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I can not believe people are getting subsidies while sitting in a million dollar mansion house just because their income is low on paper.
It is very difficult to imagine someone in a situation that extreme could pull it off, but if they were living off of savings that were not pre-tax, they could. The ACA is a bizarre hybrid of what it was intended to be, what people believed it was supposed to be and what compromises had to be made to get it passed. 38% of the final package was GOP written. I am not sure who penned the subsidy qualifications.
The premiums for anybody over 55 is extremely high
Except for the rich, how do these people for health insurance?
Maybe they do without?
They think they are healthy and since they never get sick, will continue not getting sick?
I had a sister like that. I think she was just a tightwad - lol. But once her husband received his 100% VA disabled rating, she signed up for CHAMPUS.
And they both worked government type jobs but didn't feel it was necessary to spring for insurance.
I don't know where she came up with this idea. My father worked a civil service job for the air force after WW2. We always had health insurance, even if it took up quite a bit of his pension after he had to retire. My mom still has it and shells out almost 200 a month.
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.
We are considering the idea of taking advantage of the ACA "loophole" so I can retire early. Depend upon after tax savings and keeping our reportable income very low until Medicare kicks in. The only thing we battle with is our "is that the right/fair thing to do". It's an integrity question for us
We are considering the idea of taking advantage of the ACA "loophole" so I can retire early. Depend upon after tax savings and keeping our reportable income very low until Medicare kicks in. The only thing we battle with is our "is that the right/fair thing to do". It's an integrity question for us
I am in the same boat. My FA told me to think about it like this - I saved enough so that I should be able to retire a couple of years early, but the cost of medical insurances/services is making that dicey. I saved enough to provide myself with a middle class income for a long time. The ACA makes sure that someone with a middle class income can afford medical insurance. I am not totally convinced it is the right thing to do but I have to admit that there is something to the argument.
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.
I'm upper income and that still isn't chump change to me, sorry. For some people that is more than they pay for a mortgage PLUS real estate taxes.
We are considering the idea of taking advantage of the ACA "loophole" so I can retire early. Depend upon after tax savings and keeping our reportable income very low until Medicare kicks in. The only thing we battle with is our "is that the right/fair thing to do". It's an integrity question for us
If you worked hard, saved and invested so you can retire early why not?
Yet those same people who would scream at you have no problem with people who didn't do much in life, no education, didn't save who will get subsidies. Are they concerned about the morality? Nope, in fact they feel it's your DUTY to pay more taxes so you can support them.
Besides, you didn't agree to sky high insurance premiums and ridiculously high deductibles. It was force on you by people who want you to pay their way.
The premiums for anybody over 55 is extremely high
Except for the rich, how do these people for health insurance?
I've sort of of worked it out for my wife. It will go something like this:
She can retire from her government job at age 58 (just under 3 years from now).
The county will pay for both of our health insurance for five years after retirement. At this time, I will be 64 and she will be 63. She may choose to work one year beyond her retirement age. If so, this takes her up to age 64. So, for us, at the most we are looking at purchasing private health insurance for one year before she becomes eligible for medicare. I will already be eligible. When we reach the eligibility age, the county's health insurance plan will act as a supplement to medicare.
I plan on continuing to work until I am 70 (at least right now).
We are considering the idea of taking advantage of the ACA "loophole" so I can retire early. Depend upon after tax savings and keeping our reportable income very low until Medicare kicks in. The only thing we battle with is our "is that the right/fair thing to do". It's an integrity question for us
I'll give you an example with other situations. I have an alcoholic cuz who's poor because he can't hold a job. My grandparents gave him the house, "because he's poor", my mom tried to help him too but as always he shows up for work drunk and he loses yet another job. Me and you pay his way in life and pay for his medical needs, do you think this guy has been given plenty of chances cares about you working until you are old? I don't think so. Believe me, I know him, I've had long talks with him, tried to help him, he's a manipulator. He could care less about you or this country,.. just give him money and food.
I apologize to all tax payers for his existence, but he was not my doing.
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