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Well, of course, if you did not get a subsidy you can expect to pay $1000+. Same for anyone.
Why did you not get a subsidy?
You have to be relatively low income to qualify. I was in the ACA back in 2013, and I'm certain it's a lot worse now. I was making $11/hr and it was still around $200/month for a silver plan and I was 26-27 then.
You have to be relatively low income to qualify. I was in the ACA back in 2013, and I'm certain it's a lot worse now. I was making $11/hr and it was still around $200/month for a silver plan and I was 26-27 then.
Wait, I though we were talking about early retired people??
A single person can have something like $48K of taxable income and still qualify for a subsidized silver plan. (For a family of 4, it's $94K.)
That's not difficult if you are retired and living off investments.
Last edited by SaucyAussie; 04-16-2019 at 08:53 AM..
To get back to the OT, I had another thought on this.
I've been a serious saver my entire working life although being married to a spendthrift slowed me down a bit in my first marriage. In 2006, when I was 53, my employer was acquired. Second DH and I hadn't bought the biggest house we could afford and had a decent cushion of savings. Quite a few of my coworkers jumped ship, afraid if getting downsized during the merger. That generally involved relocation since my company was the largest property-casualty insurer in the area. DH and I decided to take the risk and see what happened, figuring we could handle a period of unemployment/job searching. (He was already retired.) It was a VERY good decision; I lasted there another 6 years before opportunities within the company in that area dried up and I made good money, worked on interesting projects and got more "free" business travel to Europe and India. It was a risk I would not have been able to take if we'd been living paycheck-to-paycheck.
Yup, that lines up with about what I was getting. While expensive, that's not the $1,200+ for one person many on here are saying. That was my point. People are talking about not being able to retire early because of health insurance costing more than their mortgage/rent. That's why I was asking if I was missing something. If your rent is $370/month that $50k will go a pretty long way, especially if it it's in the form of long term cap gains or qualified dividends as you won't even have to pay any taxes.
I ran it for 70k. Single. Not my income but might be close in retirement.
I get no subsidies, with a total cost of 1369.00.
That definitely is more than my mortgage. That’s insane.
ACA subsidy is based on place of domicile, age, plan selected, and ultimately MAGI (modified adjusted gross income). Someone not working does not have earned income. Their income will derive from divs, cap gains, int, rental income, sales of investments in taxable brokerage, SS if they take that earlier than 65, withdrawals from pre-tax.
So a person may plan to live on $70K per year, but their taxable income might be $30K for the year because they are withdrawing the rest of the money to live on from savings or CDs, and withdrawals from those buckets are not considered "income."
I don't know where subsidy ends. With that said, even with the subsidy, costs can be burdensome for someone who is low income.
For single it's about $48k, and for two people it's about $64k.
It's murder for working people. I know a waiter at a fairly high-end restaurant who makes too much to get any credit. So he goes without health insurance, which is risky for him as he has already had one battle with cancer.
Early retired folks have ways to control their income if they plan ahead a bit, so can spend a lot more than those limits and still get credits.
ACA subsidy is based on place of domicile, age, plan selected, and ultimately MAGI (modified adjusted gross income). Someone not working does not have earned income. Their income will derive from divs, cap gains, int, rental income, sales of investments in taxable brokerage, SS if they take that earlier than 65, withdrawals from pre-tax.
So a person may plan to live on $70K per year, but their taxable income might be $30K for the year because they are withdrawing the rest of the money to live on from savings or CDs, and withdrawals from those buckets are not considered "income."
In my case, that income would be solely from SS and a pension.
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