Health insurance ??!!??
Hello all, MY wife and I are down to about 6 months till she retires. We are working on the details now. But I almost fell to the floor when I heard what it is going to cost in health insurance. Th...
Forum Discussion
My company supported pre-65 retiree "Traditional" medical insurance cost me $2200 a month for two of us, back in 2004, rose to $2400 before I got to Medicare age, was $1400 the year it covered wife only.
Most of us are clueless about what our employers are actually paying to provide us with health insurance, until we have to pay it all, or at least more of it, ourselves. Premiums are age-graded in most states, just like life insurance.
Unless the insurance ties you to a location, you might lower the premiums by "moving" to a place with lower cost of care, for a policy tied to a lower-cost provider network. You might also reduce the coverage to reduce the premiums, but that option is now more limited, minimalist plans can no longer be offered.
My policy was so expensive because it was "take it anywhere" with global coverage, 80/20 for most things. I chose high deductibles and out of pocket limits (2500/10,000), otherwise premiums would be even higher. But one year, we both got sick, and ended up paying more than $20,000 that year for "our share" so be aware of the risks, when trying to reduce premiums.
Most of us are clueless about what our employers are actually paying to provide us with health insurance, until we have to pay it all, or at least more of it, ourselves. Premiums are age-graded in most states, just like life insurance.
Unless the insurance ties you to a location, you might lower the premiums by "moving" to a place with lower cost of care, for a policy tied to a lower-cost provider network. You might also reduce the coverage to reduce the premiums, but that option is now more limited, minimalist plans can no longer be offered.
My policy was so expensive because it was "take it anywhere" with global coverage, 80/20 for most things. I chose high deductibles and out of pocket limits (2500/10,000), otherwise premiums would be even higher. But one year, we both got sick, and ended up paying more than $20,000 that year for "our share" so be aware of the risks, when trying to reduce premiums.
