Health Insurance for retirees

[Mum2Mercury]

3 minutes ago, crystalspin said:

$375 for the Allstate and $161 for the gap policy. But then my husband pays $228 for Medicare Supplemental plus something for parts B&D. So it won't be a big change when I hit 65.

I'm disappointed:  that's almost as much as I'm paying for my husband now.  Thanks for the info.  

[Titanfan22]

Thanks for all of the great information. It’s a shame there are so many different types of insurance where some win and some can’t even afford to insure.  Even worse to see a CEO’s of these struggling insurance companies taking home $15 - $20 million a YEAR in compensation.  The system is broken. 

[crystalspin]

On 12/12/2022 at 2:13 PM, Mum2Mercury said:

I'm disappointed:  that's almost as much as I'm paying for my husband now.  Thanks for the info.  

dr'spin checked the Quicken files and was shocked to find he spends over $400/mo on Medicare part B! (When everything is automatic, the details can slip your mind.) So his outlay ON medicare is less than mine without. But remember mine is really only catastrophic. FWIW he is 75 and I am 64.

[Mary229]

4 hours ago, crystalspin said:

dr'spin checked the Quicken files and was shocked to find he spends over $400/mo on Medicare part B! (When everything is automatic, the details can slip your mind.) So his outlay ON medicare is less than mine without. But remember mine is really only catastrophic. FWIW he is 75 and I am 64.

It doesn’t have to be that way.  When we get together in 2024 we can talk.  My plan actually pays me back some of the Medicare premium,  next year in total between the government and the insurance company I will be paying $40.  That is not a subsidized rate, I don’t qualify for any subsidies. 

[plymouthsportfury]

I am from Canada so I feel for you I kept the extended health that I had Tru work at 900 a year this comes with travel insurance 5 million as well. Now I know one more reason so many Americans should retire out of country like Philippines where a good health care policy will likey be under 100.00 a month. Plus cost of living is 70% cheaper. 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

[billslowsky]

On 11/23/2022 at 6:00 PM, sandiego1 said:

$2300/month for a Blue Cross plan with $7k deductible pp! Just turned 61 and DH about to turn 60. It’s our largest monthly expense in retirement 

Apply for an ARPA subsidy.  It limits the premium to 8.5% of your household income regardless of how much you make when you buy an ACA plan on an exchange.  It's been available for several years.

[sandiego1]

4 hours ago, billslowsky said:

Apply for an ARPA subsidy.  It limits the premium to 8.5% of your household income regardless of how much you make when you buy an ACA plan on an exchange.  It's been available for several years.

I am aware of the subsidy.

[billslowsky]

3 hours ago, sandiego1 said:

I am aware of the subsidy.

If you're paying $2300 per month then your income would have to be over $300,000.

[sandiego1]

8 hours ago, billslowsky said:

If you're paying $2300 per month then your income would have to be over $300,000.

I am not comfortable discussing my income on this forum.

[billslowsky]

50 minutes ago, sandiego1 said:

I am not comfortable discussing my income on this forum.

Didn't ask for it.   $2300 is 8.5% of $27,000 per month.  That's more than $300,000 per year.  If your AGI is less than $300,000 you should be paying less for your insurance.  If you're making more than that, good for you.  You can take this information and disregard it but considering how many people make that much in retirement it might be useful to you.

[sandiego1]

May be useful for others, not for me

[lenquixote66]

I have free lifetime health insurance.It is the best policy available.

How did I get this you are wondering ?

I was downsized by my employer 6 weeks before hitting 25 years.As an incentive not to sue the company I was given free health insurance for life for my wife and I free health insurance for myself ,free Legal representation for life.

[Mum2Mercury]

24 minutes ago, lenquixote66 said:

I have free lifetime health insurance.It is the best policy available.

How did I get this you are wondering ?

I was downsized by my employer 6 weeks before hitting 25 years.As an incentive not to sue the company I was given free health insurance for life for my wife and I free health insurance for myself ,free Legal representation for life.

Wow, what a great perk!  

Pick any potential retiree ... if health insurance isn't his or her top concern, it's in the top three.  

 

As a retired teacher, I have free health insurance until Medicare kicks in ... then I have Medicare Part D free for life (that's drug coverage and costs less than $10/month, so big whoop).  I'm also able to cover my husband, but his coverage cost is HUGE.  I can't wait for him to turn 65, but that's a pretty good ways off.  

[DAKCRUISERS]

On 11/16/2022 at 7:58 AM, aml3679 said:

I have Obama care without a subsidy and now that I am not working my husband said it will be free.

It is not free. It is being paid for by other people who do work.

[Mary loves to travel]

12 minutes ago, DAKCRUISERS said:

It is not free. It is being paid for by other people who do work.

Wow.    
 

 

[billslowsky]

On 2/15/2023 at 10:46 AM, Mary loves to travel said:

Wow.    
 

 

Wow?  Those subsidies are actually Advance Premium Tax Credits, which reduce the amount of federal tax revenue the governement collects.  That money is made up by...

 

tax paying people.

[Mary loves to travel]

8 minutes ago, billslowsky said:

Wow?  Those subsidies are actually Advance Premium Tax Credits, which reduce the amount of federal tax revenue the governement collects.  That money is made up by...

 

tax paying people.

In this case, the person who is "no longer working" has paid taxes in the past.  We could easily get into an entire discussion around who pays for what & when (why limit it to medical?? there are always people who pay more than they receive ... look at fire insurance as just one example), but maybe outside the realm of cruise critic?

 

 

[billslowsky]

3 hours ago, Mary loves to travel said:

In this case, the person who is "no longer working" has paid taxes in the past.  We could easily get into an entire discussion around who pays for what & when (why limit it to medical?? there are always people who pay more than they receive ... look at fire insurance as just one example), but maybe outside the realm of cruise critic?

 

 

At what point is it okay to stop paying taxes?  That makes no sense.

[Mary loves to travel]

48 minutes ago, billslowsky said:

At what point is it okay to stop paying taxes?  That makes no sense.

According to the tax tables, when one’s income is low enough.    

[aml3679]

I worked all of my life 

[lenquixote66]

On 2/16/2023 at 3:41 PM, billslowsky said:

At what point is it okay to stop paying taxes?  That makes no sense.

When going to jail is something that you will enjoy.

[AdelPetersen]

Hi there! Congratulations on your upcoming retirement! I can understand your concern about health insurance, as it can be a significant expense.

[AdelPetersen]

On 3/15/2023 at 1:29 PM, AdelPetersen said:

Hi there! Congratulations on your upcoming retirement! I can understand your concern about health insurance, as it can be a significant expense.

Have you looked into COBRA coverage? This allows you to keep your employer-based health insurance plan for a limited time after retirement, although you will be responsible for the full premium cost. You may also want to look into the health insurance marketplace or working with a broker to find individual or family plans that meet your needs and budget. The cost will depend on many factors, such as your age, location, and health status. I recommend checking out http://www.thefinitygroup.com as they offer personalized insurance solutions for retirees. Best of luck with your retirement planning!

[Boo's Mom]

On 10/25/2022 at 2:48 AM, Titanfan22 said:

I’m sorry if this thread is off cruise topic, but I have been searching for a group of 55 plus to maybe find great options for those retirees that have taken the plunge.  My wife and I are considering retirement the end of next year so we can spend more time together and with family.  I will be 60 and she will be 59.  Our big hang up is health insurance for several years until we hit 65.  We have had a terrible time dialing in the cost so we can budget and feel comfortable taking the leap. Any input as to good recommendations and what may work well for you would be appreciated.  An idea of cost would help also.  Thanks so much for pulling away from cruise mode to help.

I use Samaritan Ministries.  It's not insurance.  

It's a Christian based, hands-on approach to health care. Choose your doctor, submit your bills, and fellow members will be directed to send financial gifts. 

For my husband and I, we pay approximately $500/month (total).

The deductible is $400 (per incident) 

 

We have been members for about 8 years. 

SM has been around for 29 years. 

As of April 2023, there are 80,811 families participating in this cost-share ministry. 

It has been a very good experience.