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If you don't have it partially subsidized by an employer, it's going to cost an arm and a leg. I know a couple of people who took a chance and went without medical insurance for a year or two prior to turning 65. Luckily for them they dodged the bullet and nothing bad happened, but I certainly would not want to be in that situation.
If you don't have it partially subsidized by an employer, it's going to cost an arm and a leg. I know a couple of people who took a chance and went without medical insurance for a year or two prior to turning 65. Luckily for them they dodged the bullet and nothing bad happened, but I certainly would not want to be in that situation.
Thanks Escort Rider, I'm not taking a chance like that. I was interested in the cost of the arms and legs.
If I retired today (actual date is 6 years ahead), my subsidized-by-employer cost is around $750 a month for two of us. (Looks like it $1500 a month with no subsidy, they are covering half).
750 a mnth is about right for employer based and anyhthing comparable wll be much higher. Actually are you really sure of that subsidy. One thing also to consider is if yor employer adopted the new heathcare mandates to be grandfather under it. If not its likely to be going up with as what I and others have foud whose did. Some of the mandates add alot of cost to the pool cost.Unlimited lifetime benfits and insruign depednent children uti 26 adss alot fo cost to the pool alone compared to not providing that coverage.It adds little for sneiors that will probalt never need it.
750 a mnth is about right for employer based and anyhting comparable wllbe much higher. Actauly are you really sure ofteh subsidy. Oe hting alos to consider is if yor employer adopted the new heathcare mandates to be grandfather under it. If not its likely to be goig up with as wht I and other have foud whose did. Some of teh mandates add alot of cost to the pool cost.
Absolutely it's going up. I think you are attributing it to Obama's bill, but you know what? We're going to get screwed regardless, even if the bill had never been passed. The health care industry is going to drain every cent they can from the Baby Boomers. There are trillions of dollars out there in 401Ks and retirement accounts and between insurance companies and providers, they are going to get a BIIIG cut.
We retired early without pension or employer health and have funded our own health insurance... it started as a large expense that has increased and continues to grow as a major issue.
As rates have gone up we raised our deductible every year to keep the monthly premiums from killing the budget. Eventually we had to choose deductibles so high that the plans are considered catastrophic coverage and are no longer HSA eligible (but that is OK since the government is attacking that feature).
We currently have a grandfathered plan (Obamacare laws force you into ‘new’ coverage if you change) that costs $430 a month with $10,000 individual deductibles (no drugs, eye, or dental). Obviously this does not help with regular medical expenses since we have not yet met an annual deductible.
Last year we had some medical problems so out of pocket expense were about $8000 plus we still paid the $5000 in premiums so total cost to us was about $13,000. Believe it or not this was still cheaper than buying a ‘full coverage’ family plan and paying co-pays along the way.
It will vary by state but the bottom line is it will be a major or even largest item in your retirement budget.
Location: We_tside PNW (Columbia Gorge) / CO / SA TX / Thailand
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While I took the early out @ age 49, when HSA WAS an option... I will probably be
#1 taking PT employment that offers HC
#2 go 'un-insured' and use foreign countries for services
#3 Move to a foreign county (likely Philippines, Malaysia, Thailand ...)
i.e. https://www.city-data.com/forum/18127317-post2239.html
I retired at 55 and have employer based major medical insurance that helps reduce the premium of my insurance, but I still pay $875/Mo for both me and my wife. The majority of this premium (3:1) is of course for my wife to be added to the policy. The good news is that the insurance coverage plan is excellent, but the bad news is that it's actually a much better plan than what I would choose if I went out and looked to buy insurance separately from my employer based plan.
I knew when I retired 6 years ago that I'd have a sizable major medical insurance expense until reaching age 65, but the cost of my insurance has gone up about 250-300% since I retired. During the last two years the increase was zero and about 5% respectively. It's just one of dozens of expenses that can skyrocket over-time unexpectedly during retirement. I'm glad I can easily afford the cost of major medical insurance because I certainly would not want to gamble by being without it.
I have no clue how much medicare supplemental insurance is, but when the time comes I'm sure I'll be buying that too.
Absolutely it's going up. I think you are attributing it to Obama's bill, but you know what? We're going to get screwed regardless, even if the bill had never been passed. The health care industry is going to drain every cent they can from the Baby Boomers. There are trillions of dollars out there in 401Ks and retirement accounts and between insurance companies and providers, they are going to get a BIIIG cut.
Yes because of the cost actuaries did on my compnaies plan just based on the mandates in the new bill. It include premimums hikes;musch larger put of pocket cost and a real hit to employer who started a ilrevilable trust to cover the cost they will pay into for the next ten year5s. It included curent emplyeees contirbtuion to be determined bu years served and new hire to get nothing if they retire before medicare but will be alowed to stay in the pool. I am kucky because it covers current retirees at same terms of retiremnt as to per centage company will pay. It is directly related to the new healthcare mandates. We just had the company last drop the dedcutable in half last years because of the pool doing well for instance.If you watched PBS manufactuirers coverage they had a discussion on just what it will mean. Believe what you want but research before deciding it will stay the same for your own good. Lucily I had it covered by savings for increased cost thnks to a friend on the insurance committee that advise me to do so years ago.
Last edited by texdav; 03-06-2011 at 06:23 PM..
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