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Health Care in Retirement
Old 11-13-2005, 06:58 AM   #1
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Health Care in Retirement

I can retire from the Fire Department next spring with 25 years in. My pension would be about $3500 a month, but the health insurance the Pension Board offers is $1,000 a month, and going up. So I can't afford to retire. By staying at the Fire Department another 3 years, my health insurance would "only" be about $500. I do have a 457 with $250k in it but I was wanting to buy a second home somewhere warm with the money, not fund my healthcare. There's a rumor that the Pension Board will offer a "High-Deductable-HSA" thype thing next year. Anybody else in this same boat?
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Re: Health Care in Retirement
Old 11-13-2005, 09:09 AM   #2
 
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Re: Health Care in Retirement

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Originally Posted by Sammy
I can retire from the Fire Department next spring with 25 years in. My pension would be about $3500 a month, but the health insurance the Pension Board offers is $1,000 a month, and going up.* So I can't afford to retire.* By staying at the Fire Department another 3 years, my health insurance would "only" be about $500.* I do have a 457 with $250k in it but I was wanting to buy a second home somewhere warm with the money, not fund my healthcare. There's a rumor that the Pension Board will offer a "High-Deductable-HSA" thype thing next year.* Anybody else in this same boat?
I am not in the same boat exactly, but I think we all are to some degree. The cost of health care cannot continue at this pace, because Americans just don't have the money. Most of us here have over $1 Million in assets and we cannot really afford the increases that have been handed down.

Health care costs are currently causing General Motors to actually consider bankrupcty. I have heard that GM plans to locate some plants in Canada just because they won't have to deal with health care for the workers.

With all of that said, there has to be major changes coming. What you could do in the short run is consider why would you even want to own a second home? - Isn't the maint on 1 home enough? Not to mention the worry, when the second home is vacant? - Property taxes, utilities etc. You've got a couple choices. 1.) Move full time to the 'warm' area and sell your current home. 2.) Just rent at the warm locale for a couple months and enjoy yourself. - This will be much cheaper and worry free in the short run.
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Re: Health Care in Retirement
Old 11-13-2005, 09:37 AM   #3
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Re: Health Care in Retirement

Have you thought about looking into the cost of the "High-Deductable-HSA" thype thing on your own? If you are healthy, it might be cheaper than paying out 500-1000 per month for a plan that overinsures you.

I see that there is pressure on our state by our state employee unions in Wisconsin right now to NOT offer these and it may be some time before they are offered. Obviously, folks still in the work force would rather have a plan that covers everything and costs as little as possible. For folks that want to retire, it doenst seem that they are concerned quite yet.
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Re: Health Care in Retirement
Old 11-13-2005, 02:26 PM   #4
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Re: Health Care in Retirement

My suggestion is the same as Maddy.

I have an individual policy with Kaiser, which is a HMO in California.
For my 18 year old son and me, I pay 389.00 a month for a 1500 deductible plan. My 19 yo costs 82.00 a month.
The Cobra plan was over 700 for the 3 of us, so that is a big difference.

Check out the Blue Cross/Blue Shield plans where you live. You might be pleasantly surprised. Just make sure to apply before you leave work so there is no gap in coverage. I found the insurance companies don't like gaps.
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Re: Health Care in Retirement
Old 11-13-2005, 04:31 PM   #5
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Re: Health Care in Retirement

Cut-Throat:* * Thanks for the info. I'll have to give it some thought.* Thanks again,*
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Re: Health Care in Retirement
Old 11-13-2005, 04:36 PM   #6
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Re: Health Care in Retirement

Thanks Maddy';* I'm thinking of the HSA even if the Pension doesn't offer it.* I think the health care crisis in this country is way over the heads of the Ohio Police & Firefighter Pension Fund.* They're way behind the curve. PS: Nice touch on my* thype thing typo.....*
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Re: Health Care in Retirement
Old 11-13-2005, 04:38 PM   #7
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Re: Health Care in Retirement

KB* ** Thanks a bunch. I hope that the Pension board makes a HSA available. If not,* your suggestion looks reasonable to me.* Thanks again.
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Re: Health Care in Retirement
Old 11-13-2005, 05:12 PM   #8
 
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Re: Health Care in Retirement

Check out this thread.
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Re: Health Care in Retirement
Old 11-13-2005, 05:20 PM   #9
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Re: Health Care in Retirement

Trombone'...Thanks. Looks like I'll be going with the HSA when the time comes. 8)
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Re: Health Care in Retirement
Old 11-13-2005, 09:18 PM   #10
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Re: Health Care in Retirement

* *I'm not as confused about the dryer sheet question as I am conflicted about it.* (Just interested in clarity).*
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