Author Topic: So what do you do for health insurance?  (Read 11117 times)

Doaner19

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So what do you do for health insurance?
« on: September 06, 2014, 04:39:07 PM »
You leave the workforce and have no work sponsored insurance.  What do you do?

Obama's care isn't cheap and it's only going to go up next year.

So what are your other options to cover yourself for 20 years till eligible for medicare?

Thx.

Gin1984

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Re: So what do you do for health insurance?
« Reply #1 on: September 06, 2014, 05:23:07 PM »
I plan to cover my full expenses during retirement, that including health care.

tracylayton

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Re: So what do you do for health insurance?
« Reply #2 on: September 06, 2014, 06:17:21 PM »
We qualified for the tax care credit, because we are a household of 3 with income under $81,000. The tax care credit is $343/mo. so our monthly premiums out of pocket are $190 for a 50 year old female and a 52 year old male. The 13 year old is on his dad's insurance. We have a BCBS bronze package with a $6500/deductible (each), but then everything is covered at 100%. This really is basically a catastrophic care policy, but should cover annual checkups, mammograms and a colonoscopy at age 50. It's not ideal, but for $190/mo. we are not complaining.

arebelspy

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Re: So what do you do for health insurance?
« Reply #3 on: September 08, 2014, 03:14:10 PM »
You leave the workforce and have no work sponsored insurance.  What do you do?

You buy heath insurance on the exchange.

I plan on ~10-15% of my FIRE budget going towards healthcare premiums (that I likely won't use, as I'll be overseas and paying out of pocket for cheaper overseas care).

Such is the price of living in civilized society.
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Helvegen

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Re: So what do you do for health insurance?
« Reply #4 on: September 08, 2014, 03:23:09 PM »
I am buying on the exchange and contributing the max yearly to my HSA to help pay additional health costs.

Beric01

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Re: So what do you do for health insurance?
« Reply #5 on: September 08, 2014, 03:25:22 PM »
You leave the workforce and have no work sponsored insurance.  What do you do?

You buy heath insurance on the exchange.

I plan on ~10-15% of my FIRE budget going towards healthcare premiums (that I likely won't use, as I'll be overseas and paying out of pocket for cheaper overseas care).

Such is the price of living in civilized society.

If you're living overseas you're exempt from Obamacare's individual mandate.

I intend to pay out of pocket overseas as well.

arebelspy

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Re: So what do you do for health insurance?
« Reply #6 on: September 08, 2014, 03:55:36 PM »
You leave the workforce and have no work sponsored insurance.  What do you do?

You buy heath insurance on the exchange.

I plan on ~10-15% of my FIRE budget going towards healthcare premiums (that I likely won't use, as I'll be overseas and paying out of pocket for cheaper overseas care).

Such is the price of living in civilized society.

If you're living overseas you're exempt from Obamacare's individual mandate.

I intend to pay out of pocket overseas as well.

If you're in the US more than 35 days in a rolling one year period (not calendar year), this is not the case.

We plan to visit family and be in the U.S. a month or two each year, meaning we wouldn't be exempt.
We are two former teachers who accumulated a bunch of real estate, retired at 29, spent some time traveling the world full time and are now settled with three kids.
If you want to know more about us, or how we did that, or see lots of pictures, this Business Insider profile tells our story pretty well.
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chucklesmcgee

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Re: So what do you do for health insurance?
« Reply #7 on: September 08, 2014, 03:59:35 PM »
My income is too high to qualify for subsidies. I got a high deductible plan that qualifies for HSA contributions.

Heart of Tin

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Re: So what do you do for health insurance?
« Reply #8 on: September 08, 2014, 04:03:34 PM »
There isn't enough information here for a meaningful answer. At the very least we would need to know where this hypothetical individual lives (state and county), how many people need insurance through their plan and the ages and smoking status of those individuals, their income level, and what they consider affordable health care. Additional helpful information would include the health status of each covered individual. If your question is truly meant for a substantive debate, then give us an actual scenario. Otherwise your argument that, "Obama's care isn't cheap and it's only going to go up next year." is simply begging the question.

Penny Lane

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Re: So what do you do for health insurance?
« Reply #9 on: September 09, 2014, 06:44:37 AM »
The ACA stands for "available" and not "affordable" in my view.  Until charges for services can be forced down, prices for policies will not be very affordable for most people.  It's huge that we can now actually buy insurance, but the law does not go far enough.  Yet.

Age is a factor in health care on the exchange.  It's hard to figure this out as you must enter your personal information on the site to get quotes ( you can get them if you visit a broker).  At age 60, coverage for myself and DH is $1060.  Per month.  With a $5000 deductable and 80/20 coinsurance.  Per person.  Looking at potential $20,000 annual.  I can do this, but I don't many who can.  There is no other first world nation that tolerates this and calls it "choice".

Roland of Gilead

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Re: So what do you do for health insurance?
« Reply #10 on: September 09, 2014, 06:53:46 AM »
If you're in the US more than 35 days in a rolling one year period (not calendar year), this is not the case.

We plan to visit family and be in the U.S. a month or two each year, meaning we wouldn't be exempt.

The fine for not having insurance is almost unenforceable.   The IRS is not allowed to come after you for the fine.  The only way they can get it is if you file taxes and are due a refund.  If you always owe a bit of taxes, you can just let the fine pile up year after year.

shellyrr

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Re: So what do you do for health insurance?
« Reply #11 on: September 09, 2014, 07:04:32 AM »
I work right now, but I plan in the future using my hsa as others have mentioned.  My company gives me $60/month on top of what I can contribute.  I have three small kids so I have to have good coverage right now and it is $500/mo for all of us with $3000 deductible.  Checkups are free for the kids as well as immunizations.  In the even immunizations are not free our local counties also provide this once a year at no cost. We also go to the chiroprachter which I pay out of pocket for.  It is cheaper to pay for the whole family out of pocket than use insurance for this.

arebelspy

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Re: So what do you do for health insurance?
« Reply #12 on: September 09, 2014, 08:04:56 AM »
If you're in the US more than 35 days in a rolling one year period (not calendar year), this is not the case.

We plan to visit family and be in the U.S. a month or two each year, meaning we wouldn't be exempt.

The fine for not having insurance is almost unenforceable.   The IRS is not allowed to come after you for the fine.  The only way they can get it is if you file taxes and are due a refund.  If you always owe a bit of taxes, you can just let the fine pile up year after year.

That doesn't seem like a sustainable strategy to me.  A good way to get hit hard at some future point (especially if/when they change it to allow other collection methods, say, a lien on your house).
We are two former teachers who accumulated a bunch of real estate, retired at 29, spent some time traveling the world full time and are now settled with three kids.
If you want to know more about us, or how we did that, or see lots of pictures, this Business Insider profile tells our story pretty well.
We (rarely) blog at AdventuringAlong.com. Check out our Now page to see what we're up to currently.

Spartana

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Re: So what do you do for health insurance?
« Reply #13 on: September 09, 2014, 10:39:19 AM »
You leave the workforce and have no work sponsored insurance.  What do you do?

Obama's care isn't cheap and it's only going to go up next year.

So what are your other options to cover yourself for 20 years till eligible for medicare?

Thx.
I retired at 42 and for the first 10 years I bough an inexpensive private catastrophic insurance policy. I also am able to use the VA hospital since I have a military service-connected injury/disability.  My low cost privaye policy was cancelled this past Jan when the ACA was implemented. I didn't qualify for subsidies, only Medicaid (which I didn't want) because I my taxable income was too low and because I could use the VA hospital (can't get subsidies AND use the VA too). So I bought a fairly expensive plan directly from a private insurance company. It was about $625/month plus a $6500 deductible. I have since dropped that plan and am currently using the VA.  Since I don't have any medical issues besides my military service-connected injuries, I don't expect to have to ever use the VA (or any medical provider) for any sort of care. So it sort of functions as my free/low cost emergency medical plan now.  If I didn't have access to the VA I would probably continue to pay the big bucks for a private insurance plan out of my 'stache - or maybe (probably) go back to work P/T or seasonally to get the extra income needed to qualify for subsidies,
« Last Edit: September 09, 2014, 10:44:56 AM by Spartana »

Roots&Wings

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Re: So what do you do for health insurance?
« Reply #14 on: September 09, 2014, 10:44:07 AM »
I work right now, but I plan in the future using my hsa as others have mentioned.

Have the laws changed recently that you can use HSA funds to pay for health insurance premiums (instead of just qualified medical expenses)?  Or did you mean something else?

surfhb

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Re: So what do you do for health insurance?
« Reply #15 on: September 09, 2014, 10:58:35 AM »
You leave the workforce and have no work sponsored insurance.  What do you do?

Obama's care isn't cheap and it's only going to go up next year.

I have HC through my employer so I haven't done much research but isn't the point of the ACA to provide HC to everyone at an afforadable price?     Were private plans cheaper before Obamacare?

Helvegen

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Re: So what do you do for health insurance?
« Reply #16 on: September 09, 2014, 10:59:03 AM »
I work right now, but I plan in the future using my hsa as others have mentioned.

Have the laws changed recently that you can use HSA funds to pay for health insurance premiums (instead of just qualified medical expenses)?  Or did you mean something else?

You can't use it pay for premiums except under the following circumstances:

Quote from: IRS
Generally, health insurance premiums are not qualified medical expenses except for the following: qualified long-term care insurance, COBRA health care continuation coverage, and health care coverage while an individual is receiving unemployment compensation. In addition, for individuals over age 65, premiums for Medicare Part A or B, Medicare HMO, and the employee share of premiums for employer-sponsored health insurance, including premiums for employer-sponsored retiree health insurance can be paid from an HSA. Premiums for Medigap policies are not qualified medical expenses.

However, you can still use it for any other qualified health expenses which we know pretty much no insurer covers all of. I mean an HSA is worth it for dental expenses alone, I think.

Obviously, no contribution can be made without a HDHP, but you are still welcome to use it for qualified health expenses long after the HDHP termination date.

Helvegen

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Re: So what do you do for health insurance?
« Reply #17 on: September 09, 2014, 11:06:40 AM »
You leave the workforce and have no work sponsored insurance.  What do you do?

Obama's care isn't cheap and it's only going to go up next year.

I have HC through my employer so I haven't done much research but isn't the point of the ACA to provide HC to everyone at an afforadable price?     Were private plans cheaper before Obamacare?

Private individual plans COULD be cheaper with the huge, massive caveat that you had to be healthy to get on the vast majority of them and that they could turn literally anything into a preexisting condition and kick you off whenever they felt like it. Then you would be blacklisted from most other insurers. Most people could not choose to FIRE because they would have no insurance if not through their employer because themselves or some family member had a chronic or serious medical condition.

Spartana

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Re: So what do you do for health insurance?
« Reply #18 on: September 09, 2014, 11:21:58 AM »
You leave the workforce and have no work sponsored insurance.  What do you do?

Obama's care isn't cheap and it's only going to go up next year.

I have HC through my employer so I haven't done much research but isn't the point of the ACA to provide HC to everyone at an afforadable price?     Were private plans cheaper before Obamacare?

Private individual plans COULD be cheaper with the huge, massive caveat that you had to be healthy to get on the vast majority of them and that they could turn literally anything into a preexisting condition and kick you off whenever they felt like it. Then you would be blacklisted from most other insurers. Most people could not choose to FIRE because they would have no insurance if not through their employer because themselves or some family member had a chronic or serious medical condition.
^this. In my case, pre-ACA as an early retiree with no medical issues, I was able to get a catastrophic plan for under $100/month with a $4000 annual deductible. Nice deal! In someone elses case, who had almost any kind of pre-existing condition - or developed one even while insured - they had super high cost policies with many riders, or could not get any coverage at all or were dropped by tjeir insurance companies. Not good. Happily the ACA addressed those issues and now people can't be denied coverage and, by spreading the costs amongst many "healthy" people, their rates are much much lower then previously and they can't be dropped. But for us already FIRE'd people/wanna-be-FIRE'd-soon people who self-insured, the costs have risen pretty dramatically even for a non-catastrophic policy. 

ETA: and with nothing in the ACA to contain premium cost increases over the years, and having a "captive" group of people who "must" buy health insurance, the odds are that premiums will rise each year at (perhaps) a greater rate then they did before health insurance was mandatory.
« Last Edit: September 09, 2014, 12:08:28 PM by Spartana »

GuitarStv

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Re: So what do you do for health insurance?
« Reply #19 on: September 09, 2014, 11:25:24 AM »
Live in Canada.

beltim

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Re: So what do you do for health insurance?
« Reply #20 on: September 09, 2014, 11:26:41 AM »
The ACA stands for "available" and not "affordable" in my view.  Until charges for services can be forced down, prices for policies will not be very affordable for most people.  It's huge that we can now actually buy insurance, but the law does not go far enough.  Yet.

Age is a factor in health care on the exchange.  It's hard to figure this out as you must enter your personal information on the site to get quotes ( you can get them if you visit a broker).  At age 60, coverage for myself and DH is $1060.  Per month.  With a $5000 deductable and 80/20 coinsurance.  Per person.  Looking at potential $20,000 annual.  I can do this, but I don't many who can.  There is no other first world nation that tolerates this and calls it "choice".

What state is this?

Also, age should be a factor.  Why wouldn't it be?

Gin1984

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Re: So what do you do for health insurance?
« Reply #21 on: September 09, 2014, 11:38:10 AM »
The ACA stands for "available" and not "affordable" in my view.  Until charges for services can be forced down, prices for policies will not be very affordable for most people.  It's huge that we can now actually buy insurance, but the law does not go far enough.  Yet.

Age is a factor in health care on the exchange.  It's hard to figure this out as you must enter your personal information on the site to get quotes ( you can get them if you visit a broker).  At age 60, coverage for myself and DH is $1060.  Per month.  With a $5000 deductable and 80/20 coinsurance.  Per person.  Looking at potential $20,000 annual.  I can do this, but I don't many who can.  There is no other first world nation that tolerates this and calls it "choice".
You do realize most other first world nations do have single payer, right?

catccc

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Re: So what do you do for health insurance?
« Reply #22 on: September 09, 2014, 11:43:48 AM »
I'm planning on keeping my AGI low enough that my family can qualify for some sizable subsidies.  Just plugging in some current figures, if my family of 4 has an AGI under 40K, then we are looking at a monthly premium of less than $40 for a silver level plan.  If our AGI is 80K instead, the premium is about $500.  Big difference, but that doesn't seem too crazy, still.

Am I missing that there are going to be big increases in the future?  We'll probably have a need for this in 5-7 years, depending on how our FI journey goes.

dandarc

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Re: So what do you do for health insurance?
« Reply #23 on: September 09, 2014, 12:04:57 PM »
I'm planning on keeping my AGI low enough that my family can qualify for some sizable subsidies.  Just plugging in some current figures, if my family of 4 has an AGI under 40K, then we are looking at a monthly premium of less than $40 for a silver level plan.  If our AGI is 80K instead, the premium is about $500.  Big difference, but that doesn't seem too crazy, still.

Am I missing that there are going to be big increases in the future?  We'll probably have a need for this in 5-7 years, depending on how our FI journey goes.
I know in Florida, insurers are asking for nearly 20% premium increases on average for next year.  These are new products - insurers may not know the correct pricing levels yet and therefore have to adjust according to actual experience.  That being said, the subsidy limits premiums for a certain level of plan to a percentage of your income - so unless the law changes, the net premiums for lots of people may not change all that much - at least for that base policy.

And so long as they keep qualifying for the subsidy based off of income alone, this whole deal is fantastic for the early retiree who can now manage AGI to get under the limits for government help.  Most other welfare programs do have asset tests, but from what I've read so far, not this one.  Seems likely this will change, but maybe not if we're (meaning the FIRE crowd) lucky.

Penny Lane

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Re: So what do you do for health insurance?
« Reply #24 on: September 09, 2014, 12:07:20 PM »
The great state of Maine.  Otherwise pretty good COL-wise.

beltim

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Re: So what do you do for health insurance?
« Reply #25 on: September 09, 2014, 12:15:39 PM »
You do realize most other first world nations do have single payer, right?

Just out of curiosity, do you consider countries like Germany or the Netherlands to have single payer systems?

Spartana

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Re: So what do you do for health insurance?
« Reply #26 on: September 09, 2014, 12:32:51 PM »
I'm planning on keeping my AGI low enough that my family can qualify for some sizable subsidies.  Just plugging in some current figures, if my family of 4 has an AGI under 40K, then we are looking at a monthly premium of less than $40 for a silver level plan.  If our AGI is 80K instead, the premium is about $500.  Big difference, but that doesn't seem too crazy, still.

Am I missing that there are going to be big increases in the future?  We'll probably have a need for this in 5-7 years, depending on how our FI journey goes.
And so long as they keep qualifying for the subsidy based off of income alone, this whole deal is fantastic for the early retiree who can now manage AGI to get under the limits for government help.  Most other welfare programs do have asset tests, but from what I've read so far, not this one.  Seems likely this will change, but maybe not if we're (meaning the FIRE crowd) lucky.
Right now there is no asset test just taxable MAGI income. From what I've read and also heard on this forum, it is unlikely they will ever do asset testing to qualify for subsidies or expanded Medicaid because it isn't cost effective to do it.  So you can have the 20 vacation McMansions, the speed boat and yacht, the Ferrari and Benz, and the ginormous tax deferred 'stache and still qualify for subsidies or Medicaid if you taxable income falls within ACA range.

dandarc

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Re: So what do you do for health insurance?
« Reply #27 on: September 09, 2014, 12:41:52 PM »
I'm planning on keeping my AGI low enough that my family can qualify for some sizable subsidies.  Just plugging in some current figures, if my family of 4 has an AGI under 40K, then we are looking at a monthly premium of less than $40 for a silver level plan.  If our AGI is 80K instead, the premium is about $500.  Big difference, but that doesn't seem too crazy, still.

Am I missing that there are going to be big increases in the future?  We'll probably have a need for this in 5-7 years, depending on how our FI journey goes.
And so long as they keep qualifying for the subsidy based off of income alone, this whole deal is fantastic for the early retiree who can now manage AGI to get under the limits for government help.  Most other welfare programs do have asset tests, but from what I've read so far, not this one.  Seems likely this will change, but maybe not if we're (meaning the FIRE crowd) lucky.
Right now there is no asset test just taxable MAGI income. From what I've read and also heard on this forum, it is unlikely they will ever do asset testing to qualify for subsidies or expanded Medicaid because it isn't cost effective to do it.  So you can have the 20 vacation McMansions, the speed boat and yacht, the Ferrari and Benz, and the ginormous tax deferred 'stache and still qualify for subsidies or Medicaid if you taxable income falls within ACA range.
Sweet!

forummm

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Re: So what do you do for health insurance?
« Reply #28 on: September 09, 2014, 12:47:50 PM »
The ACA stands for "available" and not "affordable" in my view.  Until charges for services can be forced down, prices for policies will not be very affordable for most people.  It's huge that we can now actually buy insurance, but the law does not go far enough.  Yet.

Age is a factor in health care on the exchange.  It's hard to figure this out as you must enter your personal information on the site to get quotes ( you can get them if you visit a broker).  At age 60, coverage for myself and DH is $1060.  Per month.  With a $5000 deductable and 80/20 coinsurance.  Per person.  Looking at potential $20,000 annual.  I can do this, but I don't many who can.  There is no other first world nation that tolerates this and calls it "choice".

You can get quotes on healthcare.gov (https://www.healthcare.gov/find-premium-estimates/) without entering personal info. I'd be surprised if $1060 was the cheapest option available. I've never seen rates that high. My parents are about 60 and their rates were $300 per month (and with the tax credit was $75 per month).

I would check healthcare.gov for sure. Broker sites won't necessarily give you the best deals.

forummm

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Re: So what do you do for health insurance?
« Reply #29 on: September 09, 2014, 12:50:42 PM »
Obama's care isn't cheap and it's only going to go up next year.

If you aren't working anymore, plans on healthcare.gov should be pretty cheap. You'll probably be eligible for a tax credit unless your investment returns are very high. It's easy to price it out https://www.healthcare.gov/find-premium-estimates/

And premium changes for 2015 are about 0% on average. I think the highest state saw 8% increases (very low for recent history) and the lowest states saw 6% decreases in premiums.

catccc

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Re: So what do you do for health insurance?
« Reply #30 on: September 09, 2014, 01:02:35 PM »
FWIW, the two other social welfare programs in which I was a participant in the past (WIC and Medicaid in the state of PA) didn't use asset testing.  Our NW at the time was maybe $150K.  In the year we used these programs, our income was about $25K.  DH and I did not qualify for medicaid, but our then-infant daughter did.  DH had coverage (but only for himself) through work, and I paid a manageable premium for an indemnity type policy.

I have looked at buying outside of the exchange, and for my family of 4, it was in the $700 range for a standard kind of plan, the kind I'd expect a sizable employer to have.  So it isn't out of the question just to work it into the FI plan, I think.

beltim

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Re: So what do you do for health insurance?
« Reply #31 on: September 09, 2014, 01:12:42 PM »
You can get quotes on healthcare.gov (https://www.healthcare.gov/find-premium-estimates/) without entering personal info. I'd be surprised if $1060 was the cheapest option available. I've never seen rates that high. My parents are about 60 and their rates were $300 per month (and with the tax credit was $75 per month).

I would check healthcare.gov for sure. Broker sites won't necessarily give you the best deals.

Health care costs vary tremendously by state.  I'm a bit surprised that Maine is that high, but $1,000 per month is nothing exceptional.  The average cost for family health insurance in an employer-provided plan is over $16,000 per year.

http://kff.org/private-insurance/report/2013-employer-health-benefits/

forummm

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Re: So what do you do for health insurance?
« Reply #32 on: September 09, 2014, 01:16:48 PM »
^this. In my case, pre-ACA as an early retiree with no medical issues, I was able to get a catastrophic plan for under $100/month with a $4000 annual deductible. Nice deal!

... 

ETA: and with nothing in the ACA to contain premium cost increases over the years, and having a "captive" group of people who "must" buy health insurance, the odds are that premiums will rise each year at (perhaps) a greater rate then they did before health insurance was mandatory.

Catastrophic plans are still available, generally for around $100/month (but with free preventive care and they now have real legit coverage with no coverage limits once you hit the deductible). If you're under 30 they are easy to get. If you're over 30 you can ask for an exception to get them.

The ACA does have some things to limit costs--not nearly as much as would be ideal, but it's still there. Insurers have to spend at least 85% of premiums on medical care (limits the amount going to overhead, profits, executive pay, etc). That lowers premiums. The Marketplace is now competitive so you can make apples-to-apples comparisons between plans, selecting based on price, benefit structure, and network, since essential health benefits are required for all plans. This drives the cost of plans down. There are all kinds of things that are trying to change the system from "we get paid to do stuff to you when you're sick" to "we get paid to keep you healthy" like accountable care organizations that get paid more when you are taken care of and stay healthier and less when they don't do a good job at coordinating care and you get sick. This lowers healthcare expenditures. These are just examples. Almost no one in the general public knows what's really in the bill because it's absurdly complicated and there are so many simple lies that have been repeated ad nauseum.

The US healthcare system is a pretty ridiculous way to do things. The ACA's biggest shortcoming is that it leaves things the way they are for the most part, while only making some things better (at the cost of penalizing some people for not getting insurance).

Free markets are frequently a great way to run things. But healthcare never was and never could be a free market because too many aspects of it violate the fundamental assumptions of free market  economics. For example, there is almost no pricing transparency. It's almost impossible to figure out what a healthcare service will actually cost you before you get it. Even if you're in the business and know what you're doing, the numbers you get can literally be $1000s different from the real bill. And pricing varies wildly without any relation to quality (studies show literally no correlation between cost and quality of care). One provider near me quoted $18k for a colonoscopy, and another quoted $600. They were both 3 miles from my house. That's like Kroger charging $18 for milk and Walmart charging $0.60. It's the same milk. Another example is information asymmetry. There is no way that you can know as much as your doctor about the medical care they are providing or recommending for you to get. You simply have no way of making a fully informed decision whether the recommended service is worth the cost (in time, money, side effects, etc), and especially in comparison to another variety of service (with the provider may not even have suggested to you as an alternative).

Anyway, the system is terribly broken and the ACA fixes some of it. I'm hopeful additional fixes will come soon, but they likely will not be coming through legislation.

forummm

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Re: So what do you do for health insurance?
« Reply #33 on: September 09, 2014, 01:20:49 PM »
You can get quotes on healthcare.gov (https://www.healthcare.gov/find-premium-estimates/) without entering personal info. I'd be surprised if $1060 was the cheapest option available. I've never seen rates that high. My parents are about 60 and their rates were $300 per month (and with the tax credit was $75 per month).

I would check healthcare.gov for sure. Broker sites won't necessarily give you the best deals.

Health care costs vary tremendously by state.  I'm a bit surprised that Maine is that high, but $1,000 per month is nothing exceptional.  The average cost for family health insurance in an employer-provided plan is over $16,000 per year.

http://kff.org/private-insurance/report/2013-employer-health-benefits/

I just looked at Maine, and the costs are about $550 per person per month and up for a couple both ages 60 with an income above $100k. I randomly chose Knox county.

https://www.healthcare.gov/find-premium-estimates/#results/&aud=indv&type=med&state=ME&county=Knox&age0=60&age1=60&employerCoverage=no&householdSize=2&income=100000

beltim

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Re: So what do you do for health insurance?
« Reply #34 on: September 09, 2014, 01:22:46 PM »
You can get quotes on healthcare.gov (https://www.healthcare.gov/find-premium-estimates/) without entering personal info. I'd be surprised if $1060 was the cheapest option available. I've never seen rates that high. My parents are about 60 and their rates were $300 per month (and with the tax credit was $75 per month).

I would check healthcare.gov for sure. Broker sites won't necessarily give you the best deals.

Health care costs vary tremendously by state.  I'm a bit surprised that Maine is that high, but $1,000 per month is nothing exceptional.  The average cost for family health insurance in an employer-provided plan is over $16,000 per year.

http://kff.org/private-insurance/report/2013-employer-health-benefits/

I just looked at Maine, and the costs are about $550 per person per month and up for a couple both ages 60 with an income above $100k. I randomly chose Knox county.

https://www.healthcare.gov/find-premium-estimates/#results/&aud=indv&type=med&state=ME&county=Knox&age0=60&age1=60&employerCoverage=no&householdSize=2&income=100000

Yes, that's about what Penny lane was being quoted:
At age 60, coverage for myself and DH is $1060.  Per month. 

forummm

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Re: So what do you do for health insurance?
« Reply #35 on: September 09, 2014, 01:26:19 PM »
FWIW, the two other social welfare programs in which I was a participant in the past (WIC and Medicaid in the state of PA) didn't use asset testing.  Our NW at the time was maybe $150K.  In the year we used these programs, our income was about $25K.  DH and I did not qualify for medicaid, but our then-infant daughter did.  DH had coverage (but only for himself) through work, and I paid a manageable premium for an indemnity type policy.

I have looked at buying outside of the exchange, and for my family of 4, it was in the $700 range for a standard kind of plan, the kind I'd expect a sizable employer to have.  So it isn't out of the question just to work it into the FI plan, I think.

Other programs like Social Security and Medicare also do not have asset tests.

I have a BCBS plan through my employer and if we have a kid the family plan would cost about $650/month, with my employer paying part of it.

Gin1984

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Re: So what do you do for health insurance?
« Reply #36 on: September 09, 2014, 01:28:03 PM »
FWIW, the two other social welfare programs in which I was a participant in the past (WIC and Medicaid in the state of PA) didn't use asset testing.  Our NW at the time was maybe $150K.  In the year we used these programs, our income was about $25K.  DH and I did not qualify for medicaid, but our then-infant daughter did.  DH had coverage (but only for himself) through work, and I paid a manageable premium for an indemnity type policy.

I have looked at buying outside of the exchange, and for my family of 4, it was in the $700 range for a standard kind of plan, the kind I'd expect a sizable employer to have.  So it isn't out of the question just to work it into the FI plan, I think.

Other programs like Social Security and Medicare also do not have asset tests.

I have a BCBS plan through my employer and if we have a kid the family plan would cost about $650/month, with my employer paying part of it.
Family plan through my employer for a little over $500.  But then again, my mother's COBRA is over $500 for just her because her employer chose to get a Cadillac plan.  It depends on what you want.

forummm

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Re: So what do you do for health insurance?
« Reply #37 on: September 09, 2014, 01:29:25 PM »
You can get quotes on healthcare.gov (https://www.healthcare.gov/find-premium-estimates/) without entering personal info. I'd be surprised if $1060 was the cheapest option available. I've never seen rates that high. My parents are about 60 and their rates were $300 per month (and with the tax credit was $75 per month).

I would check healthcare.gov for sure. Broker sites won't necessarily give you the best deals.

Health care costs vary tremendously by state.  I'm a bit surprised that Maine is that high, but $1,000 per month is nothing exceptional.  The average cost for family health insurance in an employer-provided plan is over $16,000 per year.

http://kff.org/private-insurance/report/2013-employer-health-benefits/

I just looked at Maine, and the costs are about $550 per person per month and up for a couple both ages 60 with an income above $100k. I randomly chose Knox county.

https://www.healthcare.gov/find-premium-estimates/#results/&aud=indv&type=med&state=ME&county=Knox&age0=60&age1=60&employerCoverage=no&householdSize=2&income=100000

Yes, that's about what Penny lane was being quoted:
At age 60, coverage for myself and DH is $1060.  Per month. 

I took her "Per person." to mean the premium was $1000 per month per person. Not sure what was intended.

beltim

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Re: So what do you do for health insurance?
« Reply #38 on: September 09, 2014, 01:33:05 PM »
I took her "Per person." to mean the premium was $1000 per month per person. Not sure what was intended.

That was the deductible.

Spartana

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Re: So what do you do for health insurance?
« Reply #39 on: September 09, 2014, 01:37:38 PM »
FWIW, the two other social welfare programs in which I was a participant in the past (WIC and Medicaid in the state of PA) didn't use asset testing.  Our NW at the time was maybe $150K.  In the year we used these programs, our income was about $25K.  DH and I did not qualify for medicaid, but our then-infant daughter did.  DH had coverage (but only for himself) through work, and I paid a manageable premium for an indemnity type policy.

I have looked at buying outside of the exchange, and for my family of 4, it was in the $700 range for a standard kind of plan, the kind I'd expect a sizable employer to have.  So it isn't out of the question just to work it into the FI plan, I think.

Other programs like Social Security and Medicare also do not have asset tests.

I have a BCBS plan through my employer and if we have a kid the family plan would cost about $650/month, with my employer paying part of it.
Social security and Medicare are not welfare programs. A person pays into them thru out their working life and can only get them if they have paid into them for many years. Far different from an income-based or asset-based welfare programs meant to help the poor.