Health Insurance

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muhtar1938
Posts: 32
Joined: Sat Sep 25, 2010 12:53 pm

Health Insurance

Post by muhtar1938 » Sat Aug 23, 2014 9:18 am

Dear Bogleheads: I am retired with good health insurance (and good health, thank God) from my former company. For a time their less-generous plan worked well for my wife. But recently they changed it requiring a $1,000 deductible charge and 30% on bills thereafter. If my wife had any serious condition, we could take a financial hit that would be hard to absorb. Any suggestions as to other plans available that might be a better bet? Or places to look to find one?

Thanks,
Muhtar

Kaufmanrider
Posts: 109
Joined: Sun Feb 23, 2014 9:32 am

Re: HEALTH INSURANCE

Post by Kaufmanrider » Sat Aug 23, 2014 9:39 am

What is your annual catastrophic limit. ACA has a cap of about $12,400 or so. Mine is lower, $7,0000. I keep at least that much in addition to my emergency fund.

Lots of variable in health plans., network, premiums, co-pays, deductibles, out of pocket, prescription, catastrophic, etc.

mhalley
Posts: 6006
Joined: Tue Nov 20, 2007 6:02 am

Re: Health Insurance

Post by mhalley » Sun Aug 24, 2014 1:51 am

1000 and 30 percent is actually not bad. What is the maxium? You can go to healthcare.gov and compare their plans to what you have now to see which is better.
Mike

dolphinsaremammals
Posts: 2094
Joined: Tue Jul 22, 2014 4:18 pm

Re: Health Insurance

Post by dolphinsaremammals » Sun Aug 24, 2014 5:20 am

Is this one of those plans that "substitutes" for Medicare+Medigap or Medicare Advantage? Perhaps you would be better off with either of those.

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jeffyscott
Posts: 7171
Joined: Tue Feb 27, 2007 9:12 am
Location: Wisconsin

Re: HEALTH INSURANCE

Post by jeffyscott » Sun Aug 24, 2014 8:47 am

Kaufmanrider wrote:What is your annual catastrophic limit.
Muhtar,
This may be called the "maximum out of pocket" (MOOP) in your plan.

My employer is offering a HDHP with HSA, it's $3000 deductible, then we would pay 10% until MOOP of $5000 is reached. Coverage is 100% after reaching the MOOP.
press on, regardless - John C. Bogle

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dm200
Posts: 17691
Joined: Mon Feb 26, 2007 2:21 pm
Location: Washington DC area

Re: Health Insurance

Post by dm200 » Sun Aug 24, 2014 9:22 am

muhtar1938 wrote:Dear Bogleheads: I am retired with good health insurance (and good health, thank God) from my former company. For a time their less-generous plan worked well for my wife. But recently they changed it requiring a $1,000 deductible charge and 30% on bills thereafter. If my wife had any serious condition, we could take a financial hit that would be hard to absorb. Any suggestions as to other plans available that might be a better bet? Or places to look to find one?

Thanks,
Muhtar
Is she eligible for medicare? [Usually age 65]

If not, when will she be eligible?

muhtar1938
Posts: 32
Joined: Sat Sep 25, 2010 12:53 pm

Re: Health Insurance

Post by muhtar1938 » Sun Aug 24, 2014 11:26 am

Dear Group:

Thanks for all the information. I think I was living in a bit of a bubble given that my employer's insurance cost me almost nothing for full coverage. You're right in saying that my wife's is not as high as I might expect. I'll review other options, but, for the time being, I'll stick with what she has. Eventually, she'll be eligible for my polity, but will not be for some time. Hope she stays healthy in the meantime.

Thanks, again,
Muhtar

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