Having fun getting medical insurance. Maybe Obamacare ain't so bad after all...
Thinking about (possibly) retiring from the corporate world in the next year, so I started looking into cost of health insurance (too young for Medicare). I find a reasonable PPO plan for the wife and me is about $1200/month. Certainly got to factor that into our retirement calculations. So I start looking into plans that are available here in IL, and find that because of a "pre-existing condition" no one will take us. The pre-existing codition? My wife takes Metformin, which is a drug that is often prescribed for people with diabetes, and insurance companies here won't insure you if you have diabetes. But she doesn't have diabetes - she takes it to assist with weight loss. Doesn't matter - Metformin raises a red flag that causes the insurance companies to think "diabetes" and they deny us.
So then I try applying for insurance by claiming residency in NJ - which is a state that prohibits companies from denying insurance based on pre-existing conditions (although they don't have to pay for medical costs due to that pre-existing condition for the first 12 months - this makes it so you can't join up, get them to cover a pregnancy, and then drop them). What I find is that the cost of insurance is about 15% higher in NJ than IL, I assume largely because of this difference. So if I do decide to retire I guess we'll move to NJ and pay the higher insurance rate (and also higher income taxes, but that's another story). Either that or wait until 2014 when the Obamacare law prohibits denial due to pre-existing conditions nationally. Decisions decisions...