Archives for September 20, 2017

Health Insurance Premiums: Average Annual Cost $19,000 Family, $6,000 Individual

healthThe Wall Street Journal recently published (paywall?) a chart showing how the average cost of employer-provided health coverage for a family has changed from 1999-2017. The total average annual cost was $18,764 for a family and $6,690 for an individual in 2017. The data source is an annual poll of employers performed by the nonprofit Kaiser Family Foundation along with the Health Research & Educational Trust, a nonprofit affiliated with the American Hospital Association.

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In very rough terms: a single adult is ~$500 per month ($6,000 per year), and a family is about $20,000 a year. These numbers agree overall with the preliminary health insurance quotes that I have gotten for my own family.

In addition to the rising premiums, the average annual deductible is now over $1,200 for a single worker.

The implications for an prospective early retirees are obvious. How are you going to cover this huge expense? Here’s a quick brainstorm of options. Spoiler alert: There is no easy fix.

  1. Use an Affordable Care Act (ACA) plan and get a subsidy if your income is low enough to qualify. Do a lot of reading, then hope it doesn’t change?
  2. Plan ahead with a job that offers health insurance benefits in early retirement (don’t have to be a certain age). You’ll probably have to hunker down with the same employer for a number of years.
  3. Save enough money (or create enough income) to pay for health insurance premiums. Try a managed-care system like Kaiser for a low-cost HMO plan.
  4. Find a part-time job that you both enjoy and offers health benefits.
  5. Run a part-time side business that earns enough profit to cover health insurance costs. Look for potential group discounts or tax breaks that are available as a business instead of a consumer.
  6. Now and later, look for a high-deductible health plan (HDHP) and fund a Health Savings Account (HSA) due to the tax advantages.
  7. Join a direct primary care arrangement or health care sharing ministry that is exempt from ACA.
  8. Extend your current employer coverage for up to 18 months through COBRA (check cost).
  9. Move to a foreign country with reasonable and transparent cash pricing.

Am I missing anything? Right now, we have #4. My family’s future plan is a mix of #1, 3, and 5. However, #5 could push us over the income limits for #1.

Museum Day: Free Tickets Nationwide On Saturday, September 23, 2017

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This upcoming Saturday! Museum Day Live! is an annual event hosted by Smithsonian magazine in which participating museums across the country open their doors to anyone presenting a Museum Day Ticket for free. This is in following the spirit of Smithsonian Museums, which offer free admission every day.

Registration is now open for Saturday, September 23, 2017. Find participating museums here. Request your ticket here. One ticket per valid email address. Each ticket provides general admission for ticketholder one guest. You must pick the specific museum during the ticket request process, and then download a PDF to print out as your ticket.

There are some cool museums around us that now cost $25 for adults and $10 for children, so this can be a significant savings depending on the size of your family. (Two adults can register, and that would allow four total people. Kids can also get their own tickets in case you bring along more people.)

Don’t forget to add the event to your calendar! I’ve probably forgotten about this half the times that I’ve registered.

Also see: Bank of America’s Museums on Us Program.

https://www.gefest-sv.kiev.ua

https://mazda.niko.ua

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