Medical Insurance for those that Retire before age 65?

[NorTracNY]

You do realize that the money going into your Medical Savings Account is YOUR money and all you get is the tax savings? I think the trend will be in that direction but people need to remember that it is not "free money". Our retiree plan went to high deductible last year and let us contribute to a HSA. Part of the program is that you have to take a greater role in your healthcare because you are playing with your own money now. Question every medication your doctor wants you on and question every blood test he/she wants. They are largely still operating under the "old way" where everything was covered...you are not. I learned the hard way last year. A routine physical cost me $2,100 (mostly lab work) which with my new $3,000 deductible came from me. Just got the bill for this year's and have yet to open it but I did push back on what was being done.

Of course it's my money, who else's would it be? It is money that is given to me from my company (they are encouraging people to switch), money I'm putting in from the difference in cost of the premiums, and money I'm investing in the future. It's not just my money going into an account to pay for medical. I'm saving the money pre-tax and paying my medical with pre-tax money. As long as no one goes to the hospital in the family in the year I come out ahead. If there is a bad incident, I'll come out about even.

I'm well aware of the cost of medical. There is a ridiculous amount of waste. I'm in good health and my primary doctor doesn't even want to see me every year. If I get injured, I'm much more likely to go straight to a physical therapist than a doctor. IMO, way too many people go to see their doctor. I also hear that an amazingly high number of people die in the hospital, so I avoid that like the plague.

 

[kthompson]

We are on Christian Health Care, $300 per month for both of us. Of course you negotiate those charges as Gary above outlined.

These plans be a great option. I am licensed insurance agent and am contracted with two. However they are not for everybody, they are not good options for those with a serious medical condition in my opinion. Well at least requires careful thinking to make right decision there.

The ACA or Obamacare can also be depending on income due to how subsidy may work or not work for you.

My best advice, there is no single option out there today. I would suggest either finding an agent who works with all options or either you do the work to check out the options.

 

[ultrarunner]

When I worked in Austria it was similar... everyone was covered but all I knew bought supplemental and thought it worthwhile.

Covered meant going to county where with the supplement you could opt for a private hospital, often private room and the que could be cut by many months unless life threatening.

We just had a patient fly down from Canada for Eye Surgery... this meant cash pay and transportation and accommodation... I asked why he opted to come to the US... he said the wait in Canada was over 2 years and the lens he wanted was not covered...

 

[teejk]

Of course it's my money, who else's would it be? It is money that is given to me from my company (they are encouraging people to switch), money I'm putting in from the difference in cost of the premiums, and money I'm investing in the future. It's not just my money going into an account to pay for medical. I'm saving the money pre-tax and paying my medical with pre-tax money. As long as no one goes to the hospital in the family in the year I come out ahead. If there is a bad incident, I'll come out about even.

I'm well aware of the cost of medical. There is a ridiculous amount of waste. I'm in good health and my primary doctor doesn't even want to see me every year. If I get injured, I'm much more likely to go straight to a physical therapist than a doctor. IMO, way too many people go to see their doctor. I also hear that an amazingly high number of people die in the hospital, so I avoid that like the plague.

You are fortunate. In my case, excessive dental x-rays back before people knew they were bad led to thyroid cancer at age 30 which led to removal of the thyroid gland which led to the prescription hormone replacement pill that costs about $40/year. It's impossible to get that tiny pill without an annual "visit" that last year cost me $2,100 and this year $750. Btw, your thyroid is equivalent to the on-board computer in your vehicle...it is in charge of everything. That is what our healthcare system has become.

 

[kthompson]

I have been selling insurance for ov er 31 years and health insurance for near 30 years. Without a doubt there is much that can be done to lower the cost and a lot of that has to do with lawsuit laws. There is a lot of expensive testing done to prove in case of law suit they had done a very good job of checking for all possible issues. That may be the biggest waste in the health care in the US. Then we could get the Federal Government out and let the free market work as it does so well. Those who screamed we must insure everybody were choosing to miss certain truths, there were systems in place to do that. Every state had a plan for those who were uninsurable in the free market and yes some were expensive, almost as much as the now ACA plans are for every body but they miss telling you there were Federal Plans also that were about same price as the free market plans also available. Should have said at the beginning my wife works for hospital so we see this mess from two sides the insurance side, the provider side oh wait three sides and the patients side. The ACA plan I think will last for 2019 and about then implode.