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It illustrates the premiums required now, e.g. "Peter Wainwright, 63 years old, who retired from a telecommunications job, currently has a plan bought on California’s ACA marketplace. He and his wife don’t get a subsidy and pay about $2,230 a month, and the rate is increasing for 2016. “Everything has gone up,” said Mr. Wainwright, of Half Moon Bay, Calif."
I think this shows why it's so difficult for most people who have employer supplied group health insurance to retire before age 65 when Medicare kicks in.
For those people who want to retire early, this is a major problem.
It's our biggest expense. My husband was laid off in March of 2014. He got Cobra which will end in 6 months, and cost us $650 a month. When he needs ACA in March his will be over $800 a month (it's age priced) I was working and when I left my job I couldn't afford the Cobra at over $1000 a month so went on ACA. Cost for 2016 will be $750 a month. No subsidy for us as my husband does p/t consulting. Between my deductible and OOP it's way more a month. I left my job because we moved to a lower cost of living area and now take care of my mom. I didn't earn much but the health insurance was the only thing keeping me there.
My husband would have DEFINATELY kept working until at least 65 if he could have. It's a burden on us and everyone in our situation.
i am taking an aca gold plan at 63 . it will run almost 5k a year with a 6k out of pocket . my health insurance , plus my wifes medicare and supplement is about 10k a year , IN AFTER TAX DOLLARS unlike when working .
i am taking an aca gold plan at 63 . it will run almost 5k a year with a 6k out of pocket . my health insurance , plus my wifes medicare and supplement is about 10k a year , IN AFTER TAX DOLLARS unlike when working .
Are you doing any consulting work? If so, you can take a personal deduction for both yours and your wife's insurance. (This is NOT the deduction for medical expenses that is available to everyone.)
My wife and I, both in our early 60's, pay $1,118 per month for health insurance that's a Health Savings Account (HSA) high-deductible silver policy. We also contribute another $8,600 annually to our HSA accounts. Combined, our outlay is over $20,000 a year.
Yes this is a lot of money and neither of us have ever exceeded our annual deductible. When you have these kind of numbers, you do a much better job of trying to be a medical consumer which is nearly impossible. Recently I tried to pin down the cost of a screening colonoscopy and that task was more difficult than trying to find out the net worth of a stranger.
A couple years ago, we chose to not have health insurance and instead participate in a Christian-based health cost sharing ministry which is one of the exemptions under PPACA. Our participation didn't last long because we had concerns about the pre-existing clauses of that arrangement.
I don't complain about the cost because it's just a line-item cost of "doing business" in the family budget. I realize it's more of a challenge for some people and I have empathy for them.
I've heard of Medicare celebration parties people have when turning age 65. Maybe we'll have a party too if we're blessed to be living then.
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This is why I will work another two years at least to 65, more likely to 67. My employer plan costs them $1,900/month for the two of us, which would be my Cobra amount, but I'm only paying $200 out of my paycheck. I'm also at my peak pay now, and I enjoy my work, so there's no need to rush. Meanwhile, we're maximizing the contributions to the health savings account and 401k to help pay for the supplemental when we do go on medicare.
This is the one decision that is really hard. I feel like I have my mind made up - I can retire at 63 and afford it but it really bothers me to commit that much money to just the first 2 years. Still 6 years away, so a lot could change.
My wife and I, both in our early 60's, pay $1,118 per month for health insurance that's a Health Savings Account (HSA) high-deductible silver policy. We also contribute another $8,600 annually to our HSA accounts. Combined, our outlay is over $20,000 a year.
Yes this is a lot of money and neither of us have ever exceeded our annual deductible. When you have these kind of numbers, you do a much better job of trying to be a medical consumer which is nearly impossible. Recently I tried to pin down the cost of a screening colonoscopy and that task was more difficult than trying to find out the net worth of a stranger.
A couple years ago, we chose to not have health insurance and instead participate in a Christian-based health cost sharing ministry which is one of the exemptions under PPACA. Our participation didn't last long because we had concerns about the pre-existing clauses of that arrangement.
I don't complain about the cost because it's just a line-item cost of "doing business" in the family budget. I realize it's more of a challenge for some people and I have empathy for them.
I've heard of Medicare celebration parties people have when turning age 65. Maybe we'll have a party too if we're blessed to be living then.
My wife is very interested in the Christian sharing health plan but I had cancer over 5 years ago. How did they treat pre-existing conditions?
We are still in our 50's and were planning to either access MediShare or keep our taxed income low enough to qualify for subsidized.
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