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It will not affect my decision to retire early, however, what I will do is increase my current deductible from $2500 to $10K on my health insurance (Blue Cross) since it is now $1162 per month (family of 3). With the increased deductible, it will be $535 per month.
I wish I had done it 2 1/2 years ago but I was told - any changes - it would not be grandfathered into Obamacare and it could go up. Well, in 2008, we paid $528; in 2009, it was $695, in 2010, it was 880, in 2011, it was $969, and now 2012 - it is $1162.00. Ridiculous.
I know several people who have never carried insurance - ever.
It all depends upon how the policies and premiums shake out.
We retired early and pay a fortune for high deductible insurance so it is hard to believe there is funding to add millions of new insured at low rates... even the governments magic credit has a limit.
I keep reading and listening and still haven't figured out what it means for people like us already paying exorbitant monthly premiums. I pay out over $8500/yr with very little to show for it with the huge deductible. I don't really see any benefits whatsoever.
If they wanted to tax me at 2.5% if I didn't have insurance, does this mean they'll give me coverage for that amount? LOL That would be a good deal! but I seriously doubt that's what it means. So.. does it mean we could drop our insurance and pick up a cheaper policy in 2014?
I still have a LOT of questions and need to keep reading the fine print.
I did one of those little click the box and see what will happen to you things. I could be penalized 62K in taxes for NOT having insurance.
How did you come up with $62,000? Just for the hell of it, I plugged in an AGI of $100,000 for a married couple with no insurance. The result showed a tax penalty of $1,390 if they don't purchase insurance.
Quote:
Originally Posted by yellowsnow
What I don't get is it doesn't say anywhere, like in the constitution, that we can be taxed like this. How is it constitutional?
I'm lovin' it! (Not to say I wouldn't prefer a single-payer system.)
Thanks for that link - I put in a hypothetical $40,000 income (4% withdrawl on a $1,000,000 nest egg, pre-social security) and this is what I got:
"Starting in 2014:
You will have the option of buying a health plan through your state's exchange with federal assistance. Based on your income, your annual premiums for that plan would be no more than $3,800. Your maximum out-of-pocket costs for deductibles and co-payments would be capped at 30 percent of the total cost"
I live in Massachusetts where this type of mandatory health care has been in place for some time now. It's called Mass Care (google it) and it has nothing to do with your employer. If you lose your job, retire early or quit and you're without health benefits then it's up to you to acquire health insurance or else you will be fined. It works. 90% of Mass residents have health insurance and we're building new clinics all the time.
Well then it is noting like Obamcare. Employers with over 25 employees must provide health insurance meeting the mandated coverage or they are fined. The mandates on coverage will even be enforced in Massachusetts.
Well then it is noting like Obamcare. Employers with over 25 employees must provide health insurance meeting the mandated coverage or they are fined. The mandates on coverage will even be enforced in Massachusetts.
Yes, but employers aren't mandated to carry insurance benefits for retirees.
I live in Massachusetts where this type of mandatory health care has been in place for some time now. It's called Mass Care (google it) and it has nothing to do with your employer. If you lose your job, retire early or quit and you're without health benefits then it's up to you to acquire health insurance or else you will be fined. It works. 90% of Mass residents have health insurance and we're building new clinics all the time.
But even in Mass. you will now have to meet the mandated coverages and employers with over 25 employees must provide mandated coverage health insurnace or be fined;taxed or whatever you want to call it.
I keep reading and listening and still haven't figured out what it means for people like us already paying exorbitant monthly premiums. I pay out over $8500/yr with very little to show for it with the huge deductible. I don't really see any benefits whatsoever.
If they wanted to tax me at 2.5% if I didn't have insurance, does this mean they'll give me coverage for that amount? LOL That would be a good deal! but I seriously doubt that's what it means. So.. does it mean we could drop our insurance and pick up a cheaper policy in 2014?
You will experience significant financial relief. Use the above link to calculate your savings.
Quote:
Originally Posted by texdav
But even in Mass. you will now have to meet the mandated coverages and employers with over 25 employees must provide mandated coverage health insurnace or be fined;taxed or whatever you want to call it.
Only 4% of small business will be affected. FOUR PERCENT.
The scary hyperbole and misinformation is astounding.
Thanks for that link - I put in a hypothetical $40,000 income (4% withdrawl on a $1,000,000 nest egg, pre-social security) and this is what I got:
"Starting in 2014:
You will have the option of buying a health plan through your state's exchange with federal assistance. Based on your income, your annual premiums for that plan would be no more than $3,800. Your maximum out-of-pocket costs for deductibles and co-payments would be capped at 30 percent of the total cost"
So, your total out-of-pocket is only $760. They have to take you, they can't cancel you if you get sick, the premium is possibly $320/mo. Many retirees are paying that now for Medicare Part B, D, and a Supplement.
Sounds to me, on its face, that early retirement might be much more doable for many.
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Will not retire early
