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Old 05-15-2015, 12:30 PM
 
Location: Murrieta, CA
1,276 posts, read 1,543,950 times
Reputation: 2257

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Quote:
Originally Posted by mathjak107 View Post
it is killer , I am going on cobra at 6200 a year and my wife will be on medicare and medigap. we are looking at almost 12k in AFTER tax dollars
MJ and others concerned about cost of health care:

Are there Medicare Advantage plans in your area? I have my husband on one and the coverage is great. $10 co-pays for meds, $15 for primary doctor, $25 for specialists. My husband is not in good health, is on six different medications and the Medicare Advantage plan is a financial life saver! The cost is the normal Part B coverage, which is around $105 per month taken out of his social security check.

I do have a pension but no health coverage. If I did COBRA it would have cost us $1,600 per month!

I found this organization and have "Gold" coverage for $150 per month. So between the two of us we pay $255 for very good health coverage! It is a co-op and accepted under "Obamacare" so no penalty.

Christian Healthcare Ministries: Home

Many people are trapped in jobs they hate due to health care costs. There are options out there, but it takes time to do the research. We have better coverage for our $255 a month than I would have had under COBRA for $1,600 per month!
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Old 05-15-2015, 12:47 PM
 
Location: NNV
1,995 posts, read 1,262,907 times
Reputation: 3981
Getting there...expect to retire between 60 3/4 and 62 3/4 (57 now) depending upon my wife's employment situation. She has a good paying contract job but it's 450 miles away! Not sure if it will become permanent.

Since I found this website a few months ago I have been going through the gyrations of retirement and SS calculations...just figured out yesterday a way to pay no federal taxes on long-term gains from stock I inherited from my parents...

I agree that the biggest deterrent to retiring earlier is healthcare costs. I expect that to average between $14-$20k per year between retirement and age 65, if my wife is not working. If she is, I can be on her plan. If not there may be a year or two we'll have to bear the full cost, then the wife will take SS early and that will pay for it. I will turn 65 less than two years after that. Medicare Advantage plans are great and I plan to take full advantage (clever?) but one has to be eligible for Medicare Parts A and B first!!!

Should be in good shape. I'd be a happy camper if all the investments increase 5+% a year for the next few years...

Last edited by Vic Romano; 05-15-2015 at 01:07 PM..
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Old 05-15-2015, 02:16 PM
 
Location: Kountze, Texas
1,013 posts, read 1,192,910 times
Reputation: 1267
Not retired yet - plan on it at 56 with 37 years with Uncle Sam. DH retired after 27years law enforcement with Uncle Sam he was just shy of 52. He gets annuity plus supplement that is close to what he will get from SS at 62. Our healthcare is taken care of with Fed Blue Cross - payment out of his annuity.
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Old 05-15-2015, 03:14 PM
 
Location: Loudon, TN
6,525 posts, read 5,304,729 times
Reputation: 22603
Retired at 51, DH retired at the same time, he was 56. I had 25 years with a municipality, he had 34 years with the state government. We both have pensions and medical/dental coverage for life. We do have to enroll in medicare at 65, but we get the supplement and drug coverage paid through our former employers. He will be eligible for SS at 62 (13 months from now). To live on our SS we would have to chop our lifestyle in half, (sell house, move into a small rental, sell some of our vehicle's and stuff, stop going anywhere at all). Not something I would WANT to do, but could do if it was necessary I guess.
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Old 05-15-2015, 03:18 PM
 
75,876 posts, read 75,306,898 times
Reputation: 53186
Quote:
Originally Posted by happyinca View Post
MJ and others concerned about cost of health care:

Are there Medicare Advantage plans in your area? I have my husband on one and the coverage is great. $10 co-pays for meds, $15 for primary doctor, $25 for specialists. My husband is not in good health, is on six different medications and the Medicare Advantage plan is a financial life saver! The cost is the normal Part B coverage, which is around $105 per month taken out of his social security check.

I do have a pension but no health coverage. If I did COBRA it would have cost us $1,600 per month!

I found this organization and have "Gold" coverage for $150 per month. So between the two of us we pay $255 for very good health coverage! It is a co-op and accepted under "Obamacare" so no penalty.

Christian Healthcare Ministries: Home

Many people are trapped in jobs they hate due to health care costs. There are options out there, but it takes time to do the research. We have better coverage for our $255 a month than I would have had under COBRA for $1,600 per month!
the advantage plans are to restrictive. we have really great doctors in nyc and after being locked in to an hmo all our working years i want no part of it.

the thing wih advantage plans is they are only cheap until they aren't.
my co-worker bragged about how little his cost for years.

well now that his wife has breast cancer the out of pocket on each treatment of chemo as an out patient is 4500.00 per.

you can go to an in network hospital but no guarantee an in network doctor will on call. we also intend to travel a lot so again we want no part of an advantage plan.

he is going nuts now because it is burning cash like crazy.
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Old 05-15-2015, 03:36 PM
 
Location: NNV
1,995 posts, read 1,262,907 times
Reputation: 3981
I suppose one would have to look at what they cover under the plan very carefully before one signs up. But I'm not sure I understand why most if not all chemo costs would not be covered. Is it because he didn't sign up for drug coverage also? Drug coverage is optional...you usually have a choice of not taking it or paying extra.

I have been in HMOs and EPOs all my life and have no complaints. Ripped up my knee last year and I probably spent about $800 total, including the ER visit.
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Old 05-15-2015, 05:31 PM
 
75,876 posts, read 75,306,898 times
Reputation: 53186
Certain drugs as out patiants have huge copays. Under our medigap plan we would be covered.
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Old 05-15-2015, 07:25 PM
 
75,876 posts, read 75,306,898 times
Reputation: 53186
Quote:
Originally Posted by Vic Romano View Post
I suppose one would have to look at what they cover under the plan very carefully before one signs up. But I'm not sure I understand why most if not all chemo costs would not be covered. Is it because he didn't sign up for drug coverage also? Drug coverage is optional...you usually have a choice of not taking it or paying extra.

I have been in HMOs and EPOs all my life and have no complaints. Ripped up my knee last year and I probably spent about $800 total, including the ER visit.
the maximum out of pocket with an advantage plan is 7k a year. but:

Medicare Part D outpatient prescription drug plan deductibles and copayments have their own out-of-pocket limit and are not included in the health plans’ medical out-of -pocket maximum.
Some Medicare Advantage plans provider networks may have lower out-of-pocket limits for in-network care.

in this case the chemo drug had ridiculously high out of pockets way higher than 7k and that was per year.

so far he could have gotten a full coverage f plan in medigap and been a head at this point .

nothing is ever a problem until its a problem.

at least we know exactly what our medical will run each year with no surprises.
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Old 05-15-2015, 08:17 PM
 
Location: Murrieta, CA
1,276 posts, read 1,543,950 times
Reputation: 2257
Quote:
Originally Posted by mathjak107 View Post
the advantage plans are to restrictive. we have really great doctors in nyc and after being locked in to an hmo all our working years i want no part of it.

the thing wih advantage plans is they are only cheap until they aren't.
my co-worker bragged about how little his cost for years.

well now that his wife has breast cancer the out of pocket on each treatment of chemo as an out patient is 4500.00 per.

you can go to an in network hospital but no guarantee an in network doctor will on call. we also intend to travel a lot so again we want no part of an advantage plan.

he is going nuts now because it is burning cash like crazy.
You have to play by the rules with Medicare Advantage plans as they are HMOs. For my husband's plan "SCAN" he uses Scripps Clinic doctors and Scripps Hospitals which are the best in San Diego County. For us it works but for others that want no restrictions then they are better off with Medicare w/Supplemental.

For us it is a lifesaver but not for everyone. I had a bad experience with Kaiser so I don't like most HMO's. The plan I have, I can see anyone I want. The main thing is that there are options to save money and still have good coverage. Not everyone has to be stuck in a job until 65 waiting for Medicare.

When my husband became eligible for Medicare I met with an insurance broker that specializes in Medicare, there was no fee. She ran the numbers and helped me pick the best plan for him.
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Old 05-16-2015, 09:26 AM
mlb
 
Location: North Monterey County
3,630 posts, read 3,072,551 times
Reputation: 5728
I am 61 and spouse is 59. Originally thought I would retire at 67 as my oldest sister lasted that long and I thought I might shoot for that. My spouse is 2.5 years younger than I so he'd be ready for SS and medicare so we wouldn't have to go the COBRA route - or look for healthcare for him in the marketplace.

But the last couple of years have been hard. Personally and professionally. Personally there have been familial and close friend losses - like a constant steady flow of them. And it's taken a toll on my emotions. Professionally the workplace was pretty cruel for about 5 years and we had to do more with less. I did survive and things are getting better - but I'm just tired.

The new number is 65.5. That gets me to 27 years in the state retirement but we still have to be concerned about spouse's healthcare. He has not been able to secure work for the past couple of years because sales jobs go to much younger people..... and there's just so much he won't put up with in this Right to Work (Read: Fire with no reason) state. The economy has not been kind to him.

That all said - I will have a pension that we could do very well on - Social Security at a reduced rate and investments that are pretty damn healthy. We're just now putting them in much safer funds.... with lower risk. 65.5 is 4 years away.

If the MIL kicks off - all bets are off. We do stand to inherit a pretty nice sum...... and I can revisit this number again.
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