[Georgeand Cindi]

As we have recently bought a home and will be retiring here, my wife and I are looking to purchase a major medical health insurance policy. Does anyone have a suggestion about what agency to contact (or not to contact)?

Also, is anyone in a similar circumstance who could tell us approximately what such a policy for a single or a couple, with a high deductible, might cost? We are trying to work out our budget in anticipation of this move.

Thanks so much,
George and Cindi

[Ohiogirl]

I was very happy with this guy:
James Schuler

He's licensed with most companies, an independent agent, seemed to know his stuff - He's in Hernandez but I did it all on the phone and/or email, plus a written application

Phone: 352-341-3596

I went with AARP/Aetna with co-pays, $5,000 deductible, $7500 out of pocket max per year - they did not charge me extra for any pre-existing conditions - BC/BS wanted 25% more than original quote for Rosacea. Covers annual check-ups and adult immunizations, including Shingles vaccine. This is not an HSA account. Those are options also.

It is age-banded 60-64 and community (Sumter County) rated. My premium is $411/mo. There are a zillion different options for HSAs, co-pay accounts, different deductibles, etc. A friend of mine is a retired Aetna executive and she helped me understand different options - it's not that easy to understand this stuff if you are not in the business. Read the fine print and ask questions.

I chose this one because I know me - I might put off needed dr. visits if I know I will have to pay 100%. For this one, you pay $40 for family doctor visit, $50 for specialists. Counts toward deductible. Generic prescriptions have a small co-pay, if I remember correctly. Other prescriptions you pay out of pocket - goes toward your annual deductible.

Start with looking at ehealthinsurance.com to see what's out there. The quoted price is just a starting point for most of us.

[JohnM]

Originally Posted by Ohiogirl

My premium is $411/mo.

Was this for a SINGLE?

[Ohiogirl]

yes - single - 60 yrs old and in good health - no high blood pressure, no cholesterol drugs, no diabetes, not overweight (much, anyway).

Your comment sounds surprised - are you? Or did you think this was cheap? There are cheaper policies, with higher deductibles, or no co-pays at all - just meet your deductible, then they pay a percentage until your (annual) max out-of-pocket. But most people in this age band have had some type of treatment for something in the last 5 years that will bring the premiums up significantly.

Almost all of them now pay 100% for the annual preventive physicals (because they have to).

[missypie]

Originally Posted by Ohiogirl

I was very happy with this guy:
James Schuler

He's licensed with most companies, an independent agent, seemed to know his stuff - He's in Hernandez but I did it all on the phone and/or email, plus a written application

Phone: 352-341-3596

I went with AARP/Aetna with co-pays, $5,000 deductible, $7500 out of pocket max per year - they did not charge me extra for any pre-existing conditions - BC/BS wanted 25% more than original quote for Rosacea. Covers annual check-ups and adult immunizations, including Shingles vaccine. This is not an HSA account. Those are options also.

It is age-banded 60-64 and community (Sumter County) rated. My premium is $411/mo. There are a zillion different options for HSAs, co-pay accounts, different deductibles, etc. A friend of mine is a retired Aetna executive and she helped me understand different options - it's not that easy to understand this stuff if you are not in the business. Read the fine print and ask questions.

I chose this one because I know me - I might put off needed dr. visits if I know I will have to pay 100%. For this one, you pay $40 for family doctor visit, $50 for specialists. Counts toward deductible. Generic prescriptions have a small co-pay, if I remember correctly. Other prescriptions you pay out of pocket - goes toward your annual deductible.

Start with looking at ehealthinsurance.com to see what's out there. The quoted price is just a starting point for most of us.

Great ifo, thank you so much for sharing.

[JohnM]

Originally Posted by Ohiogirl

Your comment sounds surprised - are you?

YES ... we are currently on a NY BC/BS plan for a couple ($2600 deductible), but have to switch to a FL plan and are paying about the same as you ... it sounds like FL health insurance is going to be MUCH more expensive ... THANKS for sharing

[Boomer]

The costs of health care coverage in early retirement often comes with sticker-shock. Following is a post that I wrote a while back, but I am doing a re-run because this information might be new to someone here and could help to deal with some of those costs.

So just in case......

Staying out of tax deferred accounts such as a 401(k) or 403(b) or IRA's for as long as possible continues to avoid that tax hit, as we all know. Nobody knows what taxes will be in the future, but for now…..

If your retirement philosophy is to stay out of tax-deferred investments by spending your taxable income first, you might find that you are sort of pleasantly surprised at tax time.

As you know, net worth and income can be two very different pieces of the retirement puzzle. If you can keep your income down in retirement, for a while anyway, you might be surprised at how the write-offs can kick in and give you more money in your pocket than you thought you might have.

Health care costs can take a significant chunk of retirement income for many. One thing that might be new though is that for the first time, you just might find that you can write off a part of your medical expenses, including dental, vision, and insurance premiums because your income is lower in retirement. And if you have tax-deferred money available, staying out of it might give you more of a return than you thought, at least for now.

I think the current number for medical deductions is the amount that exceeds 7.5% of AGI. I know that’s a lot, but with your income lower and your health insurance premiums possibly higher and maybe some LTC insurance premiums in there somewhere, and maybe needing glasses and/or contacts and some dental work, you might find that it can be worth adding up every scrap of paper associated with medical expenses – even if you have never been able to use the deduction before.

Now, please promise me that you will not take tax advice from some woman named Boomer on the internet who is not a CPA or a CFP and could even be an English major for all you know.

So anyway, if this post gets your attention, you might want to have a look at IRS Publication 502, and you should consult a tax accountant. Don’t take tax advice from me. I will not bail you out of jail. Of course, your CPA probably would not bail you out either, but at least he might go along to keep you company. Oh well....I digress.

Back to medical deductions. Here is an IRS pub, from 2010, on the subject. Who knows if there will be any changes for 2011, but this publication can get you started if you are interested in learning more.

http://www.irs.gov/publications/p502...link1000178852

And please oh please be aware of my disclaimer, highlighted in red, above.

Boomer

[aljetmet]

Originally Posted by Ohiogirl

I was very happy with this guy:
James Schuler

He's licensed with most companies, an independent agent, seemed to know his stuff - He's in Hernandez but I did it all on the phone and/or email, plus a written application

Phone: 352-341-3596

I went with AARP/Aetna with co-pays, $5,000 deductible, $7500 out of pocket max per year - they did not charge me extra for any pre-existing conditions - BC/BS wanted 25% more than original quote for Rosacea. Covers annual check-ups and adult immunizations, including Shingles vaccine. This is not an HSA account. Those are options also.

It is age-banded 60-64 and community (Sumter County) rated. My premium is $411/mo. There are a zillion different options for HSAs, co-pay accounts, different deductibles, etc. A friend of mine is a retired Aetna executive and she helped me understand different options - it's not that easy to understand this stuff if you are not in the business. Read the fine print and ask questions.

I chose this one because I know me - I might put off needed dr. visits if I know I will have to pay 100%. For this one, you pay $40 for family doctor visit, $50 for specialists. Counts toward deductible. Generic prescriptions have a small co-pay, if I remember correctly. Other prescriptions you pay out of pocket - goes toward your annual deductible.

Start with looking at ehealthinsurance.com to see what's out there. The quoted price is just a starting point for most of us.

Interesting you mention that prescriptions go against your annual deductible.

If you hit the max $7,500 out of pocket then everything is paid for including your drugs if you go over?

For me I have a couple of cat scans a year so it runs into lot's of money.
I'm going to bridge to medicare with Cobra. (Cobra is expensive but probably less than I would have to pay for a similar plan as OHIOGIRL has. This way I get to retire at 63.5 yrs. so TV has to wait.

[Sail41]

Why switch? When my father in law moved here, they told him to keep his BCBS from Tn. Would of been better to keep his MI plan. However, he had the Tn plan until he passed a few years ago and there was no problem for almost 17 years.

[Ohiogirl]

I became a Florida resident in December, have a Florida driver's license. Cobra ran out in July - required to get a Florida policy since I'm a Florida resident. The health insurance agent I used confirmed that. The same policy in Ohio was quite a bit less.

My guess is (having been a former auto insurance adjuster) that if you move to Florida (i.e., become a resident) and do not change your policy location, you are risking a possible denial for failing to inform your carrier. It's possible that claims might slide by and the address change not get caught. But, if it's like auto insurance claims, if you file a big claim you might get a little more scrutiny. Likely all depends on who's processing your claim and how well-trained or alert they are that day. I would not take a chance. Somewhere in the fine print it probably mentions a requirement to notify them of an address or residency change.

[Ohiogirl]

Originally Posted by aljetmet

Interesting you mention that prescriptions go against your annual deductible.

If you hit the max $7,500 out of pocket then everything is paid for including your drugs if you go over?

For me I have a couple of cat scans a year so it runs into lot's of money.
I'm going to bridge to medicare with Cobra. (Cobra is expensive but probably less than I would have to pay for a similar plan as OHIOGIRL has. This way I get to retire at 63.5 yrs. so TV has to wait.

I think it works like this: if you meet the $5,000 deductible, then it pays 80% and you pay 20% until you reach the out of pocket limit of $7,500. This is an annual requirement, so if you are treating for something long-term, or are hospitalized let's say from Dec. 29th-Jan 2nd, you would have to meet the deductible and out-of-pocket max twice, or on and on if it is a chronic, expensive health event.

If you are getting 2 CT scans yearly, then there is an underlying health issue, and I am guessing that your premiums would be very high, if they will even cover you. They can still deny coverage in Florida until (if) the new health care law goes into effect sometime in 2014 (I can't remember which month it goes into effect).

Currently, I was told my annual premiums can only go up for community rating increases (typically 10% per year), or if you change age bands (for instance, turning 60. If you develop some chronic condition they cannot cancel you or raise the premium.

Don't think anyone knows for sure what will happen to premiums after 2014. The idea is that since there will be no uninsured people (or very few), things will balance out.

Boomer, thank you for reminding me that tax time might actually be pleasant this year!