The 2016 Obamacare rates are on the BCBS site - they are high to say the least.
I'll be 61 next year, single, non smoker
My current plan is $342/mo (a grandfathered plan, no longer offered) and without Obamacare it would have been less.
This is the lowest plan a HMO - $568/mo. I may get a 105/mo subsidy next year but not when I'm 62
Deductible (s): $5,500
Primary Care Visit to Treat an Injury or Illness: You pay $50.00 More Details
Out of Pocket Max: $6,850
Last year when I checked what I would pay with a subsidy it was $310/mo - so rates have gone up a great deal.
I don't know how people will be able to afford it.
If I were considering retiring early today the way I did 9 years ago, I would not do it. Obamacare is just too expensive and the increases are too high.
One idea of Obamacare was that people could leave a company that provided health insurance. Now, you can't leave a company with health insurance.
Comments
I should add that this increase in payments is so large because the subsidy is unchanged. The increased cost for the policy itself is between 11-12%, the government picking up the same gross amount as last year with me picking up the entire increase.
Again, this is from the insurance company. I don't believe we will be able to see our actual choices of policies until November 1.
Penalties are going up, I believe.
@davidrmoran you are correct! I think it's 2% of AGI for this year....pick your poison.
Colonoscopy - free - I think the cost was about $2,000 or so. I didn't pay attention; I didn't pay it directly (of course it was in the premiums).
Add that to the cost factor.
http://obamacarefee.com/magi/
>> If you qualify for Medicaid and live in a state that participates, your fellow citizens will pay a portion of your premium, maybe. The whole thing is revolting.
I know! Like property taxes for schoolteachers and firefighters and cops! How dare they?
More seriously, what do you propose instead? How would you fund it?
@Dex:
>> This year I had a general physical with tests - free
>> Colonoscopy - free - I think the cost was about $2,000 or so. I didn't pay attention; I didn't pay it directly (of course it was in the premiums).
>> Add that to the cost factor.
One of the many nice things about Medicare is that you get to see exactly what the provider billed and also then was paid; and in most cases it is amazingly low, showing real bargain and value negotiating.
KFF analysis of 2016 premium changes (Oct 26, 2015): The price change for 2016 of benchmark plans (2nd lowest silver plan) ranges from -10.6% to +40.9% depending on location. Average (before subsidy) is 10.4%, after subsidy (for a 30 year old earning $30K) is 0.1%.
ACASignups.net weighted average increases (Oct 15, 2015): This is an interesting site. Charles Gaba uses numbers of people actually enrolled to compute the average increase per real person. It comes out to about 13%, assuming that no one shops for a lower cost plan. (
That "shop around" assumption is built into theKFF and ACA figures implicitly assume people will shop around, because they use the 2nd lowest silver plan, which is likely not the same insurer's plan as in 2015.)Grandmothered/Grandfathered plans: Grandfathered plans are still allowed to cap benefits on an annual basis, and are not required to provide preventive care for free (or any of the other essential ACA health benefits). On the other hand, like ACA plans they do have to include children under age 26, and have to refund premiums if they spend less than 80% of premiums on claims.
Edit: I clarified a sentence about the second site; I worded it poorly so that it likely would be read to mean the opposite of what I intended.
You may be confusing grandfathered and grandmothered plans. The ACA does not bar the latter until 2017 (and HHS could extend the date again). If one has a grandfathered plan, it is required to identify itself as such. Here is a model notice from DOL:
http://www.dol.gov/ebsa/grandfatherregmodelnotice.doc (Word Doc)
ACA does not mean exchange plan. I have a non-exchange ACA plan. While my insurer offered its plans both on- and off-exchange in my county, it only offered its ACA plans off-exchange two miles from me, in the next county.
>> Again you demonstrate a profound lack of a knowledge base of the subject(s) and a confablulation of the mulaxitiparticipation.
Lolz, this is fabulous, like Izzy on Miami Vice.
I would do the same as you if I was faced by the decision to retire or not.
Person A: why are you idle? Person B: So?
A: you can work hard B: so?
A: you can earn more and save more. B: so?
A: You can enjoy your retirement. B: Already I am doing that.
A: :(
So why get early into ACA ?
So, be careful ... that question and answer post was sounding like him.
Were you saying that there are people not working who don't have ACA or who do?
emarotta.com/how-to-bilk-obamacare/
Also, my impression is that withdrawals from Roth IRAs don't count towards income for the ACA so there are strategies for those who want to retire early: money.usnews.com/money/blogs/on-retirement/2013/11/11/the-obamacare-trick-early-retirees-should-knowhttp://money.usnews.com/money/blogs/on-retirement/2013/11/11/the-obamacare-trick-early-retirees-should-know
forbes.com/sites/carolynmcclanahan/2014/11/14/how-early-retirees-can-get-cheap-health-insurance-through-obamacare/
>> we will both be on Medicare A and B and probably a supplemental policy. All in all, it will cost as much as our small company plan does.
? From my cost experience using a Tufts Healthcare supp (and there is a ton of similar competition), this would mean your company plan is quite a bargain, which I infer is not what you're saying. It depends on drug plans too (D), of course, but some of those are really cheap as well. If you do Tufts or competitors' HMO, they are even cheaper, the lowest Tufts one being free, and they include D, though naturally co-pays etc. are higher.
So I am not following your thinking.
"Also, my impression is that withdrawals from Roth IRAs don't count towards income for the ACA so there are strategies for those who want to retire early"
It's difficult for a retiree (younger than 65 years old) not have to take a larger and larger taxable IRA distributions to pay insurance premiums as these premiums rise by a third or more each year.
These IRA distributions, in effect, increases AGI making it less and less likely an ACA subsidy will factor into the equation. The poor don't have an IRA to raid. Is this wealth redistribution or dumb luck?
How often have you not qualified for financial help (such as FAFSA) because you were just more frugal than your co-worker?
A saver and their savings are soon parted.
Raiding their cookie jar has its own health risks.