductible, they still forgo some necessary care, so the HD ends up being a negative incentive to healthcare.
Second, as the PPACA attempts to standardize healthcare insurance pricing, it fixes the amount that must be spent on healthcare by policy group. HD policies are more volatile and have fewer policyholders so they don't easily fit the designated financial framework.
High deductibles are available in the PPACA, just not at the levels some here would like. Looking at the link I provided earlier, a bronze level policy could have a cost share of more than $6k per family, which is a pretty significant amount for most.
I would imagine once the initial implementation is behind us this will be revisited.
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Obamacare like Romneycare has a goal of getting people covered.
very high deductible plans are not allowed=for obvious reasons.
the young-who are relativley healthy will only buy those kind of plans.
the goal is get more money from the young to subsidize the old.
the other thing is the government mandates what minimum coverage is.
in mass. were i live minimim coverage is basically everything.
free exams,yearly tests,in vitro fertalization,mandatory psychiatric coverage etc.
mass legislature logic is that insurance with too high deductibles and co insurance will discourage poorer people from actually using it.
unless your poor enough to be subsidized-watch out.
very high deductible plans are not allowed=for obvious reasons.
the young-who are relativley healthy will only buy those kind of plans.
the goal is get more money from the young to subsidize the old.
the other thing is the government mandates what minimum coverage is.
in mass. were i live minimim coverage is basically everything.
free exams,yearly tests,in vitro fertalization,mandatory psychiatric coverage etc.
mass legislature logic is that insurance with too high deductibles and co insurance will discourage poorer people from actually using it.
unless your poor enough to be subsidized-watch out.
all i can tell you is what is mass. law and Obamacare is a copy. Obamacare is out to get more people covered subsidized by US
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