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It looks like in six years, DW is retiring from her job in county government. She'll be 58. Personally, I wish she would work a few years longer, but she is adamant she doesn't want too, so I've accepted it.
Here's the problem: For three years following her retirement, her health insurance will be heavily subsidized. After that, we have to buy it at market rates. I've checked out the cost for a decent policy and I almost died. The premiums are currently between $2000 to $3000 a month (low deductible plan and she has a health condition that requires us buy significant medical supplies). At age 65, she can go on Medicare (unless the law is changed). However, getting from age 61 to age 65, sounds like it is going to be a real ordeal for us.
The real question is, can she get health insurance period! On a private policy in most states it is virtually impossible for a person 55+ to get health insurance due to pre-existing conditions and it sounds like they would not have to look too far with her to find a reason. Hopefully by 2014 a person will not be able to be turned down on a policy due to pre-existing conditions, we will have to wait and see what the political winds bring us. You might look to see what options your state offers but BE SURE you guys know the facts before you give up what you have.
Location: ๏̯͡๏﴿ Gwinnett-That's a Civil Matter-County
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Quote:
Originally Posted by markg91359
It looks like in six years, DW is retiring from her job in county government. She'll be 58. Personally, I wish she would work a few years longer, but she is adamant she doesn't want too, so I've accepted it.
Here's the problem: For three years following her retirement, her health insurance will be heavily subsidized. After that, we have to buy it at market rates. I've checked out the cost for a decent policy and I almost died. The premiums are currently between $2000 to $3000 a month (low deductible plan and she has a health condition that requires us buy significant medical supplies). At age 65, she can go on Medicare (unless the law is changed). However, getting from age 61 to age 65, sounds like it is going to be a real ordeal for us.
Any suggestions?
Welcome to America.
The system is designed to keep us all wage slaves as long as possible. I'd share what you've found with your wife (DW?) and crunch the numbers together to see how much will be left over in savings by retiring early early and losing benefits versus retiring several years from now when eligible for medicare.
Hire her. Put her on the law firm payroll and group HI plan.
Yup, this is what you do. I know people who do this.
If I'm doing the math right, DW doesn't retire for six years, health insurance thereafter is subsidized for three years. Total nine years.
So, why are you worrying now about what might possibly not happen for at least NINE years? Sounds like you expect Romney to be elected and ACA to be repealed.
A lot can change in those 6 years and the 3 years after, starting today as a matter of fact. You could move to another state that has FAR less premiums for individual plans, she could get a job at Starbucks and get health insurance through them, you could become addicted to gambling and lose every dime you have and qualify for Medicaid.....the proverbial cart before the horse.
Yup, this is what you do. I know people who do this.
If I'm doing the math right, DW doesn't retire for six years, health insurance thereafter is subsidized for three years. Total nine years.
So, why are you worrying now about what might possibly not happen for at least NINE years? Sounds like you expect Romney to be elected and ACA to be repealed.
I'm hoping Romney won't be elected and the ACA repealed. I worry I'll be wrong.
Here is the breakdown on wife:
Can retire at age 58 on a 30 year pension with the county.
58-61 covered by county subsidized health insurance
61-65 Must obtain our own coverage which currently runs between 2K to 3K per month.
65 onward, Medicare, unless there is no more Medicare when we hit 65.
Putting her on the health insurance at work maybe the only possible solution. Its not as good a plan as her plan with the county though.
A lot can change in those 6 years and the 3 years after, starting today as a matter of fact. You could move to another state that has FAR less premiums for individual plans, she could get a job at Starbucks and get health insurance through them, you could become addicted to gambling and lose every dime you have and qualify for Medicaid.....the proverbial cart before the horse
Moving to another state is not an option for a lawyer who has invested his entire working life building a practice in an area. People outside my field, often don't understand that. However, its the years I've spent in this area that guarantees me referrals and future business. If I left, I'd have to start at ground zero.
The bit about Medicaid sounds like a joke. But, you've just made the classic argument for universal healthcare--independent of employer subsidized insurance plans.
I hope by the time we hit this age, either the ACA or something like it is in effect.
If worst comes to worst, she'll continue working. It will involve a lot of angst on her part and she has a chronic health problem. However, we've always done what we had to do to get by. We p*** and moan about it, but we do it.
I just ran some quotes in your area for plans with a $5000 max out of pocket and the most expensive one was $308/month. Where are you getting the $3000/month?? Are you sure you didn't look at yearly cost? Also, keep in mind that while some plans have a higher out of pocket max/deductibles, the premiums are less so you need to figure out net cost. For the lowest cost standard plan the out of pocket cost with premium and deductibles/co-pays was 11,500, the highest premium cost with the lowest deductible/co-pay was 9000. For a high user it makes sense in this case to get the higher monthly premium plan but for a mid to low user, the lower premium plan makes more sense because there is a good chance they would never meet $9000 in Out of pocket costs and the roughly $2000/year is worth the gamble.
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