I got a notice today from my health insurance. In honor of my 60th birthday, my non-group health insurance (with drug coverage) is going up to $1005/month next year (it previously was around $800).
I have the choice of going to a lower coverage with no drug coverage and higher co-pays for $650/month. I think I will probably do that, as I'm not currently taking any prescription drugs, and the thought of saving $350/month is very compelling.
Of course, the downside is that if later I want to go back to drug coverage, I have to pay the increased premium and full drug costs for 6 months before the coverage will kick in.
Why do I feel like I'm playing the slots in Las Vegas?
The people in the 60-65 age range really have the short end of the stick. Not eligible for Medicare yet, often not getting coverage through employment, and subject to the high insurance costs applied to the elderly. I don't drink or smoke and have gotten my weight down to a reasonably healthy level, so it's not like I'm high risk. I just want to say, it sucks.
Thank you for listening.