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Would you take advantage of inexpensive health insurance?
Old 10-20-2010, 02:25 PM   #1
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Would you take advantage of inexpensive health insurance?

I live in MA and I currently have excellent insurance through work, but when I retire I'll have to buy it myself and I'll use the state's website "The Connector" to buy a plan. A mid range one will cost $400/month.
I have sizeable assets, but because I'm frugal and own my home I'll be able to live on around $30k annual income which will qualify me for state assistance and I'll be able to get a better plan for only $150/month. Would you take advantage of this, even though you have assets that you could use to pay for a regular plan.

FYI the state includes dividends and interest in income, but doesn't ask about your total assets.
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Old 10-20-2010, 02:41 PM   #2
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Old 10-20-2010, 02:42 PM   #3
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It sounds like your proposal is within the lawful function of the program. I wouldn't spend more just because I could.
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Old 10-20-2010, 02:49 PM   #4
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Quote:
Originally Posted by nun View Post
I have sizeable assets, but because I'm frugal and own my home I'll be able to live on around $30k annual income which will qualify me for state assistance and I'll be able to get a better plan for only $150/month. Would you take advantage of this, even though you have assets that you could use to pay for a regular plan.

FYI the state includes dividends and interest in income, but doesn't ask about your total assets.
Which again reminds me why, at present, I hope to engineer a retirement lifestyle that is asset rich and income poor. Until they start rolling out more assets-based testing instead of income-based testing, that seems to be the way to go.
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Old 10-20-2010, 02:53 PM   #5
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I can only assume that the state takes into consideration what it has to or sees as important to making the decision about where you fall into the equation. If assets were part of that, they'd ask. If they don't and they only look at income, then apparently you're set. I'm not saying "take what you can get," but if the state allows it and you can save a bunch of money, then go for it.
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Old 10-20-2010, 03:00 PM   #6
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Absolutely, this is the main objective of the ACA. Otherwise, you would have to spend all your saving on buying health insurance. I personally prefer the abolishment of employed provided insurance so everyone can purchase their coverage directly just like auto ins. in the open market at the same rate and coverage.
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Old 10-20-2010, 03:28 PM   #7
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Old 10-20-2010, 04:42 PM   #8
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I don't think the Federal gov't should provide a tax deduction for state and local taxes. But they do, and I use it. IMO, this is a similar issue. The gov't makes the rules, sometimes they work for me and sometimes against me. I try to influence the rules with the trivial power I have in voting. Other than that, I just take the good with the bad.

(I'll also say I don't lose any sleep over the possibility that I may not have gotten every benefit or taken every deduction that's out there.)
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