Medicare from March 2024...

[jj]

...but what HI to choose for the first two months of 2024?

I see my options as:

1 Carry on with my ACA HDHP HSA-eligible plan, sock away a few more dollars in the HSA. Cost $1700 for two months. No subsidy.

2 Go without HI for two months - I don't think that's wise. Bankruptcy insurance desired.

3 Buy a short-term policy for two months to cover a catastrophic scenario. But how do I go about that? Has anyone else done this?

Otherwise, my health is good. The only doctor is see is an allergist and I take meds (sublingual drops) that aren't FDA approved and therefore aren't covered by any insurance, plus OTC allergy meds.

It's doubtful I will need a doctor in those two months.

All experiences welcome.

 

[pacergal]

Stay insured, ACA is probably the easiest. Can't you simply cancel when you go on medicare?

 

[jj]

Stay insured, ACA is probably the easiest. Can't you simply cancel when you go on medicare?

I absolutely can do that. And may do if I can't find a cheap short-term policy to cover the gap.

I guess I'm champing at the bit to get away from full-price ACA. I just horrified myself when I looked up to see how much we've paid for healthcare since we retired in 2005. It's $398k, that's an average of $22k per annum! I'm hoping to halve that going forward now that we're both on Medicare.

I just wondered what others on the ER board have done when coming off ACA.

 

[MichaelB]

I just wondered what others on the ER board have done when coming off ACA.

I celebrated.

I was thrilled to have ACA guaranteed access and paid unsubsidized rates for 8 years, but was equally thrilled to start Medicare. Even with hefty IRMAA charges our Medicare premiums are less than half what we paid for the ACA policies.

 

[jj]

I celebrated.

Well, yes! that too

 

[EastWest Gal]

I was in a similar situation of needing short term HI for December of 2020 when my COBRA ran out. Pay full amount for insurance through the ACA, then continue through the ACA for 2021 on, which became a state exchange for us in 2021. Living off of our portfolio, we had arranged our finances to qualify for a premium tax credit in 2021 and 2023 and pay the full amount for 2022 and 2024, when DH and I will be going on Medicare.

I looked into short term care insurance through the ACA, but with DH on a statin and me on a BP med, we were looking at anything related to cardiovascular issues being excluded due to "pre-existing conditions" and that was when everyone was home during the pandemic with no vaccine available. I signed up for such an insurance then read the fine print, and since it was such a short period of time, just about everything could be "pre-exisiting." I called the company to discuss what qualified as a pre-existing condition, and they basically said...everything, and were nasty about it actually. Such is health insurance in this country. We ended up paying through the ACA for that month, then qualified for the subsidy in 2021. If I recall, it was through UHC and was called "Golden Rule Insurance Company." Too bad they didn't follow the Golden Rule on the phone.

For two months, go with the ACA. IMO, it's not worth the stress. If you get insurance through the ACA and don't qualify for a premium tax credit, you can afford two more months.

 

[CardsFan]

For two months, go with the ACA. IMO, it's not worth the stress. If you get insurance through the ACA and don't qualify for a premium tax credit, you can afford two more months.

Yup.

OP, you told us you have paid $398,000 for HI since retiring, and now you are worried about $1,700?

Why take any kind of risk on HI for just 2 more months?

 

[pjm-7]

I was in a similar situation this year, two months of HI and then started Medicare in March. I had a high deductible ACA plan for the two months. However, I did not bother to fund my HSA for two months. The tax savings was not there. The two months gave me time to continue my research for my Medicare options before settling on a Medicare Advantage plan.

 

[sengsational]

...but what HI to choose for the first two months of 2024?

I'm at precisely the same juncture. I didn't really give it a second thought...I've been on PPACA since day-one and figured that it makes no difference...if it's good for 12 months, it's good for 2 months. It doesn't sound like you hit your deductible or max out of pocket, so when you buy a high deductible policy you're basically buying two things: 1) discounted prices for in-network providers, and 2) removal of financial risk beyond 6K or 8K if you go to the hospital.


I'm going to wait until after the last day of Medicare open enrollment (December 7th, I guess), then us March 1959 people can start our process. You could start as early as December 1, but I figured I'd wait...no hurry.


I'm chunking in the last 2/12 of $5150 to the HSA. Why not! Saves me $858 * 25% = $214 for a one minute task on the Fidelity site.

 

[audreyh1]

You have to stop contributing to your HSA the month of your 65th birthday because you become Medicare eligible that month.

I also believe most ACA plans stop covering you once you turn 65.