2018 ACA Insurance Estimates Now Available

[CM]

It looks like you can now estimate 2018 health insurance premiums on the exchanges here: https://www.healthcare.gov/.

This is relevant if you're thinking of retiring before Medicare age.

Looks like it would cost us about $1,350/month for Bronze plan, $1,500/month for Silver, and $2,000/month for Gold.

If my income in retirement is $64,000 or less, we'd be eligible for a $900/month subsidy.

Not sure if any of these plans provide good coverage. Had a bad experience when my now wife was covered on the exchanges before we married.

I'll have to learn a lot more if I decide to pull the plug before 65, but the thought of spending my time learning the ins and outs of health insurance coverage makes me want to keep working.   

[CM]

Rex wrote:

I still at this point find it difficult to find other physicians willing to take Obamacare plans.

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That was the problem with my wife's plan; no one accepted it.

[Hatton]

At 60 this is frightening.  

[Kamban]

The main reason I won't trigger the RE of FIRE before 65. Too many unknowns and Murphys law usually applies to me

[VagabondMD]

I am going to have a tough time keeping my post retirement income under $60k, but fortunately my wife’s company offers retiree health. She needs to work two more years to qualify, and then we are golden (so long as they do not dump the plan ).

[StarTrekDoc]

Not an issue here in San Diego -- multiple plans; multiple systems.  The trouble is that Bronze really sucks.  high copay and barely considered anything beyond major medical or High Deductible with the copay amounts.  

With the Cost Share Reductions gone, the silver plans are going to get slaughtered too.  

 

--IIRC, this would be on par for what the individual market was pre-obamacare --- minus the uninsurable clause

[spiritrider]

Priceless capital loss carry overs, tax efficient index funds in taxable, Roth IRA assets, and pre-tax self-employed retirement contributions ($24K+) to offset minor early semi-retirement income. Can all allow you to massage your MAGI and get a minimal premium, deductible and max OOP.

[Otodoc]

this is really starting to be a problem.  cheapest plan for me is $2,050/month with $13,000 deductible. HSA eligible plan is $2,200/month.   Only one insurer left in my area.  but im a greedy rich doctor, so i guess its fair for me to pay that much. 

[Kamban]

Otodoc wrote:

this is really starting to be a problem. cheapest plan for me is $2,050/month with $13,000 deductible.

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When your health care costs can easily run $38K before one talks of high copays for expensive drugs like the cancer and rheumatology drugs, how can one think of RE even if they budget $60K annually (which is a decent sum). Can one take care of lodging and food and clothing with the remaining $22K, let alone think of vacations.

That is why I am skeptical of all these projections for retire early mantra when the 800 lb gorilla is the unknown healthcare costs that can throw it out of whack.

 

[Hatton]

I would be afraid to retire with this level of uncertainty in rates.  I am waiting to see what my small business BCBS rates look like for next year.

[Kamban]

hatton1 wrote:

I would be afraid to retire with this level of uncertainty in rates.  I am waiting to see what my small business BCBS rates look like for next year.

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The advantage of being employed, either on your own or as a employee of the hospital is that one can get health care coverage. When one is non-employed the problems are

1. Will you even have ACA plans in your area, that certainly will be expensive and you won't qualify for any aid.

2. Will it cover the costs should you end up needing CABG or get a colon cancer.

3. Will any physician take it or they be out of network and sock us with outrageous out of network bills that we have to pay on top of these premiums and deductibles. 

With all these repeal Obamacare, Trumpcare, other senator care and what not showing up each day, I would rather work a bit and have the ability to have decent insurance that will cover everything for me and my family. And even if you can insurance this year there is no guarantee that you can get it next year on your own.

[Hatton]

Kamban you voice my concerns.  If one knew the quality and absolute top price one could plan but since no one does I will just continue to work. 

[ReFinDoc]

Oldie-but-goodie: https://www.mrmoneymustache.com/2017/11/05/when-your-shitty-health-insurance-doubles-in-price/

 

One of the comments included taking one credit hour at a local university to get cheaper "student" insurance.

[ENT Doc]

Yeah that article was good. I thought some of his footnote suggestions were a bit ludicrous and didn't demonstrate much thought. Others were spot on.

[PhysicianOnFIRE]

You may be want to ditch the exchanges if you don't qualify for a subsidy. Health sharing ministries may be an option for you at ~ 1/3 the cost, and beginning this fall, you can opt for short-term and catastrophic plans without the ACA penalty.