I know only what a little online searching has been able to explain, so please feel free to treat me as completely ignorant on this subject.
I am 57, wife is 65. We are and hopefully will continue to be in one of the higher tax brackets.
We live in New York and have 3 young-adult kids (under 26) and have a private health insurance plan from United Healthcare Oxford through my business that costs me over $41,000/yr just in premiums (then there's the deductibles, co-pay, non-covered, etc.). I (on behalf on my family) can opt-out if I so choose.
I believe that my wife having turned 65 is eligible for Medicaire. (That's pretty much the extent of my understanding.)
I have a very (very) basic understanding that there are supplemental plans available (Parts A (hospital), B (stuff), C (something else), D (prescriptions), etc.).
I also have an even more basic understanding that IRMAA is a surcharge/fee/tax one pays on parts B and D for people in certain tax brackets.
How would we go about figuring out if we are better off (financially) keeping the current insurance policy, and until when (i.e., our youngest will turn 26 in 8 years, coincidentally, when I turn 65).
Thank you.
I am 57, wife is 65. We are and hopefully will continue to be in one of the higher tax brackets.
We live in New York and have 3 young-adult kids (under 26) and have a private health insurance plan from United Healthcare Oxford through my business that costs me over $41,000/yr just in premiums (then there's the deductibles, co-pay, non-covered, etc.). I (on behalf on my family) can opt-out if I so choose.
I believe that my wife having turned 65 is eligible for Medicaire. (That's pretty much the extent of my understanding.)
I have a very (very) basic understanding that there are supplemental plans available (Parts A (hospital), B (stuff), C (something else), D (prescriptions), etc.).
I also have an even more basic understanding that IRMAA is a surcharge/fee/tax one pays on parts B and D for people in certain tax brackets.
How would we go about figuring out if we are better off (financially) keeping the current insurance policy, and until when (i.e., our youngest will turn 26 in 8 years, coincidentally, when I turn 65).
Thank you.
Statistics: Posted by josephny — Thu Jul 04, 2024 5:34 am — Replies 0 — Views 115