Medicare for all isn’t enough

By Michael Fraase

Sunday, 28 February 2010 09:10PM CST

Section: ESRD

Medical moneyIt’s no secret that I’ve been a big-bandwagon supporter of single-payer healthcare in the US for more than 30 years—long before I was diagnosed with end-stage renal disease. As a small business owner I know very well the outrageous costs associated with health insurance and healthcare. Even when I was working at Utne Reader, I paid 100% of my health insurance—more than US$1,000 per month. Since mid-2006 my wife and I have been covered by one of the University of Minnesota’s group plans. For that I feel entirely grateful. US$112 every two weeks is a hell of a lot more affordable.

Like many in my generation, I’ve known I’ll probably have to continue working my entire life for at least 20 years. The knowledge of no retirement for you is mildly disturbing, but we’ve had decades to adjust. What’s really shocking, though, is the cost of our healthcare insurance when we reach age 65. If I can manage to keep from getting fired or laid off from the University for another 18 months or so, I can qualify for the institution’s group retirement plans. Group plans—especially really big ones like the University’s—are much cheaper than individual plans. So, best case, in a year-and-a-half or so I could hypothetically retire from my position at the University and continue to freelance or even go to work for someone else. Or, of course, continue working at the University’s College of Design.

Before I turn age 65, I’d be eligible for the same health insurance plan we have now, only I’d have to pay the full, non-subsidized rate of US$1,125.60 per month for coverage for my wife and myself. After my wife and I both turn age 65—five years for her; ten for me—we’d be eligible for Medicare and the University’s medigap (supplemental) insurance. That’s US$192.80 for Medicare Part B + US$520 for the University’s supplemental insurance—for a total of US$712.80 each month (plus co-pays and deductibles).

That’s best case scenario and last year’s rates. Health insurance rates have been doubling every seven years. It’s a sure bet I’ll be paying two or three times as much for health insurance in my “retirement” years than my mortgage. Because I’m an end-stage renal disease patient on dialysis, Medicare is closer than it may appear—I automatically qualified for Medicare (.pdf; 737KB) 18 months after I started dialysis.

More...

Permalink | (0) Comments

Page 1 of 1 pages