What is your annual cost for health insurance?

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A440
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Location: NJ

What is your annual cost for health insurance?

Post by A440 » Sat Oct 06, 2018 5:37 am

I read recently that an average un-subsidized annual health care policy for a family of 4 is in excess of $28,000. It didn't say what the average employee cost was.
Edit: I also forgot to ask those that are still working, are your wage increases keeping up with the increase of your health care premiums.

I'm curious what people are:
- paying annually (subsidized or not),
-for how many
-and in what profession they are working.
I realize there are many other factors at play (e.g. deductibles, co-pay amounts, in-network/out of network, etc) , all of which contribute to the cost of the premium.

I'll start the ball rolling:

Annual cost- $8,400 (28% of the premium)
How many- Family of 4
Profession- Public school teacher
Wages: No, I have been bringing home less the the last 5 years, as the cost of the premium every year is much higher than my negotiated raise.
Last edited by A440 on Sat Oct 06, 2018 8:31 am, edited 1 time in total.

HEDGEFUNDIE
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Re: What is your annual cost for health insurance?

Post by HEDGEFUNDIE » Sat Oct 06, 2018 5:44 am

To make this meaningful I think people would also have to list:

Deductible
Out of pocket maximum
Narrow or wide network (HMO vs. PPO)

Also many companies are now offering choices of plans that fall all along the spectrum.

Chris K Jones
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Joined: Sat Jan 20, 2018 6:54 pm

Re: What is your annual cost for health insurance?

Post by Chris K Jones » Sat Oct 06, 2018 6:29 am

Also probably, age is important. Obamacare policies cost more as you get older.
Age 60
Myself and 2 kids
Kaiser policy with no out of network option.
19000 premium per year, no subsidy
deductilbe 4700
I work in health care
This is crummy, obamacare policy
Try not to get sick

Cigarman
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Re: What is your annual cost for health insurance?

Post by Cigarman » Sat Oct 06, 2018 6:35 am

I have an HSA. $5000 deductible for me and my wife. Covered by BCBS transition plan

2014 Premiums were $675 per month for both of us
2019 Premiums are going to be $1367 per month so pretty much doubled.

2018 our premiums and deductibles totaled $23,800. We both met our deductible.

I am curious what a similar plan will cost in 2019 via ACA but numbers are not available yet. When I looked in the past it was more expensive as we don't qualify for a subsidy.
Last edited by Cigarman on Sat Oct 06, 2018 6:53 am, edited 1 time in total.

mmmodem
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Joined: Thu May 20, 2010 1:22 pm

Re: What is your annual cost for health insurance?

Post by mmmodem » Sat Oct 06, 2018 6:36 am

Annual cost- $4,260 for HDHP
How many- Family of 5
Profession- Engineer @ Megacorp

With only two posts above mine, you're making me question the accuracy of my response. How many people are paying double what we pay?

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simplesimon
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Re: What is your annual cost for health insurance?

Post by simplesimon » Sat Oct 06, 2018 6:39 am

$3k/year for HDHP: $3.5k deductible, $7k OOP max
Two adults

This may change in a few weeks with open enrollment.
Last edited by simplesimon on Sat Oct 06, 2018 1:11 pm, edited 1 time in total.

alrick
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Re: What is your annual cost for health insurance?

Post by alrick » Sat Oct 06, 2018 6:41 am

Belong to an HMO with employer, with Medicaid as back-up. Cost for self and spouse is about $2000 per year, with $20 copay for PCP visits and $30 copay for specialists. Urgent care copay is $50 and ED copay is $100. Most Rx copays are $5. Maximum deductibles are $400. Use a HSA account to cover these copays and any deductibles when applied.

MikeG62
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Re: What is your annual cost for health insurance?

Post by MikeG62 » Sat Oct 06, 2018 6:42 am

Retired three years ago (I was 53 and DW was 51). No retiree medical from prior employer.

We purchase our health insurance in the open market (medical and vision - we self insure for dental). I contract directly with BCBS. We buy two individual policies - DW has the silver level (as she goes to doc’s far more often than I do) while I have a bronze HSA. This is cheaper than a combined silver policy by about $2,000 per year in premium cost. Of course, my OOP’s are higher, but again I typically don’t go the doc other than for a annual wellness visit.

We pay a combined monthly premium of about $1,450. On top of that, I budget $500 per month in OOP’s. Total annual cost in the $23,000 range. This year we are likely to exceed the $500 per month in OOP’s due to one-off stuff we needed addressed.
Real Knowledge Comes Only From Experience

Ron Ronnerson
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Location: Bay Area

Re: What is your annual cost for health insurance?

Post by Ron Ronnerson » Sat Oct 06, 2018 9:17 am

We’ve started planning for next year as Covered California has 2019 information up now.
Our ages: 44, 44, and 4.
Profession: Public School Teacher
Wages: Around $120k (includes interest). Raise this year was 1% and local inflation is over 4% (Bay Area).

Health Insurance Options Through Employer: My employer offers health insurance but the employee must pay the entire cost. The employee cost for health insurance through my employer is $24,000/year for a family of three. My wife isn’t working at the moment.

Our Plan: We’re thinking of signing up for a Kaiser Gold Plan on the exchange. The deductible would be $0/$0 (individual/family) and out-of-pocked maximum would be $7,200/$14,400 (individual/family).

The unsubsidized cost on the exchange for this coverage would be $17,148 annually for the three of us. By dropping our gross income of $120k to a modified adjusted gross income of $64k, we should be able to qualify for a subsidy since an income at that level would result in the employer-offered insurance being considered “unaffordable” based on the rules of the Affordable Care Act. Our premiums would be $2,712 for the year with a tax credit of $14,436 for the year. A side benefit would be also qualifying for a $400 Saver’s Credit.

We project our expenses to be close to $80k next year (this includes all taxes). Gifts will offset the shortfall between income and expenses to some degree and then we’ll make up the rest of the difference by tapping our savings. Our retirement accounts should be ballooning while our cash reserves dwindle in order to qualify for the subsidy. This is a short-term plan for the next couple of years while our daughter is still young and doesn’t have full-day school yet.

OP, if it makes you feel better, I’m totally jealous of your health insurance plan. I’m a teacher just like you but, instead of having to pay 28% of premiums, I have to pay 100%. The cost of insurance through my employer for a family is the same regardless of family size. I’m at the least-ideal number: 3 people. To get affordable insurance, I have to come up with all sorts of schemes like depleting my emergency fund and not buying stuff. Hope you feel at least a little better!

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Cyclesafe
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Re: What is your annual cost for health insurance?

Post by Cyclesafe » Sat Oct 06, 2018 9:21 am

Healthy couple 64yo in Cali (Bronze HDHP/ PPO no ACA subsidy):

2018: $20,099 premium; $9,600 deductible; expect to pay $2,300 out of pocket (deductible not reached)
2019 quote: $22,405 premium; $12,000 deductible; OOP unknowable, transitioning to Medicare anyway....

Don't forget the 3.8% net investment income tax addition to my marginal federal income tax rate AND the practicable non-deductibility of this expense mostly due to the 7.5% exclusion and to a much lesser extent the net increase in standard deduction / elimination of personal exemptions.

I just don't want to go back and see what I paid for similar coverage in the past. My day (October 6) will be bad enough. To those who are gaming the ACA subsidy system - You are welcome.

ncpbat
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Re: What is your annual cost for health insurance?

Post by ncpbat » Sat Oct 06, 2018 9:27 am

Employer-based family plan, we chose standard plan (premium also offered)

2k deductible/person, 5k family
5k OOP indiv, 10k family
Copays $30 primary, $50 specialist, $50 urgent care.
Other costs 80/20 after deductible.
Our cost $5500/year.
Employer cost $15k/year.

Our annual merit increase typically covers increased premiums, but 2 years ago our premium, deductible, OOP and copays all increased in the same year. People weren't too happy about that.
Last edited by ncpbat on Sat Oct 06, 2018 11:04 am, edited 1 time in total.

Notsobad
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Re: What is your annual cost for health insurance?

Post by Notsobad » Sat Oct 06, 2018 9:35 am

Family coverage HSA plan with about $2500 per person and $6k family deductible.
I am a partner in the business so I pay both employer and employee portion.

Rounds to $20k premiums per year.

We are now a self insured company and last year the expenditures were less than premiums. Yet the insurance company used for processing claims raised the premiums 12% for next year. We took the rebate from the prior year and will be able to attenuate the rate hike to 2%.

Johnny Thinwallet
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Re: What is your annual cost for health insurance?

Post by Johnny Thinwallet » Sat Oct 06, 2018 9:36 am

Premium is $2,400/year for a family HDHP for two adults and a toddler.
Deductibles and OOP max are $2,700 single and $5,400 family.
DW's employer kicks in $2,400 HSA dollars too.
DW is a public school teacher in Ohio.

So far this year we've only spent $725 on healthcare (outside the premiums) so we're not close yet to hitting any deductibles.

I believe DW's employer pays around $12k/yr for the premium. DW's school district employer joined a consortium of around a dozen school districts in the region to "group purchase" health insurance. Annual increases since they joined that consortium have been less than the rate of inflation. So far it's done a fantastic job keeping premiums low while maintaining a reasonable deductible/OOP max.

My employer's health insurance is ok, but it can't touch the deal DW gets so she covers the family.

Ron Ronnerson
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Re: What is your annual cost for health insurance?

Post by Ron Ronnerson » Sat Oct 06, 2018 9:37 am

Cyclesafe wrote:
Sat Oct 06, 2018 9:21 am
Healthy couple 64yo in Cali (Bronze HDHP/ PPO no ACA subsidy):

2018: $20,099 premium; $9,600 deductible; expect to pay $2,300 out of pocket (deductible not reached)
2019 quote: $22,405 premium; $12,000 deductible; OOP unknowable, transitioning to Medicare anyway....

Don't forget the 3.8% net investment income tax addition to my marginal federal income tax rate AND the practicable non-deductibility of this expense mostly due to the 7.5% exclusion and to a much lesser extent the net increase in standard deduction / elimination of personal exemptions.

I just don't want to go back and see what I paid for similar coverage in the past. My day (October 6) will be bad enough. To those who are gaming the ACA subsidy system - You are welcome.
I totally sympathize but I'm not sure if "gaming the ACA subsidy system" is the best way to describe it. The rules are what they are. People do backdoor Roths (the name itself sounds shady), churn credit cards for bonuses. and try to minimize taxes all sorts of ways. My perspective is that if you can figure out the rules of a system, there isn't anything wrong with making use of it as long as you're not violating any laws. Of course, opinions will vary on what is right. I also check out books from the library. Thanks to those who help fund my entertainment but never visit a library themselves!

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Cyclesafe
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Re: What is your annual cost for health insurance?

Post by Cyclesafe » Sat Oct 06, 2018 9:58 am

Ron Ronnerson wrote:
Sat Oct 06, 2018 9:37 am
Cyclesafe wrote:
Sat Oct 06, 2018 9:21 am
Healthy couple 64yo in Cali (Bronze HDHP/ PPO no ACA subsidy):

2018: $20,099 premium; $9,600 deductible; expect to pay $2,300 out of pocket (deductible not reached)
2019 quote: $22,405 premium; $12,000 deductible; OOP unknowable, transitioning to Medicare anyway....

Don't forget the 3.8% net investment income tax addition to my marginal federal income tax rate AND the practicable non-deductibility of this expense mostly due to the 7.5% exclusion and to a much lesser extent the net increase in standard deduction / elimination of personal exemptions.

I just don't want to go back and see what I paid for similar coverage in the past. My day (October 6) will be bad enough. To those who are gaming the ACA subsidy system - You are welcome.
I totally sympathize but I'm not sure if "gaming the ACA subsidy system" is the best way to describe it. The rules are what they are. People do backdoor Roths (the name itself sounds shady), churn credit cards for bonuses. and try to minimize taxes all sorts of ways. My perspective is that if you can figure out the rules of a system, there isn't anything wrong with making use of it as long as you're not violating any laws. Of course, opinions will vary on what is right. I also check out books from the library. Thanks to those who help fund my entertainment but never visit a library themselves!
Poor people game welfare, better off people game ACA, richer people game taxes. All usually legal and if not pursued, foolish not to. But society pays - willingly, unknowingly, or begrudedly.

Atgard
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Re: What is your annual cost for health insurance?

Post by Atgard » Sat Oct 06, 2018 9:58 am

I think it would be useful (for many reasons) to list both how much we pay out of pocket, and how much the employer pays for if you have one.

This first makes the comparison apples-to-apples -- otherwise, people with employers who pick up more of the tab somehow think they have far less expensive health care (they probably don't). Second, it's important for us all to realize the health care is still expensive, and if your employer didn't have to pay $XX,XXX, perhaps they could give that to you as a raise instead?

The only reason prices have been allowed to spiral so far out of control is because most people are shielded from understanding the true cost of healthcare due to (a) most W-2 employers paying the majority of insurance premiums & employees not realizing the amount, and (b) insurance covering most things so people don't know how much everything actually costs (but we all pay for it in higher premiums). I do note that (b) is starting to change with higher deductibles and people getting shocked when they're directly on the hook. We also need to realize this is a big factor in limited wage growth -- why aren't we getting raises? Partially because employers ARE paying you more, you're just not seeing it because it's going to pay your health insurance.

All that said:
Unsubsidized ACA plan (self-employed)
Healthy, non-smoking family of 4 in FL
High deductible HSA plan ($12,000 family deductible), limited network, "bronze" (basically covers nothing, good luck if you get sick)

$1,255 per month, $15,060 per year

Decent options (smaller deductible or larger network) easily go over $25,000 per year.

dknightd
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Re: What is your annual cost for health insurance?

Post by dknightd » Sat Oct 06, 2018 9:59 am

A440 wrote:
Sat Oct 06, 2018 5:37 am
I read recently that an average un-subsidized annual health care policy for a family of 4 is in excess of $28,000. It didn't say what the average employee cost was.
Edit: I also forgot to ask those that are still working, are your wage increases keeping up with the increase of your health care premiums.

I'm curious what people are:
- paying annually (subsidized or not),
-for how many
-and in what profession they are working.
I realize there are many other factors at play (e.g. deductibles, co-pay amounts, in-network/out of network, etc) , all of which contribute to the cost of the premium.

I'll start the ball rolling:

Annual cost- $8,400 (28% of the premium)
How many- Family of 4
Profession- Public school teacher
Wages: No, I have been bringing home less the the last 5 years, as the cost of the premium every year is much higher than my negotiated raise.
You appear to have good deal. We pay about $5k for a policy that would cost about $24k. At least, that is what they tell me. Family coverage. My kids are too old to qualify for coverage. So now it just covers the two of us. We both work(ed) in education. My deal was a little better then what she was offered. If you can keep your insurance when you retire, this is a HUGE benefit.

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Kenkat
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Re: What is your annual cost for health insurance?

Post by Kenkat » Sat Oct 06, 2018 10:05 am

I pay around $2,400 / year for my employer sponsored HDHP with around a $7000 family maximum out of pocket. Employer contributes $15,800 per year plus $1,000 HSA contribution.

Valuethinker
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Re: What is your annual cost for health insurance?

Post by Valuethinker » Sat Oct 06, 2018 10:10 am

In the spirit of international investing, a UK poster chips in:

0 - no cost of health insurance

taxes

UK govt spends about £100 bn pa on healthcare, or about £1500 pa per person (public healthcare is c. 90% of all healthcare expenses).

So for a household of 2, that would be £3k or say USD 4000. For a household of 4 that would be £6k or USD 8000

Note however that includes healthcare for retirees, so not quite like-for-like, as Medicare is not included in US private health insurance. Say that that expenditure is half of all healthcare bills (it could be more than that - most of us don't need much healthcare before age 50).

As a (relatively) well paid UK person I am probably paying more than that £6k in taxes (including Medicare equivalent).

warner25
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Re: What is your annual cost for health insurance?

Post by warner25 » Sat Oct 06, 2018 10:14 am

$0 for a family of four. American active duty military officer. The value of this is not lost on me. The lifestyle has some significant downsides, but we're looking to allow lateral entry ("direct commission" up to the rank of O6) for people with certain skill sets if anyone wants to get in on this.

blueman457
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Re: What is your annual cost for health insurance?

Post by blueman457 » Sat Oct 06, 2018 10:15 am

$240/year for HDHP; employer heavily subsidized
$6900/year for HSA
$6000 Out of Pocket In Network

Blue Man

Turbo29
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Re: What is your annual cost for health insurance?

Post by Turbo29 » Sat Oct 06, 2018 10:44 am

Local government employee

Individual coverage, HDHP w/HSA.
Employer contributes $500 to HSA each year.
Deductible $1500 (out of network $3000) then plan pays 85% (50% out of network) until out of pocket max of $3275 ($6550 out of network) is met.

So long as i do the "Wellness" activities, which are basically trivial, the cost to me is $10/mo.

A440
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Location: NJ

Re: What is your annual cost for health insurance?

Post by A440 » Sat Oct 06, 2018 11:00 am

warner25 wrote:
Sat Oct 06, 2018 10:14 am
$0 for a family of four. American active duty military officer. The value of this is not lost on me. The lifestyle has some significant downsides, but we're looking to allow lateral entry ("direct commission" up to the rank of O6) for people with certain skill sets if anyone wants to get in on this.
Thank you for serving.

firedinky
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Re: What is your annual cost for health insurance?

Post by firedinky » Sat Oct 06, 2018 11:41 am

Retired 61 yo with 58 yo wife. $212/month for subsidized platinum plated silver ACA plan. $950 deductable, $1900 max OOP, and 15% coinsurance. Thank you Cyclesafe.

I could have elected unsubsidized (+2%) group health insurance from my previous employer when retiring but the cost was over $17k/year 5 years ago and now over $24k per year. The subsidized ACA was a no brainier for our situation.

Mike

harvestbook
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Re: What is your annual cost for health insurance?

Post by harvestbook » Sat Oct 06, 2018 12:14 pm

Self-funded private insurance maintained since pre-ACA, nearly equivalent to what would be a silver-level plan, Total $6,300 family deductible. Healthy family of 56/44/18.
Cost this year: $13,860
Cost next year: $15,096

Insurer (BCBS) can't guarantee this plan will be available after next year. We're throwing in the towel and switching to ACA plan, likely an HDHP Bronze, putting daughter on required insurance at state university costing around $2500 a year.

We've very rarely used much insurance, This is the first year we really benefited, as I had a false alarm that ended up costing half a night in the emergency room at a tab of over $10,000. That would be hard to fund out of pocket.
I'm not smart enough to know, and I can't afford to guess.

B4Xt3r
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Re: What is your annual cost for health insurance?

Post by B4Xt3r » Sat Oct 06, 2018 12:37 pm

Man, 20k premiums make me wonder if it is better just to take the risk, save $20k/year, and then pay the uninsured rates at hospitals. I don't have the numbers handy, but at somepoint you have to do the cost/benifit analysis. I'd be curious if someone actually had the numbers handy?

togb
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Re: What is your annual cost for health insurance?

Post by togb » Sat Oct 06, 2018 1:04 pm

Wow. This is one reason I'm really glad I'm still working. Seeing those $20K premiums makes me think I should keep working til I'm 65 and can have Medicare.

I pay $1800/year in premiums-- $1750 deductible in network, $4K out of network. Max out of pocket $7K/annually. This is medical only, but there's a prescription plan included.

Dental and Vision avail for about $150/$75 per year respectively. HSA also available with great investment choices.

Work in management for company with 10K employees so there's some bargaining power.
Last edited by togb on Sat Oct 06, 2018 1:06 pm, edited 1 time in total.

hmw
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Re: What is your annual cost for health insurance?

Post by hmw » Sat Oct 06, 2018 1:05 pm

B4Xt3r wrote:
Sat Oct 06, 2018 12:37 pm
Man, 20k premiums make me wonder if it is better just to take the risk, save $20k/year, and then pay the uninsured rates at hospitals. I don't have the numbers handy, but at somepoint you have to do the cost/benifit analysis. I'd be curious if someone actually had the numbers handy?

20k will pay for a lot doctor’s visits but a prolonged hospital/ICU stay/major surgery will easily exceed 100k.

I was thinking that for some early retirees, it make a lot financial sense to live in a country like Thailand, the Philippines, Costa Rica where 20k will pay for a lot of medical care.

Retired2013
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Re: What is your annual cost for health insurance?

Post by Retired2013 » Sat Oct 06, 2018 1:25 pm

DW 60 and I'm 61

The Essential Plan: Enrollment exceeds 738,000 for 2018

April 2015, New York State of Health announced that they would introduce a Basic Health Program (BHP) for 2016 dubbed the “Essential Plan.” Enrollment in the Essential Plan began on November 1, 2015 for coverage effective January 1, 2016. BHPs are an option available to all states under the ACA, but thus far, only New York and Minnesota have elected to establish BHPs.

We keep our MAGI income between $22k & $24k. Anything over this amount needs to come from savings or Roth account.
I don't consider it gaming the system. I don't understand why more states didn't give residence an option?

Cost $0 except for $1 generic & $3 preferred drugs.

Trade off is it's not worth it to do Roth conversions until Medicare.

hmw
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Re: What is your annual cost for health insurance?

Post by hmw » Sat Oct 06, 2018 1:44 pm

We have a family PPO plan from work.

I pay $800/month, and my employer pays about $1200/month.

Individual/family deductibles are $1500/$3000. Outpocket maxiums are 4K/8k for individual and family.

xenochrony
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Re: What is your annual cost for health insurance?

Post by xenochrony » Sat Oct 06, 2018 1:46 pm

2018 Annual premiums for an ACA Gold HMO policy for our family of 4 is slightly over $20,0000 with a $0 deductible.

Obviously that does not include co-pays, medicine, etc. Am a self-employed consultant. I have been raising my billable rate annually to accommodate health care price increases resulting in an inflation-adjusted net income that doesnt really change year to year. Clients balk at the magnitude of my annual rate increases but I have to pass the increased cost on; I am most certainly not going to absorb meteoric rises in ACA policies.

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leeks
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Re: What is your annual cost for health insurance?

Post by leeks » Sat Oct 06, 2018 1:52 pm

I realize we are extremely fortunate. 2 adults and 2 kids covered by my husband's employer's policy. He is a phd computer scientist working at a scientific research institute. Our annual costs for health insurance AND our actual health care expenses are basically nothing.

The employer covers the cost. We pay some nominal amount on the order of $2 per paycheck, I can't remember exactly since it is so negligible. The employer's cost for our family's policy in 2017 (as reported on a tax form we received in early 2018) was about $2,500/month (ie $30K/year). I remember that amount because it is so high and happened to be the about same as the rent at our last apartment.

Deductible: in-network=none, out-of-network=1K/individual, 2K/family
Out of pocket maximum: 4K/individual, $8K/family
Wide network - PPO

In-network, co-pays are $0-$25/visit with zero coinsurance for us to pay on lab fees and such.
Out of network we would pay 30% of everything until the out-of-pocket max was met (the company offers another plan that is better for employees who expect to use out-of-network care, such as those that work remotely from another state).

Since we have found no need to go out of network for anything (plenty of provider options in NYC), our annual cost for all health care expenses is next to nothing. For example, childbirth in Manhattan was $200 inpatient hospital co-pay plus the $75 we had paid for the hospital's childbirth education class. For prenatal care, I don't remember exactly but I would guess that the copays for midwife visits / genetic tests / ultrasounds all totaled to under $150 over the 9 months.

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simplesimon
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Re: What is your annual cost for health insurance?

Post by simplesimon » Sat Oct 06, 2018 2:04 pm

Valuethinker wrote:
Sat Oct 06, 2018 10:10 am
In the spirit of international investing, a UK poster chips in:

0 - no cost of health insurance

taxes

UK govt spends about £100 bn pa on healthcare, or about £1500 pa per person (public healthcare is c. 90% of all healthcare expenses).

So for a household of 2, that would be £3k or say USD 4000. For a household of 4 that would be £6k or USD 8000

Note however that includes healthcare for retirees, so not quite like-for-like, as Medicare is not included in US private health insurance. Say that that expenditure is half of all healthcare bills (it could be more than that - most of us don't need much healthcare before age 50).

As a (relatively) well paid UK person I am probably paying more than that £6k in taxes (including Medicare equivalent).
How common is medical tourism in the UK?

JackoC
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Re: What is your annual cost for health insurance?

Post by JackoC » Sat Oct 06, 2018 2:36 pm

B4Xt3r wrote:
Sat Oct 06, 2018 12:37 pm
Man, 20k premiums make me wonder if it is better just to take the risk, save $20k/year, and then pay the uninsured rates at hospitals. I don't have the numbers handy, but at somepoint you have to do the cost/benifit analysis. I'd be curious if someone actually had the numbers handy?
The WSJ last week had an article saying the *average* price of a family policy is closing in on $20k. It's just that you don't as consumer pay 100% of it in cash if your employer provides part of it 'free' (but of course you do probably pay at least a part of the 'free' portion in lower wages than you'd otherwise get) or you get ACA subsidy to pay for private.

We pay $19k for a high deductible (like $5 or $6k per person $13k or so out of pocket limit) policy for couple around 60. Our state (NJ) had sky high relative private insurance rates pre ACA, because state law already prohibited pricing or denying coverage based on previous claims (moral hazard death spiral where increasing rates result in only already sick or very price insensitive people buying private insurance) but now I guess that's evening out to some degree nationally.

But, besides just playing the odds of not requiring a super-expensive treatment for a disease you can actually beat but only with that treatment, you also have to factor in how much higher you start out at 'list price' as uninsured. It can be 10 times higher: I have an emergency room bill from a few years where the 'insurance adjustment 'was literally ~90% of the top line price, though with the adjustment I didn't hit the deductible and ins co didn't actually pay anything out. Of course it's not that much on average, but the problem with 'numbers handy' is the great variation in that ratio, and judging how good one would be at negotiating down list prices without knowing the insurance co rate, or how good you'd be finding it out. And then I've found, in cases where I have negotiated cases where an expense ended up uninsured, sometimes a provider is willing to give a big reduction. Other times they really seem to feel you should pay what they say, because they said so, and if they're charging some else 1/3 as much for the same thing, so what? Also realistically if you go uninsured and a huge expense does hit you, you'll probably get treated and not have to pay much of it. But determining exactly what treatment you'll get, the implications of that, and again your (or a supporting family member's) skills to play the system is maximize that outcome, hard to to evaluate in advance.

We go with the super-expensive-but-you-don't-seem-to-get-much-for-your-money plan. It's looking in the rear view mirror, but we're actually ahead to date based on a major illness one of us encountered and beat.

Madbull
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Re: What is your annual cost for health insurance?

Post by Madbull » Sat Oct 06, 2018 4:09 pm

I'll contribute both my retired mother's situation, as well as my own options. (She retired from same employer as I work for, a large County government of about ~8k employees, both of us are/were civilian employees).

Retiree 65+ (3 options)
Humana Medicare Advantage Plan - $785/yr Retiree Contribution, $4,239/yr County Contribution, $0 Deductible, $1k Max Out of Pocket
UHC PPO Plan - $1,044/yr Retiree Contribution, $5,856/yr County Contribution, $700 Deductible, 85%/15% Co-Insurance, $4,500 Max Out of Pocket, $30/$45 Co-Pays
UHC EPO Plan - $2,340/yr Retiree Contribution, $5,856/yr County Contribution, $600 Deductible, 100% Co-Insurance, $4,500 Max Out of Pocket, $35/$50 Co-Pays

Active Employee Under-65 (with Spouse, no children) 3 options
UHC PPO Plan - $3,700/yr Employee Contribution, $14,940/yr County Contribution, $700 Deductible, 85%/15% Co-Insurance, $4,500 Max Out of Pocket, $30/$45 Co-Pays
UHC EPO Plan - $7,644/yr Employee Contribution, $14,940/yr County Contribution, $600 Deductible, 100% Co-Insurance, $4,500 Max Out of Pocket, $35/$50 Co-Pays
HDHP w/HSA - Insurance Contributions: $2,376/yr Employee Contribution, $14,940/yr County Contribution. HSA Account Contribution: 1k/yr County Contribution. $3,000 Deductible, 90%/10% Co-Insurance, $13,300/yr Max Out of Pocket, No Co-Pay Ded & Co-Ins, RX Benefits - Must meet annual Medical Deductible prior to any benefit. (Note, this is the first year they have offered a HDHP/HSA, so I expect changes as enrollment and usage adjusts).

getthatmarshmallow
Posts: 223
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Re: What is your annual cost for health insurance?

Post by getthatmarshmallow » Sat Oct 06, 2018 4:20 pm

Employer-provided HDHP, which is incentivized with $120/month into my HSA. The standard HMO/PPO option cost $150/month for a family of four, so when I switched plans, I rolled my "contribution" into my HSA. Our deductible is $3K/person; $7K/family, but with four healthy people, well-child visits completely covered, and no maintenance prescriptions, it's working out pretty well so far.

So I guess negative $3K? Quite lucky.

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Mlm
Posts: 286
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Re: What is your annual cost for health insurance?

Post by Mlm » Sat Oct 06, 2018 4:56 pm

Retired2013 wrote:
Sat Oct 06, 2018 1:25 pm
DW 60 and I'm 61

The Essential Plan: Enrollment exceeds 738,000 for 2018

April 2015, New York State of Health announced that they would introduce a Basic Health Program (BHP) for 2016 dubbed the “Essential Plan.” Enrollment in the Essential Plan began on November 1, 2015 for coverage effective January 1, 2016. BHPs are an option available to all states under the ACA, but thus far, only New York and Minnesota have elected to establish BHPs.

We keep our MAGI income between $22k & $24k. Anything over this amount needs to come from savings or Roth account.
I don't consider it gaming the system. I don't understand why more states didn't give residence an option?

Cost $0 except for $1 generic & $3 preferred drugs.

Trade off is it's not worth it to do Roth conversions until Medicare.
I've been the same boat (NYS Essential Plan) for two years and also expect to be next year.
$0 cost except $1 scripts
At least 45 years of high income taxes got me something

jebmke
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Re: What is your annual cost for health insurance?

Post by jebmke » Sat Oct 06, 2018 5:02 pm

JackoC wrote:
Sat Oct 06, 2018 2:36 pm
The WSJ last week had an article saying the *average* price of a family policy is closing in on $20k.
They are probably citing this Kaiser annual study which has just about any detail you want to know about employer-based plans

http://files.kff.org/attachment/Report- ... urvey-2018

Average plan - $19, 616
Employee part - $5,549
Employer part - $14,069

Vox had a summary article that showed the history of deductibles vs. average wages and the inflation rate since 2008

Deductibles up 212%
Wages up 26%
Inflation up 17%
When you discover that you are riding a dead horse, the best strategy is to dismount.

homebrewer888
Posts: 1
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Re: What is your annual cost for health insurance?

Post by homebrewer888 » Sat Oct 06, 2018 5:09 pm

I just retired from Megacorp at 62 and will continue medical insurance for my wife and me through COBRA. Annual premium for this HSA medical plan is $17,100 ($3000 deductible with $7,000 max out-of-pocket (family)). Includes great prescription drug coverage. We can get a credit of $3,360/yr on the premium by participating in the incentive programs (annual physicals and log daily activities through RedBrick).

I will be paying the premiums with money from my HSA account. Fortunately our medical bills have been reasonable over the past years. We will have to figure out something to bridge the gap to Medicare.

chuckb84
Posts: 223
Joined: Wed Oct 21, 2015 10:41 am
Location: New Mexico

Re: What is your annual cost for health insurance?

Post by chuckb84 » Sat Oct 06, 2018 7:41 pm

I'm a retired Fed. BCBS Federal basic is $4K year for the family, only very slightly less for "retiree plus one", which we'll switch to as the kids both pass age 26. I think Uncle continues to pay about $8K/year.

Max out of pocket for the family is $11K/year.

Atgard
Posts: 386
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Re: What is your annual cost for health insurance?

Post by Atgard » Sat Oct 06, 2018 8:30 pm

harvestbook wrote:
Sat Oct 06, 2018 12:14 pm
Self-funded private insurance maintained since pre-ACA, nearly equivalent to what would be a silver-level plan, Total $6,300 family deductible. Healthy family of 56/44/18.
Cost this year: $13,860
Cost next year: $15,096

Insurer (BCBS) can't guarantee this plan will be available after next year. We're throwing in the towel and switching to ACA plan, likely an HDHP Bronze, putting daughter on required insurance at state university costing around $2500 a year.

We've very rarely used much insurance, This is the first year we really benefited, as I had a false alarm that ended up costing half a night in the emergency room at a tab of over $10,000. That would be hard to fund out of pocket.
Not to nitpick, but I bet you could have handled the $10,000 out of pocket if you hadn't paid $13,860 in premiums. So even in the first year you really used it, the insurance company still made money off of you.

But of course, you can't go without insurance because what if there's some catastrophe and the bills can get into 6 figures and above. But the whole country is being bled dry.

ChrisC
Posts: 696
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Location: North Carolina

Re: What is your annual cost for health insurance?

Post by ChrisC » Sat Oct 06, 2018 8:38 pm

I think one needs to cover all medical insurance (health, dental, vision and LTCi, if purchased) to accurately show the financial hit. Here's mine as a retired Fed:

1. Health Insurance is $3233 for Spouse plus 1, GEHA Family HDHP (with $1500 employer contribution to HSA) and $3K deductible; Spouse, not a retired FED, has Medicare Part B and pays $2300, the first tier of IRMAA; I recently declined Part B coverage.

2. Metlife Dental by Agency is $324 for Spouse plus 1 Family coverage of $3K each for spouse and I, with $50 deductible and covers implants (so fortunate to have this dental as my OOP expenses for dental have been very high); and GEHA HDHP also covers dental cleanings

3. No vision but GEHA-HDHP has limited vision coverage, with $10 co-pays for exams and some coverage on lens and frames.

4. LTCi is $4195, 5 year plan with inflation adjustment covering a DBA of $283.

Total is around $10K, of which I currently pay my LTCI premiums out of my HSA.

My OOP expenses have been very high the last several years with 3 knee surgeries and major dental work.

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WingsFan4Life
Posts: 34
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Re: What is your annual cost for health insurance?

Post by WingsFan4Life » Sat Oct 06, 2018 8:50 pm

I pay $0 in premiums through work, but have a $3,000 deductible/$6,000 max.

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Shackleton
Posts: 293
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Re: What is your annual cost for health insurance?

Post by Shackleton » Sat Oct 06, 2018 10:31 pm

$3120 annual premium for myself and spouse in a PPO plan with $2500 deductible. I’m in IT for a megacorp with excellent benefits.
“Superhuman effort isn't worth a damn unless it achieves results.” ~Ernest Shackleton

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dccboone
Posts: 121
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Re: What is your annual cost for health insurance?

Post by dccboone » Sat Oct 06, 2018 11:06 pm

Employer Plan
Annual cost- $18,417 ($1,534.78 per month)
Family Policy
Deductible - $1,000 per person /$2,500 for family

jasg
Posts: 85
Joined: Wed May 08, 2013 7:10 pm

Re: What is your annual cost for health insurance?

Post by jasg » Sat Oct 06, 2018 11:47 pm

My wife and I are on Medicare with a HD MediGap F plan.

$3000/ea per year with ~ $2240/ea deductible. No CoPays, everything covered after deductible. Separate Part D but we don't need much drug coverage - generics only, never hit the deductible of $405.

Cost has increased 30% over five years! We are paying more than we ever did for Pre-2010 MegaCorp employer plan.

mhalley
Posts: 6064
Joined: Tue Nov 20, 2007 6:02 am

Re: What is your annual cost for health insurance?

Post by mhalley » Sat Oct 06, 2018 11:55 pm

Retired, both wife and I are 63, premium for cheapest plan on the marketplace is 28k a year. Hate to think what it will be next year. Non subsidized due to desire for Roth conversions. Don’t feel comfortable on taking the risk of hundreds of thousand of dollars in event of medical catastrophe. Paid 8k for a 3 day hospitalization this year.

Momus
Posts: 445
Joined: Tue Feb 21, 2012 9:23 pm

Re: What is your annual cost for health insurance?

Post by Momus » Sun Oct 07, 2018 1:29 am

$360/yr/person premium ($30/mo) - I am single but the plan costs $780/yr for family of 4 ($65/mo). Employer sponsored obviously.
$500/person/yr deductible, $1000/family/yr PPO. Non PPO, double this.

20% co-insurance. Plan pays 80%.
Medical Out of pocket maximum for PPO $2000/person, $6000/family. Non PPO - no maximum.
Prescription out of pocket maximum for PPO $4650/person $7300/family.
Hospital stay, pay 20% of contract rate.
Doctor/specialist $20/visit
Generic drug $12. Brand $30. Non formulary $50.

Cop51
Posts: 119
Joined: Sun Jul 09, 2017 12:42 am
Location: NJ

Re: What is your annual cost for health insurance?

Post by Cop51 » Sun Oct 07, 2018 1:36 am

28,000 for “gold” level healthcare
I pay $9,700 for family plan a year with Rx and dental
$250/$500 individual/family deductible
$1,000/$2,000 Out of pocket max
Unlimited yearly coverage.

mushyyy
Posts: 48
Joined: Tue Jan 13, 2015 1:34 pm

Re: What is your annual cost for health insurance?

Post by mushyyy » Sun Oct 07, 2018 1:44 am

I live and work in switzerland, where health costs are also skyrocketing, but nothing in comparison to what you guys are facing. There is something broken in the system.

I pay 420/month, with 2500 deductible and max 700 OOP.
Single, 29y.

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