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I read blogs about early retirement. Many people purposely retired early, downsizing and live on less to do it. Maybe think about your situation as early retirement. We can't buy our time back and who needs stuff anyway enjoy
I'd just make sure you learn income limits, and make enough so you don't get put onto medicaid
I've been on Medicaid for two years, and It's been most satisfactory. There's nothing to fear from Medicaid.
After battling age discrimination for two years, I finally secured a good government, union job with good medical and retirement benefits in my mid-50s. I consider this feat something of a miracle at my age, considering the difficulty I had interviewing fruitlessly within my organization and watching younger people get hired in preference to me. (I was working in my organization part-time with no medical or retirement benefits, so I could see who interviewed for internal openings and who got hired. Age discrimination is all too real.)
The one sad part about landing my new job is saying farewell to my Medicaid doctor at my local clinic. She also provided medical care to my two dependent children. People unaccountably bad-mouth Medicaid, and i just can't understand why.
I can report that my Medicaid doctor was the best doctor my children and I have ever had. We had private health insurance our entire lives, prior to the just-ended two-year period during which we were on Medicaid.
Someone asked about health insurance. We are only paying about $500 a month for both of us because we get an Obama Care subsidy because our income is low now only working retail part time jobs.
We both become eligible for Social Security and Pensions in 2 1/2 years and that will give us $5500 a month in additional income starting when we turn 62. In the mean time, we are pulling money out of savings to help support us and working part time in retail. Our budget is $3000 a month in Knoxville, vs. $6000 in NYC. So we have to pull much less money per month out of savings in TN than NYC. (We like the nice folks and pretty scenery in Knoxville TN.)
We looked into it, and they won't pay us our pension until we turn 62. We could pull money out of our 401K money but with complications.
Again, our story is we are living on a shoe string for the first time in our married life due to job loss waiting for our pension and Social Security to kick in in 2 1/2 years. Can you relate?
Your "shoestring" is my normal take home pay. I'm not paying for medical insurance (my employer covers it) but I still have kids at home and a mortgage to pay. So yes, I think I can relate. I think lots of people can, since 3k is about what you take home when you earn the national median income.
It doesn't sound impoverished to me. Enjoy your retirement years!
I've been on Medicaid for two years, and It's been most satisfactory. There's nothing to fear from Medicaid.
I want to second this, because I am drawing on savings before going on SS thus I was eligible for Medicaid. I didn't really know anything about it, & I had moved wanting a new Dr. anyway. My Dr is very good & thorough & no complaints. I think they may have issues getting $$$ from the insurance carrier but it doesn't effect my care or cost me.
I do have to pay for 2 prescriptions each month that aren't covered & that costs me about $300 but it still works out fine. I have had the most thorough cardiac/physical exam I ever had & a colonoscopy with no issues at all. This is helping me to bridge the gap between ending work & starting Medicare next year & SS the following year.
Absolutely you don't have to fear medicaid from first hand experience.
True, we are now paying over $800 a month with a $5k deductible and no subsidy. I keep hearing that the premiums are going up and I hear as we age the premiums will go up even more. Affordable? I won't go there.
They may be ok because if you are low income they get a government subsidy.
You're lucky. I'm 59 and paying $684/month for that same $5,000 deductible JUST FOR ME. DH is lucky and on Medicare!
I am with a small company so we really don't get a great deal; some young employees get their own and turn down the 25% the company would pay as they can get cheaper coverage with smaller network or even no copay places. My family plan is over $1200 a month, so it would be about $1600 without the company kicking in. It's crazy. It was around $400 in 2000 and has risen steadily ever since.
I am with a small company so we really don't get a great deal; some young employees get their own and turn down the 25% the company would pay as they can get cheaper coverage with smaller network or even no copay places. My family plan is over $1200 a month, so it would be about $1600 without the company kicking in. It's crazy. It was around $400 in 2000 and has risen steadily ever since.
Looking ONLY at the cost of health insurance is fallacious. You also need to consider what benefit you are receiving - what your co-pays are, deductibles, how large is your network, etc.
Without that information, it's like comparing the cost of insuring a 2003 Ford Fiesta with minimum state requirements and no collision with insuring a 2016 Lamborgini with collision and the maximum liability.
And, frankly, if someone's "family plan" covers eight kids, I'd call that a pretty decent price. IMHO not charging per person is one of the reasons that health insurance is so outrageous.
Looking ONLY at the cost of health insurance is fallacious. You also need to consider what benefit you are receiving - what your co-pays are, deductibles, how large is your network, etc.
Without that information, it's like comparing the cost of insuring a 2003 Ford Fiesta with minimum state requirements and no collision with insuring a 2016 Lamborgini with collision and the maximum liability.
And, frankly, if someone's "family plan" covers eight kids, I'd call that a pretty decent price. IMHO not charging per person is one of the reasons that health insurance is so outrageous.
I have 4 kids; youngest 3 are triplets. They were born prematurely; in a small company that did some crazy stuff to the average cost numbers and I was actually second in cost that year. Another employee had a heart attack and a bypass that had complications and they ended up going in multiple times and he spent several weeks in the ICU. But your point is a good one; I am actually paying $200 per person per month and that is a better price than most. Copay is usually $20, out of pocket max is $3500 per person or $6000 per family, I think (it's close to that if that isn't it). The max is a misnomer though; many out of pocket expenses are non qualifying.
One of the potential hits on my retirement plans is if I have to switch jobs, make less and have higher costs for health care before the kids are working. Hopefully the worst it would do is slow contributions.
Last edited by ReachTheBeach; 05-27-2016 at 12:24 PM..
Very true--it does make me wonder about his pension/investment accounts. He really should be able to withdraw money, even if he'd like to keep the amounts as small as possible..
Also his taxes would be low for now before he gets his pension and SS
Also his taxes would be low for now before he gets his pension and SS
I think he replied back at some point that the 401k is not all that much; it's a pension that will be their primary retiremenent income source.
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