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Old 11-03-2015, 08:50 AM
 
911 posts, read 1,100,222 times
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How do they plan for paynig for Obamacare?

The premiums for anybody over 55 is extremely high

Except for the rich, how do these people for health insurance?
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Old 11-03-2015, 08:59 AM
 
Location: NC Piedmont
3,911 posts, read 2,876,213 times
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Quote:
Originally Posted by misterno View Post
How do they plan for paynig for Obamacare?

The premiums for anybody over 55 is extremely high

Except for the rich, how do these people for health insurance?
Some are wealthy, some have pensions that include health care and many qualify for ACA subsides. The subsidies are based purely on income, not assets. So you can have a large retirement fund but as long as you draw on it slowly you qualify. Or if your savings are after tax and you have virtually no income you qualify.
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Old 11-03-2015, 09:05 AM
 
Location: Los Angeles area
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What are the Obamacare premiums for, say, a 58 or 60-year old? The OP says they are "extremely high", but that is pretty vague. We need more specifics if this thread is to be meaningful.
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Old 11-03-2015, 09:05 AM
 
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Originally Posted by ReachTheBeach View Post
many qualify for ACA subsides. The subsidies are based purely on income, not assets. So you can have a large retirement fund but as long as you draw on it slowly you qualify.
Our government is really stupid

I can not believe people are getting subsidies while sitting in a million dollar mansion house just because their income is low on paper.
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Old 11-03-2015, 09:07 AM
 
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Originally Posted by Escort Rider View Post
What are the Obamacare premiums for, say, a 58 or 60-year old? The OP says they are "extremely high", but that is pretty vague. We need more specifics if this thread is to be meaningful.
I checked it for a 52 year old friend whose income was 120K

I logged in to healthcare.gov for him and chose the 3 rd least expensive and it was $700/ month for him.
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Old 11-03-2015, 09:08 AM
 
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The typical early retiree either has a public sector job or a union/corporate job with a grandfathered defined-benefit pension and health care benefits for early retirees. If you're private sector with nothing but what you have in an IRA/401(k) portfolio, it's challenging unless you've been maxing out your contribution your entire work life, had an employer with a generous match, and invested the money somewhere that it grew.
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Old 11-03-2015, 09:09 AM
 
13,874 posts, read 7,386,288 times
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Quote:
Originally Posted by misterno View Post
I checked it for a 52 year old friend whose income was 120K

I logged in to healthcare.gov for him and chose the 3 rd least expensive and it was $700/ month for him.
...and that's likely for extremely high deductible catastrophic insurance.
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Old 11-03-2015, 09:14 AM
 
Location: Los Angeles area
14,018 posts, read 17,726,438 times
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Quote:
Originally Posted by misterno View Post
I checked it for a 52 year old friend whose income was 120K

I logged in to healthcare.gov for him and chose the 3 rd least expensive and it was $700/ month for him.
Thanks for that reply. I see you were exaggerating when you wrote that only the rich can afford the premiums. It seems to me that we should try to avoid such hyperbole if we are to have a rational discussion.

That premium is more than chump change, but it is affordable for people with middle class incomes.
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Old 11-03-2015, 09:20 AM
 
Location: Connecticut is my adopted home.
2,276 posts, read 3,077,284 times
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The typical early retiree had a public sector job with a grandfathered defined-benefit pension and health care benefits for early retirees.

That describes our situation. Our jobs had mandatory retirement at age 56. I went at 48, my DH retired at 50. Aside from the pension we were/are mercenary savers, lucky (or good) with real estate and I can sniff a bargain 20 miles away. The availability for health insurance coverage (decent, but not great health coverage) until medicare kicks in is one of the most important benefits we have.
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Old 11-03-2015, 09:21 AM
 
911 posts, read 1,100,222 times
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Quote:
Originally Posted by Escort Rider View Post
Thanks for that reply. I see you were exaggerating when you wrote that only the rich can afford the premiums. It seems to me that we should try to avoid such hyperbole if we are to have a rational discussion.

That premium is more than chump change, but it is affordable for people with middle class incomes.
surely it is a chump change for an escort rider

seriously, 700/month is not small if you ask me.
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