Thursday, January 31, 2013

Ecuador Health Insurance Update

                         Ecuador Health Insurance

While completeing the six question GringoTree insurance survey, it occured to me that readers may appreciate an update on health insuarnce. As a retired health insurance broker and former CPA, I reviewed policies available after moving to Cuenca in 2011. We expect to remain in Cuenca long term and do not plan to use US Medicare unless absolutely necessary. Since we are self employed with US income, our premiums are deductible on our 1040 tax return (medical expenses are not deductibe).

Salud: $10,000 ded. Comprehensive major medical for $104/month/couple, includes $4.50 office visit (healthy couple 63/57).

Salud: unlimited lifetime cancer $38/mo couple to age 120+

Santa Inez: network 90%, Rx, office and hospital, $80 deductible, $6000 max per illness (offsets $10,000 deductible on Salud plan above)) $40/mo/couple premium, life ins, ambulance, accident,etc.

Coopera: $2 office and dental, 80% max of $400/yr for $5/month/couple. Great for blood tests, prescriptions, routine needs.

Quality may vary with providers. Some speak good English.

We bought coverage while healthy because we expect Medicare to become very restricted under ObamaCare. Ecuador is our lifetime plan even though we will be forced to pay massive Medicare premiums under ObamaCare. The cost of Medicare premiums will nearly double starting in 2014.  ObamaCare must be purchased in 2014 if you are in the US over 35 days per year and under 65!
 Or you may pay a large penalty every year.

For further details  review our other postings under our "Health Insurance" headings.

Wait a minute. What is the exact language of the IRS regulation?
“The annual national average bronze plan premium for a family of 5 (2 adults, 3 children) is $20,000,” the regulation states.
“Bronze will be the lowest tier health-insurance plan available under Obamacare — after Silver, Gold, and Platinum,” CNS explains. “Under the law, the penalty for not buying health insurance is supposed to be capped at either the annual average Bronze premium, 2.5 percent of taxable income, or $2,085.00 per family in 2016.”