What is your annual cost for health insurance?

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Edie
Posts: 128
Joined: Fri May 06, 2016 4:03 pm

Re: What is your annual cost for health insurance?

Post by Edie » Tue Oct 09, 2018 12:21 pm

For 2019, as information just came out (however, no change in premiums for the HDHP plan we use, so same medical numbers for 2018). We are incredibly blessed with our insurance, and I will not be changing jobs anytime soon because of it. The switch from my previous employer to this one was an immediate $6-14k raise just in reduced insurance costs (difference between the numbers is between premiums alone vs premiums and the max OOP limits).

I will pay $1,465 for my portion of our HDHP plan's premium, my employer will pay $10,865 in premiums, plus add $1,440 to my HSA. Our deductible is $2,700, and our OOP max is $4,000. I will max out the rest of the HSA so another $5,560, but not all of that will be spent, some is savings.

I expect to pay in 2019 from the above, $4,025. That is $1,465 (my premiums) minus $1,440 (employer added dollars to HSA) plus $4,000 (OOP max).

This does not include dental or vision, which will be around $2,500 as our youngest kids both need their wisdom teeth out - getting it done as soon as the plan year rolls over and we have the limited FSA funds available.

There are 6 of us on my insurance, myself, my spouse, and four kids (the older two have 5 more years to be under parental insurance). My age and my spouse's age are not factors as we are not on ACA plans.

michaeljc70
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Joined: Thu Oct 15, 2015 3:53 pm

Re: What is your annual cost for health insurance?

Post by michaeljc70 » Tue Oct 09, 2018 12:25 pm

mmcmonster wrote:
Tue Oct 09, 2018 12:20 pm
Texanbybirth wrote:
Tue Oct 09, 2018 10:57 am
[...]This is one of the annoying things about the retire early crowd. If you're uncomfortable with the healthcare situation in your life/our country (which is totally broken IMO, so I'm with you there), then keep working. Retirement (especially "retiring early") isn't a right, it's a privilege. It's like the blogger who "retired early", but his kids are on CHIP and Medicaid. LOL! :beer
I fully understand that it's a privilege to be able to retire early.

I just would like some guidance about healthcare so I can plan accordingly.

My personal wish is for there to be a method to buy a week/month/year of Medicare for a certain cash amount. Let's say $20k/year. (No discount when buying multiple years at a time.)

That way I can budget in my healthcare when I figure out how much I need to retire. If I want to retire at 55, I give Medicare $200k in cash and they give me a Medicare card a decade early. No muss. No fuss.

At least then I can take health risk off the table when planning out my years.
There are always ACA plans. Especially if you can manage your income to get a subsidy. The plans generally are not great, but better than nothing. My prior employer provided plan had a much better network, lower deductible, lower out of pocket, lower copays, etc. compare to a plan costing the same on the exchange (considering my part and my employers).

iasw
Posts: 233
Joined: Mon Dec 05, 2016 2:02 pm

Re: What is your annual cost for health insurance?

Post by iasw » Tue Oct 09, 2018 12:29 pm

It is lousy that employer-sponsored plans have pretax status...employer pays and if you have a premium it is pretax.

Someone on the exchange is paying with post-tax dollars.

Broken Man 1999
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Re: What is your annual cost for health insurance?

Post by Broken Man 1999 » Tue Oct 09, 2018 12:42 pm

Wife and I are both on Medicare, with great insurance mostly paid by MegaCorp.

Currently we have a Humana Medicare Advantage PPO, includes dental, vision and drug plan. We each pay $134 for Medicare B. The Humana plan costs $630/year total for both of us. We could have just about the same coverage with a Humana Medicare Advantage Plan HMO, but we both like the idea of a much larger network. Though, in practice having been on the PPO myself for years, I have never encountered the need for anything that wouldn't have been available on the HMOs network. So, realistically the $630/year PPO probably isn't needed, and we could be just as well serviced by the $0 HMO network. The $630/year cost might be a expense-cutting opportunity one day, but not today.

So, total cost equals 2 X $134 X 12 = $3216(Part B) + $630(PPO) = $3846/year, or $320.50/month.

$0 deductible for medical.
$0 deductible for pharmacy.
Max out of pocket, $3000 for each of us, $6000 total.

I am truly astounded at some of the eye-popping premiums some posters face. I started at MegaCorp in 1973, I had just turned 20. There is no doubt MegaCorp swaddled us with gold-plated insurance. I am very thankful for what we receive. Sometimes fate smiles on you.

Broken Man 1999
“If I cannot drink Bourbon and smoke cigars in Heaven than I shall not go. " -Mark Twain

shell921
Posts: 344
Joined: Fri Jul 06, 2018 5:13 pm

Re: What is your annual cost for health insurance?

Post by shell921 » Tue Oct 09, 2018 12:54 pm

$3109.44 - premiums [ $259.12 x 12 ]. My late husband was a retired Federal employee and
I am fortunate I can remain insured under the Feds. I have an Aetna High Option Open Access HMO plan.

THIS year I broke my arm and had $800 in co-pays for seeing ortho PA
and for 9 weeks of PT.

I saw my primary care doctor once this year for a physical-no co-pay. Saw my
eye doctor once - $35.00 co-pay. I will see my dermatologist
next month so will pay a $35.00 co pay then.

Assuming I have no other medical problems this year my total
amount spent will be : $3979.44

[ $3109.44 + $800 + $70 = $3979.44 for 2018 ]

bhsince87
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Joined: Thu Oct 03, 2013 1:08 pm

Re: What is your annual cost for health insurance?

Post by bhsince87 » Tue Oct 09, 2018 1:14 pm

Currently, I have a great deal. Working for a mid size private company, age 53, coverage is just for me (wife is covered at her job, not as good as mine).

Total cost for me is $700 a year for medical and optical, $50 a year for dental.

$250 deductable, $20 copay for visits, $6 meds (90 day), 20% copay for up to $2000 max out of pocket.

Company paid about $14k for that last year.


This is truly a golden handcuff that is keeping me from retiring. Wife and I both have several preexistings.

Cheapest ACA plan for us would be (last year) $28k with $4k max oop.

We MIGHT be able to structure things so we could get a subsidy, and I'm setting things up that way. In that case, insurance would drop to $2k with another $4k max oop. That's a huge incentive to avoid work and income!
"If ye love wealth better than liberty, the tranquility of servitude better than the animating contest of freedom, go home from us in peace." Samuel Adams

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

Post by JoeRetire » Tue Oct 09, 2018 2:02 pm

$3200/year
2 people

It's a terrific ACA plan. Low deductible. Wide coverage. Small co-pay.

We are very pleased. Particularly since I got a cancer diagnosis last November. I'd hate to have to pay a significant portion of those treatment costs. Yikes!
Don't be a lemming.

tj
Posts: 2677
Joined: Thu Dec 24, 2009 12:10 am

Re: What is your annual cost for health insurance?

Post by tj » Tue Oct 09, 2018 2:20 pm

bhsince87 wrote:
Tue Oct 09, 2018 11:32 am
tj wrote:
Mon Oct 08, 2018 7:53 pm
mmcmonster wrote:
Mon Oct 08, 2018 7:26 pm
As am American, I find this quite depressing. In order to retire and not worry about medical expenses, I've got four options:
1 - Wait until I'm 65 years old to get Medicare -- So much for retiring early. :?
2 - Get a disease state that puts me on Medicare at an early age -- But I don't want to be on dialysis! :annoyed
3 - Leave the country when I retire -- But all my stuff is here! :oops:
4 - Join the military -- :confused

I have a friend who is a primary care physician who worked for a hospital system for most of her life. A couple years ago she left that job and took a similar position at the Veterans Administration clinic fairly close to where she lived. Apparently if you work for the VA for a few years you get VA health insurance for live.

I'm not sure if the calculus of taking a pay cut to work for the VA for five (?) years at age 55 is worth it so that I can retire at age 60. :(

You can do 5 years @ 55 in any Federal job and retire at 60 and keep access to the FEHB plans. They are very cheap.

I've been researching this lately, and I don't think that is the case. In my reading of the rules, the earliest a recent hire could retire and still get access to the insurance is age 62.

I'm currently 53, and if I could get a Fed job a retire at 58 with access to the fed insurance packages, I'd jump on it. But I'm pretty sure I'd need to put in 9 years at this point.
You're right, it would be 5 years starting @ 57 to retire at 62......or folks could do 10 years starting at 47 to retire at 57 with a 25% reduction in the pension.

https://www.opm.gov/retirement-services ... Retirement

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corn18
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Re: What is your annual cost for health insurance?

Post by corn18 » Tue Oct 09, 2018 2:44 pm

Retired military with Tricare and we pay nothing for medical premiums. $5 copay for drugs. No other copays. $3000 cat cap for family. Once I turn 65 this turns into Tricare for life and we just pay the medicare premium and Tricare for Life covers all medigap bills. Dental and vision are through work and cost $1,068 / year for a family of 4. Very blessed.
Don't do something, just stand there!

tj
Posts: 2677
Joined: Thu Dec 24, 2009 12:10 am

Re: What is your annual cost for health insurance?

Post by tj » Tue Oct 09, 2018 2:47 pm

corn18 wrote:
Tue Oct 09, 2018 2:44 pm
Retired military with Tricare and we pay nothing for medical premiums. $5 copay for drugs. No other copays. $3000 cat cap for family. Once I turn 65 this turns into Tricare for life and we just pay the medicare premium and Tricare for Life covers all medigap bills. Dental and vision are through work and cost $1,068 / year for a family of 4. Very blessed.
You should see if you can get a FEDVIP plan? Might be cheaper.

https://www.tricare.benefeds.com/InfoPo ... n=mLKQQydt

Cpadave
Posts: 150
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Re: What is your annual cost for health insurance?

Post by Cpadave » Tue Oct 09, 2018 5:02 pm

Family of 4, 51, 44 and two young kids.
Exchange HSA Bronze plan with no subsidy $16,920 with $6850 inv, $11370 family deductible. This premium has doubled in the last 3-4 years. This year we will contribute over 60K into obamacare as result of the surtax on investment income as we had an unusual gain in one year. Going forward, we still will not qualify for subsidy as income is somewhat above the limit. The 2019 rate is not out yet, but I think it is about 10% above the 2018 amount based on what the insurance company has submitted to the state. This really sucks.

mw1739
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Re: What is your annual cost for health insurance?

Post by mw1739 » Tue Oct 09, 2018 5:10 pm

Family of 4 - annual premiums of roughly $2,400 for a great plan. $0 deductible and $11,000 max out of pocket.

My son and I were in accident last weekend and helicoptered to a hospital ~ 1 hour away. I haven’t received the bill yet, but my quick review of the plan info indicates that will only be a $150 co-pay.

Retired2013
Posts: 199
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Re: What is your annual cost for health insurance?

Post by Retired2013 » Wed Oct 10, 2018 7:48 am

munemaker wrote:
Tue Oct 09, 2018 11:54 am
an_asker wrote:
Tue Oct 09, 2018 10:58 am
munemaker wrote:
Tue Oct 09, 2018 10:44 am

Another option: If you plan ahead and arrange your finances properly, you can qualify for very good, inexpensive health insurance through the ObamaCare exchange. That's what we did.
Would you mind sharing how you managed this? Is it because you have low net worth or because you have everything in retirement or ... overseas or something?!!
First, I think this only works well if you are in roughly the $1M to $5M range of financial net worth. We are in that range. Here are some articles about multi-millionaires receiving ObamaCare subsidies.

https://www.cnbc.com/2016/01/27/theyre- ... idies.html
http://www.retireearlyhomepage.com/obam ... 017r2.html
viewtopic.php?t=226359
https://www.trozaninsurance.com/blog/ob ... lionaires/
https://www.dailysignal.com/2016/01/29/ ... ely-legal/
https://ournextlife.com/2016/02/01/the- ... -retirees/
https://blogs.harvard.edu/philg/2016/05 ... lionaires/
http://www.city-data.com/forum/health-i ... acare.html

The strategy is more related to income than assets. Subsidies are keyed off of MAGI which is the last line on the 1040 with tax-exempt income added to it. Use this calculator to see how income affects your premium: https://www.kff.org/interactive/subsidy-calculator/ . The sweet spot for couples to minimize premiums is currently around $23,000; you don't want to go under this MAGI or you will be pushed on to Medicaid.

Here are some things we did:
- We hold most of our financial assets in IRAs.
- Assuming you have retired, you won't have any earned income. If you have a spouse, you can erase up to $13,000 in earned income by contributing to a Traditional IRA.
- If you qualify for a pension, defer it until after you are on Medicare.
- Defer social security until you are on Medicare.
- Minimize drawing from a traditional IRA until you are on Medicare.
- Minimize capital gains until you are on Medicare.
- Minimize Roth conversions until you are on Medicare.
- Make the taxable part of your portfolio tax efficient. This means minimizing investments that pay high capital gains or high dividends.
- Put enough in cash to live on until you are on Medicare.
- Nothing overseas. No Swiss bank accounts. No accounts in the Caymens.

Here are a few articles that can help you with the strategy (article is old so the numbers have to be adjusted to today, but the principles are valid):
https://www.gocurrycracker.com/obamacar ... etirement/
https://www.gocurrycracker.com/obamacar ... imization/

That's what I can think of off the top of my head. Hope it helps.
+1

Another possible option I read once was an equity loan until 65 and then paying back the loan after 65 from taxable account. Thinking outside the box.

bigdav160
Posts: 80
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Re: What is your annual cost for health insurance?

Post by bigdav160 » Wed Oct 10, 2018 8:27 pm

OK, I'll play

Professor at a State funded college on 10.5 month contract for $75k a year. Spouse has never worked and never will.

Last year premiums for family of 5
me = $7200 year, employer = $15500 year

No deductibles but co-pays

$6500 oop ind, $13100 Family
No vision no dental.

Very likely to work until the day I die.

jharkin
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Joined: Mon Mar 28, 2016 7:14 am
Location: Boston suburbs

Re: What is your annual cost for health insurance?

Post by jharkin » Wed Oct 10, 2018 9:00 pm

Blue Cross Blue Shield HDHP
Cost: $2700/yr for family of 4 minus a $1000 subsidy put into the HSA (net $1700)
Coverage: $1500ind/$3000 family deductible and $3000/$6000 OOP max (all preventative care is free)
profession: software program manager at a mid-cap private tech firm

I cant tell you the employee/employer premium split until I get next years W2 (new job) but they are probably paying 80-90% of it.... Our oop health expenses this year have been low enough the plan is going to be effectively negative cost to me including the tax savings on premiums and HSA contributions.

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Cloud
Posts: 652
Joined: Wed Sep 12, 2007 12:43 pm

Re: What is your annual cost for health insurance?

Post by Cloud » Thu Oct 11, 2018 7:22 am

Chris K Jones wrote:
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
Not in VT. Every age pays the same price.

baseball2horse
Posts: 40
Joined: Wed May 09, 2018 1:38 pm

Re: What is your annual cost for health insurance?

Post by baseball2horse » Thu Oct 11, 2018 9:47 am

Individual age 25, working at a big megacorp
For 2018:
My premium: 1303.64/yr (employer 5520.88)
Deductible: 1600
Max: 3200
Employer also puts 500 in HSA if I do all the "wellness activities"
Dental 113 (employer 113 also)
Vision 30 (employer 30)
Our proportion of the premium is proportionate to salary(ie the less you make the less you pay for premiums)

I spent the first half of the year paying for PT and spent 2k

Last year with two knee surgeries and tons of PT my total medical costs were about 20k, so its insane to me that people pay 20k for health insurance every year

michaeljc70
Posts: 5780
Joined: Thu Oct 15, 2015 3:53 pm

Re: What is your annual cost for health insurance?

Post by michaeljc70 » Thu Oct 11, 2018 9:48 am

Cloud wrote:
Thu Oct 11, 2018 7:22 am
Chris K Jones wrote:
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
Not in VT. Every age pays the same price.
Wow. That is interesting. Hate to be young and on ACA in VT.

bam_thwok
Posts: 1
Joined: Thu Oct 11, 2018 10:00 am

Re: What is your annual cost for health insurance?

Post by bam_thwok » Thu Oct 11, 2018 10:15 am

Age: 32
Location: NY/NJ
Income Range: $150-$175k
Employer: Large multinational w/ 10k employees in US
Plan Details:
  • Individual plan (no spouse or dependents)
  • High deductible plan + HSA
  • Employee Premium: $0
  • Employer Premium: $5200
  • Deductible: $1500
  • Employer HSA Contribution: $750
  • Out-of-Pocket Max: $4500
  • Additional Wellness Incentives and Reimbursements: $850
  • Vision and dental included

GeoffD
Posts: 93
Joined: Tue Mar 20, 2018 1:31 pm

Re: What is your annual cost for health insurance?

Post by GeoffD » Thu Oct 11, 2018 10:17 am

michaeljc70 wrote:
Thu Oct 11, 2018 9:48 am
Cloud wrote:
Thu Oct 11, 2018 7:22 am
Chris K Jones wrote:
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
Not in VT. Every age pays the same price.
Wow. That is interesting. Hate to be young and on ACA in VT.
Yep. I know people using Catamount Health in Vermont. It's really expensive if you make too much for the means tested subsidies. That's consistent with pretty much anything Vermont. Even the school part of local property taxes are progressive. Ditto in-state tuition at the flagship university. A pretty good place to be median household income with a family of four. Painful if you're high income. I have a vacation home there. There's no way I'd ever declare residency as long as I'm earning high tech income.

Me? I'm on my girlfriend's coverage as domestic partner. She works for one of the big hospital holding companies so my medical/dental/vision is comparable to what I've always been used to in my high tech career. At age 60, it allows me to work 1099 contracts mostly telecommuting rather than be a cubicle drone somewhere to get full time benefits. I have another 4 1/2 years before I need to do the deep dive on how Medicare works.

A few years ago, I was working for a Korean tech company that had amazing benefits. Most of their staff in the US were from the mother ship and in the country on L-1 visas so they gave them cushy benefits, housing, and cars instead of paying US wages and having the comp issue when they went back to Korea. Employee contribution was $0. The only out of pocket for me was a trivial $10/$20 office visit co-pay, small urgent care co-pay, and slightly larger ER visit co-pay. $10 on Rx. It paid 100% on just about everything. Physical therapy. Durable medical equipment. Psych. I'm used to 80%/20% until you hit some kind of deductible cap and somewhat higher co-pays.

Chesterfield
Posts: 47
Joined: Mon Sep 14, 2015 2:39 pm

Re: What is your annual cost for health insurance?

Post by Chesterfield » Fri Oct 12, 2018 12:08 am

Retired2013 wrote:
Wed Oct 10, 2018 7:48 am
munemaker wrote:
Tue Oct 09, 2018 11:54 am
an_asker wrote:
Tue Oct 09, 2018 10:58 am
munemaker wrote:
Tue Oct 09, 2018 10:44 am

Another option: If you plan ahead and arrange your finances properly, you can qualify for very good, inexpensive health insurance through the ObamaCare exchange. That's what we did.
Would you mind sharing how you managed this? Is it because you have low net worth or because you have everything in retirement or ... overseas or something?!!
First, I think this only works well if you are in roughly the $1M to $5M range of financial net worth. We are in that range. Here are some articles about multi-millionaires receiving ObamaCare subsidies.

https://www.cnbc.com/2016/01/27/theyre- ... idies.html
http://www.retireearlyhomepage.com/obam ... 017r2.html
viewtopic.php?t=226359
https://www.trozaninsurance.com/blog/ob ... lionaires/
https://www.dailysignal.com/2016/01/29/ ... ely-legal/
https://ournextlife.com/2016/02/01/the- ... -retirees/
https://blogs.harvard.edu/philg/2016/05 ... lionaires/
http://www.city-data.com/forum/health-i ... acare.html

The strategy is more related to income than assets. Subsidies are keyed off of MAGI which is the last line on the 1040 with tax-exempt income added to it. Use this calculator to see how income affects your premium: https://www.kff.org/interactive/subsidy-calculator/ . The sweet spot for couples to minimize premiums is currently around $23,000; you don't want to go under this MAGI or you will be pushed on to Medicaid.

Here are some things we did:
- We hold most of our financial assets in IRAs.
- Assuming you have retired, you won't have any earned income. If you have a spouse, you can erase up to $13,000 in earned income by contributing to a Traditional IRA.
- If you qualify for a pension, defer it until after you are on Medicare.
- Defer social security until you are on Medicare.
- Minimize drawing from a traditional IRA until you are on Medicare.
- Minimize capital gains until you are on Medicare.
- Minimize Roth conversions until you are on Medicare.
- Make the taxable part of your portfolio tax efficient. This means minimizing investments that pay high capital gains or high dividends.
- Put enough in cash to live on until you are on Medicare.
- Nothing overseas. No Swiss bank accounts. No accounts in the Caymens.

Here are a few articles that can help you with the strategy (article is old so the numbers have to be adjusted to today, but the principles are valid):
https://www.gocurrycracker.com/obamacar ... etirement/
https://www.gocurrycracker.com/obamacar ... imization/

That's what I can think of off the top of my head. Hope it helps.
+1

Another possible option I read once was an equity loan until 65 and then paying back the loan after 65 from taxable account. Thinking outside the box.
Interesting!

madbrain
Posts: 5243
Joined: Thu Jun 09, 2011 5:06 pm
Location: San Jose, California

Re: What is your annual cost for health insurance?

Post by madbrain » Fri Oct 12, 2018 4:35 am

Employer insurance through a Megacorp.
Kaiser plan for 2 males. Ages 42 and 47. HMO, in-network coverage only.
$2200/year in employee premium. Have no idea how much the employer subsidy is, but have to believe it is at least $5000.
$0 deductible, $3000 max OOP per person / $5500 max OOP total.
We probably won't hit the max, but will incur at least $2000 of OOP just from regular prescriptions and doctor visits, if not $3000.
The copays are much higher with this plan than my previous Megacorp. The premium on the other hand is much lower.
I much preferred my previous employer's plan.
Last edited by madbrain on Fri Oct 12, 2018 4:43 am, edited 1 time in total.

madbrain
Posts: 5243
Joined: Thu Jun 09, 2011 5:06 pm
Location: San Jose, California

Re: What is your annual cost for health insurance?

Post by madbrain » Fri Oct 12, 2018 4:42 am

michaeljc70 wrote:
Thu Oct 11, 2018 9:48 am
Cloud wrote:
Thu Oct 11, 2018 7:22 am
Chris K Jones wrote:
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
Not in VT. Every age pays the same price.
Wow. That is interesting. Hate to be young and on ACA in VT.
ACA premiums vary by age. The rate for a 64-year old can only be up to 3x the rate for a 21 year old.
See https://www.valuepenguin.com/how-age-af ... costs#nogo

Prior to ACA, the sky was the limit in terms of how much higher the premium could be for older people.
And of course, pre-existing conditions could lead to rate increases, as well as denial. Most people in their 60s would have a few of those.
I had some disqualifying conditions at at age 18, too. Now a whole bunch more at 42.

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munemaker
Posts: 4144
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Re: What is your annual cost for health insurance?

Post by munemaker » Fri Oct 12, 2018 8:44 am

madbrain wrote:
Fri Oct 12, 2018 4:42 am

ACA premiums vary by age. The rate for a 64-year old can only be up to 3x the rate for a 21 year old.
As stated above, depends on where you live.
New York does not permit any use of age as a factor when determining health insurance rates. In fact health insurance premiums in the Empire State cannot discriminate whatsoever and have the same price regardless of any policyholder characteristics. This typically leads to higher premiums for those who are ages 21-50, and lower premiums for those who are older when compared to other states.

Vermont also does not permit the use of age as a factor when calculating health insurance premiums. Insurers must charge the same premiums regardless of health status, age or gender in the state. Like New York, younger citizens of Vermont typically see higher relatively premiums, while those older consumers will see lower premiums in comparison to other states.
reference: https://www.valuepenguin.com/how-age-af ... ance-costs

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simplesimon
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Joined: Mon Feb 25, 2008 8:53 pm
Location: Boston, MA

Re: What is your annual cost for health insurance?

Post by simplesimon » Fri Oct 12, 2018 9:25 am

jharkin wrote:
Wed Oct 10, 2018 9:00 pm
Blue Cross Blue Shield HDHP
Cost: $2700/yr for family of 4 minus a $1000 subsidy put into the HSA (net $1700)
Coverage: $1500ind/$3000 family deductible and $3000/$6000 OOP max (all preventative care is free)
profession: software program manager at a mid-cap private tech firm

I cant tell you the employee/employer premium split until I get next years W2 (new job) but they are probably paying 80-90% of it.... Our oop health expenses this year have been low enough the plan is going to be effectively negative cost to me including the tax savings on premiums and HSA contributions.
Today I learned your W2 tells you what the total premium of your health plan is!

For those that don't know, it's in Box 12 code DD.

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munemaker
Posts: 4144
Joined: Sat Jan 18, 2014 6:14 pm

Re: What is your annual cost for health insurance?

Post by munemaker » Fri Oct 12, 2018 10:47 am

simplesimon wrote:
Fri Oct 12, 2018 9:25 am
jharkin wrote:
Wed Oct 10, 2018 9:00 pm
Blue Cross Blue Shield HDHP
Cost: $2700/yr for family of 4 minus a $1000 subsidy put into the HSA (net $1700)
Coverage: $1500ind/$3000 family deductible and $3000/$6000 OOP max (all preventative care is free)
profession: software program manager at a mid-cap private tech firm

I cant tell you the employee/employer premium split until I get next years W2 (new job) but they are probably paying 80-90% of it.... Our oop health expenses this year have been low enough the plan is going to be effectively negative cost to me including the tax savings on premiums and HSA contributions.
Today I learned your W2 tells you what the total premium of your health plan is!

For those that don't know, it's in Box 12 code DD.
The W-2 has only been showing health insurance cost for the past 5 years or so (as I recall, was optional in 2012 and required starting in 2013).

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

Post by JackoC » Fri Oct 12, 2018 1:37 pm

munemaker wrote:
Fri Oct 12, 2018 8:44 am
madbrain wrote:
Fri Oct 12, 2018 4:42 am

ACA premiums vary by age. The rate for a 64-year old can only be up to 3x the rate for a 21 year old.
As stated above, depends on where you live.
I'd also note among relevant state actions that NJ this year became the second state (after MA's pre ACA mandate policy) to have a state individual mandate. So it wouldn't be just a decision to drop our (couple averaging 60) plan which costs $19k/yr for $6k family deductible $13k out of pocket max plan if we'd rather risk going without, as it now would be with the end of the federal mandate. We'd have to factor in paying 2.5% of income for really nothing, a significant proportion of what we pay for that plan, poor value for money as it is. Although we would not be up for that kind of health insurance roulette anyway.

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

Post by celentano » Fri Oct 12, 2018 3:57 pm

JackoC wrote:
Mon Oct 08, 2018 4:16 pm
Retired2013 wrote:
Mon Oct 08, 2018 8:17 am
theplayer11 wrote:
Mon Oct 08, 2018 6:38 am
celentano wrote:
Sun Oct 07, 2018 5:15 pm
I thought I were one of the few unlucky that were being ripped off by Obama Care deal. Wow! There are so many unhappy people, yet the government is still running this scam. Yes, I say it is a scam. Here is why:

I am 63, my wife 60 and my child is 20 (in college).
Before Obama Care we used to pay about $2500 for health insurance with a $10000 deductible. we were fine with this deal, because we could afford the $10000 deductible. First year Obama Care kicked in, we paid $9000 for the similar insurance with $12,000 deductible (the cheapest option available). The following year, the premium went up to $13,000 and this year it is at $18,500 still with $12000 deductible. Next year I think it will $24000. And, the funny thing is our Modified Adjusted Gross Income is about $85000. If our income were under $80000, the premium would have been about $30 this year (yes thirty dollars for whole year).
Why don't you get your income below the ACA cliff instead of dropping insurance?
+1

2018 POVERTY GUIDELINES FOR THE 48 CONTIGUOUS STATES AND THE DISTRICT OF COLUMBIA
PERSONS IN FAMILY/HOUSEHOLD POVERTY GUIDELINE
For families/households with more than 8 persons, add $4,320 for each additional person.
1 $12,140
2 $16,460
3 $20,780 @ 400% = $83,120
Just a question. I get that there is a 'cliff' just past a household income of 400% of the Federal Poverty Line because below that threshold the ACA has you paying max 9.5% (per some govt video I just pulled up from a years ago, assuming it's still the same) of income for the plan, with the difference a subsidy, calculated as difference between 9.5% of income and the second least expensive 'silver' plan in your area, that $ amount of subsidy can be applied to any plan. If you're at 400.1% of FPL, you get nothing. So that would be quite a cliff for our state/age, our *bronze* plan would be 23% of an income of $83k per yr. But how could the subsidized cost come out $30/yr if the unsubsidized was $18,500 or $24,000 a year?

It's not feasible for us to get below 400% FPL, and we pay well under 9.5% of taxable income (though a honking big absolute $ amount with a few $k oop on top on average, never hit the deductible except in case of quite bad medical news, and it's going to get a lot more annoying I'm sure as we proceed through our early 60's, but it's not literally financially killing us). I'm just curious.
I use a very popular tax software to get my figures. I don't want to mention the name, because I am new to this forum and I don't know if it is allowed or not. I have been punished once already by the moderator, because I proposed a great solution in this forum to this Health Insurance mess in this great country. At the moment, I don't know anything about the 9.5% and second least expensive 'silver' plan stuff, but I will learn it. What is happening to me is very clear: Currently, I am paying $2.71 each month for a family of 3 in CT for the cheapest, the worst, the most awful bronze plan. However, if my MAGI (modified adjusted gross income) for 2018 goes over $81,680 even by $1 I will have to payback $18,059.88 (premium tax credits for the year)! These are exact figures. In my earlier post I was using round figures, because I didn't want to bore folks with too much detail.

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

Post by nisiprius » Sat Oct 13, 2018 3:58 pm

Very rough round numbers. We're on Medicare. In each case, the 2x12 means I'm multiplying a monthly number by two people and by twelve months. 2x12 x $100 for Medicare part B, + 2x12 x $35 for the combined costs of Medicare part D plus out-of-pocket co-pays on prescriptions, + 2x12 x $216 for Medicare supplemental ("Medigap") = $8,500/year (for two people).

For what it's worth, in a spreadsheet I had made in 2007 when exploring retirement, I'd estimated it at $7,500/year.
Annual income twenty pounds, annual expenditure nineteen nineteen and six, result happiness; Annual income twenty pounds, annual expenditure twenty pounds ought and six, result misery.

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

Post by MathWizard » Sat Oct 13, 2018 4:11 pm

Total cost counting glasses but not dental, family coverage
1900/ month.

I have estimated that my wife and I will be spending about 10.2K/ yr once we turn 65 using Medicare and retiree plan from work. Again, glasses but not dental. We are already wearing progressive lenses so I don't expect glasses to be more expensive.

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

Post by sawhorse » Sat Oct 13, 2018 4:53 pm

Am I the only one who gets insurance through an employer (my husband's) who is charged the premiums through after-tax money? In my previous employers it came out of pre-tax money, but now we're charged after tax. We verified that with the employer as well as the payroll company and through our own calculations.

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

Post by madbrain » Sat Oct 13, 2018 5:01 pm

sawhorse wrote:
Sat Oct 13, 2018 4:53 pm
Am I the only one who gets insurance through an employer (my husband's) who is charged the premiums through after-tax money? In my previous employers it came out of pre-tax money, but now we're charged after tax. We verified that with the employer as well as the payroll company and through our own calculations.
If you are legally married, all medical premiums are supposed to be charged pre-tax. The employer is in error.

Some other benefits, such as disability and life insurance, might be charged after-tax basis. There is often an option to select which one you want. If you pay the premium after-tax, the benefit will be tax-free. And vice-versa, if you pay the premium pre-tax, the benefit is taxable.

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

Post by sawhorse » Sat Oct 13, 2018 5:07 pm

madbrain wrote:
Sat Oct 13, 2018 5:01 pm
sawhorse wrote:
Sat Oct 13, 2018 4:53 pm
Am I the only one who gets insurance through an employer (my husband's) who is charged the premiums through after-tax money? In my previous employers it came out of pre-tax money, but now we're charged after tax. We verified that with the employer as well as the payroll company and through our own calculations.
If you are legally married, all medical premiums are supposed to be charged pre-tax. The employer is in error.

Some other benefits, such as disability and life insurance, might be charged after-tax basis. There is often an option to select which one you want. If you pay the premium after-tax, the benefit will be tax-free. And vice-versa, if you pay the premium pre-tax, the benefit is taxable.
Yes we are legally married, and this is health insurance not another type of insurance. When we asked his employer, the response was that the employer is offering the insurance but not covering the premiums, so it's taken out of after tax earnings. Does that sound right?

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

Post by madbrain » Sat Oct 13, 2018 6:16 pm

sawhorse wrote:
Sat Oct 13, 2018 5:07 pm
If you are legally married, all medical premiums are supposed to be charged pre-tax. The employer is in error.

Some other benefits, such as disability and life insurance, might be charged after-tax basis. There is often an option to select which one you want. If you pay the premium after-tax, the benefit will be tax-free. And vice-versa, if you pay the premium pre-tax, the benefit is taxable.
Yes we are legally married, and this is health insurance not another type of insurance. When we asked his employer, the response was that the employer is offering the insurance but not covering the premiums, so it's taken out of after tax earnings. Does that sound right?
No, it is not right.
The fact that the employer pays 0% of the premium means that they don't get to deduct any contribution towards the premiums.
But your share of the premiums, which is 100%, should be fully tax-deductible, and shown as a pre-tax deduction on your pay stub, and W-2.

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

Post by mgensler » Sat Oct 13, 2018 7:45 pm

Family of 6, mid forties with 4 young kids. We have the ACA bronze HSA plan. No dental or vision. Premiums are $15,600 /year. Deductible is $6,500/$13,000. The biggest issue we have is very few doctors in our area take the insurance.

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

Post by Geneyus » Sun Oct 14, 2018 4:46 pm

The family plan I have is roughly $110 per 2 week pay period. I work for a local government.

No deductible and it's a copay plan:
In-patient hospital visits $500
Out-patient $250
ER visit $250 (waived if real emergency)
In-patient/out-patient surgery covered 100%
PCP $30
Specialist $45
X-ray/labs/checkups covered 100%
Generic prescriptions $10 (many with 90 day supply)
Physical therapy/chiropractic 100% after $45 copay
Ambulance $50 copay

For the birth of our child, every visit and the birth was covered 100%. The hospital didn't believe us and called to verify.

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

Post by woofwoofbaddog » Mon Oct 15, 2018 1:33 am

The $28,000 number is the average full cost for a family of four with private insurance in the USA in 2017 estimated by Milliman (they do it every year). It includes insurance costs (individual+company) http://www.milliman.com/mmi/subsidies and out of pocket expenditure.

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

Post by celentano » Mon Oct 15, 2018 9:11 am

Geneyus wrote:
Sun Oct 14, 2018 4:46 pm
The family plan I have is roughly $110 per 2 week pay period. I work for a local government.

No deductible and it's a copay plan:
In-patient hospital visits $500
Out-patient $250
ER visit $250 (waived if real emergency)
In-patient/out-patient surgery covered 100%
PCP $30
Specialist $45
X-ray/labs/checkups covered 100%
Generic prescriptions $10 (many with 90 day supply)
Physical therapy/chiropractic 100% after $45 copay
Ambulance $50 copay

For the birth of our child, every visit and the birth was covered 100%. The hospital didn't believe us and called to verify.
Nice plan! Do you know your employer's share of the cost? I will guess around 85%.

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A440
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Re: What is your annual cost for health insurance?

Post by A440 » Sun Mar 31, 2019 2:05 pm

After finishing my taxes this year and seeing what I paid in Federal taxes for working 1 full-time and 2 part-time jobs in 2018, I found it interesting that I paid more last year in healthcare and prescription premiums (not co-pays) for my family of 4 than I did in Federal taxes. Is this normal for AGI's around $120,000?
My salaries had less than a 1% increase, but the cost of the healthcare and prescription cost rose much greater. Maybe we can put a cap on those costs instead of property tax deductions??
Now our highest annual expenses are Roth IRA contributions, healthcare and prescription costs, groceries (feeding teens isn't cheap!) :happy and Federal taxes.
I don't know what the future holds, but I know who holds my future.

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

Post by Ron Ronnerson » Sun Mar 31, 2019 7:44 pm

A440 wrote:
Sun Mar 31, 2019 2:05 pm
After finishing my taxes this year and seeing what I paid in Federal taxes for working 1 full-time and 2 part-time jobs in 2018, I found it interesting that I paid more last year in healthcare and prescription premiums (not co-pays) for my family of 4 than I did in Federal taxes. Is this normal for AGI's around $120,000?
My salaries had less than a 1% increase, but the cost of the healthcare and prescription cost rose much greater. Maybe we can put a cap on those costs instead of property tax deductions??
Now our highest annual expenses are Roth IRA contributions, healthcare and prescription costs, groceries (feeding teens isn't cheap!) :happy and Federal taxes.
Our gross income is around $115k-$120k (our AGI is lower due to retirement savings). I’m a public school teacher also. Our health insurance costs us around 2% of our gross income and federal income taxes cost us 1.5% of gross income (California income taxes are $0 for us). So, yes, health insurance costs us more than income taxes.

By the way, I wouldn’t count Roth IRA contributions as an expense. That’s money you’re saving.

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

Post by andypanda » Mon Apr 01, 2019 6:42 am

Let's see... I'm 68...

$428.60 per month for Medicare Part B this year.

$307.00 per month for my Anthem supplement as a retired Virginia state employee. Includes some vision, hearing and dental.

Total = $8827.20 for this year.

I got married in November, but my wife is 64 and still working. Her state employee Anthem coverage is $100 per month or so. Maybe $200. Peanuts. If she retires before 65, her Anthem coverage will be nearly $900 per month. In a year she will be in the same boat as me. :)
Fwiw, when I retired in 2012 I was paying a little over $600/month to continue my coverage and even kept the same Anthem card. It slowly went up to $667.

If you drop your state retiree coverage you can never ever get it back.

The good news is we don't have to shop for health insurance and compare a hundred or a thousand plans.

(We just got our tax returns back from the CPA, so I suppose I'll file a SSA-44 and send them certified marriage certificate and see what happens. I tried calling SSA for clarification and now I'm more confused than before.)

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

Post by HoosierJim » Mon Apr 01, 2019 6:50 am

xenochrony wrote:
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.
.... 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.
I hate to pay too but isn't $20,000 /2000 hours per year approx $10 per hour. Considering insurance used to be 1/2 the price about 5 years ago- let's say $5/year 5 years ago - isn't that an increase of about $1/hr per year? The $0 deductible has a cost and value - was your insurance 5 years ago a $0 deductible plan?

Thegame14
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Re: What is your annual cost for health insurance?

Post by Thegame14 » Mon Apr 01, 2019 9:07 am

we have family coverage from my wife's employer and pay $40 per month for UHC 1000 plan, $2,000 individual deductible, $4,500 out of pocket max individual, overall $9,000 family deductible. Most years we don't use anywhere near the deductible, this year with having a baby we are getting close, but we both maxed out FSA this year $2,600 X 2 - $5,200

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

Post by mnsportsgeek » Mon Apr 01, 2019 9:55 am

$1300 annually for high deductible plan. Company contributes $1000 to HSA.

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

Post by SrGrumpy » Mon Apr 01, 2019 8:36 pm

My wife (40) and I (50) each pay $1 a month for an Oscar bronze plan in California. Deductible is about $6,000. It went up a little this year. Picked up some statins the other day and was surprised they were free - no co-pay. Insurer also pays us $1 a day (up to $100 annually) each time we do a certain number of steps.

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Re: What is your annual cost for health insurance?

Post by basspond » Tue Apr 02, 2019 2:32 am

Not only did our premiums go up, now instead of co-pays for everything, we are subject to $6k a year in deductibles. Our family plan with employer costs over $16k a year. After company contributions our premiums are close to $6k yearly.

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

Post by LAFiddler » Tue Apr 02, 2019 4:19 am

Local Gov employee in in 90-100k range. Family of 4 in great health. 33/32/3/1.

Employer covers full cost of premium to the tune of 22k a year. We are very grateful and it keeps me from leaving.

2600 deductible per individual then 90% coverage on most things to 10k.

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

Post by HEDGEFUNDIE » Tue Apr 02, 2019 4:25 am

Bay Area tech employer.

Single HDHP coverage fully funded by employer, plus $500 HSA contribution. Also covers the cost of One Medical (concierge medicine service worth $200/yr). Deductible only $1500, out-of-pocket max only $3000.

Also have the option of “low-deductible” plan at $800/yr in premiums. $20 copay for visits. $250 deductible and $3500 OOP max.

Wife and baby on wife’s employer plan which is similarly generous.

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

Post by JBeck » Tue Apr 02, 2019 5:28 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.
2,200 annually
2 adults (cost is the same if I add dependents)
Business Analyst for local government

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A440
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Re: What is your annual cost for health insurance?

Post by A440 » Tue Apr 02, 2019 6:45 am

By the way, I wouldn’t count Roth IRA contributions as an expense. That’s money you’re saving.
I treat anything going out as an expense, even if it is an investment. When it comes back in, it counts as income. "Pay yourself first" :happy
I don't know what the future holds, but I know who holds my future.

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