Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
Looking for alternative to Obamacare
Old 08-18-2013, 08:45 PM   #1
Dryer sheet aficionado
 
Join Date: Oct 2007
Posts: 37
Looking for alternative to Obamacare

Like many healthy senior American’s age 60 & 61, my wife and I are looking to purchase affordable health insurance. We will retire early on Jan 1, 2014. I planned for a high deductible catastrophic health insurance plan for $300-$500 a month. It looks like that is possible this year in Florida, but not next year. I guess my premium next year will be in the $1200-$1400 range. I won’t be eligible for a subsidy until 2015, as I have deferred compensation in 2014 that I will live on for more than a year. So I am looking for an alternative to Obamacare. I’ve been doing some research on medi-share. It’s not health insurance but works similar to it. They collect monthly payments from you and pay your medical bills. They’ve been around since 1993 and they are a legal substitute to the ACA. Does anyone here have experience with them or are considering them as an alternative to Obamacare?
My Christian Care
__________________

__________________
joe8012 is offline   Reply With Quote
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 08-19-2013, 06:32 AM   #2
Moderator
MichaelB's Avatar
 
Join Date: Jan 2008
Location: Rocky Inlets
Posts: 24,445
Preliminary info on premiums in Florida show some policies will be available for much less than the $1200 - $1400 you estimate. See here http://www.floir.com/siteDocuments/Avg_Costs_PPACA.pdf
__________________

__________________
MichaelB is offline   Reply With Quote
Old 08-19-2013, 07:49 AM   #3
Recycles dryer sheets
 
Join Date: Jul 2013
Posts: 189
Those are nothing but averages. No mention of age in the premiums. I bet those are rates for 40 year olds. From 40 to 60 the rate will be about double. So take
Humana lowest rate of $315 x2 =630 x 2 for a couple = more than $1200. The next lowest premium is $366. So his guess of $1200-$1400 is close to what they'll pay. Unless your talking per person less than 1200 per couple of over 60 is a pipe dream.
__________________
alaska55 is offline   Reply With Quote
Old 08-19-2013, 07:56 AM   #4
Moderator
MichaelB's Avatar
 
Join Date: Jan 2008
Location: Rocky Inlets
Posts: 24,445
The rates are for silver plan coverage. Bronze, with the higher deductible the OP wants, will be lower. In addition, if the rates are average the top cannot be more than 50% more, as there is a maximum spread between the lowest and highest cost of 3x. So, while we don't know what the real rates will be, it does look like there will be high deductible options for less than $1K for a couple in their 60's.
__________________
MichaelB is offline   Reply With Quote
Old 08-19-2013, 08:11 AM   #5
Dryer sheet aficionado
 
Join Date: Oct 2007
Posts: 37
Quote:
Originally Posted by alaska55 View Post
Those are nothing but averages. No mention of age in the premiums. I bet those are rates for 40 year olds. From 40 to 60 the rate will be about double. So take
Humana lowest rate of $315 x2 =630 x 2 for a couple = more than $1200. The next lowest premium is $366. So his guess of $1200-$1400 is close to what they'll pay. Unless your talking per person less than 1200 per couple of over 60 is a pipe dream.
I was talking per couple. Has anyone had any experience with Medi-share?
My Christian Care
__________________
joe8012 is offline   Reply With Quote
Old 08-19-2013, 08:26 AM   #6
Thinks s/he gets paid by the post
 
Join Date: Jul 2005
Posts: 3,862
My current, not very great, understanding was that insurers would still be able to offer underwritten individual policies outside of the ACA exchanges. Have you checked with a HI broker to see what's available in 2014 outside the exchanges?
__________________
Animorph is offline   Reply With Quote
Old 08-19-2013, 08:54 AM   #7
Dryer sheet aficionado
 
Join Date: Oct 2007
Posts: 37
Quote:
Originally Posted by Animorph View Post
My current, not very great, understanding was that insurers would still be able to offer underwritten individual policies outside of the ACA exchanges. Have you checked with a HI broker to see what's available in 2014 outside the exchanges?
I checked with our employers broker. He thinks that I will be able to purchase a 10K/pp HSA plan for about $300/mo later this year and it should carry for 12 months into the end of next year. But he is not sure it will still be available after the exchanges open in October. It would be through United Health One.
__________________
joe8012 is offline   Reply With Quote
Old 08-19-2013, 09:04 AM   #8
Moderator
MichaelB's Avatar
 
Join Date: Jan 2008
Location: Rocky Inlets
Posts: 24,445
Quote:
Originally Posted by Animorph View Post
My current, not very great, understanding was that insurers would still be able to offer underwritten individual policies outside of the ACA exchanges. Have you checked with a HI broker to see what's available in 2014 outside the exchanges?
Beginning next Jan 1 all new policies must be guaranteed issue - open to all takers. See here http://kaiserfamilyfoundation.files....13/01/8327.pdf

Quote:
The ACA requires significant changes to guaranteed issue laws. Beginning January 1, 2014, all individual and group health plans must guarantee issue policies to all applicants, regardless of health status or other factors. For children under the age of 19, beginning September 23, 2010, issuers were prohibited from imposing preexisting condition exclusionary riders (i.e., an insurance company cannot refuse to pay for chemotherapy for a child with cancer because the child had the cancer before obtaining insurance) and outright coverage denials (i.e., an insurance company cannot refuse to issue a policy to the child because of the child's cancer). The ACA’s guaranteed issue provision applies to all group plans and new plans on the individual market, but does not apply to grandfathered individual plans. Grandfathered plans are those that were in existence as of the date the ACA was enacted (March 23, 2010). These plans, which could be sold to individuals or groups, are exempt from most, but not all, of the ACA’s insurance market reforms.
__________________
MichaelB is offline   Reply With Quote
Old 08-19-2013, 09:19 AM   #9
Moderator Emeritus
Bestwifeever's Avatar
 
Join Date: Sep 2007
Posts: 16,373
Quote:
Originally Posted by MichaelB View Post
Beginning next Jan 1 all new policies must be guaranteed issue - open to all takers. See here http://kaiserfamilyfoundation.files....13/01/8327.pdf
Just want to comment that Michael has been so helpful with research--the links give so much info and will help DH and I figure out just what to do for the next 2 years with our retiree health care ending, one spouse becoming eligible for Medicare, a probably-pricey Cobra option in the picture, ACA policies, etc. My head has been spinning
__________________
“Would you like an adventure now, or would you like to have your tea first?” J.M. Barrie, Peter Pan
Bestwifeever is offline   Reply With Quote
Old 08-19-2013, 09:35 AM   #10
Thinks s/he gets paid by the post
 
Join Date: Jul 2005
Posts: 3,862
Quote:
Originally Posted by MichaelB View Post
Beginning next Jan 1 all new policies must be guaranteed issue - open to all takers. See here http://kaiserfamilyfoundation.files....13/01/8327.pdf

Thanks!
__________________
Animorph is offline   Reply With Quote
Old 08-19-2013, 09:56 AM   #11
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: May 2004
Posts: 11,615
Do we have details yet on the availability of insurance after Jan 1, 2014 for those don't buy coverage on the exchanges in the 1 Oct - 31 Dec (subject to change, like other ACA features) "window"? Obviously, the exchanges will still be "open for business" since people will be coming off their employer's group plans every day and they'll need to buy individual policies. The tax/penalty for going uninsured in 2014 is low (less than $100 per adult or 1% of earnings, whichever is higher IIRC), and that is assuming the penalties are even one of those portions of the legislation that go into effect as written. Joe8012 says he's healthy now, if he can get a guaranteed issue insurance policy when/if he needs it (accident, sudden illness, etc), that might be a viable alternative for 2014. He won't be alone. In 2015, when he will qualify for the subsidy, he can go shopping for a policy if he didn't need/buy one in 2014.
__________________
"Freedom begins when you tell Mrs. Grundy to go fly a kite." - R. Heinlein
samclem is offline   Reply With Quote
Old 08-19-2013, 10:00 AM   #12
Thinks s/he gets paid by the post
 
Join Date: Mar 2011
Posts: 3,702
Quote:
Originally Posted by Bestwifeever View Post
Just want to comment that Michael has been so helpful with research--
+1 !! I rely on Michael to provide clear, researched and unemotional information and links! Thank you MichaelB!
__________________
Living well is the best revenge!
Retired @ 52 in 2005
marko is offline   Reply With Quote
Old 08-19-2013, 10:09 AM   #13
Moderator
MichaelB's Avatar
 
Join Date: Jan 2008
Location: Rocky Inlets
Posts: 24,445
Thanks for the encouraging remarks. A former Moderator, Martha, was tireless in her helpful posting before the PPACA was passed and I found that to be quite inspiring. I also have a significant personal interest, as DW and I are able to pay full rate but still denied individual insurance due to mostly bogus reasons, and the PPACA offers us a path to the same health insurance coverage most others enjoy.

Health insurance has to be one of the most important issues that affect all of us early retirees.

Now, back on topic.
__________________
MichaelB is offline   Reply With Quote
Old 08-19-2013, 10:15 AM   #14
Moderator
MichaelB's Avatar
 
Join Date: Jan 2008
Location: Rocky Inlets
Posts: 24,445
Quote:
Originally Posted by samclem View Post
Do we have details yet on the availability of insurance after Jan 1, 2014 for those don't buy coverage on the exchanges in the 1 Oct - 31 Dec (subject to change, like other ACA features) "window"? Obviously, the exchanges will still be "open for business" since people will be coming off their employer's group plans every day and they'll need to buy individual policies. The tax/penalty for going uninsured in 2014 is low (less than $100 per adult or 1% of earnings, whichever is higher IIRC), and that is assuming the penalties are even one of those portions of the legislation that go into effect as written. Joe8012 says he's healthy now, if he can get a guaranteed issue insurance policy when/if he needs it (accident, sudden illness, etc), that might be a viable alternative for 2014. He won't be alone. In 2015, when he will qualify for the subsidy, he can go shopping for a policy if he didn't need/buy one in 2014.
I detect a question in there somewhere. Continuing coverage regulations under PPACA are similar to what they are today. People can only get new coverage during the enrollment period each year, and at other times if they meet specific conditions. Cornell law has a nice summary, you can read it here 45 CFR 155.420 - Special enrollment periods. | Title 45 - Public Welfare | Code of Federal Regulations | LII / Legal Information Institute

As a general comment not directed to anyone in particular, it is easier for all of us to answer specific PPACA questions when the snarky remarks are left out.
__________________
MichaelB is offline   Reply With Quote
Old 08-19-2013, 10:58 AM   #15
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: May 2004
Posts: 11,615
Quote:
Originally Posted by MichaelB View Post
I detect a question in there somewhere.
Yep, it's the part ending with "?".

Thanks for the link. According to that info (section 155.420 (d)(6)) there's no doubt joe8012 can enroll if he becomes eligible for advance payment of the credit. Now, how an individual is supposed to know that is the next hurdle.

Joe, you might want to take a look at that same paragraph and see if it, considering the "affordability" of the retiree insurance offered by your former employer, offers you the flexibility you need to buy insurance sometime in 2014 if you actually need it.
Quote:
Originally Posted by MichaelB View Post
As a general comment not directed to anyone in particular, it is easier for all of us to answer specific PPACA questions when the snarky remarks are left out.
That's a great policy for everyone to follow.
__________________
"Freedom begins when you tell Mrs. Grundy to go fly a kite." - R. Heinlein
samclem is offline   Reply With Quote
Old 08-19-2013, 02:30 PM   #16
Dryer sheet aficionado
 
Join Date: Oct 2007
Posts: 37
Quote:
Originally Posted by samclem View Post
Yep, it's the part ending with "?".

Thanks for the link. According to that info (section 155.420 (d)(6)) there's no doubt joe8012 can enroll if he becomes eligible for advance payment of the credit. Now, how an individual is supposed to know that is the next hurdle.

Joe, you might want to take a look at that same paragraph and see if it, considering the "affordability" of the retiree insurance offered by your former employer, offers you the flexibility you need to buy insurance sometime in 2014 if you actually need it.
That's a great policy for everyone to follow.
My wife and I will want insurance in 2014, but not a $1000 a month. I'm hoping I can buy a high deductible plan late this year, as we should have no penalty due to the fact the exchange premiums should be above 8% of 2014 income. UHC has a high ded. policy for $339 that would suffice for next year. I used a 10/18 start date (60 days out). I just don't know how long it will be available.
Attached Images
File Type: jpg UHC.jpg (84.3 KB, 21 views)
__________________
joe8012 is offline   Reply With Quote
Old 08-19-2013, 04:54 PM   #17
Recycles dryer sheets
 
Join Date: Jul 2013
Posts: 189
Posted by MichaelB
Preliminary info on premiums in Florida show some policies will be available for much less than the $1200 - $1400 you estimate


I hope your right but i think you have rose colored glasses on. I have not seen any bronze plans much less than $200 for under 30 year olds. They can go 3x that for older people.
__________________
alaska55 is offline   Reply With Quote
Old 08-19-2013, 06:11 PM   #18
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
travelover's Avatar
 
Join Date: Mar 2007
Posts: 9,880
Quote:
Originally Posted by alaska55 View Post
...........
I hope your right but i think you have rose colored glasses on. ...........
Michael, are you wearing your rose colored glasses again?
__________________
Yes, I have achieved work / life balance.
travelover is offline   Reply With Quote
Old 08-19-2013, 07:57 PM   #19
Thinks s/he gets paid by the post
 
Join Date: Apr 2006
Location: North Bay
Posts: 1,026
Quote:
Originally Posted by Joe8012
I’ve been doing some research on medi-share. It’s not health insurance but works similar to it. They collect monthly payments from you and pay your medical bills. They’ve been around since 1993 and they are a legal substitute to the ACA. Does anyone here have experience with them or are considering them as an alternative to Obamacare?
No, I don't have any experience with it. But I just thought I would re-post your question to remind everyone what the original question was.
__________________
scrinch is offline   Reply With Quote
Old 08-19-2013, 08:37 PM   #20
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
brewer12345's Avatar
 
Join Date: Mar 2003
Posts: 16,391
Quote:
Medi-Share is not insurance. Medi-Share is a healthcare sharing program where Christians share their financial resources to pay each other’s medical expenses. Medi-Share isn’t insurance. Resources are shared directly between members. There is no pooling of funds as practiced by insurance groups. Christian Care Ministry and the Medi-Share program are not registered or licensed by any insurance entity, nor are we required to be. We do not collect premiums, make promise of payment, or guarantee that your medical bills will be paid. Sharing of medical bills is completely voluntary.
I think you would have to be on smack to trust this nonsense.
__________________

__________________
"There are three kinds of men. The one that learns by reading. The few who learn by observation. The rest have to pee on the electric fence for themselves."



- Will Rogers
brewer12345 is offline   Reply With Quote
Reply


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


 

 
All times are GMT -6. The time now is 03:49 AM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, vBulletin Solutions, Inc.