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Old 01-04-2016, 08:31 PM
 
Location: SoCal
13,229 posts, read 6,331,374 times
Reputation: 9844

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Quote:
Originally Posted by 2sleepy View Post
You should look into that claim about housing and food stamps. A single non-elderly, non-disabled adult can only receive SNAP benefits for 3 months every 3 years. Wait lists for subsidized housing are 4-7 years long with priorities being elderly, disabled and families with children. The wait list will expire two or three times before a single non-disabled adult will be offered a voucher
Ok, I think this person I know has a family but also has a job with health insurance. Maybe minimum wage job.
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Old 01-04-2016, 09:08 PM
 
Location: Piqua, OH
11 posts, read 9,856 times
Reputation: 28
I see a lot of people posting here saying they retired at 55 - 62.


What do you do for medical insurance until Medicare kicks in at 65?


For me, retirement before 65 wouldn't be a problem with the money (having a small pension and decent 401k savings) until I factor in private medical insurance for say, 5 years. Then it sucks.


Hate the idea of having to work until age 65 just for medical coverage when otherwise it could have been age 60.
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Old 01-04-2016, 09:34 PM
 
Location: VT; previously MD & NJ
2,202 posts, read 1,346,551 times
Reputation: 6336
Quote:
Originally Posted by Design52 View Post
I see a lot of people posting here saying they retired at 55 - 62.


What do you do for medical insurance until Medicare kicks in at 65?


For me, retirement before 65 wouldn't be a problem with the money (having a small pension and decent 401k savings) until I factor in private medical insurance for say, 5 years. Then it sucks.


Hate the idea of having to work until age 65 just for medical coverage when otherwise it could have been age 60.
Yup! If you retire early you can do COBRA for 18 months, go to healthcare.gov, or search the internet for private market health insurance. You might be able to find a state-sponsored program. It's all part of the financial planning you have to do when deciding when to retire.
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Old 01-05-2016, 02:14 AM
 
71,584 posts, read 71,751,865 times
Reputation: 49194
Quote:
Originally Posted by Design52 View Post
I see a lot of people posting here saying they retired at 55 - 62.


What do you do for medical insurance until Medicare kicks in at 65?


For me, retirement before 65 wouldn't be a problem with the money (having a small pension and decent 401k savings) until I factor in private medical insurance for say, 5 years. Then it sucks.


Hate the idea of having to work until age 65 just for medical coverage when otherwise it could have been age 60.
aca plan , this is my 2nd year on one
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Old 01-05-2016, 06:02 AM
 
Location: Colorado Springs
4,840 posts, read 4,956,944 times
Reputation: 17309
Quote:
Originally Posted by Design52 View Post
I see a lot of people posting here saying they retired at 55 - 62.


What do you do for medical insurance until Medicare kicks in at 65?


For me, retirement before 65 wouldn't be a problem with the money (having a small pension and decent 401k savings) until I factor in private medical insurance for say, 5 years. Then it sucks.


Hate the idea of having to work until age 65 just for medical coverage when otherwise it could have been age 60.
Yup. You nailed it.

After having retired in my mid-50s, I returned to work at 61 primarily for health insurance.

Even with ACA, the health insurance premiums, co-pays and deductibles for the ages 60-65 are not affordable for most people.

Before anybody retires prior to age 65 they should be aware of those costs.
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Old 01-05-2016, 06:57 AM
 
Location: Los Angeles area
14,018 posts, read 17,737,509 times
Reputation: 32304
Default Health insurance before 65

When I retired at 61 and a half, my employer subsidized my health insurance until age 65; they paid 80% and I paid 20%. (You can bet I didn't complain about paying the 20%!) They didn't pick up anything on the dental, though, so I elected to just pay for my own dental work rather than pay for the dental insurance, which was expensive - never did calculate whether I came out ahead or behind on the dental.

In order to qualify for the subsidy, we had to have 25 or more years in with the employer and had to be at least 58 years old. Once we turned 65 we were on our own, the assumption being that we would then be on Medicare.

I feel very fortunate, as I realize not everyone has such a deal. It was one of the factors which made retiring at 61 and a half a no-brainer for me.
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Old 01-05-2016, 07:24 AM
 
71,584 posts, read 71,751,865 times
Reputation: 49194
Quote:
Originally Posted by Vision67 View Post
Yup. You nailed it.

After having retired in my mid-50s, I returned to work at 61 primarily for health insurance.

Even with ACA, the health insurance premiums, co-pays and deductibles for the ages 60-65 are not affordable for most people.

Before anybody retires prior to age 65 they should be aware of those costs.
we pay about 12k in after tax dollars for my health insurance and my wifes medicare/d-plan and medigap .

that is an insane amount of money .

you can get less comprehensive covered plans but that just increases your exposure to expenses so you pay as you go . it may or may not be a better deal depending on what the future holds .

the big question is if you can't afford a better plan can you afford the exposure of a cheaper plan ?
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Old 01-05-2016, 07:38 AM
 
29,782 posts, read 34,871,258 times
Reputation: 11705
Quote:
Originally Posted by Escort Rider View Post
When I retired at 61 and a half, my employer subsidized my health insurance until age 65; they paid 80% and I paid 20%. (You can bet I didn't complain about paying the 20%!) They didn't pick up anything on the dental, though, so I elected to just pay for my own dental work rather than pay for the dental insurance, which was expensive - never did calculate whether I came out ahead or behind on the dental.

In order to qualify for the subsidy, we had to have 25 or more years in with the employer and had to be at least 58 years old. Once we turned 65 we were on our own, the assumption being that we would then be on Medicare.

I feel very fortunate, as I realize not everyone has such a deal. It was one of the factors which made retiring at 61 and a half a no-brainer for me.
Many retiring early have similar benefits and that is why they are able to.
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Old 01-05-2016, 08:10 AM
 
Location: SoCal
13,229 posts, read 6,331,374 times
Reputation: 9844
My husband's employer pays 80% and we pay %20. The requirement is 5 years at work and retire at 62. It covers family too and that's where I get the benefit. The insurance also works overseas as well. I wouldn't be able to retire anyway. But my sister has ACA and she pays less than $100 per month when she is not working or makes less than the subsidized salary.
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Old 01-05-2016, 08:11 AM
 
71,584 posts, read 71,751,865 times
Reputation: 49194
if you can get an aca subsidy then that lowers things and if you can get subsidized out of pockets even better .
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