Health insurance Costs
12-10-2005, 06:33 PM
#1
Health insurance Costs
Since, we seem to be talking about everything on this site, I have one, health insurance. I retired from a company after 35 years and kept their insurance carrier. I just received notice that he cost will go up approximately 30% for 2006. This brings the cost at $9K/year. At this price and knowing that there will be additional increases in the next 9 years when my wife finally reaches 65, I am considering self insuring. I believe that I will spend at least $125,000 over the next 9 years paying for health care and I am considering taking the risk. I'd like to hear other opinions.
12-10-2005, 06:40 PM
#2
I' too chicken to take the risk. As we get older we need more and more health care. I'm locked in.
That said, I had a friend who was self insured for a while. He found he had no problem negotiating lower costs with doctors for cash payments.
That said, I had a friend who was self insured for a while. He found he had no problem negotiating lower costs with doctors for cash payments.
12-10-2005, 06:49 PM
#3
Thanks Bill for your reply. One alternative to using the facilities in the U. S. is to go outside the country. I understand that there was a 60 minutes discussion on this some time ago. I didn't see it, but I did go to some medical facility websites in Thailand and they publish their rates. Bypass surgery cost are between $8K to $15K, that would be less that two years of insurance premiums.
12-10-2005, 07:03 PM
#4
I guess I'm a health care snob. I suffer from the belief that doctors and medical care here is the best in the world (so long as you go to the right place of course).
12-10-2005, 07:19 PM
#5
This is a tough issue. We are both still working and both of us work for small companies. We have seen our costs rise dramatically in the past few years, as employers draw a line at how much they will pay.
It's doubtful we will see retirement at 62 as there will be no health insurance to take with us from our jobs. I'd like to think that things will get better within the next ten years, but I'm not holding my breath.
I know what supplemental health insurance for folks on Medicare costs, and it's equal to a mortgage payment for some.
I know some folks who buy into Medicare and pass on purchasing a supplement. They put "X" dollars in an account to cover additional expenses and take a chance they won't need to use it, or that it will be enough if they do. They also send to Canada for their meds.
I'd be too chicken to go without insurance, so I guess we both work until we at least qualify for Medicare, as to purchase insurance entirely on our own would do a number on our IRA accounts.
No easy answers to this question.
It's doubtful we will see retirement at 62 as there will be no health insurance to take with us from our jobs. I'd like to think that things will get better within the next ten years, but I'm not holding my breath.
I know what supplemental health insurance for folks on Medicare costs, and it's equal to a mortgage payment for some.
I know some folks who buy into Medicare and pass on purchasing a supplement. They put "X" dollars in an account to cover additional expenses and take a chance they won't need to use it, or that it will be enough if they do. They also send to Canada for their meds.
I'd be too chicken to go without insurance, so I guess we both work until we at least qualify for Medicare, as to purchase insurance entirely on our own would do a number on our IRA accounts.
No easy answers to this question.
12-10-2005, 07:28 PM
#6
[QUOTE=Legal Bill,Dec 10 2005, 11:40 PM] I' too chicken to take the risk.
12-10-2005, 08:37 PM
#7
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My wife has a "simple" case of breast cancer, and a "simple" unrelated kidney cancer (laparoscopic nephrectomy). So far the charges have been $115,000+. The insurance company will pay less, but my point is that a self-insurance fund can be very quickly wiped out. I wouldn't do it.
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12-10-2005, 09:50 PM
#9
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Are you saying you have health insurance as a retiree through your company and are paying $9,000 annually in co-pay?
12-10-2005, 10:22 PM
#10
Are you saying you have health insurance as a retiree through your company and are paying $9,000 annually in co-pay?
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Not in co-pay, but for premiums.
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Not in co-pay, but for premiums.