Health Insurance Options When Retiring Before Age 65

[@micheal_mills]

I'm a single, 43-year-old father who resides in Hamburg. If everything continues to go well for me, I intend to retire at age 50. I couldn't be happier right now than I am that I just bought my first house last month. I'm so happy that I made wise choices that altered my life forever.

[@Jessicahensley.]

Salutations, dude. At your age, you're doing extremely well. I'm 54 years old, and right now my finances are a mess. Any helpful advice would be greatly appreciated in helping to mold my life. I want to buy a home of my own.

[@AbdoolLogodesign]

It seems like I used the FIRE movement to manage my finances. Investigate it further by doing some research. With the help of a financial professional, they were then successful when investing in stocks, cryptocurrencies, and real estate.

[@ilyaveysman.]

@@AbdoolLogodesign I appreciate your nice words and would like to get in touch with your account management consultant.

[@AbdoolLogodesign]

I encountered Julie Anne Hoover through my wife, and I emailed her. She is guiding me. Since then, she has given me chances to buy and sell the stocks in which I'm interested in. You can hunt her up online if you require care supervision.

[@ilyaveysman.]

@@AbdoolLogodesign I greatly appreciate it. I'm fortunate to have come upon your message because investing greatly fascinates me. I'll look Julie up and send her a message. You've truly motivated me. God's blessings on you.

[@greggis3691]

Thank you for this post. I just turned 61 and want to retire @ 62. I've done every form of financial analysis Imaginable, but have not yet researched the cost of health insurance. This is a great starting point.

[@jeffb.2469]

Man I was looking forward to the content that was not covered. Please take another shot at covering "The Exchange" in more detail.

[@lorandobean9466]

Plans start every first of the month. Obamacare is for 18-64. Most people qualify for free.

[@LuisMartinez-kg3nq]

Where I work a large number of potential retirement ready workers are thinking about leaving the U.S. because it's expensive here.

[@alansawesomeketoworld4612]

I will be 65 in Oct this year and plan on retiring next April but my wife is 15 years younger than me and trying to figure the cost of her medical and my plans and it's mind bogging. Who w Do u talk to and who will give the best advice

[@virginiarichards5959]

What is a good health insurance that will not break the bank. My husband and I are retiring in July of this year. He is already on medicare. But I will have a few more years.

[@suespony]

We chose to go to a high deductible health insurance plan several years ago, we max out our HSA every year and do not touch it. As long as a persons general health is good, I highly recommend doing it.

[@catchristo9406]

Our HSA eligible policy available to us is very expensive and pretty much useless if it is needed, so it keeps us from signing up for it. We don't have the extra income to put into an HSA right now anyway.

[@suespony]

@@catchristo9406 ahh, understand, if you don't have the extra money, probably wouldn't work. We are fortunate to have enough money to put the maximum amount allowed by law into ours.

[@Bob-yh7ir]

It's not AGI for ACA. It's a MAGI you need to calculate. For many people AGI will probably be their MAGI but if you have interest/tax free income from say municiple bonds, you have to add those back to your agi to get that MAGI for purposes of ACA numbers. We plan to aim a little high in our income estimates since we will be pulling from investments. IRAs and such and can determine exactly what we want to pull down. Even if that means we paid 25 bucks a month more than we could have.

[@tinasyoga]

I am risking no health insurance my last year at 64 ( I will get all my physicals, exams that summer and drop it in fall) so essentially from September to July no health care I refuse to be a victim of the USA

[@yadi6625]

Thank you for some great information - very much appreciated!

[@rogfromthegarage8158]

I know the hosts want the podcast to last a certain amount of time but I sure wish they would just let the dude in the black shirt talk. There's a lot of talk to get a little info.

[@hainguyen7971]

They talked what not directly into their topic as we wanted to know !! That was BS!

[@ChloeBensonBeautyBoxes]

Cobra for 1-2 months until you figure out something better/cheaper

[@MsGail61]

I was a State of Florida employee who had to begin DROP when I turned 57 and just retired at 62 after the 5-year DROP period. I foolishly rejected the $830 COBRA and went on ACA, but my agent figured too much subsidy and I’m going to have to pay a lot of taxes. I’ve contacted my former employer about letting me come back next year after the required one-year sitting out period so I can get the insurance again while I’m 63 and 64.

[@corgiowner436]

I’ve always been self employed so no shock about COBRA premiums but my cost went from 500/month for an open PPO TO 1200 for a very restricted PPO for a year till I go on Medicare.

[@utubeddong]

MAGI is after the 401k and IRA contributions, right? Example, salary 60,000, 401 K contributions 15000, IRA contribution 5000, then MAGI = 40,000.

[@jaybarr8098]

We moved to South America. Great medical for $150 per month.

[@bradk7653]

HSA question I have not been able to find an answer to. I understand that you can have to pay back (part or all) of your premium tax credit if you guessed your Adjusted MAGI incorrectly, but what about the deductibles or copays? Example if you choose a plan that has a deductible/max OOP of 600/1600 and a monthly premium of $100 (after premium tax credit) because you guess your income slightly above the ACA minimum income that gets you the low deductible/max OOP, but then you earn $5k more, I know you might lose something like $3,000 of your premium tax credit, but do you also have to pay higher deductible/max OPP, such as $2,000/$6,000?

[@ManNomad]

If you have ever seen what COBRA cost you wouldn't even bring it up as an option.

[@jimshoe402]

If ur Sick me in 2008 $1500 today $2500 nuts ..

[@ChanelThomas248]

I already knew most of this except for the part about tax credits. That was helpful.

[@DStead]

A Con for share plans is that you cannot write off your premium off your taxes because it is not a real insurance company.

[@KatieLibby1315]

My tax accountant said I could contribute to my HSA right up until the month before I started on Medicare. I claimed SS at 63 and was on my spouses HD insurance prior to that.

[@49leobear]

COBRA premiums can be paid with HSA funds.

[@maryg.7790]

What about health a annuity?

[@teresayoung8898]

I could not get My employer to give me a w2 for last year also he never offered medical along with son he has way over 50 employees add never paid anyone on time. Son waited 3 months to get paid

[@romoore2094]

How can i set up an HSA as an early retiree? Should i set up a corporation w my rental properties i own. And pay mysef a salary wherein i can the legally set up an HSA? Is that doable?

[@teresayoung8898]

How does my employer never giving health ins

[@melbanks2271]

Nice tips.

[@teresayoung8898]

I have a third party who will not expose who they are They change my ins charge more than needed . Had boat accident TBI. How do I protect myself

[@headlibrarian1996]

Many states don't seem to have ACA HSA-eligible plans. Insurers really, really want that $9100 deductible and don't care about how you'll pay it. Finding a good health insurance broker is another major hurdle.

[@firstlast1732]

My God I never saw so many people talking about nothing for the longest podcast with the least amount of information this is a disgrace

[@tracyoliver550]

WAAAY too much filler talk. Moving on…

[@firstlast1732]

Skip the first couple of minutes they have absolutely nothing to say they’re just wasting everybody’s time with nothing

[@cerbico12]

I own my own business and have always paid for my own health insurance. Pre Obama care I had blue cross blue shield, 10K deductible that cost 3K/yr and was covered for over 3 million.. Obama care came into being, my health did not change but my rates went up to 7K/yr. to pay for others. Kinda like the new Cali proposal that if you have a higher income you should pay a higher rate for your utilities. But now as a male I could get nammograms ap smears and new body parts.. So I had "more comprehensive insurance. Since my business is less than 20 people I was forced to go on medicare. Becuase I still work over 60 hr/wk my income is too high so I have to pay IRMAA and hence medicares costs me over 10K/yr. I laugh when people say they are still working because they do not qualify for medicare. Utter nonsense.

[@sherryBLUE735]

Wow, My husband is retiring at 62 at the end of the year. The company is offering healthcare for just him that costs his entire monthly pension. He is saying he may have to just save $ and go without healthcare until he turns 65. Thanks American greed. :(

[@lorandobean9466]

I would enroll into Affordable Care Act until Medicare (65) You still have options

[@marksnyder8697]

Insurance is a mess Obama care sucks, Ambetter and Care source are only ones left that will accept my doctor. Anthem, and all others won’t. Ambetter and Care Source screw people over cancel their policies. I retire Mar 29. my insurance is done as well as my wife’s she gets her Hip Replacement Apr 4. Cobra is $1165 a month.

[@rnarzu]

The host use of so much time reiterating and adding and talking that the expert hold the expert yesterday bring on doesn't finish what they're there for😢

[@vicsponjr]

A lot of talking but little direction.