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I'm curious on how you are able to spend so little on medical considering you aren't old enough for Medicare. My husband and I are self employed, in our 50's and our Blue Shield PPO is having a rate increase next month that will bring it to $2010 per month! That will be our biggest obstacle to retirement, I think.
2 grand!!! What does this cover? People have to pay 2k a month just for medical coverage.
2 grand!!! What does this cover? People have to pay 2k a month just for medical coverage.
If you don't have group coverage from a former employer or the like - it can get pretty pricey. Before my husband and I went on Medicare - we were spending about $600/month each for our primary policies (which had $10k annual deductibles and 20% co-pays up to an additional max of $3k/year). We also paid about $600/year each for an excess catastrophe policy. And then there was dental and vision - things not covered by our insurance. Overall - we were spending about $25k/year for medical expenses - and that was in years when neither of us had something like an operation that ate up our deductible/co-pay or major dental work.
FWIW - we saved a fair amount when we went on Medicare. But gave up a big chunk of the savings when we joined a Mayo Clinic concierge primary care practice last year (after our old PCP closed her office).
I have no idea what the pricing will look like once the Obama exchanges come on line completely. I know that the PCIP plans that are in effect now aren't at all cheap for older people. Robyn
If you don't have group coverage from a former employer or the like - it can get pretty pricey. Before my husband and I went on Medicare - we were spending about $600/month each for our primary policies (which had $10k annual deductibles and 20% co-pays up to an additional max of $3k/year). We also paid about $600/year each for an excess catastrophe policy. And then there was dental and vision - things not covered by our insurance. Overall - we were spending about $25k/year for medical expenses - and that was in years when neither of us had something like an operation that ate up our deductible/co-pay or major dental work.
FWIW - we saved a fair amount when we went on Medicare. But gave up a big chunk of the savings when we joined a Mayo Clinic concierge primary care practice last year (after our old PCP closed her office).
I have no idea what the pricing will look like once the Obama exchanges come on line completely. I know that the PCIP plans that are in effect now aren't at all cheap for older people. Robyn
My goodness! We don't even spend 2k a month right now for all expenses....couldn't imagine 2k for just medical. I hope it gets lowered for you somehow.
My goodness! We don't even spend 2k a month right now for all expenses....couldn't imagine 2k for just medical. I hope it gets lowered for you somehow.
You don't have to worry about me (I can afford it). You just have to worry about you and how you will afford whatever you might have to pay to get the kind of health care you want. Robyn
It's all way to expensive, for everyone except the rich who have the privlage of keeping a Doctor on retainer year around. There needs to be more competive between these companies and the Governmet.,
2 grand!!! What does this cover? People have to pay 2k a month just for medical coverage.
I am fortunate my previous employer provides a group insurance for me. Our rates went up in October and we were told they would be going up again in January. So far we have not seen the Obamacare rate hike. But we know people who pay more per month for coverage than my entire pension.
From what I'm reading, I may be pretty accurate in budgeting $1500 for health expenses two years out, as I will be purchasing a private policy. From what I've heard, insurance companies are trying to increase premiums as much as possible before Obamacare takes effect. Although Obamacare has no authority to regulate premiums (at least as far as I understand it, they can only "advise" - but the law enforces no discrimination based on pre-existing conditions), the fear is that the law may expand. I'm not sure if states retain the right to regulate premiums.
At any rate, I would expect premiums to soar in cost because the tax penalty is about 1/10 of the cost of an insurance policy. I think it is a fallacy to believe people will buy insurance rather than pay the penalty. That being the case, many that cannot get insurance now will definitely buy it. They are the most expensive customers. So I think the overall costs for the insurance company goes up. I don't believe the base grows large enough to cover the additional costs. To make a profit, there's no choice but to increase premiums. I guess one alternative is that insurance companies begin to unilaterally drop coverage for certain conditions. I'm not sure they can do that under Obamacare, but that would certainly be an "out" for the insurance company. (No Gleevec, no heart transplants, no Provenge, no HIV medications, etc.) One real "rub" about Obamacare is that it basically disallows catastrophic policies. For example, I would gladly purchase a plan with a $50K deductable if it saved me a considerable amount off my premiums, but Obamacare has removed that choice.
One thing to note, if Congress doesn't fix Obamacare so you cannot just wait until you get sick then buy the policy, most people will definitely go uninsured and wait to purchase a policy only when it is apparent they will need it.
obama care already took effect and the increases in rates has been insane. in two years we are up 40% for a family plan.
because kids are covered now until 26 they tacked on all the individual policys they used to sell on to everyone else's rate.
if you went to college you used to get a very limited cheap plan from the schools. well under obama care those are now full blown health plans subsidized by all of us in our rates.
it sucks! 15k a year for a couple with no kids is rediculious.
we switched to an hsa. two years ago we paid 3900.00 a year for basic insurance with a 2500.00 deductable per person ,5k family.
we just went up this month to 5600 a year and 3k per person deductable 6k family and that is because we switched companies and found a cheaper rate..
plus we fund that with 7250.00 a year .
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Last edited by mathjak107; 01-19-2013 at 03:55 AM..
2 grand!!! What does this cover? People have to pay 2k a month just for medical coverage.
But when we turn 65 that drops way down because we become eligible for Medicare. The thread is about how much money we expect to spend in retirement. If people choose to retire before age 65, then yes, they have the difficult and expensive problem of what to do about medical insurance.
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Health Care Costs
