We're in TN too but I think that there are county-by-county differences within each state. We're in Unicoi and our plan (BC/BS B07S) is still available in 2017 but the rate is almost 100% higher. We qualify for a subsidy which will drop the monthly premium to $249.xx if I use 100% of the subsidy to offset the full rate.cricket49 wrote:We are in Tennessee which is one of the states where the premiums went up over 50% but you cannot really compare apples to apples because for 2016 we had an option of 30+ health plans to choose from. In 2017 we have 4 plans offered and our plan was discontinued. Only plans available BCBS are 1 Bronze, 2 Silver and 1 Gold with premiums ranging from 1757/month to 3258/month for 2 people. Not too bad huh? 15,000 deductible and all plans NOW pay at 50% after the deductible is met except the Gold plan which is 3258/month. Not only are the premiums not affordable but the benefits have been cut to the bone.DetroitRick wrote:Hayden, it's a great question. But any answers you get today, based on recent trends, will become meaningless in a year anyway. Many locales are experiencing shrinking policy options and shrinking provider networks. And then there is the potentially unpredictable impact of tax credits.Hayden wrote:This is something I never considered when thinking about where to early retire. For early retirees who need to purchase individual insurance, where are the good locations, i.e., places where it is possible to purchase a plan with a large network?
For example, as an early retiree in Southeast Michigan, we appear to have lots of plans (in our age brackets, 55-60, healthcare.gov shows 41 Silver plans). Sounds stellar, but most of this are minor derivations of identical plans. 8 different HMO policies from the same insurer in that 41 number are identical, except for size of provider network and small out of pocket limitations. There are only 3 PPO policies available for 2017 here, and those are virtually identical. Personally, 2017 changes have pushed us to switch from PPO to HMO (otherwise our net of credit costs would be up 40% for 2017). Even calling doctors offices to confirm accuracy of provider listings is rough - lots of errors and changes in getting these simple lists. We'll work through it, but I'm just saying that trying to pick an area that is likely to have a large network 3 years in the future is going to be worse than predicting market returns for the same period. Much worse. And believe me, I would love to be proven wrong. I would start packing the moving van next year.
The other thing that makes comparisons difficult, occurs when the tax credit is used (our case). That credit is determined on expected total medical expenses using the benchmark plan (2nd lowest Silver Plan). In theory, ACA will help defray large increases by higher credits. That is what our local newspapers are incorrectly saying this week. But in actual practice, our market has continually seen a single bottom-feeder type insurer offering a single low-priced "benchmark" policy for a given year. Then they leave the marketplace after 1 year, and somebody else comes in to do the exact same thing. The result - there is no accurate way to predict tax credit impact from year-to-year, at least until the insurer market gets past its learning curve and these benchmark rates stabilize.
I'm really interested in how others answer your question, but I think this whole process is too transitional to bank on any particular answers. At least for a while.
It gets better. BCBS has managed to cut benefits where this is more like an HMO instead of a PPO plan. The main hospital in our area is not covered and only 2 out of 6 of our doctors are in the ACA for 2017. The mammogram facility is not covered. The only drug prescribed is not covered.
Until I read DetroitRick's post I assumed we would have access to the same hospitals and doctors that are currently under the ACA for 2016. His post made me research the ACA health plans fine details. Many of the Dr's and hospitals are running from Obamacare just like the insurance companies.
We don't know what we are going to do since paying an annual premium of 21,000 is outrageous for very limited care. We were planning to retire this year but now are looking at other options.
I could get a cost sharing Silver plan for about the same amount but my spouse and I are in good health and rarely access the medical system so I'm going to roll the dice and stay with a HDHP so I can fund our HSA 100% again