My DW is going to retire this fall. I have been out of the workforce for a couple years now.
Our plan is for here to retire at the end of October or first part of November. She will be 59 and I will be 60. here is what we are thinking:
1) sign up for ACA after quiting her job during open enrollment.
2) ACA insurance will start Jan 1, 2020
3) because we have 60 days to "decide" to take COBRA, we
will be able to sign up for that if something happens and we
need the insurance between her quit date and when ACA
starts.(my understanding is the COBRA would be retroactive
back to the day she quit, even if we sign up later in the 60
day sign up period)
4) plan our income in 2020 to keep it under the subsidy cut off
Am I on track with my thought? can COBRA be used as a stop-gap like this? Is there a better strategy?
Any advice would be appreciated.
Our plan is for here to retire at the end of October or first part of November. She will be 59 and I will be 60. here is what we are thinking:
1) sign up for ACA after quiting her job during open enrollment.
2) ACA insurance will start Jan 1, 2020
3) because we have 60 days to "decide" to take COBRA, we
will be able to sign up for that if something happens and we
need the insurance between her quit date and when ACA
starts.(my understanding is the COBRA would be retroactive
back to the day she quit, even if we sign up later in the 60
day sign up period)
4) plan our income in 2020 to keep it under the subsidy cut off
Am I on track with my thought? can COBRA be used as a stop-gap like this? Is there a better strategy?
Any advice would be appreciated.
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