Join Early Retirement Today
Closed Thread
 
Thread Tools Search this Thread Display Modes
Old 04-16-2017, 07:46 PM   #21
Thinks s/he gets paid by the post
 
Join Date: Mar 2011
Posts: 4,496
Over time I've slowly learned to not stress over these things.

Like so many things in the news, the prediction never seems to match the reality.

Another thread here spent 100+ posts beating the dead horse of SS running out of money; a debate/prediction that has been going on for 40+ years now.

We've lived through end-of-world situations like the Soviets nuking us, running out of oil, acid rain, global cooling and AIDS mutating to be easily caught like a cold.

I think turning off the news and going for a walk (or sitting down with a nice, strong Martini watching the sun set) is a good antidote to such fears.
__________________

__________________
Living well is the best revenge!
Retired @ 52 in 2005
marko is online now  
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!

Old 04-16-2017, 09:08 PM   #22
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: Nov 2007
Posts: 7,672
I'm following the situation but not overly worried about it. There's a chance some people will be in zip codes without ANY insurers but for many people they'll continue to have at least one. There are two offering coverage in my zip code right now.

At least theoretically, there's an opportunity for new market entrants to step up and offer coverage. After all, if there are zero insurers offering coverage and you step up to the plate, then you automatically are able to offer the "second lowest coverage policy" and anyone under 400% of the federal poverty level can apply and get the government to pick up much of the tab with only a limited portion of the cost allocated to the policyholder.

For example, an insurer could charge $100,000 per year for family coverage and the state insurance commissioner might find their application to offer coverage persuasive absent any other insurance companies applying to offer coverage.
__________________

__________________
Retired in 2013 at age 33. Keeping busy reading, blogging, relaxing, gaming, and enjoying the outdoors with my wife and 3 kids (6, 11, and 13).
FUEGO is offline  
Old 04-16-2017, 09:51 PM   #23
Recycles dryer sheets
GoodWishes's Avatar
 
Join Date: Jul 2013
Posts: 118
Agree with other posters that no one knows what will happen at this point. We are concerned but no reason to worry too much since everything might work out some how.

We are 10 and 11 years from Medicare so still a long time to go. Got to enjoy life
GoodWishes is offline  
Old 04-16-2017, 09:56 PM   #24
Full time employment: Posting here.
 
Join Date: Dec 2010
Location: Southern California
Posts: 943
I will say, I'm concerned over the healthcare option and long term affordability. In a few years, when we decide to go semi-ER or ER, I hope things will get figured out, but it's not something we have much control over. Limited control over policy, cost, and health to some degree. For the budget I will probably take the highest estimate and double to be extremely safe as we are late 40's now.
Aiming_4_55 is offline  
Old 04-16-2017, 09:59 PM   #25
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: Feb 2013
Posts: 5,739
We have family outside the U.S. and looked into residency options before the ACA came along, so I think it is likely back to that plan for us if we can't qualify for individual health insurance in the U.S., or policies end up at some crazy price like $50K a year in premiums alone without a subsidy.
__________________
Even clouds seem bright and breezy, 'Cause the livin' is free and easy, See the rat race in a new way, Like you're wakin' up to a new day (Dr. Tarr and Professor Fether lyrics, Alan Parsons Project, based on an EA Poe story)
daylatedollarshort is online now  
Old 04-16-2017, 10:01 PM   #26
Thinks s/he gets paid by the post
 
Join Date: Sep 2014
Location: Grapetown
Posts: 1,246
My 34 year original employer sold the company to an competitor who did not offer retiree health care unless you had 10 years of service, I would have been 66 minimum. DW's employer required 30 years service for that school district, despite having 10 years service prior in other districts, she would have to be 69 minimum. We now pay $18,600+, and I thank God we saved and are prepared for it.
Winemaker is offline  
Old 04-16-2017, 10:21 PM   #27
Thinks s/he gets paid by the post
Huston55's Avatar
 
Join Date: Jul 2011
Location: The Bay Area
Posts: 2,096
Quote:
Originally Posted by EastWest Gal View Post
Even Walmart offers benefits. And they do hire people our age. Hawaii requires employers to offer health insurance to any employee working over 20 hours/week. And Massachusetts has its state health plan. California is considering single payer. It would be incredibly disruptive to have to move to get health insurance. I feel your pain, and I panicked a month ago myself. One of us will probably try to find a job if we need to. It's just about unaffordable now, and we only go in for our physical exams.
Good if you live in these states. And, if you don't, a part time job could be a stopgap. Heck, working at Whole Paycheck Foods, Trader Joe's or REI 20hrs/wk might even save me money.

Companies That Give Health Care to Part-Time Employees - ABC News
__________________
You may be whatever you resolve to be.
Huston55 is offline  
Old 04-16-2017, 10:26 PM   #28
Moderator Emeritus
 
Join Date: May 2007
Posts: 11,147
I am somewhat concerned. I am on a ACA plan until the end of the year. We only have one provider left for individual health insurance in our area (BCBS). If this provider pulls out of the individual market in 2018, then this area can kiss goodbye to entrepreneurs and early retirees - which won't bode well for the local economy. So I have good hope that a solution will be found.

However hoping is not planning and we are contemplating several contingency plans (getting a job with benefits (groan), moving to another zip code/city/state, moving overseas - in no particular order). But I told DW that we need to become more nimble if we want to stay retired. Just as one can choose a locale with a competitive tax burden, hopefully one will be able to choose a locale with a competitive healthcare market.
FIREd is offline  
Old 04-16-2017, 10:47 PM   #29
Full time employment: Posting here.
 
Join Date: Jan 2005
Posts: 533
UPS provides medical, dental, vision and free prescriptions for part time employees AND their family! Healthcare at UPS does vary slightly across the country but it's a essentially free 80/20 plan thru BCBS or Aetna. It pays 100% of hospitalizations and free 90 day generic prescriptions (mail order or CVS). The avg part timer works only 3 hrs a day for peanuts doing manual labor. If you can do the job they'll hire you at any age.
tinlizzy is offline  
Old 04-16-2017, 11:02 PM   #30
Recycles dryer sheets
 
Join Date: Feb 2014
Location: SF Bay Area
Posts: 269
I'm beginning to think that the term Health-Care is an oxymoron.
__________________
"The only function of economic forecasting is to make astrology look respectable"
- J.K. Galbraith
FireBug is offline  
Old 04-17-2017, 02:09 AM   #31
Full time employment: Posting here.
 
Join Date: Aug 2009
Posts: 627
Quote:
Originally Posted by tinlizzy View Post
UPS provides medical, dental, vision and free prescriptions for part time employees AND their family! Healthcare at UPS does vary slightly across the country but it's a essentially free 80/20 plan thru BCBS or Aetna. It pays 100% of hospitalizations and free 90 day generic prescriptions (mail order or CVS). The avg part timer works only 3 hrs a day for peanuts doing manual labor. If you can do the job they'll hire you at any age.
I worked that job when I was in college. It was the hardest job I ever worked. It was only 4 hours a night but they worked you really hard. They basically force 8 hours work into 4 and pay you for 4. Literally sweat pouring off every one of us loading packages onto trucks. I quit after 28 days knowing that there HAD to be an easier job out there.
bmcgonig is offline  
Old 04-17-2017, 02:24 AM   #32
Thinks s/he gets paid by the post
 
Join Date: Dec 2010
Location: Midwest
Posts: 1,236
Quote:
Originally Posted by easysurfer View Post
Like others here, I'd also say no one really knows at this point what is going to happen with ACA so really don't try to make sense of the tug of war. That would drive me nuts.
+1. Why worry about something that may or may not happen? Congress will eventually have to deal with the cost part, or lose the votes of boomers.
brucethebroker is offline  
Old 04-17-2017, 02:45 AM   #33
Thinks s/he gets paid by the post
 
Join Date: Feb 2014
Posts: 1,563
Quote:
Originally Posted by Huston55 View Post
Good if you live in these states. And, if you don't, a part time job could be a stopgap. Heck, working at Whole Paycheck Foods, Trader Joe's or REI 20hrs/wk might even save me money.



Companies That Give Health Care to Part-Time Employees - ABC News


There's a Whole Foods on the big island in Hawaii, I wonder if they're hiring?
EastWest Gal is offline  
Old 04-17-2017, 04:14 AM   #34
gone traveling
 
Join Date: Apr 2017
Posts: 2
I un-retired - Got a job with some benefits. It's been quite the transition into then back out of retirement. I'm starting a 3 year contract term and will reassess in 3 more years.

I was bored and fairly lonely in retirement, being a young ( mid 40's) early retiree. No one is around my age during the day. Was not so much about needing to go back for health insurance but that's a nice add-on to the social aspects that I was seeking.

Also have two (early 20's) kids , not close to being launched yet, and the insurance coverage option is important for their benefit.

I would also not worry about what we can not control. It will make you crazy.
career2.0 is offline  
Old 04-17-2017, 06:03 AM   #35
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
donheff's Avatar
 
Join Date: Feb 2006
Location: Washington, DC
Posts: 8,878
Quote:
Originally Posted by Gumby View Post
And if you really want to see how much your employer has been paying for that health insurance, it should be on your W-2, in box 12, with the code DD. Theoretically, if they weren't paying that, they could give you an equivalent raise.
It has been a long time since I looked at a W-2 (). But my memory is that number reflects your premiums which are tax deductible but those reflect on average about 30% of total premiums. The employer is picking up the other 70% which are really coming out of our pockets in a hidden manner and are a stealth deduction for HI for those who are getting employment based coverage.
__________________
Every man is, or hopes to be, an Idler. -- Samuel Johnson
donheff is online now  
Old 04-17-2017, 06:06 AM   #36
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
donheff's Avatar
 
Join Date: Feb 2006
Location: Washington, DC
Posts: 8,878
One pressure that may help insure that cost sharing subsidies remained funded and the marketplace is not pushed to collapse is that members of Congress and their top staff get their insurance thru the ACA marketplace. If that marketplace collapses, they could simply change the law to put themselves back in the Federal employee program but the pressure to avoid that public step would be immense.
__________________
Every man is, or hopes to be, an Idler. -- Samuel Johnson
donheff is online now  
Old 04-17-2017, 06:11 AM   #37
Thinks s/he gets paid by the post
zinger1457's Avatar
 
Join Date: Jul 2007
Posts: 1,697
Quote:
Originally Posted by bmcgonig View Post
I worked that job when I was in college. It was the hardest job I ever worked. It was only 4 hours a night but they worked you really hard. They basically force 8 hours work into 4 and pay you for 4. Literally sweat pouring off every one of us loading packages onto trucks. I quit after 28 days knowing that there HAD to be an easier job out there.
Same here, worked for UPS for awhile, the pay was good ($8/hr back in 1978) for part time work while in college but definitely not the kind of work for someone in or close to retirement.
zinger1457 is offline  
Old 04-17-2017, 06:15 AM   #38
Administrator
MichaelB's Avatar
 
Join Date: Jan 2008
Location: Home Sweet Home
Posts: 26,658
Quote:
Originally Posted by donheff View Post
It has been a long time since I looked at a W-2 (). But my memory is that number reflects your premiums which are tax deductible but those reflect on average about 30% of total premiums. The employer is picking up the other 70% which are really coming out of our pockets in a hidden manner and are a stealth deduction for HI for those who are getting employment based coverage.
My understanding is this number is the total cost of coverage and includes the amounts paid by both employer and employee.
MichaelB is online now  
Old 04-17-2017, 06:22 AM   #39
Thinks s/he gets paid by the post
zinger1457's Avatar
 
Join Date: Jul 2007
Posts: 1,697
Quote:
Originally Posted by Aiming_4_55 View Post
For the budget I will probably take the highest estimate and double to be extremely safe as we are late 40's now.
Not sure how long the increases can be sustained but my premiums are now close to 5X what they were 6 years ago.
zinger1457 is offline  
Old 04-17-2017, 06:26 AM   #40
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
donheff's Avatar
 
Join Date: Feb 2006
Location: Washington, DC
Posts: 8,878
Quote:
Originally Posted by MichaelB View Post
My understanding is this number is the total cost of coverage and includes the amounts paid by both employer and employee.
I have a similar box on my 1099-R (annuity statement) that is labeled "Employee Contributions." It definitely reflects the premiums that are deducted from my pension (my direct cost). The government pays another 70% that is not reflected on tax forms. Not the same for W-2s?

Edit: You are right. Code DD shows "cost of employer sponsored health care." From the IRS:
"The Affordable Care Act requires employers to report the cost of coverage under an employer-sponsored group health plan. Reporting the cost of health care coverage on the Form W-2 does not mean that the coverage is taxable. The value of the employer’s excludable contribution to health coverage continues to be excludable from an employee's income, and it is not taxable. This reporting is for informational purposes only and will provide employees useful and comparable consumer information on the cost of their health care coverage."

So this info bonus is provided by the ACA. that's why I didn't remember it. My W-2s were all pre-ACA.
__________________

__________________
Every man is, or hopes to be, an Idler. -- Samuel Johnson
donheff is online now  
Closed Thread

Tags
aca. health insurance


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Freaking Out - Please Pardon Cathartic Venting bUU Other topics 98 10-22-2014 02:20 PM
Why are online newspapers so freaking expensive? soupcxan FIRE and Money 62 07-18-2012 07:13 AM
Freaking me out a little dex Other topics 20 07-22-2009 01:56 PM
Vanguard Windsor (Freaking out) arttillygirl Stock Picking and Market Strategy 8 07-16-2008 02:56 PM


 
All times are GMT -6. The time now is 03:56 PM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2018, vBulletin Solutions, Inc.