Join Early Retirement Today
Closed Thread
 
Thread Tools Display Modes
Old 11-30-2016, 07:09 AM   #21
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
pb4uski's Avatar
 
Join Date: Nov 2010
Location: Sarasota, FL & Vermont
Posts: 36,264
I think Price's plan is a giant step backwards compared to what we have in place today. It also differs from what Ryan has proposed and some public comments that Trump has made so I think we'll need to wait and see what is proposed for "replace" which will most likely include aspects of the Price and Ryan plans and what Trump has said publically.
__________________
If something cannot endure laughter.... it cannot endure.
Patience is the art of concealing your impatience.
Slow and steady wins the race.

Retired Jan 2012 at age 56
pb4uski is online now  
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 11-30-2016, 07:14 AM   #22
Administrator
MichaelB's Avatar
 
Join Date: Jan 2008
Location: Chicagoland
Posts: 40,583
(Once again) Please leave campaign rhetoric out of the conversation.
MichaelB is online now  
Old 11-30-2016, 08:07 AM   #23
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: Sep 2012
Location: Seattle
Posts: 6,006
So how would this plan work for people of low to moderate income in places like Alaska (where we are thinking of moving for a few years)?

The policy for a non smoking couple in their mid/late 40s is $27,000+ a year there.

I don't even want to look at how much a policy would be there for someone in their late 50s.

$3000 would not go very far?
Fermion is offline  
Old 11-30-2016, 08:30 AM   #24
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
NW-Bound's Avatar
 
Join Date: Jul 2008
Posts: 35,712
Holy mackerel! $27K for people that young? What a geezer like me would have to pay?

PS. Just found out for myself. A 60-year old couple has to pay $36K/yr for a Bronze plan in Anchorage. The deductible is $10.5K.
__________________
"Old age is the most unexpected of all things that happen to a man" -- Leon Trotsky (1879-1940)

"Those Who Can Make You Believe Absurdities Can Make You Commit Atrocities" - Voltaire (1694-1778)
NW-Bound is offline  
Old 11-30-2016, 08:49 AM   #25
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: Sep 2012
Location: Seattle
Posts: 6,006
Quote:
Originally Posted by NW-Bound View Post
Holy mackerel! $27K for people that young? What a geezer like me would have to pay?

PS. Just found out for myself. A 60-year old couple has to pay $36K/yr for a Bronze plan in Anchorage. The deductible is $10.5K.
But you would get a $3000 tax credit each, so only $40.5K a year for health insurance.
Fermion is offline  
Old 11-30-2016, 09:40 AM   #26
Moderator
rodi's Avatar
 
Join Date: Apr 2012
Location: San Diego
Posts: 14,169
Just a reminder. This is all speculation. There is no active legislation in front of the congress or the President (Elect). While it is interesting to speculate on political possibilities - it is better discussed on message boards with a more political focus.
__________________
Retired June 2014. No longer an enginerd - now I'm just a nerd.
micro pensions 6%, rental income 20%
rodi is offline  
Old 11-30-2016, 09:51 AM   #27
Thinks s/he gets paid by the post
 
Join Date: Oct 2009
Posts: 1,190
As an aside, I am blown away by the huge $ spread mentioned in this thread between states on cost of healthcare.
LARS is offline  
Old 11-30-2016, 10:34 AM   #28
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
travelover's Avatar
 
Join Date: Mar 2007
Posts: 14,328
Quote:
Originally Posted by LARS View Post
As an aside, I am blown away by the huge $ spread mentioned in this thread between states on cost of healthcare.
As I've said before, it amazes me how little analysis and commonly accepted facts there are available for something that consumes almost 20% of the largest economy on earth. We seem to know more about the mating habits of the kumquat beetle.
travelover is offline  
Old 11-30-2016, 10:49 AM   #29
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: May 2008
Posts: 7,422
Quote:
Originally Posted by Katsmeow View Post
As I understand Price's plan:

1. Yes, credits are age based. $3000 for 50+ though isn't a lot. His plan does not cap at all the premiums that can be charged. Currently, I think older people can only be charged 3x what younger one's are charged. Some proposals have suggested a 5x rate. Price's plan puts no limit on what can be charged.

2. His proposal on pre-existing conditions allows people to be covered at standard rates if they maintain continuous coverage. If there is a gap in coverage (example: person loses job and can't afford coverage for awhile) then they have to pay 150% of standard rate. They get back to standard rate after 18 months of continuous coverage. That is actually not that bad, but the real problem is that cost of coverage for older people is likely to be very high.

For example, I read an article where someone commented that on the marketplace in their locale the cheapest bronze plan for someone over 50 was about $8500 a year. I get private retiree insurance which is partially subsidized by DH's former employer. It covers me and our 2 young adult children -- the premium is over $18000 a year, most of which is for me.

(Note that $8500 premium for similar coverage would likely be far more expensive under Price's plan because now insurers are constrained to 3 times what young people pay. Under his plan, the sky is the limit).

3. There are no mandated requirements for what has to be covered. That can potentially result in lower premiums for policies that cover less. On the other hand, there may not be policies available with the coverage you want (or they may be priced extremely high).

4. Medicaid expansion is repealed without any replacement for it.

5. The employer tax exclusion for employer provided plans is lowered.

The overall gist of his plan is that it may save money for young, healthy people who like plans with lesser coverage and lower premiums.

For older people who may have significant health care needs, premiums would be unregulated with only a $3000 credit provided. For someone in that age bracket, I think it would significantly increase my health insurance budget.

6. Note that going on Medicare may not help later on. Price is an advocate of privatizing Medicare and providing only a voucher that would cover part of the cost. He has indicated that Congress will get to work on the Medicare part in about 6 months.
Also no individual mandate so it doesn't matter what the plan is like for young, healthy people.

High-risk state pools currently cover only about 200k people. So that wouldn't appear to be enough depending on how broadly pre-existing conditions are defined.
explanade is offline  
Old 11-30-2016, 12:05 PM   #30
Thinks s/he gets paid by the post
Senator's Avatar
 
Join Date: Feb 2014
Location: Williston, FL
Posts: 3,925
Quote:
Originally Posted by travelover View Post
As I've said before, it amazes me how little analysis and commonly accepted facts there are available for something that consumes almost 20% of the largest economy on earth. We seem to know more about the mating habits of the kumquat beetle.
If healthcare is 20% of the economy, would that imply that in a perfect world everyone would pay 20% of their income on healthcare?

Or is my analysis incorrect?
__________________
FIRE no later than 7/5/2016 at 56 (done), securing '16 401K match (done), getting '15 401K match (done), LTI Bonus (done), Perf bonus (done), maxing out 401K (done), picking up 1,000 hours to get another year of pension (done), July 1st benefits (vacation day, healthcare) (done), July 4th holiday. 0 days left. (done) OFFICIALLY RETIRED 7/5/2016!!
Senator is offline  
Old 11-30-2016, 12:17 PM   #31
Thinks s/he gets paid by the post
RetireAge50's Avatar
 
Join Date: Aug 2013
Posts: 1,660
I don't know what healthcare is really. Never had to pay for it and rarely used it. Maybe I'm not typical.
I think a lot of people don't pay attention as it is paid for by their employer or the government.
RetireAge50 is offline  
Old 11-30-2016, 12:47 PM   #32
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: Feb 2013
Posts: 9,358
Quote:
Originally Posted by Fermion View Post
So how would this plan work for people of low to moderate income in places like Alaska (where we are thinking of moving for a few years)?

The policy for a non smoking couple in their mid/late 40s is $27,000+ a year there.

I don't even want to look at how much a policy would be there for someone in their late 50s.

$3000 would not go very far?
Our unsubsidized premiums are currently $1.5K for a couple in their 50s in California, or 18K a year. California has really been advertising Covered California on TV and everywhere so I think that helps increase the size of the risk pool.

According to the chart in the article below Alaska is on the high end for health insurance costs so if you can live anywhere maybe that isn't your best choice of states?

10 Best and Worst States for Health Insurance Costs | The Huffington Post
__________________
Even clouds seem bright and breezy, 'Cause the livin' is free and easy, See the rat race in a new way, Like you're wakin' up to a new day (Dr. Tarr and Professor Fether lyrics, Alan Parsons Project, based on an EA Poe story)
daylatedollarshort is offline  
Old 11-30-2016, 01:02 PM   #33
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Big_Hitter's Avatar
 
Join Date: May 2013
Location: Les Bois
Posts: 5,761
Quote:
Originally Posted by daylatedollarshort View Post
Our unsubsidized premiums are currently $1.5K for a couple in their 50s in California, or 18K a year. California has really been advertising Covered California on TV and everywhere so I think that helps increase the size of the risk pool.
that's with the 3/1 rule and individual/employer mandate correct?

if those come off the table, I'm not sure $6K a year will go very far, js
__________________
You can't be a retirement plan actuary without a retirement plan, otherwise you lose all credibility...
Big_Hitter is offline  
Old 11-30-2016, 01:17 PM   #34
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: Feb 2013
Posts: 9,358
In the previous thread that was combined here sengsational wrote, "No need to move. Go without insurance, go to the ER if you need to, and take a trip if your health issue isn't an emergency. You can self-insure since the prices abroad are reasonable. And you simply don't pay for the domestic ER (at the insane 'charge master' rates) unless they reduce the charges to the Medicare level pricing."

If I was in a coma from a bad car accident or had my appendix burst, I don't think that would be a good time to have to travel to Mexico and arrange housing and medical care. Since the choices for affordable medical care are pretty much every other country in the developed world except the U.S., if we can't get insurance we will most likely rent out the house and move until Medicare age (unless that gets risky as well) rather than stay here and have to go back to work full time or risk medical bankruptcy. We moved to where we live now for jobs we no longer have so it is not like we would be moving away from childhood hometowns and extended family. In our case we would probably move to closer to extended family and much cheaper housing costs as well as affordable medical care.
__________________
Even clouds seem bright and breezy, 'Cause the livin' is free and easy, See the rat race in a new way, Like you're wakin' up to a new day (Dr. Tarr and Professor Fether lyrics, Alan Parsons Project, based on an EA Poe story)
daylatedollarshort is offline  
Old 11-30-2016, 01:23 PM   #35
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: Feb 2013
Posts: 9,358
Quote:
Originally Posted by Big_Hitter View Post
that's with the 3/1 rule and individual/employer mandate correct?

if those come off the table, I'm not sure $6K a year will go very far, js
Yes, I know that is why I put currently. At 5 to 1 we would go to $2.5K a month plus current out of pocket max I think is $14K. We're close enough to Medicare age now we would just absorb that cost but move if we can't get insurance at all or only insurance with some low annual or lifetime cap. We know someone who just had over $1M in medical bills over a relatively short period of time so for us going over that amount doesn't seem like a remote possibility.

We're just taking a hope for the best but plan for the worst approach this year. If the worst case is moving a resort city in Mexico or Spain for several years, then I guess that falls under the category of first world problems.
__________________
Even clouds seem bright and breezy, 'Cause the livin' is free and easy, See the rat race in a new way, Like you're wakin' up to a new day (Dr. Tarr and Professor Fether lyrics, Alan Parsons Project, based on an EA Poe story)
daylatedollarshort is offline  
Old 11-30-2016, 01:38 PM   #36
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Big_Hitter's Avatar
 
Join Date: May 2013
Location: Les Bois
Posts: 5,761
Quote:
Originally Posted by daylatedollarshort View Post
We're just taking a hope for the best but plan for the worst approach this year. If the worst case is moving a resort city in Mexico or Spain for several years, then I guess that falls under the category of first world problems.
agreed - DW kind of freaking out about this stuff
__________________
You can't be a retirement plan actuary without a retirement plan, otherwise you lose all credibility...
Big_Hitter is offline  
Old 11-30-2016, 01:45 PM   #37
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
travelover's Avatar
 
Join Date: Mar 2007
Posts: 14,328
Quote:
Originally Posted by Senator View Post
If healthcare is 20% of the economy, would that imply that in a perfect world everyone would pay 20% of their income on healthcare?

Or is my analysis incorrect?
Not sure what you are getting at, but this might clarify. The actual number is about 17 to 18% .


Quote:
According to the World Health Organization (WHO), the United States spent more on health care per capita ($8,608), and more on health care as percentage of its GDP (17.2%),
https://en.wikipedia.org/wiki/Health_care_in_the_United_States
travelover is offline  
Old 11-30-2016, 01:50 PM   #38
Thinks s/he gets paid by the post
Senator's Avatar
 
Join Date: Feb 2014
Location: Williston, FL
Posts: 3,925
Quote:
Originally Posted by travelover View Post
Not sure what you are getting at, but this might clarify. The actual number is about 17 to 18% .


https://en.wikipedia.org/wiki/Health_care_in_the_United_States
I was inferring that if you pay less than the 20% of your income on Health Care, you are getting a bargain.
Senator is offline  
Old 11-30-2016, 01:52 PM   #39
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
MRG's Avatar
 
Join Date: Apr 2013
Posts: 11,078
With as much criticism as ACA has received don't know how a lesser and possibly more expensive replacement will be accepted. To me version 2 of anything should be better than V1, if not it's a failure.

Now there's a lot of folks who will be happy they don't have to have insurance anymore so maybe a percentage of people will be happier, till they're sick.
MRG is online now  
Old 11-30-2016, 02:30 PM   #40
Thinks s/he gets paid by the post
Senator's Avatar
 
Join Date: Feb 2014
Location: Williston, FL
Posts: 3,925
Quote:
Originally Posted by MRG View Post
With as much criticism as ACA has received don't know how a lesser and possibly more expensive replacement will be accepted. To me version 2 of anything should be better than V1, if not it's a failure.

Now there's a lot of folks who will be happy they don't have to have insurance anymore so maybe a percentage of people will be happier, till they're sick.
I agree. I would think additional competition would do a lot to offset the higher Health Care fees.
Senator is offline  
Closed Thread


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools
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


Similar Threads
Thread Thread Starter Forum Replies Last Post
Taxes: Help with an Installment Sale bizlady FIRE and Money 4 03-15-2015 06:40 AM
Intermediate, short bonds, cash ... reading tea leaves Lsbcal FIRE and Money 9 12-29-2013 04:01 PM
Delaying SS is "buying annuity on the installment plan" omni550 FIRE and Money 45 03-10-2011 10:22 AM
For those who'd like to read the U.S. Navy's "Shift Colors" retiree magazine Nords Other topics 0 04-16-2010 01:19 PM
Tea Drinkers: Need help selecting tea bag brands Orchidflower Other topics 34 03-06-2010 12:45 AM

» Quick Links

 
All times are GMT -6. The time now is 10:18 AM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2024, vBulletin Solutions, Inc.