Retiring early seems to be a mantra until people find out what it is really going to cost. Especialy heath care. AND the "Affordable Care ACt" has only made things worse! It is HARDLY "AFFORDABLE".
We spent 60% of our GROSS INCOME last year on health care ALONE. AND we have 3 income streams.
I am early medically retired, and thusly have Medicare- "FREE HEALTH COVERAGE" They like to call it. I have to PAY for it and PAY for a supplemental insurance and PAY a premium for prescription coverage.THEN the CO-PAYS on the scripts I am SUPPOSED To take are another rediculous amount PER MONTH..In order to reduce the out-of pocket on the scripts this year, I am cutting out vital scripts and "taking my chances" as I/we cannot afford it. I had surgery just now, and will again in the fall if not before...
My spouse works two jobs, and has insurance through one job for MOH {My Other Half} alone. Cost is Premiums, And comes with a HIGH COST deductible out of pocket on top, then comes a 20% copay until another HIGH threashold is reached on top, again OUT OF POCKET. MOH had to have an MRI And had a surgery, and we found out MOH has a bone diseased hip, which will eventully need replacing! Cost for the two of us on a 'family plan'? HALF MOH's GROSS INCOME, for Both jobs, FOR PREMIUM ALONE.
NOW add Dental... a bargain at MOH's work, comparatively, and we get a 60% discount at the CLINIC we are lucky enough to belong to. {any one up to $48K gross a year is eligible and we are below that}. BUT a root canal, two crowns, an extraction, and a repaired partial and other routine and other work added up substantially, but you gotta eat, right? {I have bad teeth, and MOH's are aging as well}.
MOH is planning to work to age 70 if they will have MOH that long, and I am considering trying to go back to work, {to age 70 if I actually can work and someone will actually hire me}, so we will both have "FREE medicare" health insurance {medicare} in about 13 years IF I DO go back, and, in just 9 years if I don't.
At the rate we are going, we will have "free medicare" AND qualify for "free medicaid" by then too, as we will be dead broke!
At this rate, we WON'T BE ABLE TO RETIRE AND afford health care!