Medical Insurance deductible - what's the average in our trade?

[JParis]

It's truly amazing how so many "nonprofit" hospitals are so very profitable

[RobertELee]

It's truly amazing how so many "nonprofit" hospitals are so very profitable

*cough**cough*mayoclinic*cough*

[mowens]

I don't see how this is going to be sustainable. Unless you're wealthy, anyone with any kind of chronic illness can't possibly afford $10,000 out of pocket every year for medical expenses. And it's only going to get worse from here.

Insurance is probably the biggest reason the machinists went on strike here. I was talking to my neighbor over the 4th and he didn't even mention the overtime thing. The union members wanted to keep what's known as the core plan. The company offer had a core plan in it but it was in name only; in reality it was a completely different plan. For one thing it would have greatly reduced the number of medications covered under the prescription drug portion of their coverage. My understanding is that would have included common diabetes drugs like Metformin. I also understand that anyone with prescription drug insurance is already lucky.
Anyway, the leadership recommended accepting the offer. The membership said no. They went on strike and after a week got what they were asking for from the company.

[Del.]

I've lived a blessed life. I've been healthy my whole life, never been seriously injured
and have none of the back, knee, or hip problems that plague many people.
I know absolutely nothing about health insurance, Medicare, or any of this stuff.
I guess it's time to start learning.

Medicare can be confusing. In the last 6 months I have gained a better understanding.

You are eligible for Medicare when you turn 65. There is an enrollment period of 3 months before and 3 months after you turn 65. This is called Part A which is for hospitals. It cost you nothing as you have been paying for it on your paycheck.

You also became eligible for Part B which is for doctor visits. It is optional and cost $165 per month. There are rules that if you don't take it, and decide later to take it, where there may be a penalty which will add to your cost.

Your Part A has a yearly $226 deductible and covers 80% of hospital stays.

If you want additional coverage you will have to either buy a supplemental policy to cover the 20% you would still owe. There are some plans that cover the entire 20%.

You also can choose to enroll in a Medicare Advantage plan. Those include your Part B Medicare and some offer drug coverage and other services. Depending on the plan you choose it may not cost you anything but deductibles and networks are restricted. With no health issues this may be right for you. 

This is it in a nutshell. I'd talk to an insurance person to see which direction is best for you.

Personally I bought my own plan and a drug plan and I can go to any doctor or hospital without having to get approval.

[mowens]

So I didn't file for Medicare because I'm still covered by employer insurance that has an HSA. Because of this, I wouldn't be penalized for not signing up for the other part.

But apparently signing up for social security also signs you up for medicare because I got a medicare card a little later. I don't know what that will do to the penalty thing now.

[neurosis]

I got a medicare card a little later. I don't know what that will do to the penalty thing now.

I'd look in to that sooner than later. 

[Smit]

My understanding is you should enroll in Medicare part A when you turn 65. You can delay part B until you drop your qualified company health care plan. But you need to enroll in part B immediately to not be penalized.

One other not, you need to stop paying into your HSA (if you have one) when you enroll in Medicare part A.

[JParis]

But apparently signing up for social security also signs you up for medicare because I got a medicare card a little later. I don't know what that will do to the penalty thing now.

My guess is you only got Part A which is no charge... the Part B is chargeable

[mowens]

Yeah but you can incurr a penalty if you don't do it in the right time frame.