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FIRE?
Old 12-29-2005, 05:50 PM   #1
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FIRE?

I have been able to accumulate a sizable portfolio. I can live on a 5% withdrawal rate. I am 56 and want to retire soon but health insurance concerns me. How do you handle health insurance in retirement without costing so much that you have to go back to work?
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Re: FIRE?
Old 12-29-2005, 06:06 PM   #2
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Re: FIRE?

Quote:
Originally Posted by tp
I have been able to accumulate a sizable portfolio. I can live on a 5% withdrawal rate. I am 56 and want to retire soon but health insurance concerns me. How do you handle health insurance in retirement without costing so much that you have to go back to work?
http://intelligentspeculation.blogsp...ut-health.html
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Re: FIRE?
Old 12-29-2005, 06:14 PM   #3
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Re: FIRE?

Quote:
Originally Posted by tp
How do you handle health insurance in retirement without costing so much that you have to go back to work?
That's the $64,000 question (literally). Don't think there is a good answer to this question. Many of us get high-deductible policies as Dan points out. We are still on COBRA after I retired earlier this year. When it runs out, I plan to get an HSA high-deductible policy for me and the spouse will go into the state pool (due to pre-existing conditions that would be excluded on an individual policy).

If the above gets too expensive, then I may have to find a part-time j*b with medical coverage to make it until 65. But that will be a last resort.

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Re: FIRE?
Old 12-29-2005, 06:23 PM   #4
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Re: FIRE?

So I probably need to add 5000 to 10000 to my budget for the deductible.
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Re: FIRE?
Old 12-29-2005, 07:36 PM   #5
 
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Re: FIRE?

"So I probably need to add 5000 to 10000 to my budget for the deductible. "

PLUS the monthly premiums. I'm looking at moving straight into this plan at retirement, and foregoing the COBRA, which is pricey.

There's also the serious option of obtaining low-cost care out-of-country, ie, Thailand.
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Re: FIRE?
Old 12-30-2005, 08:37 AM   #6
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Re: FIRE?

In the United States, cost is going to vary depending on what state you live in and your health condition. We have posters spending anywhere from less than $200 a month to more than $1000 a month for individual coverage. Check out www.healthinsuranceinfo.net for a consumer guide to health insurance in your state. If you have particular questions about your state, post them and maybe someone can help.

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Old 12-30-2005, 08:40 AM   #7
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Re: FIRE?

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How do you handle health insurance in retirement without costing so much that you have to go back to work?
I'll just maintain my federal blue cross and blue shield after i retire. My organization pays the lion's share of the premium.
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Old 12-30-2005, 09:05 AM   #8
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Re: FIRE?

Quote:
Originally Posted by Martha
In the United States, cost is going to vary depending on what state you live in and your health condition.* We have posters spending anywhere from less than $200 a month to more than $1000 a month for individual coverage.* Check out www.healthinsuranceinfo.net for a consumer guide to health insurance in your state.* If you have particular questions about your state, post them and maybe someone can help.
This is definitely true. So you pretty much have to do your own homework or talk to someone who lives in your state that has done all the leg work. I live in NJ and from the little bit of research I've done, it seems as if you are stuck paying between $8,000-$10,000 (or more) per year. The coverage is mandatorily comprehensive and the insurance companies (apparently) can't single you out for poor health, which is all good, but it means that you can't get a cheap policy even if you are healthy. Other states allow more discrimination based on medical history which could be good, or bad, depending on your situation.
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Old 12-30-2005, 09:11 AM   #9
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Re: FIRE?

Quote:
Originally Posted by tp
How do you handle health insurance in retirement without costing so much that you have to go back to work?
Luckily, this won't be a concern for us since we live in Canada.
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Old 12-30-2005, 10:19 PM   #10
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Re: FIRE?

Quote:
Originally Posted by azanon
I'll just maintain my federal blue cross and blue shield after i retire.* *My organization pays the lion's share of the premium.
At 21+ years, I'm eligible for HI through my megacorp, and for each additional year they'll pay more. Of course, they're not actually obligated to do this, and may very well change it drastically by the time I can use it.
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