Are you FI? Still work for insurance?

[Car-Guy]

I was in my early 50's when I first became FI. I told myself at that time that I really needed to keep working to 55 so I could keep my emp's subsidized health insurance coverage once I retired. When I hit 55, I then asked myself, how can I walk away from the salary I was getting. The DW and I agreed I'd stay on to 57 1/2. Once I hit that, I quit setting retirement dates and foolishly hung around 3 more years.

So at first it was for heath insurance but at 55 it then became all about more money that I didn't need. (Greed)

[mystang52]

[only a little exaggeration]: DW loves me......SHE is working for our insurance coverage so I can be a stay-at-home bum.
Before I pulled the plug we had numerous discussions but the most important subject was health insurance. We have great coverage - she is a teacher - and I have a medical condition so insurance is that much more important. We agreed that she would continue to w*rk until at least Medicare age, although she may want to go even longer.
She loves what she does and actually wants to keep working; that's an emotion I can't identify with

[Mo Money]

The ACA's implementation (and its survival in various U.S. Supreme Court battles) was absolutely critical to my decision to ER. I have a preexisting condition. About a year before I ER'ed, on a whim I searched for the cost of health insurance in western Pennsylvania for a man in his 50s with a preexisting condition. I could not even find any policies! I was even considering moving to Massachusetts to ER, if the ACA was stricken down by the Supremes. Thankfully, while the Supremes weakened the ACA a bit, the legislation survived, and I jumped ship. So while the 2MM people may not have left their jobs with the help of the ACA, this one did.

[sengsational]

ACA was the largest of 3 factors for me; without it, I wouldn't have walked. The other two factors? Turning 55 later in my departure year (penalty-free access to 401k, if needed), and being asked to train my replacements in India (BS bucket).

As to the study, since it's 2014 data, yeah, not showing a trend from releasing job-lock is not surprising. But I thought it would be a flood back in September of 2013: http://www.early-retirement.org/foru...ml#post1355502

[Nunthewiser]

Megacorp defined pension benefit @60 : $36k (not too shabby)
Megacorp retiree family healthcare @60: $17k (are you kiddin?)

Obamacare /CHIP healthcare @ 60: $1k

...I'm outta there....

[GTFan]

Same here - I can get retiree ins at full cost (around $1k a month) or a cost-shared Silver ACA plan for less than $200.

Pretty simple decision there., but more importantly the pre-existing clause made the RE decision easier for me because I'll always have choices. And I think no matter what the ACA future holds that one benefit will never go away.

[ivinsfan]

Quote:

Originally Posted by Nunthewiser Megacorp defined pension benefit @60 : $36k (not too shabby) Megacorp retiree family healthcare @60: $17k (are you kiddin?) Obamacare /CHIP healthcare @ 60: $1k ...I'm outta there....

Medicare Part B coverage is more then 1K a year! and most people need to purchase additional Medicare coverage..get ready, at 65 your costs will rise..does this make sense to anyone?

[wmc1000]

While I can get pre-65 ACA for $1K a year - - I budget $575 per month once the 2 of us turn 65 for medicare plus plan f

[marko]

Maybe its me but...

HCI is about $15K per year.

If $15K per year is making the difference between working or not working, I'm questioning how robust one's claim to financial independence is.

Yeah, it's great to have someone else pay for it but it seems one should have a bit more cushion in your plan. If $15K blows you out of the water, maybe you're not as FI as you think.

[Nunthewiser]

Quote:

If $15K blows you out of the water, maybe you're not as FI as you think.

$15k for one year, no not really. But for 5 years it stings quite a bit...

[Options]

I am grateful for Cal-Cobra. In California, after 18 months of Federal COBRA ends, insurance companies are required by law to provide coverage for another 18 months. They may charge no more than 110% of the total premium paid by the employer. For me, this comes to a little over $5K/yr. Definitely beats ACA pricing (to include same low co-pays) while providing me same full coverage I had while working for a total of 3 years. Only downside is dental ends after 18 months of Federal COBRA as it isn't covered under Cal-Cobra.

[FinanceGeek]

Quote:

Originally Posted by marko HCI is about $15K per year. If $15K per year is making the difference between working or not working, I'm questioning how robust one's claim to financial independence is.

Since most early retirees will have paid off all their debt, health care winds up being the single biggest budget item.