do my plans really need put off?

[SpinDoctorTX]

Hi, I was all set to retire in May at age 61. Financials are in good shape, and then bad news from a Dr. visit, high PSA. Cancer confirmed and surgery completed. Everything looks good going forward but you do not know for sure. Many scans and tests still to come. Big question now is health care and preexisting condition coverage, especially with the ACA battles coming. Cobra covers 18 months, so I have a two year gap before Medicare. Current plan is to work 2 more years to bridge the gap, but is that really the best (only) option?

IndyGolfer, First I hope that your health issues will be resolved soon and favorably. DH just went through all of that, stage 2-3, and after surgery with no radiation/chemo is doing just fine a year later.

Maybe your current employer will be open to you working a reduced schedule while continuing to receive all benes. It would depend on how much you like your current position, of course. WE had a guy that for years did most of the large account financial stmt analysis for our credit group.

I believe if the ACA changes, the changes will come very slowly in the current political climate. That said, if you feel the need to bridge coverage somehow, a lot of places offer health insurance for 30 hrs per wk. There will be a delay (not day 1) so COBRA would bridge that 90 or so days.

That said, I retired earlier than expected with less than I expected to have, but enough. My health improved, my happiness level is off the charts, and I have no regrets. If you're not a spendy person/ couple, you'll be amazed at how much less you spend not going to an office every day.

 

[Twolves]

Employer sometimes will provide healthcare, if you agree to pick up the employer share as well as pay your share. I know it gets expensive. Bridge the gap with ACA, if you can, and hopefully you can manage with subsidies by keeping the taxable income low for a few years.

 

[pb4uski]

.... In the unlikely circumstances (IMHO) that ACA is eliminated when you need it during the two years between the end of Cobra and the beginning of Medicare, could your FIRE portfolio stand a, say, $200k hit for uninsured medical expenses? If so, retire!

Go to FireCalc and drop $200k off your stash amount leaving everything else the same. If you're still a go, then GO!

Time is by far your most precious possession.

Good luck!

For less than $200k, you just could move to a state that prohibits medical underwriting... currently NJ, NY, ME, MA and VT... but if ACA is changed to allow medical underwriting I suspect that there will be many more states that prohibit it.

 

[pb4uski]

.... Maybe your current employer will be open to you working a reduced schedule while continuing to receive all benes.....

My former employer offered HI coverage to all employees that worked 50% time to 100% time.... it was the same cost if you were 50% or 100%. Most other benefits were pro-rated... when I was 50% I accrued 50% of the vacation pay if I was a FTE.... etc.

 

[KennyOwen]

Been there. Done that. No regrets

I fired 18 month ago at 52. DW on 50% state (school teachers) pension since 2011. I had radical prostatectomy in 2011. I have access to state insurance through DW. Life is good. Just celebrated her 60th last night with 75 of our closest friends. I wouldn't change a thing!

PS PSA is zero 8 years after surgery
PSS I start my pension next January

 

[target2019]

Hi, I was all set to retire in May at age 61. Financials are in good shape, and then bad news from a Dr. visit, high PSA. Cancer confirmed and surgery completed. Everything looks good going forward but you do not know for sure. Many scans and tests still to come. Big question now is health care and preexisting condition coverage, especially with the ACA battles coming. Cobra covers 18 months, so I have a two year gap before Medicare. Current plan is to work 2 more years to bridge the gap, but is that really the best (only) option?

Pre-existing conditions (one is PC) keep my spouse and I working. There are definitely other factors in our mix, but H/C is prime factor.

The ACA uncertainty will stay around for quite a while. If I were in your situation, I would definitely continue to work for the H/C benefits.

thanks to all for all the comments

While I agree time>$$$, and stress of work is not good, the stress of the unknowm as far as insurance on the DW may outweigh everything. Happy wife, Happy life - still applies, and I plan to be around for a long time

My case is a good example of the one more syndrome. Financially I could have FIRED a few years ago, and already be on an individual insurance plan so pre existing conditions would not be an issue

Employer insurance and benefits do not allow me to do anything creative. I may try working one more year, then only risk one year of potential cancer treatments not covered, which I am thinking I will have the major costs behind me now. As a side note not dealing with hospital bills and insurance companies in the past, I can not believe the write down insurance companies get on procedures. They may not pay much initially but the write down is unreal, for me almost 70% so far.

I'm not saying this to create stress. But you seem to be level-headed about your health and financial matters. Don't risk any period of non-insured or covered time where required treatment for this and other situations that may occur.

What I have found (and you may not) is that other problems may be found. That possibility is worth considering.

 

[Smitty700]

I remember very early in the Trump administration, the rules proposed about pre-existing were if you had continued in force insurance you were able to keep your coverage.

This was the rule prior to Trump and prior to the ACA (with the exception of pregnancy). From wikipedia at https://en.wikipedia.org/wiki/Pre-existing_condition:

Pre-existing condition exclusions were prohibited for HIPAA-eligible individuals (those with 18 months continuous coverage unbroken for no more than 63 days and coming from a group health insurance plan). Individual (non-group) health insurance plans could exclude maternity coverage for a pre-existing condition of pregnancy.​

IMO, no matter what happens to the ACA or no matter what new legislation is passed, pre-existing conditions will not be a barrier to getting coverage. The cost of coverage is a big question, however.

 

[GTFan]

Agreed - no matter what happens to the ACA, the guaranteed coverage ship has sailed. Few want to go back to the wild west of an 'open' market where anyone can be relegated to the high risk ghetto.