Need what to expect for med insurance prem.

[Pirate]

Im hoping to find out what people are paying for retirement age medical insurance premiums.

I understand age and other factors come into play.

 

[Rich_by_the_Bay]

Family coverage (though we are the only two on the policy), BCBS PPO with prescription, Group policy, national coverage, no underwriting and no excluded conditions: $12,000 per year and rising.

 

[Pirate]

I can do that.

Thank you.

 

[Rich_by_the_Bay]

I can do that.

I hope so. This is a retiree coverage offered by a former employer.

My current employer's plan terminates at retirement (other than COBRA).

I could not reproduce that plan if I were on my own. And if I had a pre-existing condition it might be difficult to obtain any insurance.

You didn't say the reason behind your original post, but if you are planning early retirement, do your homework. Health insurance access is not a sure thing.

 

[REWahoo]

I can do that.

Premium cost is only part of the equation. Depending on where you live and pre-existing conditions, you may have difficulty getting coverage at any price.

If you haven't already done so, I suggest you take a look at this from the FAQ section.

 

[Rich_by_the_Bay]

Depending on where you live and pre-existing conditions, you may have difficulty getting coverage at any price.

There's that echo again .

 

[Pirate]

Im on it.

 

[RonBoyd]

retirement age medical insurance premiums.

I am unsure just exactly what that is but I pay the standard $94 a month for a Medicare Advantage program (AARP MedicareComplete Plan 3 --Secure Horizons). See https://www.aarpmedicarecomplete.com/. It includes prescriptions. (I, also, live in Denver.)

If that is what you are asking, then you should check out Medicare.gov - MOC: Home because your health status plays a very important role in any Medicare decision you make. (A perfect example is deciding between Advantage and traditional -- a very confusing exercise.)

 

[pie2008]

We will have to pay 37% of the total cost of premiums (this is based on my husband's years of employment). If he retires this year (which he will do if we can sell our home), our monthly premium will be approximately $600. As each of us reaches Medicare age, the company requires us to buy Medicare coverage, and the company coverage is reduced to a supplemental policy. What it will really cost in a few years is anyone's guess.

 

[megacorp-firee]

Currently on COBRA (till the end of the year). BCBS PPO, $700 individual ded., $8600 family out of pocket max., no charge for preventative office visit, 15%/25% office visit/spec., discounted prescripts, ....etc.
cost = $685/month for me and DW

When COBRA is over, we will go to megacorp retireee plan, same BCBS PPO plan, 2008 cost is $950/month. Hope the costs don't go up too much. megacorp gave me some funding for my part of the retiree health plan costs. It should over about 90% of my portion of the costs to age 65 when medicare kicks in. So I am locked to the plan (which in my estimation is pretty good). I am not exactly sure how much medicare will replace this coverage. ... I will cross that bridge as I get closer to it.

I will be trying to find an outside plan for my DW. My 1st attempt last year was rejected by BCBS due to some spurious BS about pre-existing conditions. I have Dr.s explaination on file with them. I will try again before COBRA plan lapses.

... but it was all in my FIRE numbers, so I'm not losing sleep over this.

Hope this helps

p.s. I'm 57, DW is 58

 

[Pirate]

Great info! Thank you.

Sounds like 1k a month range is normal. SICK but normal.

 

[windsurf]

Great info! Thank you.

Sounds like 1k a month range is normal. SICK but normal.

Did you mean Sicko? Of course, 12 k a year guarantees better and faster care than the savages in that uncivilized metropolis of Toronto receive. (this means sarcasm)

 

[Pirate]

I agree better and faster service. But it would be nice to have routine stuff paid for like the welfare savages of the North. Ha!

 

[RonBoyd]

I believe I am getting a better feel for what the question is exactly (although still not positive). If so, then I should add to my previous post that my wife, who is 61, pays $1,232.67 every three months for "full" coverage health insurance (BCBS) through the company she retired from. Her insurance provides, essentially, the same coverage that I pay $94 a month (under Medicare) . This, by the way, is the same coverage that we have always had. She will continue to pay this (not a guarantee, of course) until she is 65.

I should, also, mention that my wife's previous employer paid us a lump sum to cover the full-boat payments until she was 65 and the Medicare supplement thereafter. My calculation was they assumed she would live to be 85.

 

[Martha]

You might want to read the FAQ on buying private health insurance at http://www.early-retirement.org/forums/f47/buying-private-health-insurance-30756.html

It also has some links to threads where people talked about cost. It is very difficult to predict where cost is going to go in the future, the increases have far outpaced inflation over the last 8 to 10 years.

 

[portbiz]

inexpensive medical insurance

Im hoping to find out what people are paying for retirement age medical insurance premiums.

I understand age and other factors come into play.

i am 61 my husband is 63 and just lost his job,now we have to find own
insurance that we can afford.

 

[Zoocat]

I was turned down by four companies before I was picked up by Great West here in CO. I pay $351/month with a $2700 deductible. I have several exclusions too. I was turned down for having had basel cell skin cancer, high cholesterol, and, I suspect, being overweight although no company specified that. No other preconditions.

Apparently, insurance companies look at you more favorably if you are on statins with acceptable cholesterol numbers. I didn't know that when applying.

 

[harley]

I stayed employed for an extra 3 years after I reached my "number", just so I would qualify to be carried under my company's health insurance. I'm paying 46% of the premium ($7825/year for me and DW). When I looked into private insurance (in VA) before I retired, I couldn't find anybody who would take us on due to pre-existing conditions. I didn't carry the search to the ends of the earth, so there might have been coverage out there. But I went far enough to see that staying RIP (Retired In Place) for those last 3 years would be well worth it. Now I'm a happy camper, since I'm covered for the 13 more years until I will be eligible for Medicare, assuming they don't change the rules on me.

 

[W2R]

Like Harley (above), I am staying employed in order to obtain medical insurance. In my case, I will retire 25 months after I could otherwise afford to do so. (15 months from now).

At that time, I will be able to carry my present medical insurance into retirement at the rates paid by active federal employees. At present, that would be $125/month ($1500/year) for BCBS Standard..

 

[rs0460a]

I'm age 60 (retired at 59) with retiree medical through my former employeer.

Last year, my monthly fee was $461 combined cost for both me/DW (full medical/drug coverage). It rose to $465 this year ($2/each incease - but that was not "normal"). We also had dental/vision under COBRA, but that will end in a few months (BTW, not worth it, but that's another discussion).

When we get to age 65 (Medicare) my medigap will also be covered by my former company under a much reduced cost.

- Ron

 

[NW-Bound]

We have an HSA coverage, where we pay $280/mo for a couple, both 52, and our 19-y.o. son, with an annual deductible of $10K.

As we are so far healthy (knock on wood), and have been using no more health services than the annual check up, this saves money.

What we found out was that even though we paid out of pocket, we enjoyed the lower group fees that the insurance company prenegotiated, compared to what we would have paid if we walked in. What's the reason for that?

We have not had major expenses like hospitalization to see how the coverage really works.

 

[Notmuchlonger]

We have an HSA coverage, where we pay $280/mo for a couple, both 52, and our 19-y.o. son, with an annual deductible of $10K.

As we are so far healthy (knock on wood), and have been using no more health services than the annual check up, this saves money.

What we found out was that even though we paid out of pocket, we enjoyed the lower group fees that the insurance company prenegotiated, compared to what we would have paid if we walked in. What's the reason for that?

We have not had major expenses like hospitalization to see how the coverage really works.

Thats a really reasonable price.