How Much Should I Budget for Health Insurance Costs in Retirement

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[Skott]

Thanks Josh. That's the first pricing I have heard anyone use. It's a good starting baseline to go by when factoring in health costs for retirement.

[chrisjenkins]

Thanks Josh even know my question was a little confusing. I think you hit it out of the park. I can definitely take your advice and make the calculations needed.

[artkrueger]

Someone should start a company who schedules and manages group medical tours to Mexico.
For non-emergency things.

[melblacke]

medicare supp and medigap are knew? I am 5-6 years from retirement and just starting to try to get a read on what healthcare costs budget should be. My older sisters warned me that the terminology was really a problem. They said to start educating myself now. Getting the correct information is key.

[uncareid]

My quarterly payments to Medicare are just over $1100. for the two of us. Add about $100./month (cheap!) for Medigap part "N". Great coverage. Dental and drugs are a wild card. I have not found a good dental insurance program so I go to the college and get almost free care. $500/month PP is a good estimate.

[gsftom]

I have never heard anyone give any numbers on any of this stuff or explain what any of this stuff is. I am 54 so haven’t really tried yet to figure this out, but that was a great primer for me. Appreciated!

[masterlee]

Not sure if you saw my question on a previous video, but you just answered it. Thank

[kevinfestner]

Excellent. Why I have an hsa i am not touching until 65.

[scottfrommaryland]

In Maryland, you can make quite a bit and still get the Affordable Care Act subsidies.

[vinylEarthlink]

I found a drug plan for $14.40 a month. The coverage is not great, but I only care about covering annual amounts over $6750, which is a 95/5 split between the insurance company and you. That is the real insurance element, that protect you against catastrophic costs.
You're a little ahead on IRMAA, the current limits are $88K/$176K. A 6.2% adjustment will probably hit in 2022, and they round up to the next even thousand.

[denisep.]

Great explanations, Josh! When I was calculating retirement expenses (before I turn 65), I estimated $20k/year for my health insurance. My better half will already be in Medicare/gap.

[MarcP]

At my employer they offer Medigap and Advantage with no underwriting. Cost for Medicap $0 co-pays is $344 with scripts. Advantage is higher with a PPO and HMO. This is in todays dollars.

Is Medigap good?

[christopherhennessey]

I went without health insurance for 5 years due to the abusive cost of the premiums.I finally obtained
something decent at $ 673/ month .Thank God no serious illness or injury occurred to me during that time frame.

[bigtoeknee]

My employer will reimburse my Medicare Advantage costs in retirement I have not heard of many jobs that offer that. I know other retirees they pay all the premiums for the year and get reimbursed the following year. They do have small co pays and 1k deductible.

[MyWasteOfTime]

When you say $18K a year, is that per person or for a couple?

[davidcarbery]

Good information. Please elaborate if the $1500/month pre-Medicare is per couple or per person.
Please elaborate if the $500/month ACA is per couple or per person.

[wdeemarwdeemar]

This hospital based RN case manager approves of this message.

[bobdrawbaugh]

WOW! I thought $1200 a month for cobra from my employer was high.

[artkrueger]

I see people in the comments say $20, 000/year for insurance before 65.
What do people who own small businesses do? Do they really pay that much for themselves?

[dopeyone]

Not sure if you need a drug plan. I am still working hope to stop next year at 62. No pensions. But as for drugs, I currently have Cigna at work. I get my drugs cheaper thru Walmart drug plan, America's pharmacy website, or good Rx. No cost to use any of those options. Strange how I pay for medical at work but get drugs cheaper with no insurance.