Question:
Part of the reason I took my current job some number of years ago was
because of the company's nice benefits package, especially health
coverage. I have always been thankful for it. However, looking at my
latest pay stub, I noticed my employer's year-to-date health insurance
contribution was $3200 (certainly a sizeable sum), whereas my own
year-to-date premium was $7300. In other words, my "employer-provided"
health insurance is now over 2/3 provided out of my paycheck. And that
does *not* include my co-pays, out-of-pocket for prescriptions, vision,
and dental (where my coverage was always skimpy).
I confess to not watching this closely over the years, assuming whatever
was happening to my plan was probably the same or worse for everybody
else. I hear a lot of talk about how the self employed can't afford
health care insurance, but looking at my own numbers it doesn't appear
it would make all that much difference.
How many of you still have a health care benefit? If so, how much of
your premiums does it cover?
Answer:
As a retired professor covered under what's considered one of the better
state retirement systems, DH probably has a relatively good health care
benefit. The system pays his entire premium, and we pay about $4,000 a year
for my coverage. We have a $750 annual deductible each and pay 25%
coinsurance after the deductible is satisfied. We each get one physical a
year completely covered, along with accompanying standard tests like blood
work and a mammogram for me. Medications are not subject to the deductible,
and have various copays of between $10 and $30 for a month's supply.
Of course, the down side is that our income is pretty much fixed, and our
out-of-pocket costs creep up every year. DH has 4 years to go before
Medicare; I have 9. I'm grateful I have the coverage, though, because I'd
have to find a job strictly to get insurance otherwise. The work I do
provides no benefits of any kind.
