How much will health insurance cost me down the line?

[Joan.of.the.Arch]

First, I want to make clear that I am not asking this in order to give any slant to the question of federal involvement in healthcare funding in the US. I am asking it in order to try to make some decisions about work & savings planning, with the assumption that there will be no federal interventions or programs.

Has anyone seen any numbers which attempt to predict the cost of private health insurance in the next 5, 10, 15 years?

[swanson719]

There are so many numbers out there on this exactly because of the current healthcare debate that I don't know if any are reliable. We'll go with the Congressional Budget Office's estimate of our current health care system over the next 75 years, because that seems to be the Gold Standard in gov't.

Congressional Budget Office - Health

The CBO suggests health care costs represented 4% of the GDP in 2007 and will rise to approximately 20% by 2082, representing an annualized increase of .021% of the GDP, proportioned for inflation.

As a budetary measure, one would then have to budget a similair rise in health care as a percentage of their budget. Take into account that the retired often qualify for Medicare, and whether you will, and if so, Part A, B or both.

[MonkeyMama]

Have you seen those premium quotes, by age? Someone single can pay as little as $100/month in their 20s but may be $1k per month once they hit 60? (Perfect health).

Also, pre-existing conditions are a huge issue. My parents were recently quoted $30k per year for private health insurance (my dad has had recent health issues, but this was before all that). Mom has Diabetes, which I would have guessed as the primary reason. High cholesterol and blood pressure runs on my dad's side though (since his 20s or 30s he has been on medication), but he was fit as a fiddle otherwise. Was - has had some issues since. BUT, I really can't think of anyone their age (late 50s) who doesn't have some "pre-existing conditions."

Looking at it from that angle - it's going to cost an arm and a leg - inflation aside.

[Joan.of.the.Arch]

Choke-choke-sputter-gasp! (Don't tell my insurance company I'm having trouble breathing.) So does that $30K a year come with $10K deductible and $100 office visit co-pays? Did they really say $30K or did they say, "Just mosey on off and die, now?" Was this for a guaranteed never to be cancelled policy, or can it be yanked at the end of a contract year?

[PetMom]

I will just throw in what we are facing as middle aged people getting insured (although your question about what about for the future with regards to health care is a good question). As regards to being older and finding health ins it is quite a lot.

My husband was working in the private sector (corporate world) and we both were covered for a whopping $450.00 total per month - this was last year, typical 20% copay.

Some employees in their thirties were opting out of the 401k to get coverage for their spouses and children.

Now at a city position we pay about $250.00 per month. We have 20% copay. And $10,000.00 maximum per year (which is quite easy to run up in a typical hospital stay).

Some hospitals are getting aggressive with their collecting of payments and some put on pressure for full deductible when they bill you. Some will work with you and let you pay out on their terms ($400.00 per month). If not they quickly threaten a collection agency and there goes your credit - which means you scramble real quick to pay what they are asking for - and certainly you do owe them the money. Hospitals used to be more understanding and would allow a doable payment option.

But yes, you really think what will it cost to go in and getting on the 10,000.00 deductible cap payments each year. People face this until they hit that medicare age - small wonder they are relieved when that happens.

We are adding the goal of full $10,000.00 (should be more) of savings in addition to our emergency fund - our emergency fund would have been almost wiped out had we paid in full and not gotten on a payment plan.

So I am addressing what to expect more for someone in their thirties what we pay in our forties.

[tzsgti]

Have you seen those premium quotes, by age? Someone single can pay as little as $100/month in their 20s but may be $1k per month once they hit 60? (Perfect health).


Looking at it from that angle - it's going to cost an arm and a leg - inflation aside.

Are you kidding me? $100 a month for a single in thier 20s? Not over here I WISH

I am 22 and single living in NY and quotes i got for basic plans with large deductibles and the cheapest is GHI for about 480 a month. Its crazy.