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Old 10-22-2010, 09:08 AM   #21
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Retired 5 years ago,on a lot less than your assets and still buy private health care (BCBS).
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Old 10-22-2010, 09:13 AM   #22
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Originally Posted by Richard8655 View Post
You shouldn't be worried about healthcare reform. The law doesn't limit your freedom to buy whatever health insurance you want. It's not a government-run system like European or the Canadian systems, but rather reform of private insurance and expansion of availability to people who can't afford it. It stops insurance companies from throwing people off when they get sick. It's actually long overdue and should be welcomed. It takes affect in full in 2014.
All my German colleagues have government regulated private insurance. You have to distinguish between government regulated and government run
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Old 10-22-2010, 09:19 AM   #23
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So, we are primarily concerned with the whole healthcare issue - he has a good plan with his company which we are happy with - .
Many if not most company health insurance plans include a valuable conversion right. I suggest checking it out iwth the appropriate people .

FWIW you are almost a poster child for high deductable coverage. You need catastrophic coverage, not first dollar.
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Old 10-22-2010, 09:52 AM   #24
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Hi winelover. Welcome to the forum. I think your questions and concerns are valid.

Financially you seem to be in good shape, even without the inheritance. As Rich pointed out, healthcare insurance is really two issues – eligibility and cost.

Determining eligibility is hard, because it depends on an assessment of your current health along with your medical history. An insurance agent could probably do it but you would need to provide application level detail. When I was in your situation I got online quotes and even a BCBS quote – but once we applied we were both denied coverage, and once we were denied coverage we became permanently ineligible for individual coverage (in Fla).

If you have a real ongoing business with a payroll of 2 or more you are guaranteed coverage in CA. The policy is more expensive that what you are paying now – probably 50% higher than the unsubsidized rate for a large group policy. You can put your husband on your payroll as a phantom employee but to pass inspection by the insurance company you would need to pay payroll taxes on his phantom income. This option is costly – but it works.

Another option is his cobra. That would give 18 months at 102% of the unsubsidized rate he currently enjoys. Higher than you are paying now, but still much lower than a small group rate, and guaranteed access. After 18 months you can convert to a conversion plan. The rates here may be high but access is usually assured. This is probably your best option if individual coverage is unobtainable because it guarantees your current coverage.

You may be eligible for individual policies. If so, the rates will probably be less expensive than small group, simply because they have screened out most candidates. Keep in mind that with individual policies the rules are “anything goes”, so there are few guarantees.

For financial planning purposes, a conservative projection would be to cost 30 - 50% more than the unsubsidized large group rate your currently enjoy. It's possible they cost less, but not likely.
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Old 10-22-2010, 09:56 AM   #25
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Originally Posted by Richard8655 View Post
You shouldn't be worried about healthcare reform. The law doesn't limit your freedom to buy whatever health insurance you want. It's not a government-run system like European or the Canadian systems, but rather reform of private insurance and expansion of availability to people who can't afford it. It stops insurance companies from throwing people off when they get sick. It's actually long overdue and should be welcomed. It takes affect in full in 2014.
Uh.ok...........
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Old 10-22-2010, 10:01 AM   #26
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I would worry more about the motorcycle than about health insurance.
Many (or all?) health insurance companies want to know if you ride a motorcycle.
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Old 10-22-2010, 10:46 AM   #27
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IMHO you should consider is long term care insurance for the motorcyclist. Accidents often result in serious injury to the cyclist and can easily result in the need for care. You have substantial assets so a policy with a 90 day or greater waiting period would make sense.
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Old 10-22-2010, 11:29 AM   #28
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A big thanks to all the posters after 10:30 pm last night - I was beginning to think this was not the right forum for me. . . I appreciate the posts about firecalc and especially all the advice re: health insurance - some very good insights and things to think about/look into. I too am worried about hubby's motorcycle hobby - but I guess if that's his mid-life deal, it's better than some other things . . .
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Old 10-22-2010, 11:48 AM   #29
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Hello and welcome to this wonderful forum. I think everyone, regardless of there wealth, worries about health care when they leave an employers plan. My plan was to work part time @ a place that offered the benifit, locally that is Starbucks, Barns and Noble and UPS. You work part time and get full time benifits.

Without that I planned on using the state sponsored health care system in MA, since I am a resisdent. I believe people have real mis-information regarding this programs. Which are esentially volume discounting with the same providers that provide plans for employeers. One example is that I pay ~$600 per month for a family plan thru Fallon. That is ~$400 for the same plan under the state program.

Once you arm yourself with the facts it is not so scary, even if you had to pay $1200 a month for a non sponsored plan you could wing it. This way you give yourself some time to find something else that maybe more price competitive.

Enjoy and remember the best heath advice is "Let thy Food
be thy Medicine" Hippocrates
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Old 10-22-2010, 11:50 AM   #30
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Winelover01, I feel your pain. For us as well health insurance is a main concern about retiring early. Here are some options:

1. Check out your states HIPAA coverage.
2. Hope health care reform doesn't get repealed and have your husband quit his job 18 months (COBRA time period) before guaranteed coverage kicks in.
3. Move to one of the 5 states that has guaranteed coverage now.
4. Apply for private insurance and hope you you don't get canceled just when you need it the most.
5. Get small business insurance coverage. Depending on your state this can mean a group of one or two people, each working a minimum number of hours per week. If you need two for coverage, hire an employee or hire your husband as an employee.
6. If you can't get private coverage check out your states high risk pool coverage.
7. Exercise more and try different holistic diets to improve your health and lower your chance of getting denied due to health issues.
8. Get insurance through the National Association for the Self Employed or some other kind of non-employement group coverage.
9. Check out Foundation for Health Coverage Education
10. Get a part time job at a place that has health insurance for part time employees, like Starbucks.


I have researched this same topic and these are some of the options I have considered.
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Old 10-22-2010, 06:48 PM   #31
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Uh.ok...........
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Old 10-23-2010, 05:59 AM   #32
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... I was beginning to think this was not the right forum for me. . .

From what you described it sounds like you are in the right place.

Don't misinterpret a few gibes.

Trolls and pranksters stop by from time to time and put something out for the fun of getting a reaction. Depending on how someone interprets your post (and the time in the morning... before coffee)... you could get any kind of response.

Also remember, sometimes comments are meant in jest.. but since you are not looking at the person when they say it type it... it can lead to misinterpretation.

Your circumstances are probably better than average on this forum so there might be a little pension envy going on.
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Old 10-23-2010, 08:36 AM   #33
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Hi and welcome! I didn't view any of the posts as "harsh", maybe some folks are like me - scratching the old noggin wondering why someone with millions and another million coming down the road is so worried about healthcare. As others have pointed out, go online and price a policy, with your financial resources I'm sure you will have many, many options.

Enjoy life, it goes by fast!
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Old 10-23-2010, 08:48 AM   #34
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To the OP, DW and I have almost the same numbers as you and we're only a few years older, and we haven't pulled the ripcord yet either. And we too consider health care the biggest unknown (DW has a pre-existing condition), I can assure you you're not alone in being hesitant.

Reasonable estimates indeed suggest you can retire with a high probability of success based on past history. There's no other crystal ball that's better, I am not suggesting the others are wrong at all. But it's your money and your life, many of the posters here have 5 minutes invested in the "advice" they've given. Having people tell you 'I retired 5 years ago with less' is meaningless - who knows if that plan will survive for 30-40 years? It's like predicting how your full career will go after 5 years in the workforce...

Only you will know when you are ready...but everyone reaches that level of comfort eventually. Best of luck, we'll race you...
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Old 10-23-2010, 09:32 AM   #35
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The two "harsh" posts mysteriously disappeared yesterday morning. I imagine they were casualties of attentive moderating.
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Old 10-23-2010, 09:59 AM   #36
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Hi and welcome! I didn't view any of the posts as "harsh", maybe some folks are like me - scratching the old noggin wondering why someone with millions and another million coming down the road is so worried about healthcare. As others have pointed out, go online and price a policy, with your financial resources I'm sure you will have many, many options.

Enjoy life, it goes by fast!
JB, you can be denied insurance and have no access to any policy - but you won't know until you commit. A couple of million is quite insufficient to fund retirement and self-paid health care.
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Old 10-23-2010, 10:13 AM   #37
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JB, you can be denied insurance and have no access to any policy - but you won't know until you commit. A couple of million is quite insufficient to fund retirement and self-paid health care.

I would suggest and comments about health care policy and the like be taken up elsewhere - there always seems to be an open thread on healthcare. Let's just keep this thread on track, answer Winelover's questions and welcome her to the forum.

Thought the question was about healthcare and that's why I suggested she go online and get a quote. Don't see how this is off-track from the gist of the thread. Please explain?
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Old 10-23-2010, 10:20 AM   #38
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I would suggest and comments about health care policy and the like be taken up elsewhere - there always seems to be an open thread on healthcare. Let's just keep this thread on track, answer Winelover's questions and welcome her to the forum.
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Old 10-23-2010, 10:22 AM   #39
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oh, I see much clearer now, thanks so much for your insight.
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Old 10-23-2010, 10:22 AM   #40
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Thought the question was about healthcare and that's why I suggested she go online and get a quote. Don't see how this is off-track from the gist of the thread. Please explain?
I edited my original comment. The first part was a response to your post, the second was a general comment to other posts, not yours. Sorry for the confusion.
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