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For the most part, a couple earning less than $60 or 65k is eligible for the subsidy. I did the math a while back using the HealthSherpa site. Of course, the subsidy for those earning 60k is much less than the one that those earning 25k. If you go over the limit by as little as $1, you are ineligible for any subsidy at all.
This is going to be such a big mess. It's essentially an extension of the tax code, making things even more obtuse. It's going to create all sorts of unexpected behaviors from people, just so they don't lose this medical insurance subsidy.
Did Washington expand medicaid? If not you could be in trouble because you won't have an income high enough to qualify for subsidies. This is a gap that is catching low wage workers but come to think of it it will affect retirees living off savings as well.
My husband was finally able to retire once the ACA kicked in and I'd be eligible for coverage. I am several years from being 65 and have pre-existing conditions so no insurer would touch me before ACA. We're in WA state and do not qualify for any subsidy but at least I have insurance.
Several new insurers are applying to enter the state's exchange. It's working just fine despite all of the political silliness.
You don't always need a lot of money to be able to retire. We won't have an extreme amount of cash, but we will have income from our property rentals. I think that the people who are caught trying to play catch-up, might be better off trying to figure out how to reduce expenses in retirement AND find alternate sources of income.
You could downsize to a cheaper vehicle, sell your current home and downsize,move to a new area with lower cost of living, or do simple things like cut cable. You could rent a room in your house, buy a rental property, or convert unusable space in your house into a rental unit.
In other words, there is a new reality when it comes to retirement. For many folks, their retirement won't look like the pension-funded one that their parents had. It might include a part-time or seasonal job to bridge the gap. It might include turning a fun hobby into a new part-time career. I think that the hard part is wrapping our minds around the new paradigm and finding a plan that works.
Washington Health Benefit Exchange :: Home
Price varies with plan, $170 to $1700/ month (and MORE significantly with income) The less the better!
Since you list SEA as home, you have far more choices and better price than rural WA.
If you leave company w/ 401k at age 55 you can tap 401k w/o penalty (If still with same company)
Can also do 72T (Equal and substantial payments ) many rules apply.
Do you have some ROTHs? (can pull out contributions from 5+ yrs, no penalty)
or/// get a PT job (I am working temp job internationally for 'travel benefits & HC). Retired age 49. Can always use more dough to PLAY with, but wanted (needed) to live internationally till age 65 (HC).
I looked up health care costs on the sherpa website. How can one afford the deductibles and out-of-pocket costs? Also, does your "income" include savings, 401k, or Roth? Yes, we do have some Roth IRA's, but I try to max out my 401K every year, and I can't afford to contribute to my Roth after that.
Just be glad you are in Income Tax free WA and not Income tax free WY!!!~ WY is really spendy for retirees, especially HC.
We recently moved out of Seattle to Hawaii. Hawaii has a state income tax. We pay less for total taxes (Federal, State income, Real Estate, Sales, Vehicle) here than we did in Washington state.
You need to look at total tax burden. Believe me, they will tax you in other ways if not by income. Seattle and King County certainly does.
How can one afford the deductibles and out-of-pocket costs?
Stay Healthy!
Health care is out of control in the USA. This has nothing to do with ACA, it has everything to do with an industry that exists for profit more than for health care. We are replacing our eroding manufacturing industry with the health care industry.
I recently retired and the single biggest item in our retirement budget is health care - insurance premiums and deductible and co-insurance.
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