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Retirement - too young
Old 08-05-2011, 05:36 PM   #1
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Retirement - too young

Getting the itch for ER. Going to be 50 in three years, wife a little older. Should be able to have passive income of around 150K a year, no debt. How much can I expect to pay for health insurance?

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Old 08-05-2011, 05:39 PM   #2
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Hello pletal - Please use the Google function on this website as they are many threads on this topic.

Very conservative with investments. Not ER'd yet, 48 years old. Please do not take anything I write or imply as legal, financial or medical advice directed to you. Contact your own financial advisor, healthcare provider, or attorney for financial, medical and legal advice.
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Old 08-05-2011, 09:16 PM   #3
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Who knows? And with a $150K income, who cares?
There are two kinds of people in the world: those who can extrapolate conclusions from insufficient data and ..
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Old 08-07-2011, 08:15 AM   #4
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Originally Posted by kumquat View Post
Who knows? And with a $150K income, who cares?
And this, our life, exempt from public haunt, finds tongues in trees, books in the running brooks, sermons in stones, and good in everything. Shakespeare
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Old 08-07-2011, 08:28 AM   #5
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$150k can be a lot for some and not enough for others. DW and I (older than pletal) pay $25K per year for policies that allow us the pleasure of paying the first $10K or so in medical expenses, so I think it is a reasonable question. Worse, if one has a disqualifying pre-condition, no insurance may be available and $150K is too little to self-insure.

Estimating health care costs has 2 components: the current cost of coverage and the rate it will increase. The current cost varies greatly by state so the best way to estimate cost of coverage is by contacting an insurance broker and getting some quotes.

The rate of increase is anybody's guess, but it has been double digit for the past decade. In addition, when you hit age milestones: 50 55, and 60, your premium increases due to age, and each of those could easily be an additional 10%. If you have access to a large group policy and can continue that coverage, you are likely to see lower rates and increases.

If it sounds complicated, it is. But you can still develop a reasonable estimate. Start with the type of policy you would have and work from there.
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Old 08-07-2011, 08:40 AM   #6
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Originally Posted by MichaelB View Post
$150k can be a lot for some and not enough for others.
I would agree. For most folks on this board, if I would discuss our (DW/me)'s retirement budget, a lot of folks would say that we are living beyond our means.

Actually, we are living equal to our wants (and can afford it - our means - and don't expect anybody else to meet our needs).

$150k? So be it...
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Old 08-07-2011, 04:57 PM   #7
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Depends a lot on where you live , your health history and well politics.

If you can get insurance I expect you can pay for it.
Look at the major insurance carriers in your marketplace and then triple the price._Those web prices are for the one golden ticket winner.
Make sure you go from a group to an individual policy without a gap.

I got a High deductible policy with a history of cancer at age 60 so it can be done.
$380 month 5k deductible through Blue cross. in Virginia.
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Old 08-07-2011, 08:22 PM   #8
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Health care is probably one of the biggest worries of people facing early retirement as it is uncertain for those not covered by a retirement plan.

You have not said anything about the expenses. Kids college, weddings, overall lifestyle, etc.

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