What is your annual cost for health insurance?

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

Post by jminv » Sun Oct 07, 2018 2:11 am

I pay 0 where I live in Europe (I am on a special scheme, normally there would be some payments, of around 1000 euros a year). Before I was eligible for public insurance, I paid 800 euros a year for private insurance but paid for the couple visits I did have out of pocket since it was ridiculously cheap cash prices versus the hassle of filing. The health care is at least as good as the states and it's easier to be seen by your general practioner or specialist as well. When I lived in the USA, pre the health care reforms, I was paying $1500/year for a bcbs plan with a $250 deductible. It's shocking to see the premiums here, particularly for those just before retirement but before Medicare eligibility.

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

Post by HIinvestor » Sun Oct 07, 2018 2:43 am

We pay our portion of family premium, $341/month. H's former employer pays other 75% of the premium as part of H's retirement benefit. The plan has no deductible and out-of-pocket maximum for in-network copays (including Rx) is $3000/person/year. This covers H, me, and our dependent(s). We know we are very fortunate. It is a BCBS PPO Plan and accepted by most providers in my state and throughout the US. Co-pays for seeing an MD or other provider is generally $15, whether the person is a specialist, regular MD, APRN, or whatever provider. Some dental is covered as well as some portions of eye exams. We know we are very fortunate.

H also pays for Medicare B, including an extra cost for IRMAA (with "free" A). I am too young for Medicare but will be entitled to A at no extra charge in a few years. We could opt not to have B, but we have decided to have both private insurance and Medicare A&B. We may revisit at some point.

vested1
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Re: What is your annual cost for health insurance?

Post by vested1 » Sun Oct 07, 2018 9:49 am

Our combined premiums for Medicare Part B and retired employee coverage were $4,456 in 2018. Add another $500 or so for co-pays, so about $5,000 for the year.

We were recently informed by her previous employer that their comprehensive coverage that costs $100 a month, and which is creditable for Medicare supplemental and Part D, is cancelled as of 1/1/19, and that we need to transition to the marketplace with a new health care management company that they hired. New costs for the same basic coverage in 2019 will be $10,601 excluding deductibles. I will purchase Part F with a deductible of over $2,700, so basically no coverage other than catastrophic. My wife will purchase Part N because of greater need.

Her company is offering an HRA that reimburses $7,000 per couple, but this is a one time offering and must be accepted by 12/31/18 or it will never be offered again. There is no promise that the HRA will be a continued offering in future years, or if offered, that it will remain at that level. This insurance is through my wife's previous employer. If we went with the insurance offered by my previous employer the costs would be significantly higher, with an HRA of $4,200 per couple.

We will be purchasing my wife's Part D coverage separately at a lower premium with lower co-pays for her tier 5 medicine of about $4,800 a year (total $5,060 with all medications). The $7,000 HRA will still cover this cost, even though it is outside of their program. The Part D offered by her previous employer would have a co-pay for the tier 5 medicine of $5,800 a year. Medicare.gov estimated the cost of her medicine with no insurance would be over 74k a year.

Although we feel fortunate to have the HRA, who knows if it will be offered in 2020?

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

Post by Chief_Engineer » Sun Oct 07, 2018 10:05 am

Ages: 30 and 28, plus 2 kids

Employer provided HDHP PPO with HSA

Deductible: $5k
OOP Max: $8k
20% coinsurance after deductible
Our premium: $1.5k
Employer premium: $16k

Employer also contributes $2.5k to the HSA.

Rattlesnake
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Location: Michigan

Re: What is your annual cost for health insurance?

Post by Rattlesnake » Sun Oct 07, 2018 10:20 am

Retired...
$134 Monthly for Medicare Part B for me & the spouse = $3,208....
$180 monthly for BCBS Medicare Advantage (includes most prescription costs) for the Wife = $2,150....
Not sure what the deductibles are because I don't keep track but, in 2017 we paid about $4K in out of pocket costs....
I get my prescriptions and almost all of my health care from VA...
We do not have dental coverage so that is about $500 a year for cleanings and x-rays...

We are truly blessed that we do not have the extreme health issues that others experience...

Peace....
9th Infantry Division LRRP (Ranger) | 1968-69

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

Post by Lafder » Sun Oct 07, 2018 10:43 am

Ours is awfully expensive! Good coverage but $$$$$. It is COBRA. When I tried to find a private plan, costs were high for much less coverage so I decided to pay more for better coverage............figuring I CAN afford it and will be sorry if we have a medical issue while covered. Plus it was getting stressful comparing the apples to oranges of available plans. It is an industry in great need of simplification........... It is not an HDHP.

$1786 /month for a family of 4

Over 20k /year in premiums.

Gulp.

It was less when it was through the employer.....

lafder

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

Post by mrsbetsy » Sun Oct 07, 2018 10:55 am

We are small business owners. Just received our annual renewal notice for our high deductible plan.

It will be $1420 per month to continue our bronze plan for the two of us.

We also fully fund an HSA at Lively each year $6900

For 2018, so far, we've spent about $2000 out of pocket in deductibles (medical) because I had a suspicious mammogram, which ended fine, but there were procedures needed to confirm that.

We have no dental or vision and have of course spent money additional monies on cleanings, exams, and contacts.

No subsidies.

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

Post by Gryphon » Sun Oct 07, 2018 11:25 am

Up until a month ago, I was still on previous employer's insurance through COBRA. $400 per month with $1500 deductible. Sadly, I hit the 18 month limit at the end of August & lost that.

For the rest of this year, I opted to sign up for one of their retiree health insurance plans - $1442 per month with $0 deductible as long as I stay in network. When I looked over the ACA options last November, I wasn't real happy with any of them at the time. I will certainly be taking another look at those next month.

theplayer11
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Re: What is your annual cost for health insurance?

Post by theplayer11 » Sun Oct 07, 2018 11:45 am

self pay HDHP-HMO-$8,700/yr family plan-$12k family deductible.

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

Post by ram » Sun Oct 07, 2018 11:50 am

Total Cost = 22 K. Family plan. We are 2 + adult son below 26. PPO as son lives away from us. HDP. Deductible about 5,000/10,000
Employer = 16 K
My portion = 6 K

Would be 19K if HMO.

In a couple of years there will be only 2 of us and then it will be HMO. I anticipate that my portion of the premium will be minimal by then.
Ram

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

Post by ram » Sun Oct 07, 2018 12:16 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?
I am not willing to take that risk. As seen from the attached link a heart transplant costs 1.4 M. http://fortune.com/2017/09/14/organ-transplant-cost/
I suspect that most people on this board are "rich" enough to pay the premiums but few can really self insure organ transplants or 15 days in the ICU.
Ram

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

Post by ClevrChico » Sun Oct 07, 2018 12:21 pm

Work at US megacorp, family of four. Rough numbers are below. DS and I work at same Megacorp, one is on single, the other on single + kids since it's cheaper than family coverage.

Employee annual premium: $1800
Employer HSA Contribution: $1800

$2.5k deductible, then 80% up to OOP max of $5k. BCBS.
Free dental insurance.
Anything preventative is 100% covered, so a typical year is "free" healthcare.

I have no idea what the employer pays, but it's probably a lot. There are definitely some perks to being a W2 Meagacorp cube dweller.

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

Post by ram » Sun Oct 07, 2018 1:15 pm

simplesimon wrote:
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?
Anecdotally, fairly common. I have physician friends in Asia who frequently perform cataract and hip replacement surgeries on Brits. This article notes greater than 1 year wait times for cataract surgeries.
https://www.telegraph.co.uk/news/2016/0 ... tating-lo/
Ram

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

Post by mrgeeze » Sun Oct 07, 2018 1:36 pm

Cyclesafe wrote:
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.


Your point is well taken.
Currently I game the ACA.

I pay zero in premiums for a $22k "valued" (you gotta be kidding me!) catastrophic bronze policy by the only provider in the state.
2nd year. I paid about $3k in expenses last year.

I'm not especially proud of it, but I am fed up with paying whatever "the market" decides it wants to charge.
For decades I paid in hundreds of thousands of dollars for premiums to cover wife & I while I ran my own business.
I'm not kicking in another 100k between now and 65.

I just turned 60 and hope the ACA holds out till I'm 65.
If not, its probably cheaper to spend a few years in Latin America. I like it fine there.

I wish the tribes would relent and we as a nation could actually work on fixing healthcare?

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

Post by dwickenh » Sun Oct 07, 2018 2:26 pm

31,104 per year for DW and I ages 63.
The market is the most efficient mechanism anywhere in the world for transferring wealth from impatient people to patient people.” | — Warren Buffett

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

Post by celentano » 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). This is the stupidest thing I have ever seen. If we were earning $80000, we could sure afford much more than $30 a year. Our total medical expenses for three years under Obamacare were well under $2000, yet the premium I paid was almost $40000! This is very strange design. Next year I will not buy this garbage anymore thanks to elimination of penalty for not buying it. I will put the $32000+ in the bank (the premium plus the deductible) and use it for health care related expenses.
Last edited by celentano on Sun Oct 07, 2018 5:30 pm, edited 2 times in total.

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

Post by Thegame14 » Sun Oct 07, 2018 5:19 pm

Employer sponsored plan.

Wife pays $25 per month for family coverage.

deductible is $1,500 per person, $3,000 family per year
out of pocket max is $4,000 per person $8,000 family per year

Most years we don't hit the deductible nevermind out of pocket max.


I hit out of pocket max last year with sinus surgery. we will hit it again next year for family when the baby is born.

theplayer11
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Re: What is your annual cost for health insurance?

Post by theplayer11 » 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). This is the stupidest thing I have ever seen. If we were earning $80000, we could sure afford much more than $30 a year. Our total medical expenses for three years under Obamacare were well under $2000, yet the premium I paid was almost $40000! This is very strange design. Next year I will not buy this garbage anymore thanks to elimination of penalty for not buying it. I will put the $32000+ in the bank (the premium plus the deductible) and use it for health care related expenses.
Why don't you get your income below the ACA cliff instead of dropping insurance?

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

Post by randomizer » Mon Oct 08, 2018 7:39 am

Something like $3,200.
87.5:12.5, EM tilt — HODL the course!

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

Post by dcabler » Mon Oct 08, 2018 7:58 am

HDHP with HCA with $4200 deductible.
I work at Megacorp but the company pays 100% of the premiums
I saw a presentation when I joined a year ago that stated the company paid premiums for a family were $1200/month so that's $14,400 per year.

For this year's open enrollment they are giving us a choice of another HDHP with HCA but with the minimum deductible allowed by law to still be a HDHP plan. But we'd have to pay part of the premium which works out to an average of about $235 per month/$2820 per year. We met the deductible in the August timeframe with our current plan. So need to pull out a spreadsheet and see it makes sense or not - back of the envelope says not, but we'll see.

Brings up a question. If I do go with the new option and there comes a day when I need Cobra, am I stuck with that plan or can I go back to the less expensive plan? If not immediately, then during next open enrollment at the company? I never thought about this before and I've been on Cobra a number of times - just never at a company with options for health insurance.

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

Post by Retired2013 » 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). This is the stupidest thing I have ever seen. If we were earning $80000, we could sure afford much more than $30 a year. Our total medical expenses for three years under Obamacare were well under $2000, yet the premium I paid was almost $40000! This is very strange design. Next year I will not buy this garbage anymore thanks to elimination of penalty for not buying it. I will put the $32000+ in the bank (the premium plus the deductible) and use it for health care related expenses.
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

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

Post by Toons » Mon Oct 08, 2018 8:22 am

Medicare for Me 112 Monthly
Supplemental 116.Monthly
Prescription D 18 Monthly

Spouse
Retireee HealthCare 325. Monthly


:mrgreen:
"One does not accumulate but eliminate. It is not daily increase but daily decrease. The height of cultivation always runs to simplicity" –Bruce Lee

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

Post by Atgard » Mon Oct 08, 2018 11:24 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). This is the stupidest thing I have ever seen. If we were earning $80000, we could sure afford much more than $30 a year. Our total medical expenses for three years under Obamacare were well under $2000, yet the premium I paid was almost $40000! This is very strange design. Next year I will not buy this garbage anymore thanks to elimination of penalty for not buying it. I will put the $32000+ in the bank (the premium plus the deductible) and use it for health care related expenses.
All of health care is a scam, costs all-in are estimated at about $10K per man, woman, and child, so $40K per family of 4 on health care-related spending. It is like 19% of GDP. However you slice-and-dice that, whatever part the government pays (we pay through taxes), insurance pays (we pay through premiums), or employers pay (we pay through lower wages), it is just too high relative to every other country on Earth. Sure, the ACA shifted things and made some winners and losers (I happen to be a self-employed loser), but premiums have been increasing far faster than inflation for literally decades, and this is the result. The ACA was an attempt to stem health care costs that were already spiraling out of control, not the cause of them.

Going without insurance is an option, but a risky one. Part of the reason those premiums are so high is because (as was pointed out above) cancer or a heart issue could cost you over $1M. That has nothing to do with the gov't or ACA, but that's the risk you'll be taking without an ACA plan. There really aren't any good options, the total health care costs in this country are just too high.

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

Post by furikake » Mon Oct 08, 2018 11:29 am

$15k this year for a $5000 deductible $6050 out of pocket max per person HSA plan, 3 in our family. Will be $16,350 next year. We're on a pre-ACA small group plan, am waiting to see if I can negotiate it down some for next year.

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

Post by dodecahedron » Mon Oct 08, 2018 12:00 pm

Chris K Jones wrote:
Sat Oct 06, 2018 6:29 am
Also probably, age is important. Obamacare policies cost more as you get older.
True in many (probably most?) places, but not in all states. In NY, prices do not change with age for adults. Children under age 26, and possibly to 29 in NYS, are a special case if covered on their parents' policies, but otherwise all adults who choose to buy an ACA exchange policy regardless of age.

Of course, in every state, the options change a lot once you are 65, which is my case. (Turning 65 this month.)

My annualized premium cost is 12*134=$1,608 for self-only Part B coverage, which is my only premium cost. Part A is premium-free and I chose a zero dollar cost highly rated Medicare Advantage PPO plan (this one) to provide part D prescription coverage and limit out-of-pocket costs that would otherwise not be covered by Part A or Part B coverage. (My PPO allows me to use any provider who accepts Medicare, but gives me even lower costs if I use an in-network provider. All hospitals and most providers in Upstate NY are in network for me.)

And of course my coverage is subsidized. My Part B premiums supposedly cover 25% of the government´s cost of providing Part B coverage. My contributions to paying for Part A coverage were my Medicare payroll taxes throughout my working lifetime. (Also my late husband´s Medicare payroll taxes, since I would have been covered under his work record if not my own. He did not live long enough to be eligible for Medicare himself.) The government is paying my Medicare Advantage PPO provider a lump sum based on their actuarial computation of the value to the government of offloading their Part A and B responsibilities to my PPO provider. The actual amount the government is paying my PPO provider is a mysterious black box to me; I understand it depends in part on the PPO´s representation about the current state of my health. (E.g., I believe they would get paid a larger lump sum if I had diabetes, high blood pressure, cancer, etc. Fortunately, none of those apply.) There is also some unknown subsidy in the Part D coverage, but since I do not take any drugs and fervently hope to keep it that way, I have not spent much time thinking about it.

Policy covers only me.

Profession: retired economist, still working very part-time but have not been eligible for employer-provided benefits since my late husband´s death five years ago.

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

Post by JackoC » 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.

The Casualty
Posts: 68
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Re: What is your annual cost for health insurance?

Post by The Casualty » Mon Oct 08, 2018 5:20 pm

Health insurance from DW former Megacorp, spousal benefit.

Medical Benefit $ 237.13 per month.

Vision Benefit $11.50 per month.

Megacorp contributes $500 per year to HRA.

$1000 deductible, Max out of pocket $3,500.


I recently had to make a trip to the Hospital ER. I was past seeing my PCP and Urgent Care. I consulted with a Nurse through our insurance plan and she advised ER visit. Total bill was $10K +, $4,100 for a CT Scan Neck with contrast. I could get the same scan at a free standing imaging center down the street for $410 but it wasn't an option at the time. What a racket.

sil2017
Posts: 244
Joined: Mon Jan 23, 2017 7:25 am

Re: What is your annual cost for health insurance?

Post by sil2017 » Mon Oct 08, 2018 5:43 pm

Insurance for just myself
Health Insurance- Kaiser HMO
Co-pay - $15 per visit
Cap payment per year $1500
Vision and dental care- $400 per year

Retired teacher
Annual health payment for 2019 - $7800, $7200 ( 2018)

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Shackleton
Posts: 301
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Re: What is your annual cost for health insurance?

Post by Shackleton » Mon Oct 08, 2018 7:04 pm

Shackleton wrote:
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.
I am interviewing with another megacorp and my annual premium (me plus spouse) would be $992 with $2700 deductible and $6550 max OOP. Me likey!
“Superhuman effort isn't worth a damn unless it achieves results.” ~Ernest Shackleton

mmcmonster
Posts: 263
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Re: What is your annual cost for health insurance?

Post by mmcmonster » 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. :(

tj
Posts: 2191
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Re: What is your annual cost for health insurance?

Post by tj » 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.

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

Post by dodecahedron » Mon Oct 08, 2018 8:09 pm

tj wrote:
Mon Oct 08, 2018 7:53 pm
mmcmonster wrote:
Mon Oct 08, 2018 7:26 pm
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.
10 years in any NYS job (or any combination of political subdivisions thereof, e.g.., city/town/county/school district/water district/sewer district/fire district/public library district, etc.--NY has a LOT of political subdivisions!) gives you and/or your surviving spouse access to their platinum employee plans for life. (After age 65, it would even reimburse your Medicare Part B premium, including any IRMAA surcharges. Their employee plan would have then served as secondary to fill in all the gaps.) My late husband unfortunately died a year too soon for us to qualify. Everyone in the HR office was sad he didn´t quite make it. They kept asking me, ¨Are you SURE he didn´t work somewhere else in NYS before you met him--maybe as a town lifeguard on Long Island? Alas, no.)
Last edited by dodecahedron on Mon Oct 08, 2018 8:44 pm, edited 1 time in total.

LawEgr1
Posts: 127
Joined: Tue Dec 27, 2016 10:34 pm

Re: What is your annual cost for health insurance?

Post by LawEgr1 » Tue Oct 09, 2018 10:17 am

Family Plan: $4,440

BUT :x

Add ($150 x 12 month) = $1,800 <-----Monthly surcharge because spouse has access to health insurance at her employer.

so TOTAL = $6,240

OOP:$4k per person or $8k once filled through various members
Deduct: $1,200 per person - see above

Bir48die
Posts: 39
Joined: Fri Dec 18, 2015 11:25 am

Re: What is your annual cost for health insurance?

Post by Bir48die » Tue Oct 09, 2018 10:30 am

I just turned 63. Retired two and a half years. Cobra on the first year and a half at $524/mth. Went to Kaiser in Nov 2017 @ $679/mth. Next month I get a note that it's going to $844/mth for 2018. Deductible was $3,000/year and they increased to $3,500. Thank goodness wife has TriCare. Had a shoulder surgery in April. It's brutal. Luckily had opened up an HSA but drained $7,000 of that.

For those of you who manage your income to get subsidies: enjoy it while it lasts.

vested1
Posts: 1597
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Re: What is your annual cost for health insurance?

Post by vested1 » Tue Oct 09, 2018 10:32 am

Atgard wrote:
Mon Oct 08, 2018 11:24 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). This is the stupidest thing I have ever seen. If we were earning $80000, we could sure afford much more than $30 a year. Our total medical expenses for three years under Obamacare were well under $2000, yet the premium I paid was almost $40000! This is very strange design. Next year I will not buy this garbage anymore thanks to elimination of penalty for not buying it. I will put the $32000+ in the bank (the premium plus the deductible) and use it for health care related expenses.
All of health care is a scam, costs all-in are estimated at about $10K per man, woman, and child, so $40K per family of 4 on health care-related spending. It is like 19% of GDP. However you slice-and-dice that, whatever part the government pays (we pay through taxes), insurance pays (we pay through premiums), or employers pay (we pay through lower wages), it is just too high relative to every other country on Earth. Sure, the ACA shifted things and made some winners and losers (I happen to be a self-employed loser), but premiums have been increasing far faster than inflation for literally decades, and this is the result. The ACA was an attempt to stem health care costs that were already spiraling out of control, not the cause of them.

Going without insurance is an option, but a risky one. Part of the reason those premiums are so high is because (as was pointed out above) cancer or a heart issue could cost you over $1M. That has nothing to do with the gov't or ACA, but that's the risk you'll be taking without an ACA plan. There really aren't any good options, the total health care costs in this country are just too high.
Eliminating the mandate in 2019 (or making it toothless) and beyond has also caused premiums to spike. Fewer young and healthy people who chose to be uninsured gives an excuse to insurance companies to artificially inflate premiums.

I believe that this is the reason my wife's previous employer joined my own in cancelling all company sponsored insurance and shuffling us off to the marketplace. Both employers cut their losses by offering an HRA to help defray our OOP costs, but limited their liability at the same time, while escaping ridiculous increases in premiums across the board.

User avatar
munemaker
Posts: 3519
Joined: Sat Jan 18, 2014 6:14 pm

Re: What is your annual cost for health insurance?

Post by munemaker » Tue Oct 09, 2018 10:35 am

Insurer: UPMC
Annual premium $1,600 (after subsidy of about $18,000)
Deductible: $0 (There are co-pays on most things, no co-pay on preventive care)
Maximum Out of Pocket: $2,500
Narrow vs. Wide Network: EPO (UPMC only - area's dominant provider)
How many? - Married couple
Ages: In our early 60s
Profession: Retired from private industry
Wages: Wife works PT job for about $7,500. We invest $7,500 in a TIRA so it doesn't count for ObamaCare.

This is a fantastic ObamaCare policy!
Last edited by munemaker on Tue Oct 09, 2018 10:55 am, edited 1 time in total.

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munemaker
Posts: 3519
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Re: What is your annual cost for health insurance?

Post by munemaker » Tue Oct 09, 2018 10:44 am

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
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.

an_asker
Posts: 2199
Joined: Thu Jun 27, 2013 2:15 pm

Re: What is your annual cost for health insurance?

Post by an_asker » Tue Oct 09, 2018 10:56 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
That is crazy! It's not my understanding of folks working IN healthcare!!

Texanbybirth
Posts: 980
Joined: Tue Apr 14, 2015 12:07 pm

Re: What is your annual cost for health insurance?

Post by Texanbybirth » Tue Oct 09, 2018 10:57 am

HDHP: 2.7k ded/6k OOP Max Indiv; 5.4k/12k Family (edited because of my dumb mistake, thanks an_asker)
2017 premium: $20k (Fully paid by employer, they also contr $4k to HSA)
family of 4, soon to be 5
financial industry
munemaker wrote:
Tue Oct 09, 2018 10:44 am
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
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.
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
Last edited by Texanbybirth on Tue Oct 09, 2018 11:03 am, edited 2 times in total.

an_asker
Posts: 2199
Joined: Thu Jun 27, 2013 2:15 pm

Re: What is your annual cost for health insurance?

Post by an_asker » Tue Oct 09, 2018 10:58 am

munemaker wrote:
Tue Oct 09, 2018 10:44 am
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
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?!!

an_asker
Posts: 2199
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Re: What is your annual cost for health insurance?

Post by an_asker » Tue Oct 09, 2018 10:59 am

Texanbybirth wrote:
Tue Oct 09, 2018 10:57 am
HDHP: 2.7k ded/5.4k OOP Max
2017 premium: $20k (Fully paid by employer, they also contr $4k to HSA)
family of 4, soon to be 5
financial industry
[...]
I thought that deductibles need to be higher than that for HDHP plans!!

You're smart or lucky or both :-)

Texanbybirth
Posts: 980
Joined: Tue Apr 14, 2015 12:07 pm

Re: What is your annual cost for health insurance?

Post by Texanbybirth » Tue Oct 09, 2018 11:04 am

an_asker wrote:
Tue Oct 09, 2018 10:59 am
Texanbybirth wrote:
Tue Oct 09, 2018 10:57 am
HDHP: 2.7k ded/5.4k OOP Max
2017 premium: $20k (Fully paid by employer, they also contr $4k to HSA)
family of 4, soon to be 5
financial industry
[...]
I thought that deductibles need to be higher than that for HDHP plans!!

You're smart or lucky or both :-)
Oops, fixed it. I usually only focus on individual (everyone else in my family is healthy), but the info probably didn't mesh well with the other info I posted. :beer

new2bogle
Posts: 1358
Joined: Fri Sep 11, 2009 2:05 pm

Re: What is your annual cost for health insurance?

Post by new2bogle » Tue Oct 09, 2018 11:08 am

Employed at MegaCorp with family level HDHP:

Deductible: $3,400 (then 10% co-insurance)
OOP Max: $5200
Premium: $0
HSA: MegaCorp puts in $2,400. I fill up rest to the max.

If my spouse had access to health care at her employer (she does not because she is part time) my MegaCorp would surcharge me $100/paycheck (bi-weekly).
Last edited by new2bogle on Tue Oct 09, 2018 11:09 am, edited 1 time in total.

UniversityEmployee9
Posts: 104
Joined: Wed Mar 18, 2015 10:01 am

Re: What is your annual cost for health insurance?

Post by UniversityEmployee9 » Tue Oct 09, 2018 11:09 am

$60/month for myself and our daughter for a $1350 deductible/person policy (a HDHP HSA plan), with 20% coinsurance before the deductible is met.

My wife's plan from her job is nearly identical but she doesn't have to pay anything toward the premium (however, adding myself or our daughter would be somewhat expensive on that plan).

My employer contributes $1000/year to my HSA and her employer contributes $750/year to her HSA. We then max out the rest of the HSA space up to the universal family maximum ($6900).

michaeljc70
Posts: 3746
Joined: Thu Oct 15, 2015 3:53 pm

Re: What is your annual cost for health insurance?

Post by michaeljc70 » Tue Oct 09, 2018 11:13 am

ACA plan is $8400/yr, $7200 deductible, both of us in our 40s. Basically nothing covered before you hit the deductible.

AerialWombat
Posts: 196
Joined: Tue May 29, 2018 1:07 pm

Re: What is your annual cost for health insurance?

Post by AerialWombat » Tue Oct 09, 2018 11:18 am

Self-employed in US. I pay $1200/year in total, split between a health share org and a short-term insurance plan that I have to renew every 3 months. Deductible is $10,000 and there is a $1 million cap on both plans. Short-term would pay out first. I pay out of pocket for dental and vision stuff.

It’s not considered ideal, but it meets my personal needs and risk acceptance, and keeps costs low. Basically, I’ve jerry-rigged a catastrophic-only plan even though I’m over 30.

bhsince87
Posts: 1856
Joined: Thu Oct 03, 2013 1:08 pm

Re: What is your annual cost for health insurance?

Post by bhsince87 » 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.
Retirement: When you reach a point where you have enough. Or when you've had enough.

DPT31
Posts: 17
Joined: Thu Jul 19, 2018 10:40 am

Re: What is your annual cost for health insurance?

Post by DPT31 » Tue Oct 09, 2018 11:35 am

$3750 in pretax premiums for my wife and I for Aetna High Deductible
I max the family HSA($6900, of which my employer contributes $1850)
Acts as a PPO, in network Deductible and Max out of pocket is $4k. We hit that is february and everything since then has been covered 100%.
I work at a small community hospital.
I convinced all of my coworkers to switch to this plan when I realized the difference in premiums for HD and PPO was more than the cost of the Deductible-employer contribution). So essentially if you go to the Dr. 1x/yr it is better than getting the PPO.

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munemaker
Posts: 3519
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Re: What is your annual cost for health insurance?

Post by munemaker » 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.
Last edited by munemaker on Wed Oct 10, 2018 6:15 am, edited 1 time in total.

mmcmonster
Posts: 263
Joined: Sun Jan 12, 2014 1:18 pm

Re: What is your annual cost for health insurance?

Post by mmcmonster » 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.

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