Murph
Recycles dryer sheets
I'm 59. My ESOP/401K is well funded. Health care options cause uncertainty. That's the main reason I joined - teach me how I can make the jump!
Welcome!I'm 59. My ESOP/401K is well funded. Health care options cause uncertainty. That's the main reason I joined - teach me how I can make the jump!
Know your health care costs. It becomes the #1 cost if all other debts are paid off. If there are two of you and it will cost you $1,200+ per month can your budget handle that?
I waited until DH got on Medicare, but I have ~3 years to go. Luckily I have retiree medical through my ex-employer. It's subsidized due to my length of service, but it's still $500+ a month for a high-deductible plan, which is still better than the ACA.
Visit the ACA enrollment website, create an account, and shop. Lot of folks here rely on after tax money to keep their income low so they can get the ACA subsidy.
http://www.healthcare.gov
Good luck to you!
Welcome!
- What does well-funded mean?
- Have you run FIRECALC?
- Obtained a success rate at 3-4% annual withdrawals?
- Evaluated your post-retirement budget?
- You only have a question about health care options?
IMHO, if your ESOP/401(k) is adequately funded, and the ESOP funding is secure (and you've diversified your holdings), then health care costs, at ~$1K-$2K/month shouldn't actually be an issue! I've seen some on this forum that pay $30K/year for a couple due to limited options in thier state. For me in Hawaii, I can get decent Kaisper Permanente coverage for $12K/year for a couple, without ACA benefits.
I have been reviewing plans on Healthsherpa. Are these accurate?
Visit the ACA enrollment website, create an account, and shop. Lot of folks here rely on after tax money to keep their income low so they can get the ACA subsidy.
http://www.healthcare.gov
Recommend using the official healthcare.gov website instead of Healthsherpa. You don't have to register and login until you wish to purchase a plan. The option to explore plans (and subsidies based on income) is somewhat buried this year, but it w*rks very well. I've been on ACA through healthcare.gov for years and I usually play around with looking for plans and subsidies by entering hypothetical income levels. I only login when I want to finalize by choice.
If you are accustomed to employer subsidized group healthcare, you may be in for a bit of a shock. The premiums, deductible, and out of pocket can appear sky-high compared to what you may be accustomed. PPO plans are scarce, mabye even nonexistent in some areas. Less obvious, the few PPO typically have VERY restricted networks, unlike typical Megacorp PPO that basically included most providers.
Even worse, in my area, providers, even entire hospital complexes have dropped out of the PPO network in the MIDDLE of the plan year! Also, friends had to buy new insurance on healthcare.gov when their PPO insurer went bankrupt, wait for it.... in the middle of the plan year. We and our friends on ACA are now all on HMO as a result, and manage our income as much as possible to get subsidies.
Please don't let all this nonsense discourage you. It helps to keep informed. It helps to have a pot of $$$ and think of health insurance as medical bankrupcy prevention...
Some folks here fear the gap between Cadillac employer group healthcare and Medicare at 65. Fair enough, there are a few threads on this. On the other hand, keep in mind many of us retirees and small business owneres are living with ACA and getting along OK. For me it's kinda scary, but I realize that early retirement is not for those who are terribly fearful...
Oh, don't forget to consider keeping your existing health insurance for 18 months (?) with COBRA. But it too can be very expensive...
Recommend using the official healthcare.gov website instead of Healthsherpa. You don't have to register and login until you wish to purchase a plan. The option to explore plans (and subsidies based on income) is somewhat buried this year, but it w*rks very well. I've been on ACA through healthcare.gov for years and I usually play around with looking for plans and subsidies by entering hypothetical income levels. I only login when I want to finalize by choice.
If you are accustomed to employer subsidized group healthcare, you may be in for a bit of a shock. The premiums, deductible, and out of pocket can appear sky-high compared to what you may be accustomed. PPO plans are scarce, mabye even nonexistent in some areas. Less obvious, the few PPO typically have VERY restricted networks, unlike typical Megacorp PPO that basically included most providers.
Even worse, in my area, providers, even entire hospital complexes have dropped out of the PPO network in the MIDDLE of the plan year! Also, friends had to buy new insurance on healthcare.gov when their PPO insurer went bankrupt, wait for it.... in the middle of the plan year. We and our friends on ACA are now all on HMO as a result, and manage our income as much as possible to get subsidies.
Please don't let all this nonsense discourage you. It helps to keep informed. It helps to have a pot of $$$ and think of health insurance as medical bankrupcy prevention...
Some folks here fear the gap between Cadillac employer group healthcare and Medicare at 65. Fair enough, there are a few threads on this. On the other hand, keep in mind many of us retirees and small business owneres are living with ACA and getting along OK. For me it's kinda scary, but I realize that early retirement is not for those who are terribly fearful...
Oh, don't forget to consider keeping your existing health insurance for 18 months (?) with COBRA. But it too can be very expensive...
80kWhat WR do you need to support the spending that you would prefer?
Well, I guess all of it: will it be too expensive? Will we be able to get it? Will we be able to keep our family doctor?Are you saying you are concerned abiut the cost of getting HI or that you are worried if it's available at any cost. It's not clear what your concern is. A little more info would be helpful both to you and the posters trying to answer your questions.
Well, I guess all of it: will it be too expensive? Will we be able to get it? Will we be able to keep our family doctor?
I’ve done more research based on some of the advice I’ve gotten. Seems not so worrisome, although if they shut it (ACA) down, then what?
Dental insurance coverage is important. I know some folks who just have medical and no dental insurance. Root canals, implants, dentures can run you thousands of $$ with no dental insurance.
Those can all run you in the thousands even with dental insurance. Most employer plans have annual caps on how much they will pay (usually under $2k), and even then, have % based payments (like, 50% of crowns, etc.) Dental insurance is largely a dental discount plan. A lot of larger dentists offer concierge/discounts instead, which can give you most of the benefits of insurance instead.
Dental is far easier to self-insure than healthcare, either way you go.