Poll: ACA subsidy & taking SS before 65

[RunningBum]

For those of you taking SS before age 65, how do the SS benefits impact your ACA subsidy?

 

[jkern]

I have retiree medical insurance. Unfortunately, my premiums have increased by 56% over the last two years and my co-pays have increased by 50%.

 

[MichaelB]

It seems to me that someone age 62 and eligible for ACA premium assistance might want to avoid taking early SS, unless that is their only source of income.

 

[RunningBum]

It seems to me that someone age 62 and eligible for ACA premium assistance might want to avoid taking early SS, unless that is their only source of income.

That's what I was thinking. That or maybe their subsidy is small (mine was pretty small last year), or they are pessimistic on their chances of living long. I invite comments from those who pick the second or third options.

 

[VanWinkle]

It seems to me that someone age 62 and eligible for ACA premium assistance might want to avoid taking early SS, unless that is their only source of income.

I am foregoing SS as my wife and I are on the ACA and income determines subsidies. I will be 63 next month and will wait to 65(medicare) before taking any SS. I have a small pension and enough in taxable to make it through.

 

[Another Reader]

I have pre-Medicare retiree insurance. I would be over the limit for any subsidies with or without SS. I would not buy any of the CoveredCA policies offered in my zip code. I would try to negotiate with providers and pay cash wherever possible. Not that many people in Santa Clara County use CoveredCA. From the 2018 preliminary booklet:

• 59,721 individuals renewed their coverage or signed up for coverage during the
fourth open-enrollment period.
• 85 percent are receiving financial assistance to pay their premiums.
• Generally, the amount of financial assistance available to consumers in this
region will increase in 2018.
• All consumers in this region will have a choice of three insurance companies, and
some will have as many as four.

The estimated population in 2016 was 1,919,402 per Wikipedia. So around 3 percent of the population was on the ACA. Most of the three percent got premium assistance.

 

[shortstop14]

Since I can manage my income to a low level and receive a high ACA subsidy (assuming things stay the way they are currently), I'm not planning to take SS prior to Medicare age.

 

[RunningBum]

I meant to have the option of "I'm already over the subsidy cliff, so taking SS early has no impact". Could a mod add that? Thanks!

If you're going without health insurance, pick the category that would apply if you did have HI, such as "reduces subsidy", "prevents subsidy" or "already over subsidy cliff".

 

[MichaelB]

I meant to have the option of "I'm already over the subsidy cliff, so taking SS early has no impact". Could a mod add that? Thanks!

If you're going without health insurance, pick the category that would apply if you did have HI, such as "reduces subsidy", "prevents subsidy" or "already over subsidy cliff".

The change was made. The SW won't let me put it before "other".

 

[RunningBum]

The change was made. The SW won't let me put it before "other".

Thanks. The odd order will be a reminder that like pretty much everyone else here, I'm incapable of making a perfect poll!

 

[SheitlQueen]

I receive SS survivor's benefits and it keeps me out of Medicaid range. My other income is from rentals (but depreciation and write offs pretty much zero that out) and a small
amount from farm income. I have another 2 years until I'm eligible for Medicare and I'm holding off on my own SS until I turn 70.