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How do people who retire before 65 afford health insurance. I was talking with a friend of mine who is about to retire (60 yrs old) and he said to maintain the same plan he has at work currently will cost him $2500.00 a month for him and his wife. That is $30,000 a year. Who the heck can afford that. I am only 50 so I can only imagine how much it will go up by the time I am 60. Guess my plan of going out at 62 is only a dream.
There is another thread on the subject... although the price is high and will vary by state I expect the $2500/mo price may be for an exceptional plan. A family plan with some co-pays in most places averaged more like $1500 or a bit more in recent polls I saw. If you read the other thread you will find many of us use very high deductable plans to reduce premiums to the $500/mo range.
Sounds like his plan at work as no employer contributions for those who retire before medicare age. Its more and more comon how days for employers not to pay for early retirees but just allow them to remian in paln if they so chose.
Sounds like his plan at work as no employer contributions for those who retire before medicare age. Its more and more comon how days for employers not to pay for early retirees but just allow them to remian in paln if they so chose.
That is the cost with the company kicking in about $500.00 a month.
Bascially most large company plans are self insured with a castrophe insurance over so much in claims. That is about normal for a good plan with low dedcutable etc but the 500 per month for two is very low from company.
There is another thread on the subject... although the price is high and will vary by state I expect the $2500/mo price may be for an exceptional plan. A family plan with some co-pays in most places averaged more like $1500 or a bit more in recent polls I saw. If you read the other thread you will find many of us use very high deductable plans to reduce premiums to the $500/mo range.
I think most of us do not really understand the cost of medical insurance and how it has increased over the years.
Based on a 2,000 hour work year the premium works out to $15.00 an hour. A lot more than the minimum wage. This makes it expensive to hire an entry level employee who gets benefits.
Because of the cost to have me on my wife's work health plan, I/we decided that I would go back to my Veterans healthcare benefit. We are both very glad that I'm a Veteran!
I think most of us do not really understand the cost of medical insurance and how it has increased over the years.
Based on a 2,000 hour work year the premium works out to $15.00 an hour. A lot more than the minimum wage. This makes it expensive to hire an entry level employee who gets benefits.
I thnik alos we forget that health insurnace use to be called major medical for a reson.It only apid when a person was hospitalized. Certainly alot of chnages coming thru 2017 i healthcare alot of which will efffect anyone want to retire before 65.
If you do not want to continue to pay higher medical insurance costs or not have the ability to get insurance because of the cost then support the President's Health Plan. It is not perfect but it is start and it will be refined over time. Do not let the Republican Party trash this initiative.
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