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. Im now 61 and just got an email saying my insurance through cover Colorado (exchange) is going up by 41.9% for next year. It will be nearly $1900 per month for just myself and my two sons who are in collage.
Quote:
Originally Posted by mathjak107
pay the fine and get a catastrophic policy . what the aca did to insurance is a shame.
WTF are you talking about? That is a direct result of Trump's executive order. (Which, of course, is a not-too-subtle attempt to destroy the ACA.)
I was self employed for many years and retired at close to 60. Since I was self employed, I took advandage of the health insurance exchange (Colorado) and it significantly lowered my premium. I was never getting any subsidy from the gov, just took advantage of being in a group like many other self employed people.
Im now 61 and just got an email saying my insurance through cover Colorado (exchange) is going up by 41.9% for next year. It will be nearly $1900 per month for just myself and my two sons who are in collage.
So what other options for health insurance do I have. Im not employed, living off my IRA and mostly healthy and a few years from being eligible for Medicare.
If you're retired, presumably your income will be low enough that you will now be eligible for an ACA subsidy. Be sure to check on that before you do anything drastic like dropping to catastrophic coverage and incurring the ACA penalty.
wrong . my insurer was bankrupt before trump was president just for the reasons i said . these plans sucked day 1 . that has zero to do with trump
That's completely irrelevant to the OP's situation. His increase is a direct result of Trump's executive order and it is exactly what Trump wanted to happen. There is no ifs, ands, or buts about it.
That's completely irrelevant to the OP's situation. His increase is a direct result of Trump's executive order and it is exactly what Trump wanted to happen. There is no ifs, ands, or buts about it.
What I think also.. myself and lot of self employed folks, farmers, etc I guess are acceptable collateral damage. Regardless... I have to find something less expensive.
it's pretty clear to me that all the folks who dislike ACA are higher income and pay high premiums.
My sister is absolutely livid whenever anyone talks about health insurance, but my sister-in-law never had insurance and gets very low cost coverage and she thinks it was the best idea ever.
OP: Do you have assets that have already been taxed that you could liquidate for living expenses, e.g. a savings account (not an IRA)? Sell a car? etc.
If so, perhaps your taxable income would be so low you could get subsidized.
If they are over 18, and their income is low, they should probably get insurance for themselves on the exchange. Their premiums would likely be a lot lower as an individual. Maybe they would even qualify for Medicaid? Then look at a plan to cover yourself alone. The cost will be high, as it sounds like your income may be too high to get a subsidy. I agree that you should think about any possible way to decrease your taxable income for the year, with the hope of qualifying for a subsidy. Live simply.
Other options.... becoming self-employed again to rejoin your old plan. How many hours would you need to work to make that happen? Maybe you could swing it.... part time work...
I wouldn't go without insurance at your age, no matter how tempting that might be.
FYI - I am completely healthy, no medical problems, in my 40's. Obamacare in my state costs me $6000 per year ($500 per month) and I have $6500 deductible for the cheapest Bronze plan.
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