|
|
08-26-2020, 08:11 AM
|
#61
|
Thinks s/he gets paid by the post
Join Date: Jul 2009
Location: The Beautiful Blue Ridge Mountains
Posts: 2,791
|
This year, we are on track for about 25% of our yearly spending to be for health insurance, being unsubsidized group insurance for me, and Medicare for DW with an Advantage plan; both plans include dental and vision. We haven't been spending a lot on copays this year and our Rx's are cheap, so I didn't figure that in but it's a small percentage of the total.
OTOH, this is not a good year for this calculation. Staying home a lot, not eating out, no big or even small trips, we aren't spending even half of our safe withdrawal rate. And once I go on Medicare in about 4.5 years the insurance spending should go down.
YMMV
|
|
|
|
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!
|
08-26-2020, 08:15 AM
|
#62
|
Thinks s/he gets paid by the post
Join Date: Jul 2009
Location: The Beautiful Blue Ridge Mountains
Posts: 2,791
|
Might have been useful to have made this a poll.
|
|
|
08-26-2020, 09:30 AM
|
#63
|
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Mar 2005
Location: Chicago
Posts: 13,186
|
Our total healthcare spending for 2019 was approximately 12% of our total spending. DW is on a Medicare Advantage plan. I'm on traditional Medicare with an F Select supplement and Part D coverage.
The two categories that are a bit of a surprise to us at this stage (14 years into FIRE) are IRMAA and the cost of prescriptions despite having drug coverage. We both take some expensive drugs (Xarelto in my case) and there appears to be no such thing as a cheap Part D or Medicare Advantage policy that does a good job of covering them.
__________________
"I wasn't born blue blood. I was born blue-collar." John Wort Hannam
|
|
|
08-26-2020, 09:36 AM
|
#64
|
Thinks s/he gets paid by the post
Join Date: Aug 2017
Location: Champaign
Posts: 4,729
|
~ 5% and want to keep it that way.
__________________
"Do not go where the path may lead, go instead where there is no path and leave a trail."
Ralph Waldo Emerson
|
|
|
08-26-2020, 09:57 AM
|
#65
|
Recycles dryer sheets
Join Date: May 2013
Location: Gainesville
Posts: 160
|
Quote:
Originally Posted by augam
What percentage of your annual expense is your health care premiums family plan or non - family plan? What are your out of pocket deductibles?
Currently on Cobra and my premiums are (family) 18% of my annual expenses and the potential for 7k family or 3.5k individual.
Hoping to get these costs reduced greatly as my 2 sons are done with school and transitioning to their own HC plans.
|
thanks to military retirement, we spend a negligible amount. about $2k a year for me, DW and two children. my 2 adult/ children are in a different plan since they aged out, but thanks to their degrees in Art and Women's Studies from top colleges, we pay a small amount to their subsidized ACA plans. I dont include their expenses bc I fantasize the day when they are on their own
|
|
|
08-27-2020, 10:26 AM
|
#66
|
Recycles dryer sheets
Join Date: Sep 2019
Posts: 102
|
|
|
|
08-27-2020, 10:59 AM
|
#67
|
Thinks s/he gets paid by the post
Join Date: Apr 2013
Location: Ormond Beach
Posts: 1,407
|
Quote:
Originally Posted by neihn
I decided to stay with mega-corp health plan, hence the cost. If I go with ACA, it may be lower, however, it is not guarantee to be around in the future.
|
People been saying that since 2012. Still here. Move past the fear of no insurance options, we're not going back to the days where you can't get insurance because of pre-existing conditions. Doesn't matter if SC strikes down ACA (highly doubtful with current court makeup and Roberts as chief justice), there will be something to mandate guaranteed issue.
The cost of getting it may be another matter...
|
|
|
08-27-2020, 11:04 AM
|
#68
|
Moderator
Join Date: Apr 2012
Location: San Diego
Posts: 14,212
|
family of 4. 3 of us on an ACA HDHP, one on medicare with plan fprime and plan d. Total insurance is 10% of our spend.
Now add in out of pocket.... Last year wasn't too bad - about 2% of our all-in spend. Previous years have been 15% when we had multiple medical problems. Our only expensive event last year - DH was in a not-at-fault accident, was covered by the other party's insurance. The boys didn't break any bones or have any freak tumors like the amela blastoma from a few years ago.
__________________
Retired June 2014. No longer an enginerd - now I'm just a nerd.
micro pensions 6%, rental income 20%
|
|
|
Health Care Expense as a Percentage of Annual Expenses
08-30-2020, 08:40 AM
|
#69
|
Recycles dryer sheets
Join Date: Jun 2017
Location: Rural community
Posts: 217
|
Health Care Expense as a Percentage of Annual Expenses
I’m reading all of these replies carefully as I’m trying to ascertain what a budget might be for top of the line healthcare plan when I’m 65 and my spouse is 65.
I know we will go on Medicare and buy supplemental plans. I’ve tried the various online Medicare calculators but they want real data. Appreciate any insight. I know a lot is “it depends” what you choose, what state you live in. In general, is it $500 a month per person, $1000?
Also, What do you do for retire dental?
Thanks!
|
|
|
|
|
Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
|
|
Posting Rules
|
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts
HTML code is Off
|
|
|
|
» Recent Threads
|
|
|
|
|
|
|
|
|
|
|
|
|
» Quick Links
|
|
|