Author Topic: How much in healthcare spend do you plan on in FIRE  (Read 2283 times)

pac_NW

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How much in healthcare spend do you plan on in FIRE
« on: November 29, 2013, 02:16:12 PM »
Estimating my FIRE budget. How much do you spend or plan to spend in healthcare insurance?  Family of 3, two adults and 1 child. I know Obamacare throws variables into this. Just looking for major medical. If you have reference to web resources you used, would love to hear about them. Thanks.

Fireman

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Re: How much in healthcare spend do you plan on in FIRE
« Reply #1 on: December 13, 2013, 09:59:02 AM »
Bump.

I was wondering this too.  I'm 32 and have really good insurance (including dental and vision) at a very low cost through my employer.  If I retire from my employer (18 years 8 months to go!) then I receive free health insurance from my employer until I reach Medicare age.  At that point, I would receive a supplement. 

I looked at Anthem's website to get an idea of the monthly cost of health insurance and it goes up pretty quickly by age.  $210/month now versus $340/month if I were 20 years older.  Additionally, those plans don't appear to include dental or vision. 

Obamacare has similarly priced plans but it looks like the deductibles and copays aren't that great.

My question is this:  what are those of you that have reached FIRE doing to get health insurance and how much are you paying?

Thanks!

geekette

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Re: How much in healthcare spend do you plan on in FIRE
« Reply #2 on: December 13, 2013, 12:56:48 PM »
Over 50, for two people, prices in NC range from $850/month to $1350/month, depending on coverage.  No dental, no vision (not considering subsidies, either).

Pre ACA, we would have been denied coverage, so this is a plus, to me.

Exflyboy

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Re: How much in healthcare spend do you plan on in FIRE
« Reply #3 on: December 13, 2013, 02:12:06 PM »
I'd be emigrating at those prices!

Frank

Fireman

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Re: How much in healthcare spend do you plan on in FIRE
« Reply #4 on: December 13, 2013, 02:33:02 PM »
Wow, that seems like a big chunk of change!  I wonder if more people keep working past a certain age for money or for benefits...

geekette

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Re: How much in healthcare spend do you plan on in FIRE
« Reply #5 on: December 13, 2013, 06:44:43 PM »
You should be able to see on your pay stub how much your employer is paying for your benefits.  It's eye opening.

ShortInSeattle

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Re: How much in healthcare spend do you plan on in FIRE
« Reply #6 on: December 13, 2013, 09:34:02 PM »
I am also trying to estimate this.

You can go on the ACA site and get an estimate of your premiums and deductibles. Then for the sake of budgeting you can decide how much of the deductible you will plan to spend.

For example:

Monthly Premiums at $500/mo or $7200/yr
Annual out of pocket max at $10,000

Will you budget the full 17,200 per year? If not, what is a reasonable estimate for out of pocket costs? Are you eligible for a subsidy? How do you expect the premiums to rise with age?

Don't forget dental and vision.