Just_ink92

What companies do you use for health insurance for those that have moved to the USA? My wife and I are looking for affordable but good insurance companies that we can use. We are both retired and are 58 and 56 years old

Noorah101

Hi and Welcome to BE. Before addressing health insurance, our first question to you will be, which visa will you have that allows you to live in the USA, especially being retired (so assume not a work visa).

Rene

S Folinsky

Second question, where in the United States will you be living.

civilservant

As someone who works in healthcare finance... I can tell you that that is a total non-sequitur.

Glasgow Girl

The following website will enable you to get a quote from all companies that provide what they call market place (or Obamacare) health insurance in the state you select. Just select the relevant state and follow the prompts. Every state is different so it is important you select the right state. Enter dummy information for income, zip code, etc just to get an idea of the cost. You can buy this insurance so long as you are a legal permanent resident.

You can only enroll at the end of the year for the upcoming year unless you have what they call a life event, things like the birth of a child, marriage, divorce but it also includes moving into a state which would cover you.

At your ages you should expect to be paying at least $500 per month each for the lower cost plans, probably more, rising rapidly as you age. At age 65 and above the premium will likely significantly exceed $1,000 per month each. The deductible (the amount you pay before the insurance kicks in) would be around $8,000 per annum per person for the lower cost plans.

https://www.healthcare.gov/get-coverage/

Street Boss

60 years old- Retired- I get a Cadillac plan for free with my retirement package but I have to buy my wife Health Insurance- I got her the best Anthem Blue Cross plan I could buy and it's only $1200 a month. No deductibles- She's 61

Just_ink92

Sorry for the delay in replying. Will be living in San Antonio (New Braunfels) Texas. And my daughter and son in law will be sponsoring us to move over. We will be coming over on the IR-5 visa.

Glasgow Girl

The options presented on the marketplace insurance aka Obamacare website (accessible by via the link I gave above) will give you the best value by far. Other options are available in each state but they cost more with fewer benefits. Depending upon your income you may or may not get a subsidy on the costs of the market place insurance but your income has to pretty low to qualify for that.

After you have been a permanent resident for 5 years you will qualify at age 65 or older to buy into Medicare. At todays rates that will cost you about $670 each per month, which is a lot of money but will be far less expensive than continuing with the private insurance, which at 65 will be a lot more, and increasingly so as you age. Google “Immigrant Medicare Buy In” and you should find a lot of information.

If you have any financial investments such as Unit Trusts, OEICs, or Investment Trusts (basically any kind of pooled investment) make sure you understand the implications of holding these investments BEFORE you arrive here as a permanent resident. The US identifies them as PFICs, and taxes them at draconian rates, 50% and higher is common. Google PFICs, and search this forum for information for more details. To avoid these taxes you should sell these investments before you arrive here, the day you arrive is too late to do so.

Also, make sure you understand the reporting requirements for any financial assets left in the UK, which includes just about everything you can think of, pension funds, life insurance policies, cash savings, ISAs, bank accounts, etc. Failing to meet these reporting requirements can result in very large penalties from the IRS. Google FBAR, Form 8938 for more details and search this forum.

If you do not yet qualify for the full UK state pension, look into voluntary NI contributions to increase your UK pension. It is the best investment you will ever make. Again Google, voluntary NI contributions and search this forum.

This forum has a wealth of information on these topics, I would start there..

penguinsix

Although rare, sometimes your kids can get 'dependent parents' insurance. You can ask if there employer-provided plan has an option for this (it's still expensive, but sometimes easier than going at it on your own).

Pulaski

I have looked into that my self, at least briefly, and the critical word is "dependent". From what I found, if avaialble, it invaraibly means that the parent needs to be indigent, reliant on their child for a roof over their head (resident at the same address is a prerequisit) and that the parent's income is otherwise insufficent to live on independently.

SanDiegogirl

What do you call affordable? Prior to going onto Medicare hubby and I were on individual plans which were costing us approx $1,000 per month for both of us ..... $12,000 in total. We had a Blue Shield and an Anthem policy. That was a few years ago now.

You'll just have to research the Affordable Care Act website for your state to find out what plans are offered and what level of policy you can afford.

Pulaski

Bear in mind that it is recommended that a well-prepared couple heading into retirement, and covered by the federal Medicare program for retirees, should have $250,000 set aside to cover medical insurance, copays, deductibles, and prescriptions during retirement. As you will be "on your own" for at least five years, your budget will need to be significantly higher.

PetrifiedExPat

I wonder what percentage of the population at say, 67 years old, anywhere in the US actually has this (or anything beyond SS) in reserve? I suspect a low percentage...

Pulaski

You may be right, but middle-income Americans seem remarkably good at accumulating cash savings, which was the rationale for increasing FDIC coverage from $100,000 to $250,000 in 2008. To this day I could never imagine having even $100k sitting in a bank account, but especially when the deposit rates are as low as they have been for the past 25 years.

PetrifiedExPat

Agreed, current ETF's are performing badly but the dividends and continued investments keep them ticking over. When the market recovers it will greatly outweigh any cash reserve. Saying that, we keep 20k in reserve as the emergency pot