Anyone Working Just for Health Insurance?

[Toast]

We continue reading all responses and appreciate everyone sharing their personal experiences and insights. It’s comforting knowing that many folks had to make similar decisions.

I mentioned it briefly, but one issue that complicates our decision is that we want to relocate after retirement. We moved to our current location for work, and it was a great financial decision. Nice place, just not “home”. Thus, we are researching doctors, hospitals systems, and ACA plans that are over 2000 miles away.

 

[Toast]

So, ACA was not a good option. As a result, the wife has gone back to work solely for insurance. We've been trying anything possible to find an alternative. Neither of us wants her to work, but at this point she has to for insurance.

This would be our backup plan.

 

[EastWest Gal]

Does anyone know how the in-network vs out-of-network costs are affected by the legislation that was passed in 2020 and went into effect in 2022? Particularly those of us who have PPO insurance, which does not require prior authorization?

From HHS, 1/3/2022:

"Beginning January 1, 2022, new federal protections ... will shield millions of consumers from surprise medical bills—unexpected bills from an out-of-network provider, out-of-network facility or out-of-network air ambulance provider. The protections, implemented under the No Surprises Act, ban surprise billing in private insurance for most emergency care and many instances of non-emergency care. They also require that uninsured and self-pay patients receive key information, including overviews of anticipated costs and details about their rights."

I put the ... where the quote was unnecessarily political.

 

[jeffst]

Yes.

Age 59. Job not that stressful so keep at it.

Plan to work to 63 1/2 and then COBRA.
Spouse few months older so will be able to get Medicare first.
Hoping it stays at 65...

Have looked at ACA in the past and plans offered in our state (TX), at that time, didn't include most of doctors we use. Red flag to me.

Perhaps I need to take another look at 2023 ACA to see if better options, just in case job situation changes.

DH and I still have 11 years before we reach Medicare age. We have the financial means to retire but are nervous about relying on the ACA for so many years. Basically, we continue to work because we have excellent health insurance, and there is something about relying on the ACA that makes us hesitant to make the leap.

A bit of history, DH had a pretty scary diagnosis in his late 40s which makes us cautious, perhaps overly so. Treatment was successful, and he’s been fine for 5 years now.

Our current plan is for me to retire in September 2024 and DH will continue working until 63 1/2. This would allow us to COBRA to 65. My job is high stress 24/7. His job pays quite well and isn’t terrible. That said, we talk/plan/dream of retirement every day. Retirement would also allow us to move closer to friends and family.

Is anyone in a similar position? What did you decide? Are you happy with your decision? Anything that might help our thought process? Importantly, did anyone retire with a health concern and have a good experience using ACA insurance? Has anyone developed a severe health issue while on an ACA plan? If so, did you receive high quality treatment?

Would love to hear your experiences.

Thanks in advance!

 

[qwerty3656]

Does anyone know how the in-network vs out-of-network costs are affected by the legislation that was passed in 2020 and went into effect in 2022? Particularly those of us who have PPO insurance, which does not require prior authorization?

I think it is just mostly emergency stuff. We live on the border of 2 states with the big city being in the other state. All our doctors are considered out of network and get higher copays and deductibles.

 

[GATime]

ACA plans are highly dependent on your state and even zip code. Where I live, all the plans are highly restrictive HMO plans. Retiring in a few months at 62 1/2 and have already budgeted Cobra for 18 months at ~$1,800 per month. We'll be short of Medicare by about 8-10 months so at that time will look at short-term or ACA plans. I'll control our income for a good subsidy so may treat ACA as just catastrophic care and self-fund regular health needs.

 

[Dtail]

We have a great ACA plan in FLA. One big decision to retire here at 57.

 

[badatmath]

Well, I am in the process of quitting just for health insurance. . . Does that count?7

My job was outsourced and taking the new offer would have cost me retiree medical benefits. Turning it down got me a few extra days of employment needed to qualify for the retiree medical so I did but I don't know that I have done the right thing. I really can't afford to not work I think.