25 days to go....

walkinwood · 04-05-2008, 02:29 PM

.. continuing my thoughts as I come close to ER.

If you are interested, you can see my earlier post here
http://www.early-retirement.org/foru...-go-34517.html

Days to go: 25
State of Mind today: Relaxed.

Healthcare

For ERs, healthcare expenses are probably the biggest concern. I have 17 years to go till I qualify for Medicare and wife has 20, so health care costs are a HUGE concern. We have no employer sponsored retirement healthcare waiting for us.

New Jersey is a "community rating" state, so while we are assured of getting insurance with no discrimination due to age, sex or health, the rates are high.

A high deductible HMO plan with unlimited lifetime benefits costs $319/mo per person. For some reason, it is less expensive to get two individual plans! The plan is an HMO with a deductible ($2500) and co-insurance (50%). Maximum annual out of pocket of $5000 and copay for primary physician is $40. In essence this is a "catastrophic" plan to keep us from going broke if we get seriously ill.

There is a new initiative in NJ sponsored by State Senator Vitale to make coverage universal. According to their 'white paper', they believe premiums could drop 75%. I'm not holding my breath.

We are eligible for continuing coverage throught COBRA for the next 18 months, and are waiting to see what it will cost us before we make a decision.

Luckily, we are healthy today, so hope to keep our out of pocket expenses manageable in the near future. Fingers crossed, knock on wood.

Arc · 04-05-2008, 05:57 PM

Days to go: Too many to count
State of Mind: Jealous!

Actually - congrats on the pending ER and good luck with that healthcare thing.

Gotadimple · 04-05-2008, 06:19 PM

Congratulations Walkinwood,
Looks like you and I are on the same schedule. My last day in the office in May 9, although my retirement doesn't officially begin until July 14.

Someone asked me if I had been reconsidering because of the state of the market, last week. My response: every day that goes by, I feel more comfortable that I have made the right decision.

-- Rita

walkinwood · 04-05-2008, 07:36 PM

Arc, GotAdimple,
Thank you & all the best.

04-05-2008, 02:29 PM	#1
walkinwood Recycles dryer sheets Join Date: Jul 2006 Location: Near Newark, NJ Posts: 264	25 days to go.... .. continuing my thoughts as I come close to ER. If you are interested, you can see my earlier post here http://www.early-retirement.org/foru...-go-34517.html Days to go: 25 State of Mind today: Relaxed. Healthcare For ERs, healthcare expenses are probably the biggest concern. I have 17 years to go till I qualify for Medicare and wife has 20, so health care costs are a HUGE concern. We have no employer sponsored retirement healthcare waiting for us. New Jersey is a "community rating" state, so while we are assured of getting insurance with no discrimination due to age, sex or health, the rates are high. A high deductible HMO plan with unlimited lifetime benefits costs $319/mo per person. For some reason, it is less expensive to get two individual plans! The plan is an HMO with a deductible ($2500) and co-insurance (50%). Maximum annual out of pocket of $5000 and copay for primary physician is $40. In essence this is a "catastrophic" plan to keep us from going broke if we get seriously ill. There is a new initiative in NJ sponsored by State Senator Vitale to make coverage universal. According to their 'white paper', they believe premiums could drop 75%. I'm not holding my breath. We are eligible for continuing coverage throught COBRA for the next 18 months, and are waiting to see what it will cost us before we make a decision. Luckily, we are healthy today, so hope to keep our out of pocket expenses manageable in the near future. Fingers crossed, knock on wood.

04-05-2008, 06:19 PM	#3
Gotadimple Recycles dryer sheets Join Date: Feb 2007 Posts: 341	Congratulations Walkinwood, Looks like you and I are on the same schedule. My last day in the office in May 9, although my retirement doesn't officially begin until July 14. Someone asked me if I had been reconsidering because of the state of the market, last week. My response: every day that goes by, I feel more comfortable that I have made the right decision. -- Rita __________________ Only got A dimple, would have preferred 2!

Thread Tools	Search this Thread
Show Printable Version Email this Page	Search this Thread: Advanced Search
Display Modes
Linear Mode Switch to Hybrid Mode Switch to Threaded Mode

Similar Threads
Thread	Thread Starter	Forum	Replies	Last Post
8 days	LiveWell	Young Dreamers	15	07-09-2007 10:35 AM
One of those days	Canadian FIRE	Young Dreamers	8	01-26-2007 06:19 PM
22 days to go!!	newguy88	Life after FIRE	21	12-02-2006 05:50 PM
Been one of those days	brewer12345	Other topics	29	07-31-2005 12:56 PM
Days Like This	DFW_M5	FIRE and Money	4	04-15-2004 08:24 AM

04-05-2008, 05:57 PM	#2
Arc Recycles dryer sheets Join Date: Sep 2006 Posts: 370	Days to go: Too many to count State of Mind: Jealous! Actually - congrats on the pending ER and good luck with that healthcare thing.

04-05-2008, 07:36 PM	#4
walkinwood Recycles dryer sheets Join Date: Jul 2006 Location: Near Newark, NJ Posts: 264	Arc, GotAdimple, Thank you & all the best.

Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)