 |
Would you take advantage of inexpensive health insurance?
10-20-2010, 01:25 PM
|
#1
|
|
Thinks s/he gets paid by the post
Join Date: Feb 2006
Posts: 4,872
|
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.
|
|
|
 |
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!
Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!
You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!
|
|
10-20-2010, 01:41 PM
|
#2
|
|
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Aug 2006
Posts: 12,483
|
Your secret is safe with me........... 
__________________
Consult with your own advisor or representative. My thoughts should not be construed as investment advice. Past performance is no guarantee of future results (love that one).......:)
This Thread is USELESS without pics.........:)
|
|
|
|
|
10-20-2010, 01:42 PM
|
#3
|
|
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Sep 2005
Location: Charleston, SC
Posts: 13,566
|
It sounds like your proposal is within the lawful function of the program. I wouldn't spend more just because I could.
__________________
“One day your life will flash before your eyes. Make sure it's worth watching.”
Gerard Arthur Way
|
|
|
|
|
10-20-2010, 01:49 PM
|
#4
|
|
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Oct 2005
Location: North Oregon Coast
Posts: 16,483
|
 Quote:
Originally Posted by nun
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.
__________________
"Hey, for every ten dollars, that's another hour that I have to be in the work place. That's an hour of my life. And my life is a very finite thing. I have only 'x' number of hours left before I'm dead. So how do I want to use these hours of my life? Do I want to use them just spending it on more crap and more stuff, or do I want to start getting a handle on it and using my life more intelligently?" -- Joe Dominguez (1938 - 1997)
|
|
|
|
|
10-20-2010, 01:53 PM
|
#5
|
|
Recycles dryer sheets
Join Date: Dec 2006
Posts: 182
|
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.
|
|
|
|
|
10-20-2010, 02:00 PM
|
#6
|
|
Recycles dryer sheets
Join Date: Jul 2008
Posts: 150
|
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.
|
|
|
|
|
10-20-2010, 02:28 PM
|
#7
|
|
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Sep 2005
Posts: 5,381
|
If you feel guilty, give the difference to a worthy charity where it will actually do some good.
__________________
Retired early, traveling perpetually.
|
|
|
|
|
10-20-2010, 03:42 PM
|
#8
|
|
Thinks s/he gets paid by the post
Join Date: Oct 2006
Posts: 4,629
|
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.)
|
|
|
|
|
|
Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
|
|
|
Posting Rules
|
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts
HTML code is Off
|
|
|
|
» Recent Threads
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
» Quick Links
|
|
|
Linear Mode
