How much do you pay for healthcare (50-65 year olds)

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EnjoyIt
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How much do you pay for healthcare (50-65 year olds)

Post by EnjoyIt »

I am wondering, for those who do not receive ACA subsidies, are in their 50's to 65, and purchase their own health insurance on the open market, can you please share what you pay every year and what your deductible is?
Let us know if this is single coverage or a family plan.

If you have purchased insurance for a few years now, please share how the cost has changed over those few years.

Thanks so much for those willing to share.

EDIT: I am looking to budget $20k/yr for health insurance and deductible.
Last edited by EnjoyIt on Sun Sep 27, 2020 1:25 pm, edited 1 time in total.
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oroadsm
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Re: How much do you pay for healthcare (50-65 year olds)

Post by oroadsm »

I am at about $780/month. Husband / wife plan both in our early 50s. It dropped about 10% from last year and it looks like it will drop a small amount next year. Maryland.
Katietsu
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Re: How much do you pay for healthcare (50-65 year olds)

Post by Katietsu »

You should also know that the ACA keeps premiums low for 50-65 year olds by limiting the difference in premium charges based on age. This is true even on the open market.
MikeG62
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Re: How much do you pay for healthcare (50-65 year olds)

Post by MikeG62 »

DW and I are retired in NJ. We do not qualify for any subsidies. Here are out total health care costs (premiums + out-of-pocket co-pays/co-insurance) each of the last three years:

2017 = $19.0K
2018 = $25.6K
2019 = $19.8K

I have had a bronze level plan (HSA in ‘18 & ‘19) each year and my wife a silver level plan (i.e., we don't have Cadillac level health insurance by any means).
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EnjoyIt
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Re: How much do you pay for healthcare (50-65 year olds)

Post by EnjoyIt »

oroadsm wrote: Sun Sep 27, 2020 12:44 pm I am at about $780/month. Husband / wife plan both in our early 50s. It dropped about 10% from last year and it looks like it will drop a small amount next year. Maryland.
Thanks, what is your deductible?
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EnjoyIt
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Re: How much do you pay for healthcare (50-65 year olds)

Post by EnjoyIt »

MikeG62 wrote: Sun Sep 27, 2020 1:23 pm DW and I are retired in NJ. We do not qualify for any subsidies. Here are out total health care costs (premiums + out-of-pocket co-pays/co-insurance) each of the last three years:

2017 = $19.0K
2018 = $25.6K
2019 = $19.8K

I have had a bronze level plan (HSA in ‘18 & ‘19) each year and my wife a silver level plan (i.e., we don't have Cadillac level health insurance by any means).
Thanks,
May I ask, how much of that is premiums, deductibles, and what happened in 2018 that made that year so expensive?
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MP123
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Re: How much do you pay for healthcare (50-65 year olds)

Post by MP123 »

We pay $18,264 for an unsubsidized Bronze HSA plan with a $10k deductible and $13.5k max OOP. Only preventive care is covered until you hit the deductible, so in a really bad year we might need to pay as much as $31,764.

The HSA deduction and self employed health insurance deduction soften the blow a bit, but it's still pretty crazy...
mkc
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Re: How much do you pay for healthcare (50-65 year olds)

Post by mkc »

Currently TN, previously TX. 2 people both mid 50's. Past three years (all ACA plans; no off-market plans available to us):

TN - bronze EPO this year - $17,400 premium cost plus $1650 concierge PCP (no one taking new patients for at least 9 months otherwise). $5650 per person/11,300 family deductible.

TN - bronze PPO last year, $18,900 premium cost plus $1650 concierge PCP, $5650 per person/11,300 family deductible

TX - bronze HMO year before that, $21,000 premium cost, $6500 per person/$13000 family deductible


Anticipate approximately 10% premium increase for 2021 based on BCBST applying and being approved for that as an average rate increase. We are both fairly healthy, rarely needing more than 2 semi-annual preventative visits and normal preventative tests, so we have not hit the deductible in years.
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sigmadave_2000
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Re: How much do you pay for healthcare (50-65 year olds)

Post by sigmadave_2000 »

I pay 670$/month or 8040$/yr. (Just went up 34$) Just myself on the plan. I have the HSA eligible Bronze plan with Blue Shield. I live in Orange Co CA. 7,000$ deductable.
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MP123
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Re: How much do you pay for healthcare (50-65 year olds)

Post by MP123 »

One thing to be aware of with ACA plans is that unlike Employer plans your premium is based on your age.

So next year your premium will be higher simply because you're a year older, regardless of any overall increases in the rate schedule. And the overall increases have been in the 20%/yr range.

It's really hard to plan for heath insurance costs at this point. But I think the $20k/yr total you propose in the initial post is too low. Possibly OK for two 50 year olds, but not two 64 year olds. And that's just the premiums.
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EnjoyIt
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Re: How much do you pay for healthcare (50-65 year olds)

Post by EnjoyIt »

MP123 wrote: Sun Sep 27, 2020 1:57 pm One thing to be aware of with ACA plans is that unlike Employer plans your premium is based on your age.

So next year your premium will be higher simply because you're a year older, regardless of any overall increases in the rate schedule. And the overall increases have been in the 20%/yr range.

It's really hard to plan for heath insurance costs at this point. But I think the $20k/yr total you propose in the initial post is too low. Possibly OK for two 50 year olds, but not two 64 year olds. And that's just the premiums.
Looking at the numbers above, I am starting to think you may be right. Also, it appears location plays a very big role in premiums. With that in mind, I need $30k a year. If I retire at 50, then I will need to have 15 years of $30k/yr payments. That is $450k plus 2% inflation so about $520k. Keeping in mind that this money will be invested as per my desired AA, there should be some growth involved as well so maybe a but less is required.

Another interesting point I see is that with every year I delay retirement this number drops by about $30k while my portfolio grows (ideally grows.) making the math work better and better. The real question is, is $30k/yr enough or is it going to be more?

Also, I realize that Medicare has its premiums and out of pocket expenses, so I need to add that in after 65.
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MikeG62
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Re: How much do you pay for healthcare (50-65 year olds)

Post by MikeG62 »

EnjoyIt wrote: Sun Sep 27, 2020 1:27 pm
MikeG62 wrote: Sun Sep 27, 2020 1:23 pm DW and I are retired in NJ. We do not qualify for any subsidies. Here are out total health care costs (premiums + out-of-pocket co-pays/co-insurance) each of the last three years:

2017 = $19.0K
2018 = $25.6K
2019 = $19.8K

I have had a bronze level plan (HSA in ‘18 & ‘19) each year and my wife a silver level plan (i.e., we don't have Cadillac level health insurance by any means).
Thanks,
May I ask, how much of that is premiums, deductibles, and what happened in 2018 that made that year so expensive?
Sure.

Deductible on my bronze HSA has been $3,000 per year.

Deductible on my DW's silver plan has been around $1,800 per year.

Premium's:
2017 = $15.7K
2018 = $17.5K
2019 = $16.7K (yes the premium actually went down in 2019)
2020 = $16.0K* (DW switched to Bronze in 2020 driving the decrease)

The rest is health care of out-of-pockets (inclusive of vision and dental, the latter of which we self insure). 2018 had large out-of-pockets resulting from a spike in visits/tests and a medical procedure.

* 2020 out-of-pockets is at $2.8K YTD (trending toward $3.7K for the full year).
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OnTrack2020
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Re: How much do you pay for healthcare (50-65 year olds)

Post by OnTrack2020 »

When we exhaust COBRA coverage in 2021 and switch over to ACA, we expect to pay:


Premiums: $300-$400 per month (this is with the credits)
Deductible: $2,000 or less
Maximum out-of-pocket: $16,000
Prescriptions: $3,000-$4,000 annually (I'm very unsure of this number--may be less)

Dental out-of-pocket: $2,000
Vision: $1,000

I am planning on around $27,000 for the 2021 year. This will include a college and high school student.
PaunchyPirate
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Re: How much do you pay for healthcare (50-65 year olds)

Post by PaunchyPirate »

I’m getting a subsidy, but if I did not, I would be at (single, non-smoker, male, age 58):

$10,548 per year premiums
Gold PPO plan
$900 deductible
$5200 max OOP
Rural Pennsylvania

This is only my second year. I think the rate went up about 2.5%
theplayer11
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Re: How much do you pay for healthcare (50-65 year olds)

Post by theplayer11 »

$8,500 total for wife and I, mid 50's. $6k deductible each. HSA
toocold
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Re: How much do you pay for healthcare (50-65 year olds)

Post by toocold »

We pay 1100/month for medical, dental, and vision for a family of 4 with 6800 deductibles for individual / double that for family.
bluelight
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Re: How much do you pay for healthcare (50-65 year olds)

Post by bluelight »

My COBRA ends in 2 days and I will be starting an individual plan in Oct that I will need until I start Medicare in Jan 2022.

My Gold plan in NY is $700 per month (will be about $8,500 per year for 2021)
Individual deductible $600.
Max out of pocket Individual - $4,000.

I estimate about 20K for yearly medical, dental, vision, pharmacy for my husband and myself. He is already on Medicare and has Plan F supplemental.
Katietsu
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Re: How much do you pay for healthcare (50-65 year olds)

Post by Katietsu »

I mentioned earlier that the ACA limits the premium increases based on age. More specifically, issuers are allowed to vary rates based on age by no more than a 3:1 ratio. Before ACA, in states that did not impose age rating premium limits, older consumers could face a premium of 6 times that of the standard premium for a 21 year old. A 5:1 ratio was common based on state law. I can see a future where an early retiree may need to relocate to obtain acceptable health insurance.
Dockside_Dreaming
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Re: How much do you pay for healthcare (50-65 year olds)

Post by Dockside_Dreaming »

Husband & wife (mid 50s) + two children in South Carolina
Blue Cross $10,000 deductible - have had the same plan for ~ 20 years (not ACA). Not a group - individual policy.
Premiums
2020 - $14497
2019 - $13084
2018 - $11103
66Sally
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Re: How much do you pay for healthcare (50-65 year olds)

Post by 66Sally »

We are a family of 4 - DH 58, myself 56, DS 24, DD 21. We purchase Florida Blue - Bronze plan for $2,498/mo with deductible of $8,150 each or family max deductible of $16,300. Our adult children just graduated college and are employed but no benefits. I am planning to help them enroll in ACA for 2021. I sure hope ACA stays around.
MikeG62
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Re: How much do you pay for healthcare (50-65 year olds)

Post by MikeG62 »

MP123 wrote: Sun Sep 27, 2020 1:57 pm One thing to be aware of with ACA plans is that unlike Employer plans your premium is based on your age.

So next year your premium will be higher simply because you're a year older, regardless of any overall increases in the rate schedule. And the overall increases have been in the 20%/yr range.
Here are the age factors to which the base premium is multiplied by to arrive at the premium $'s by age.

52 = 1.952
53 = 2.040 (+4.5% YOY Increase)
54 = 2.135 +4.7%
55 = 2.230 +4.4%
56 = 2.333 +4.6%
57 = 2.437 +4.5%
58 = 2.548 +4.6%
59 = 2.603 +2.2%
60 = 2.714 +4.3%
61 = 2.810 +3.5%
62 = 2.873 +2.2%
63 = 2.950 +2.7%
64 > 3.000 +1.7%
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fortunefavored
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Re: How much do you pay for healthcare (50-65 year olds)

Post by fortunefavored »

You can also play with https://individual-family.kaiserpermane ... an/compare assuming a Kaiser service area.

Example:
50 year old Male in Los Angeles: Bronze $5,268/year with $6300 deductible, $7800 out of pocket max

And then at 64 years old: $8,868/year

The bronze plans are pretty awful though, if you actually use medical care, you'll need to assume you'll hit the OOP max every year, so it's really closer to $premium+$7800/year.

I'm assuming $35K/year for 2 people from 50 to 64.
JackoC
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Re: How much do you pay for healthcare (50-65 year olds)

Post by JackoC »

MP123 wrote: Sun Sep 27, 2020 1:57 pm One thing to be aware of with ACA plans is that unlike Employer plans your premium is based on your age.

So next year your premium will be higher simply because you're a year older, regardless of any overall increases in the rate schedule. And the overall increases have been in the 20%/yr range.

It's really hard to plan for heath insurance costs at this point. But I think the $20k/yr total you propose in the initial post is too low. Possibly OK for two 50 year olds, but not two 64 year olds. And that's just the premiums.
Depends on the state, and OP could probably just look this up for their state rather than collect basically irrelevant, though presumed accurate, anecdotal data from people in unspecified states OP might have zero intention of moving to.

In NJ, couple 63 and 61 pays $16.3k/y in premiums for Bronze HSA eligible plan, deductible $3450/$6900, OOP limit $6900/$13800 individual/both. The $9.1k HSA deduction (federal only) is worth ~$2.6k, NJ income tax only medical expense deduction another few $100. So it's not close to $20k after tax for premiums (after tax is what matters, but also note: nobody should interpret this as a statement about what medical insurance 'should' cost or how 'good'/'bad' our cost is relative to that subjective number, I'm just comparing the objective number $20k to the real number we pay).

OOP costs
2017: ~$3.3k, 2018: ~$0.3k, 2019:~$2.6k, 2020 so far: ~$0.7k. But obviously it could be $13.8k even assuming we didn't get caught out on any 'surprise! that was out of network!' charges.

I agree though it's hard to plan this at a significant distance in years from Medicare, the actual cost of which is not entirely certain either.
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EnjoyIt
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Re: How much do you pay for healthcare (50-65 year olds)

Post by EnjoyIt »

JackoC wrote: Mon Sep 28, 2020 10:34 am
MP123 wrote: Sun Sep 27, 2020 1:57 pm One thing to be aware of with ACA plans is that unlike Employer plans your premium is based on your age.

So next year your premium will be higher simply because you're a year older, regardless of any overall increases in the rate schedule. And the overall increases have been in the 20%/yr range.

It's really hard to plan for heath insurance costs at this point. But I think the $20k/yr total you propose in the initial post is too low. Possibly OK for two 50 year olds, but not two 64 year olds. And that's just the premiums.
Depends on the state, and OP could probably just look this up for their state rather than collect basically irrelevant, though presumed accurate, anecdotal data from people in unspecified states OP might have zero intention of moving to.

In NJ, couple 63 and 61 pays $16.3k/y in premiums for Bronze HSA eligible plan, deductible $3450/$6900, OOP limit $6900/$13800 individual/both. The $9.1k HSA deduction (federal only) is worth ~$2.6k, NJ income tax only medical expense deduction another few $100. So it's not close to $20k after tax for premiums (after tax is what matters, but also note: nobody should interpret this as a statement about what medical insurance 'should' cost or how 'good'/'bad' our cost is relative to that subjective number, I'm just comparing the objective number $20k to the real number we pay).

OOP costs
2017: ~$3.3k, 2018: ~$0.3k, 2019:~$2.6k, 2020 so far: ~$0.7k. But obviously it could be $13.8k even assuming we didn't get caught out on any 'surprise! that was out of network!' charges.

I agree though it's hard to plan this at a significant distance in years from Medicare, the actual cost of which is not entirely certain either.
Open enrollment is currently closed so I can’t really look up this data in my state or a potential future state I will live in.

One thing I see is that location makes a huge difference. I’m amazed at how diverse everyone’s answers are. It is pretty scary out there without subsidies.
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DetroitRick
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Re: How much do you pay for healthcare (50-65 year olds)

Post by DetroitRick »

$1,560 per month
SE Michigan, good HMO, Male 63, Female 59, non-smoking
2020 rates
State's largest insurer

It's an ACA policy, but gross premium would be the same if I purchased outside the marketplace, which I could. Just no premium tax subsidy.

And outside of ACA, deductible would be $7,400 combined (so $3,700 each, tallied separately). Inside of ACA, depending on income, deductible for both combined under this policy would be either $800, $1,200, $5,000 or $7,400.

Out-of-pocket max outside of ACA would be $15,000 combined ($7,500 each, again tallied separately). Inside of ACA, again depending on income, the max would be $1,500, $4,800, $12,800 or $15,000.
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Re: How much do you pay for healthcare (50-65 year olds)

Post by hicabob »

64 yo male, $780/month for ACA bronze w/ an HSA and $4900 deductible. You need to figure about $15k/year per person for unsubsidized pre-medicare aca.
Exchme
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Re: How much do you pay for healthcare (50-65 year olds)

Post by Exchme »

You can check online without having to fill out any personally identifiable information. For us, the unsubsidized ACA plans are not only out of sight on price, but there were hardly any doctors that would take the only available plans. We live in the burbs of a major city and the closest hospital would have been 45 minutes away. The temporary, non-ACA plans are much more affordable and seemingly had better networks, though they don't cover pre-existing.
JackoC
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Re: How much do you pay for healthcare (50-65 year olds)

Post by JackoC »

EnjoyIt wrote: Mon Sep 28, 2020 2:26 pm
JackoC wrote: Mon Sep 28, 2020 10:34 am
MP123 wrote: Sun Sep 27, 2020 1:57 pm One thing to be aware of with ACA plans is that unlike Employer plans your premium is based on your age.

So next year your premium will be higher simply because you're a year older, regardless of any overall increases in the rate schedule. And the overall increases have been in the 20%/yr range.

It's really hard to plan for heath insurance costs at this point. But I think the $20k/yr total you propose in the initial post is too low. Possibly OK for two 50 year olds, but not two 64 year olds. And that's just the premiums.
Depends on the state, and OP could probably just look this up for their state rather than collect basically irrelevant, though presumed accurate, anecdotal data from people in unspecified states OP might have zero intention of moving to.

In NJ,
Open enrollment is currently closed so I can’t really look up this data in my state or a potential future state I will live in.

One thing I see is that location makes a huge difference. I’m amazed at how diverse everyone’s answers are. It is pretty scary out there without subsidies.
You can look it up in NJ on the state's website, which gives premiums for each plan offered in the state for each age (and the pricing is strictly modular, for a 63/61 couple like us the combined premium just the age 63 rate plus the age 61 rate for that plan). It might not be true in the state you live in or those you might consider but might be worth searching for. Not sure in general why anonymous posters' locations are withheld on questions where the answer depends where you live, but people can post as they like AFAIC.

As to differences, NJ prohibited insurance companies from reflecting health status in their rates before the ACA, so NJ rates on individual plans used to be 3-4 time as high for healthy people as comparable PA or DE plans (NY, like NJ, didn't allow health screening pre ACA and doesn't allow pricing by age even now). Casually perusing the rates quotes here, they vary but so do the ages and how many people. Per person for the same age they actually seem pretty closely clustered to me, certainly compared to the difference you used to see pre ACA from NJ POV. VT as well as NY does not allow charging different prices by age though the ACA does. But if you buy health insurance (a 'full fledged' not temporary plan) individually, don't qualify for any subsidy, and state allows pricing by age, it gets pretty dang expensive in later pre-Medicare years. I know of no dramatic exception to that in the US.
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Re: How much do you pay for healthcare (50-65 year olds)

Post by HoosierJim »

We (2 plans) - about $1,500 / month ($18k) and about $14k deductible. In our state and our county - like 90 % of the state, there has only been one company offering non-group plans, this year there were two.

Heard this from Secretary Azar last week so I had to check for myself. I used 60 years old couple since it's closer to our situation to compare. 2 60 year old's making $70k in Missouri - $35,000 in premiums - $16,000 deductible.


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MP123
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Re: How much do you pay for healthcare (50-65 year olds)

Post by MP123 »

EnjoyIt wrote: Mon Sep 28, 2020 2:26 pm Open enrollment is currently closed so I can’t really look up this data in my state or a potential future state I will live in.

One thing I see is that location makes a huge difference. I’m amazed at how diverse everyone’s answers are. It is pretty scary out there without subsidies.
In WA at least the state insurance commissioner's website provides rate sheets for all insurers so it's easy to look up. You may be able to get rates from insurer's websites also. Or you can try going to your state's exchange and shop rates there. Even though open enrollment isn't open there is still enrollment for people with qualifying life events, so you may have to click through some of that to get to the rates.
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EnjoyIt
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Re: How much do you pay for healthcare (50-65 year olds)

Post by EnjoyIt »

HoosierJim wrote: Mon Sep 28, 2020 3:50 pm We (2 plans) - about $1,500 / month ($18k) and about $14k deductible. In our state and our county - like 90 % of the state, there has only been one company offering non-group plans, this year there were two.

Heard this from Secretary Azar last week so I had to check for myself. I used 60 years old couple since it's closer to our situation to compare. 2 60 year old's making $70k in Missouri - $35,000 in premiums - $16,000 deductible.


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Holy crap. Over $50k a year in healthcare costs if requiring medical care and living in Missouri. Note to self. Don’t move to Missouri.
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MP123
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Re: How much do you pay for healthcare (50-65 year olds)

Post by MP123 »

EnjoyIt wrote: Mon Sep 28, 2020 4:40 pm
HoosierJim wrote: Mon Sep 28, 2020 3:50 pm We (2 plans) - about $1,500 / month ($18k) and about $14k deductible. In our state and our county - like 90 % of the state, there has only been one company offering non-group plans, this year there were two.

Heard this from Secretary Azar last week so I had to check for myself. I used 60 years old couple since it's closer to our situation to compare. 2 60 year old's making $70k in Missouri - $35,000 in premiums - $16,000 deductible.


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Holy crap. Over $50k a year in healthcare costs if requiring medical care and living in Missouri. Note to self. Don’t move to Missouri.
Or reduce your income from $70k to $67,639 and get $27,732 in subsidies.
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6miths
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Re: How much do you pay for healthcare (50-65 year olds)

Post by 6miths »

$500 per year. No deductible.
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PowderDay9
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Re: How much do you pay for healthcare (50-65 year olds)

Post by PowderDay9 »

You can lookup current rates any time and don't have to wait until open enrollment. It will show you the monthly premium, deductible and maximum for each plan.

https://www.healthcare.gov/see-plans/#/

The rates are highly dependent on the state, plan and carrier you pick.
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EnjoyIt
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Re: How much do you pay for healthcare (50-65 year olds)

Post by EnjoyIt »

6miths wrote: Mon Sep 28, 2020 5:32 pm $500 per year. No deductible.
No fair, you live in Canada?
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EnjoyIt
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Re: How much do you pay for healthcare (50-65 year olds)

Post by EnjoyIt »

PowderDay9 wrote: Mon Sep 28, 2020 6:00 pm You can lookup current rates any time and don't have to wait until open enrollment. It will show you the monthly premium, deductible and maximum for each plan.

https://www.healthcare.gov/see-plans/#/

The rates are highly dependent on the state, plan and carrier you pick.
I did not realize you can do that. Thanks for the link and letting me see what our real options are considering where we live and may move to.
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FIREchief
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Re: How much do you pay for healthcare (50-65 year olds)

Post by FIREchief »

EnjoyIt wrote: Mon Sep 28, 2020 6:38 pm
6miths wrote: Mon Sep 28, 2020 5:32 pm $500 per year. No deductible.
No fair, you live in Canada?
I'm guessing a union based plan. Likely a multi-employer group plan. [Political comment removed by moderator oldcomputerguy]
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6miths
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Re: How much do you pay for healthcare (50-65 year olds)

Post by 6miths »

EnjoyIt wrote: Mon Sep 28, 2020 6:38 pm
6miths wrote: Mon Sep 28, 2020 5:32 pm $500 per year. No deductible.
No fair, you live in Canada?
Happily yes. But I think we're all pulling for you.
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Re: How much do you pay for healthcare (50-65 year olds)

Post by dodecahedron »

Katietsu wrote: Sun Sep 27, 2020 1:19 pm You should also know that the ACA keeps premiums low for 50-65 year olds by limiting the difference in premium charges based on age. This is true even on the open market.
Even better for the OP, in some states (e.g., NY, which is mine), state law forbids any age-related premium differences. All adults purchasing a given unsubsidized ACA policy pay the exact same premium that does not depend on age, no matter whether they are in their 30s or their early 60s.
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Re: How much do you pay for healthcare (50-65 year olds)

Post by HoosierJim »

EnjoyIt wrote: Mon Sep 28, 2020 4:40 pm Holy crap. Over $50k a year in healthcare costs if requiring medical care and living in Missouri. Note to self. Don’t move to Missouri.
Another point of clarification - with Missouri's 6% state tax and federal tax, that $70,000 income is more like $56,000 in take home pay.
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Re: How much do you pay for healthcare (50-65 year olds)

Post by flaccidsteele »

EnjoyIt wrote: Mon Sep 28, 2020 2:26 pm
JackoC wrote: Mon Sep 28, 2020 10:34 am
MP123 wrote: Sun Sep 27, 2020 1:57 pm One thing to be aware of with ACA plans is that unlike Employer plans your premium is based on your age.

So next year your premium will be higher simply because you're a year older, regardless of any overall increases in the rate schedule. And the overall increases have been in the 20%/yr range.

It's really hard to plan for heath insurance costs at this point. But I think the $20k/yr total you propose in the initial post is too low. Possibly OK for two 50 year olds, but not two 64 year olds. And that's just the premiums.
Depends on the state, and OP could probably just look this up for their state rather than collect basically irrelevant, though presumed accurate, anecdotal data from people in unspecified states OP might have zero intention of moving to.

In NJ, couple 63 and 61 pays $16.3k/y in premiums for Bronze HSA eligible plan, deductible $3450/$6900, OOP limit $6900/$13800 individual/both. The $9.1k HSA deduction (federal only) is worth ~$2.6k, NJ income tax only medical expense deduction another few $100. So it's not close to $20k after tax for premiums (after tax is what matters, but also note: nobody should interpret this as a statement about what medical insurance 'should' cost or how 'good'/'bad' our cost is relative to that subjective number, I'm just comparing the objective number $20k to the real number we pay).

OOP costs
2017: ~$3.3k, 2018: ~$0.3k, 2019:~$2.6k, 2020 so far: ~$0.7k. But obviously it could be $13.8k even assuming we didn't get caught out on any 'surprise! that was out of network!' charges.

I agree though it's hard to plan this at a significant distance in years from Medicare, the actual cost of which is not entirely certain either.
Open enrollment is currently closed so I can’t really look up this data in my state or a potential future state I will live in.

One thing I see is that location makes a huge difference. I’m amazed at how diverse everyone’s answers are. It is pretty scary out there without subsidies.
+1 ^ this

I’m shocked as well. I had no idea the range would be so wide

I agree with the comment RE: subsidies 😱

As a Canadian, this thread is an eye opener 👁
The US market always recovers. It’s never different this time. Retired in my 40s. Investing is a simple game of rinse and repeat
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EnjoyIt
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Re: How much do you pay for healthcare (50-65 year olds)

Post by EnjoyIt »

flaccidsteele wrote: Mon Sep 28, 2020 9:45 pm
EnjoyIt wrote: Mon Sep 28, 2020 2:26 pm
JackoC wrote: Mon Sep 28, 2020 10:34 am
MP123 wrote: Sun Sep 27, 2020 1:57 pm One thing to be aware of with ACA plans is that unlike Employer plans your premium is based on your age.

So next year your premium will be higher simply because you're a year older, regardless of any overall increases in the rate schedule. And the overall increases have been in the 20%/yr range.

It's really hard to plan for heath insurance costs at this point. But I think the $20k/yr total you propose in the initial post is too low. Possibly OK for two 50 year olds, but not two 64 year olds. And that's just the premiums.
Depends on the state, and OP could probably just look this up for their state rather than collect basically irrelevant, though presumed accurate, anecdotal data from people in unspecified states OP might have zero intention of moving to.

In NJ, couple 63 and 61 pays $16.3k/y in premiums for Bronze HSA eligible plan, deductible $3450/$6900, OOP limit $6900/$13800 individual/both. The $9.1k HSA deduction (federal only) is worth ~$2.6k, NJ income tax only medical expense deduction another few $100. So it's not close to $20k after tax for premiums (after tax is what matters, but also note: nobody should interpret this as a statement about what medical insurance 'should' cost or how 'good'/'bad' our cost is relative to that subjective number, I'm just comparing the objective number $20k to the real number we pay).

OOP costs
2017: ~$3.3k, 2018: ~$0.3k, 2019:~$2.6k, 2020 so far: ~$0.7k. But obviously it could be $13.8k even assuming we didn't get caught out on any 'surprise! that was out of network!' charges.

I agree though it's hard to plan this at a significant distance in years from Medicare, the actual cost of which is not entirely certain either.
Open enrollment is currently closed so I can’t really look up this data in my state or a potential future state I will live in.

One thing I see is that location makes a huge difference. I’m amazed at how diverse everyone’s answers are. It is pretty scary out there without subsidies.
+1 ^ this

I’m shocked as well. I had no idea the range would be so wide

I agree with the comment RE: subsidies 😱

As a Canadian, this thread is an eye opener 👁
The cost of healthcare is in my opinion the most important issue affecting all Americans. Don't want to get into politics just a statement and real concern of mine as we age and look to retire early one day.
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Re: How much do you pay for healthcare (50-65 year olds)

Post by LiveSimple »

Same here, 50 - 55 s, can retire early, however the thought of we will lose the healthcare from work is making us not to decide or work more just for the healthcare.

Difficult to make the plunge to retire early.

How did you manage or budget.... was just thinking of this topic, shows up as the first topic today.
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Re: How much do you pay for healthcare (50-65 year olds)

Post by EnjoyIt »

LiveSimple wrote: Wed Sep 30, 2020 8:32 am Same here, 50 - 55 s, can retire early, however the thought of we will lose the healthcare from work is making us not to decide or work more just for the healthcare.

Difficult to make the plunge to retire early.

How did you manage or budget.... was just thinking of this topic, shows up as the first topic today.
We have not retired yet. We both work part time now which is how we manage healthcare costs. We are lucky that my spouse eve with part time qualifies for health care. Our current family plan costs about $25k a year with a $6.5k out of pocket max.

What my plans are is to save enough cash to cover the cost of healthcare for the years that I plan on retiring. So if we plan on retiring at 50, we will need 15 years worth of premiums and OOP max which we will invest as per our desired AA (I don't like bucket.) In our situation it will be ($25k+6.5k) x 15 years. So we need about $475k extra saved up. For every year we are willing to work part time is a year that we have increased growth of our portfolio and one year less needed to save.

I suspect and hope the out of pocket max will not be reached every year plus I suspect we will have some growth in the portfolio as well which should cover rising costs if that occurs. Also, I figure if we have some high cost health issues prop up, I figure that will preclude us from doing certain vacations which is part of our discretionary spending allowing us to funnel those funds towards healthcare if needed.
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Re: How much do you pay for healthcare (50-65 year olds)

Post by KlingKlang »

I'm 64 but turning 65 next month. I snagged a really good 2020 ACA silver plan for $385/month from Oscar/Cleveland Clinic PPO. The best thing is that the maximum out of pocket was just $800/year, used that up for my first appointment. Unfortunately next month I'll be switching to the same Humana/Cleveland Clinic Medicare Advantage HMO that my wife is on.
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Re: How much do you pay for healthcare (50-65 year olds)

Post by oroadsm »

EnjoyIt wrote: Sun Sep 27, 2020 1:26 pm
oroadsm wrote: Sun Sep 27, 2020 12:44 pm I am at about $780/month. Husband / wife plan both in our early 50s. It dropped about 10% from last year and it looks like it will drop a small amount next year. Maryland.
Thanks, what is your deductible?
$7900. It is a bronze plan. We have been very lucky and spend very little on health care other than premiums.
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Re: How much do you pay for healthcare (50-65 year olds)

Post by X528 »

How much do retired federal employees pay for healthcare? Are the fees and benefits the same or different in retirement for retired federal employees?
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Re: How much do you pay for healthcare (50-65 year olds)

Post by MAandMEMom »

Both 51ish and pay about $2.5k per year for a family plan (three kids) through spouse's employer (university). Out of pocket is well under $1,000 at the moment. I work in education for a state and costs would be a little bit higher on my plan.
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Re: How much do you pay for healthcare (50-65 year olds)

Post by jabberwockOG »

The ACA subsidies to lower income families significantly lower monthly health care insurance costs but getting the subsidy requires carefully managing income from year to year. For a married couple income level needs to be no greater than $37-40k or so to get significant subsidy from ACA. Keeping income low is not difficult for those with enough after tax savings to completely funding their living costs for several years.
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Re: How much do you pay for healthcare (50-65 year olds)

Post by marcopolo »

jabberwockOG wrote: Wed Sep 30, 2020 12:43 pm The ACA subsidies to lower income families significantly lower monthly health care insurance costs but getting the subsidy requires carefully managing income from year to year. For a married couple income level needs to be no greater than $37-40k or so to get significant subsidy from ACA. Keeping income low is not difficult for those with enough after tax savings to completely funding their living costs for several years.
Where are you getting your information?
I am pretty sure the "$37-40k" number for a married couple is incorrect.
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