You need to know the cost of health insurance if you are going to retire early because the costs are significant compared to any sort of income you may gather. Watch to get a good idea how the costs change over time, as you age, and when you can expect the costs to level out if at all.
How’s it going everybody this is btw bush today i’m going to cover how much your health care insurance is going to cost if you ever quit your job this video is brought to you by weeble if you just open up an account through my link down in the video description below you’ll get one free share of stock value between three and three hundred dollars on top of this
If you make a deposit of five dollars or more you get another free share of stock valued between eight and two thousand dollars this promotion is valid all the way till end of august 2021 check out my referral link down in the video description below now this is the question i have for myself as you age your health care insurance cost is going to rise but i want
To know how much it exactly rises because this is very important for retirement planning if the cost of health care insurance skyrockets to what two thousand three thousand dollars then i won’t be able to afford such a thing and we know that that cost indeed has been going up personally since i quit my job i have to start paying for my own insurance and because
I make more than this obamacare threshold of about 40 000 or so you do not get a subsidy anymore so this video is more about if you don’t get subsidies if you make more than 40 000 how much do you actually have to pay out of your own pocket to get this health insurance the cost of health insurance usually stops people from quitting their job maybe they want
To keep some side job that has health insurance that’s why they still keep on working there but this video is more about people who are self-employed or maybe you are doing online youtubing or you know instagram or something influencer maybe you have your own business or whatever and you have to buy your own health insurance so how much does this cost over time
I’m gonna share this with you today let me just go over the plans that i chose to analyze over here which is kaiser bronze 60 silver 70 gold 80 and platinum 90. the yearly deductible for the bronze 60 is 6300 out of pocket maximum is eight thousand two hundred doctor visit cost sixty five dollars so if you have the bronze plan if you just step into the doctor just
One time to do whatever yeah sixty five dollars this is no joke here silver 70 it’s more in line with you know a very cheap employer health plan over here so yearly deductible is four thousand dollars uh out of pocket maximum for one year is eight thousand two hundred a doctor visit is forty dollars i remember when i use my health insurance it’s a bit less than
That so if you get the gold kaiser 80 yearly deductible is zero out of pocket maximum is eight thousand two hundred and a doctor visit is 35 you can see the platinum is a zero yearly deductible 4 500 out of pocket maximum and each doctor visit is 15 so you pay a higher premium every single month yeah then you’re gonna end up paying less doctor visits so it really
Depends on how much you use these things for me personally i don’t have that many health issues i actually don’t like going to the doctor all that much so you know i get the cheapest one for me i get the bronze 60. my interest here is to show you guys how much your health care will increase as you age i just went on the covered california website and i just went
And plugged in every single age that i can i changed the birth dates and stuff and then i looked at every single plan jot it all down in a spreadsheet and i came up with this particular chart here the bronze is this blue line over here silver 70 is the green line gold 80 is this gray line and then platinum 90 is this yellow line i went all the way down to age
16 and you can see it’s about 270 dollars if you just get the bronze plan go all the way up to age 40 and you can see it’s 400 per month it’s instructive to go okay next year how much does it increase by so i’m gonna look through the spreadsheet over here 1980. it goes from 402 to 409. which is a and fifty cents or so increase in my experience it goes up more
Than this per year because this is just a snapshot of how much each person will pay uh at this particular age in 2021 so next year all these numbers are going to move up a little bit more and i anticipate my next year premium it’s going to be about 420 not 409 so keep this in mind when you’re looking at how much this these premiums increase by so i want to point
Out some very interesting things here if you look at age 21 22 23 and 24 a very strange thing happens which is the premium stays flat over those four years people going to college is usually between the age of 20 and 22 so this is sort of straddling it if you look all the way up to age 64 and beyond the premiums of the healthcare actually stays flat so this is
A really good thing so you know like if you’re going to be like age 80 or something i initially thought you know without looking into this i thought okay it’s just going to go up higher and higher and then maybe your premiums might be you know a thousand dollars a month two thousand dollars a month so this is actually a good thing that it actually caps out even
If you get the platinum 90 it caps out at dollars and 1465.60 eight cents but as you can see here from the age of 40 all the way to your retirement age of 65 it has like a pretty linear and steep increase all the way up to about 904 dollars i also double checked that for male and female these numbers are exactly the same i spot checked you know every 10 years or
So and these numbers are the same men and women will pay the same premium so i figure if the numbers are different there might be some controversy with this is like why does men or women have to pay more for the same exact healthcare plan right technically i think that the hospital might incur slightly different charges for men versus women for whatever reason
Maybe you know women do tend historically to live longer maybe men or women have you know more or less health problems so then the premiums might be different i hope these numbers are very interesting for you guys and this helps you guys plan a little bit for your retirement and just you need to forecast how much you need to pay because there’s a big difference
Between you knowing that it’s gonna be around let’s say twelve thousand dollars every year you’re like oh okay this is you know i can i might be able to do this if i earn you know a bit more than this maybe you know forty thousand dollars yes i can cover my insurance premiums versus if you think that it’s going to be like let’s say twenty thousand dollars a year
For premiums thirty thousand dollars a year for premiums after the age 65 then this becomes unbearable you can’t you can’t do it you can’t even retire because you know you might start thinking about okay the premiums are too expensive maybe i should move to a different country where it’s not so expensive so all of this is really just for planning purposes i hope
You guys enjoyed this video don’t forget to give me a like and subscribe for more thanks for watching you
Transcribed from video
Cost of Health Insurance after Quitting Your Job By BeatTheBush
