Early Retirement / Health Ins.

[Muggs]

I am ready to retire early at 59. Finance is no issue except for health Insurance.

I have been told by others that Obamacare is a lot cheaper if there is no income. I expet to have little to no income in 2018 except for wife's SSI and small pension. She is already cover under medicare with a supplement covered by her pension.

I am the only issue but am healthy in general.

I live in south/central Florida. Anyone have any experience they would like to share?

[Bob Denman]

Congratulations on making it to the finish line!
(I'm about six years away from the blessed event... )
I've never had insurance through the (un)-Affordable Care Act, so I can't offer any useful information...


...But good luck!

[steve76]

Ugh, health care ins. I'm on medicare but wife is not. My 2018 premium for her just jumped 52% and no other options for us. Almost a quarter of my pension income. So many in the same boat with no relief in sight as of yet.

[nosticks]

I retired at 60. It's a long 5 years till 65 and Medicare. I took out a catastrophic policy with high deductibles. First 8k was on me. Also had an exclusion for pre-existing condition, namely asthma. The exclusion was for anything that had breathing involved. How sweet hua. At the time, 10 years ago it was $310/month. I was fortunate as to not using even one dollar of the insurance during that time.

It's a tough one. Hopefully you will be as fortunate.

[Bob Denman]

Hopefully there'll be some help coming for ALL of us!
In the meantime: we pay over $25,000 per year for our Health insurance... and it's just the two of us!

[halfprice]

Originally Posted by Bob Denman

Hopefully there'll be some help coming for ALL of us!
In the meantime: we pay over $25,000 per year for our Health insurance... and it's just the two of us!

Wow $25k. I thought the $18k i am paying was a lot

Jerry

[Bob Denman]

I've been a Type I Diabetic for 52 years, and my Missus is a kidney transplant recipient...
We don't dare try to scrimp on this stuff!

[EA37TS]

Three months ago, Aug 8, at age 62, I had a heart attack requiring a stent for stabilization and then 2 days later triple by-pass surgery. Luckily I was at home and I am still employed with good medical insurance. The hospital bill, not counting cardio surgeon or cardiologist, was huge.

The 13 days I spent in the hospital, and the time since my release, made me think about how would this be covered during retirement and how would my wife handle a similar situation had we been out with the coach.

Bottom line is know your health, your limitations, your benefits and how to put those benefits or programs to work.

[Bob Denman]

Originally Posted by dstankov

Bottom line is know your health, your limitations, your benefits and how to put those benefits or programs to work.

Amen...

And I'm glad to hear that you're doing so much better!

[winder1]

Obamacare is not available to retirees. You must be employed, and have no other healthcare options in order to qualify.

[Mike in AZ]

Winder1, that’s simply incorrect.

I retired at age 55 the first of the year in 2016, after always having health insurance through the military or my employer.

We had ACA compliant insurance in Arizona that year. It ran us just over $1,000 per month for my wife and I. Income was too high for any ACA relief.

For 2017, every provider fled Arizona but one, and our policy with them would have been over $1,600 per month for lesser coverage and a higher deductible than the 2016 policy. So we opted to not have ACA coverage and we will be fined for it at tax time. With the penalty, it will still cost less.

We both purchased short term, high deductible, non-ACA compliant policies this year. Hers was pretty inexpensive, but because my health isn’t great mine was more. Still much less than the ObamaCare policy though.

Each state is different, but that’s our experience so far.

[16ACE27]

Originally Posted by Mike in AZ

Winder1, that’s simply incorrect.

I retired at age 55 the first of the year in 2016, after always having health insurance through the military or my employer.

We had ACA compliant insurance in Arizona that year. It ran us just over $1,000 per month for my wife and I. Income was too high for any ACA relief.

For 2017, every provider fled Arizona but one, and our policy with them would have been over $1,600 per month for lesser coverage and a higher deductible than the 2016 policy. So we opted to not have ACA coverage and we will be fined for it at tax time. With the penalty, it will still cost less.

We both purchased short term, high deductible, non-ACA compliant policies this year. Hers was pretty inexpensive, but because my health isn’t great mine was more. Still much less than the ObamaCare policy though.

Each state is different, but that’s our experience so far.

I thought the first thing Trump did was rescind the fine for no health care plan. Seems I remember that happened last year at tax time.

[Wonderdog]

My wife and I are both retired. I have been on medicare for 6 years with a supplement. It's great. My wife has 3 more years before medicare so she kept her policy from work after retiring as we have two kids on a family plan. One has graduated college and employed and pays her share of the policy monthly until mom is medicare eligible. The other is still in college for one more long agonizing semester. He will then pay his share while it lasts. Lovely wife, mother of my children, keeper of the peace and counter of the coin, pays $1400 a month for a high deductible family plan straight out of her pension. If only her on a single plan it would be $900 a month.

[Mike in AZ]

Ted &/or Melinda,

Trump tried to end the penalty, but thanks to people like John McCain it didn’t pass the Senate. Still hopeful for some relief before tax time but not counting on it.

[Bob Denman]

Without trying to get too Political...
I just hope that they come to their senses, and actually try working for US for a little while!

[Wonderdog]

Originally Posted by Bob Denman

Without trying to get too Political...
I just hope that they come to their senses, and actually try working for US for a little while!

Dream on.

[Mr Sunshine]

Among other skills, I am a Florida licensed life and health agent. PM me if you want my unfiltered comments on your specific situation.

For a married couple filing jointly, you must claim a minimum of $16,240 of annual income to qualify for a subsidy. If you show income just over that, your insurance will be very low cost. There is a point around $65K where the subsidy evaporates as you tumble over the "Obamacare Cliff" and you pay the full premium for the plan and network you choose.

A CPA friend called the current health insurance situation "war on the middle class" and he is partly correct. The situation before Obamacare wasn't good either, with underwriting challenges and pre-existing limitations. But the premiums for healthy people were about half what we are seeing now, and there were several companies in every market area.

Seems that generally few of the 60-65 people are veterans with VA benefits. There are some church based alternatives, but there are issues with that, too. When you are in the last few months before Medicare, you might consider a short term policy.

I have seen folks come out of retirement and take a job at starting wages, just to get health insurance. That may be why so many seniors are working at the local grocery stores. It's a tough choice for many.

[highcountrybarry]

That is not accurate. The ACA is indeed available to retirees under 65.

https://www.healthcare.gov/retirees/

[Muggs]

Tried to PM. Definitely unfiltered is good. We are set but health ins only real exposure. I would have went with catastrophic care policy pre Ocare. Wife gets full SS and enough pension to cover rx and supplement. I am 59 and heath good, same aches and pains pappy had. My income can be zero to whatever needed from either 401k. Set for me to not take SS until 67.

[Bob Denman]

Originally Posted by Wonderdog

Dream on.

https://www.youtube.com/watch?v=CzGVYyu9gsE