Multi-topic thread on retirement and second car

[CBH]

Y'all may not want to put too much detail in the public forum, but if you have advice, please DM me.

After this thread made me seriously consider accelerating living the Good Life full time, I did a cursory investigation into health insurance.

When my wife retired 3 1/2 years ago, my distinct recollection was that as a retiree, she could get some type of health coverage from them for around $400/mo, and that I could be added as a spouse for about $1,000 more. We called yesterday and the said nothing is available. I don't know if that original offer had a limited time window, or if things just changed, but that is apparently no longer an option.

Then my wife was snooping around healthcare.gov and I guess some other stuff that popped up. Anyway, her phone rings while she's still clicking around, and its a salesman from one of the sites she'd been to in the last 10 minutes !!

I figured I might learn something, so I spoke to him. Due to our prior conditions, he said private coverage would not be nearly as attractive as the gov't subsidized packages. And my prior condition was a mere sun-exposure skin cancer. He said a simple little basel cell raises the same Big C flag as anything else. Which is ridiculous............

But he said the subsidized plans are not eligible until COBRA is exhausted. He did not mention income restrictions, so I don't know if they could further exclude us. Basically he said retire, use up COBRA, and then call us back.

What experience did y'all have ?

Thanks.

 

[rubberduck]

From the research I did at the beginning of the year Cobra seemed like the best option. It runs for 18 months maximum. I was able to estimate my Cobra payment online, but I forgot how I did that.

 

[CBH]

Thanks.

COBRA is OK - the cost to continue my existing employer provided coverage is around $1,800/mo I believe. Its decent coverage, $3K deductible and just under $7K out-of-pocket max.

But its only 18 months and I'll still need several years on my own before Medicare. A friend of mine will be 66 next year, but said he wants to start Social Security right away instead of waiting till 67, when payout is significantly higher.

Do y'all agree Trump is likely to make the ages higher that quickly ?!?!?

I had planned to start at 62, so that the private healthcare burden wouldn't be so long.

 

[RDATLTE]

Y'all may not want to put too much detail in the public forum, but if you have advice, please DM me.

After this thread made me seriously consider accelerating living the Good Life full time, I did a cursory investigation into health insurance.

When my wife retired 3 1/2 years ago, my distinct recollection was that as a retiree, she could get some type of health coverage from them for around $400/mo, and that I could be added as a spouse for about $1,000 more. We called yesterday and the said nothing is available. I don't know if that original offer had a limited time window, or if things just changed, but that is apparently no longer an option.

Then my wife was snooping around healthcare.gov and I guess some other stuff that popped up. Anyway, her phone rings while she's still clicking around, and its a salesman from one of the sites she'd been to in the last 10 minutes !!

I figured I might learn something, so I spoke to him. Due to our prior conditions, he said private coverage would not be nearly as attractive as the gov't subsidized packages. And my prior condition was a mere sun-exposure skin cancer. He said a simple little basel cell raises the same Big C flag as anything else. Which is ridiculous............

But he said the subsidized plans are not eligible until COBRA is exhausted. He did not mention income restrictions, so I don't know if they could further exclude us. Basically he said retire, use up COBRA, and then call us back.

What experience did y'all have ?

Thanks.

My wife and I are covered by my former employer for less than $300 a month until I hit 65.

 

[FLYARMY]

When I retired 3 years ago, my wife and I are covered until death by Aetna, thru my former employer. My three adult kids still live with me and two of them aged out of health coverage with Aetna at 26 years old. The youngest is still good for another two years. I was put in touch with a health care broker who then put me onto Fidelis Care. I arranged for my two oldest kids to get what is called Fidelis Care Catastrophic Plan. It only costs $258 per month (but goes up a few bucks each January) and it does have a large deductible of $9200. Basic care is covered (annual check ups) and minor injury/sickness . If something major occurs, they are responsible for the first $9200 of payments before Fidelis Care picks up the rest. Granted , they are young and healthy, so lower monthly premiums. Fidelis Care has different plans for different monthly amounts and lower deductibles. If you would like my brokers phone number, DM me and you can pick his brain. He is not beholden to just one company.
When I was originally looking for coverage, I also got the phone calls with in minutes. The funny thing was when they asked me ....."how much do you want to pay per month?" I told them a dollar ! The broker was extremely helpful in talking me thru the sign up procedures.

 

[ngoni]

Thanks.

COBRA is OK - the cost to continue my existing employer provided coverage is around $1,800/mo I believe. Its decent coverage, $3K deductible and just under $7K out-of-pocket max.

But its only 18 months and I'll still need several years on my own before Medicare. A friend of mine will be 66 next year, but said he wants to start Social Security right away instead of waiting till 67, when payout is significantly higher.

Do y'all agree Trump is likely to make the ages higher that quickly ?!?!?

I had planned to start at 62, so that the private healthcare burden wouldn't be so long.

If you can, you should delay your SS payments until they get to maximum. If you look at that time period like an investment, there's nothing else that matures that quickly. However, if you need the money then absolutely start the payments.

 

[DCV]

Trump and the GOP will kill the ACA, and won’t replace it. It’s what America wanted. I’m a fed and will be a retired fed so I will get to keep my blue cross blue shield and it’s 80 percent covered by the government when I punch out. Even if the ACA survives, which it won’t, the pre existing condition clause protection will be gone for federal plans.

 

[Finally-a-V]

Not to get political, but I think you will see the ACA go away. Trump hates it, wants it gone, he tried what? 20 something times. There will be no replacement even though he has "concepts". I agree that the "pre existing conditions" clause will not be included and will screw most people. Health care will be your biggest cost in retirement. I'd also not count on SSI or Medicare.....at least as it stands now.

 

[Roadhawk]

I think we should be careful about getting political (again) on this forum just in general. Like many I imagine I have fears/concerns about many things...but lets give it some time and see how it works out. While I'm not optimistic I'm at least hopeful that the status quo can be maintained on a lot of stuff.

I think it will be difficult (politically) to end the ACA if in fact there is nothing to replace it. How long will it take for Elon to get into private health care (or prisons)?....hopefully he will otherwise have his hands full (and remain largely ineffectual [at enriching himself further at our expense]....though if he somehow comes up with good cost savings ideas that won't starve folks etc I wish him all the best).

 

[DCV]

The ACA will be dead by summer. The only reason it’s still around is that McCain had the final vote in the senate that saved it, ways back. Trump will have a GOP house and GOP senate to get anything he wants. Elon and Rammywhatever want it killed, so bye bye ACA.

 

[RDATLTE]

If you can, you should delay your SS payments until they get to maximum. If you look at that time period like an investment, there's nothing else that matures that quickly. However, if you need the money then absolutely start the payments.

A bird in the hand...

 

[DCV]

Yes but if you delay too long, then there is a possibility of reduced benefits due to it running out of money. You either run up the deficit due to tax cuts and/or cut benefits.

 

[FLYARMY]

Taking your SS at full retirement age is a gamble for most people, unless you have good health and genetics. Everyones situation can be different. My wife is taking hers at 62 this year and I will be doing the same in 2 more years. I highly doubt that the SS funds will collapse. Like everything else in the world, the US government will just throw money into it, like when they saved the banks and auto manufacturers. If you are confident that you will live into your 80's , then its ok to wait and get the maximum. I will be taking mine as soon as eligible. Males in my family are lucky if we make it to 75.

 

[rubberduck]

It’s easy to calculate a table to show the break even point for SS. If I start at 62 it is 80. If you think you will live till 85 and need that money then wait. The average life expectancy for a male in the US is ~75. The CDC has statistic tables and there are various websites that do the probability calculations based on some basic health information.

 

[CBH]

I am truly happy you guys have health coverage from your prior employers - it is a huge deal.

I did not expect ACA to go away since he didn't get rid of it last time.............Not sure how I can hang on til I'm 65...........

When I compared my actual SS payments at age 62 vs 67, I calculated the break-even age at 77. Even if I live longer than that, I definitely plan to be able to enjoy it more now than then, so I think its a good trade-off.

I voted for Trump too............but sure hope something for pre-existing conditions survives longer than next summer.

I'm not into politics really, but my recollection (however vague) is that Obama really held ACA out as one of his major accomplishments. Google confirmed my suspicion - its the first thing that popped up.

 

[Deneed4spd]

I think we as a society going forward will have to own more of our lives. It is the will of the people to have less govt, less govt support. It sucks to hear how many of you will have to bridge the gap of ins until you can get to Medicare. Hopefully the numbers work for all of you to retire early and enjoy. There has to be a point where printing money isn’t the answer because one day our kids and grand kids, will have to take the brunt of pain which they didn’t have a decision on.

 

[DCV]

I hope the ACA gets killed and so does any pre existing clause too. People wanted him, you get all of him. Does not affect me at all, so let’s do it.

 

[5VBW Nick]

Yesterday one of my employees, on his second day missing work, messaged me from the ER. He told me he had very bad appendicitis and that it had nearly ruptured. He then told me that he does not have insurance and he thinks that's the reason the doctors didn't do the surgery to take it out. Instead they gave him some medicine and IVs and told him to have a follow-up appointment next week. This guy could go home and be sick and have his appendix rupture and then maybe they will think about taking it out when he is closer to dying. Health insurance is very important.