The good news is my kids are not making any $. They are in the burning $ phase (tuition etc.). They are good kids however, and we are glad to have them. I will probably do the same thing you have done once they bring in variable income. Thanks for sharing.
No HI benefit; Not ACA qualified; What to expect?
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The good news is my kids are not making any $. They are in the burning $ phase (tuition etc.). They are good kids however, and we are glad to have them. I will probably do the same thing you have done once they bring in variable income. Thanks for sharing.
As someone who has recently navigated these waters (DH and I are 51 and 52, DS is 17) there are a few things to consider as you look at options.
1) if your kids do not live with you or in the same area, it may not make sense to keep them on the plan. As plan availability varies by county, your kids might not have in network options available to them where they live. I’ve had friends bitten by this when their kids moved to college in another part of the state.
2) if would be worth discussing with a broker. You can get a list of ACA qualified brokers on healthcare.gov.
3) if you are not concerned with preexisting conditions, there may be off exchange plans that would meet your needs. A broker can help you identify those, and talk through what would not be covered. That said, if you’re going to stay in CA, I think most of these plans are not legal there.
4) if you plan to travel in retirement, understand how your coverage will work should you have a serious health issue outside of your state. Once you are out of the emergency room, your costs may be considered out of network and may not be covered.
Of course, everything about US healthcare is in flux these days, so who knows what 2021 will bring.
Good luck!
1) if your kids do not live with you or in the same area, it may not make sense to keep them on the plan. As plan availability varies by county, your kids might not have in network options available to them where they live. I’ve had friends bitten by this when their kids moved to college in another part of the state.
2) if would be worth discussing with a broker. You can get a list of ACA qualified brokers on healthcare.gov.
3) if you are not concerned with preexisting conditions, there may be off exchange plans that would meet your needs. A broker can help you identify those, and talk through what would not be covered. That said, if you’re going to stay in CA, I think most of these plans are not legal there.
4) if you plan to travel in retirement, understand how your coverage will work should you have a serious health issue outside of your state. Once you are out of the emergency room, your costs may be considered out of network and may not be covered.
Of course, everything about US healthcare is in flux these days, so who knows what 2021 will bring.
Good luck!
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Thanks 2lhasas. Your points were all good and applicable to us. Particularly #1 and #4 since I have not thought about those situations
One of the things you should include in your planning is that the allowable rating factors for health insurance include age, in addition to location (zip code level). Knowing what your rates would be at 49/53 is an important starting point, but you should expect increases in premium costs solely due to just getting older (above and beyond the rate of inflation of overall health costs). At 49/53 there's still a long runway of rating increases before you hit the medicare eligible age. I haven't seen good ways of what-if'ing the aging effect, but FWIW my unsubsidized premiums for a married couple in Ohio went from: age 56 - $1250 cobra w/$2600 pp deductible; to age 59 - $1589 w/$6,500 pp deductible. All I can add is include a whole lot of conservatism in your projections, because in the end they'll more than likely fall on the upper end of those projections.
MichealKnight
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Keep Legal Challenge in mind ACA
I don't mean to muck up discussion and I am NOT inviting a political chat.
However, I am also thinking of early retirement soon - perhaps age 45 and have been banking on ACA - not subsidies mind you, but the access that ACA gives me to health insurance.
Do your research - but there is ANOTHER challenge *against* ACA that has succeeded in lower courts, and eventually the Supreme Court is gonna decide.
On one hand - I just can't see elected officials screwing something up that 20 million people - many in swing states CHOSE to use. But then again - there's money involved so who knows.
I am just speaking for myself - I've got a watchful eye on this development and and trying to figure out how to get insurance - *if* ACA were to go away or be totally watered down.
I don't mean to muck up discussion and I am NOT inviting a political chat.
However, I am also thinking of early retirement soon - perhaps age 45 and have been banking on ACA - not subsidies mind you, but the access that ACA gives me to health insurance.
Do your research - but there is ANOTHER challenge *against* ACA that has succeeded in lower courts, and eventually the Supreme Court is gonna decide.
On one hand - I just can't see elected officials screwing something up that 20 million people - many in swing states CHOSE to use. But then again - there's money involved so who knows.
I am just speaking for myself - I've got a watchful eye on this development and and trying to figure out how to get insurance - *if* ACA were to go away or be totally watered down.
Don't forget, to factor in, Dental and optometry. For my wife and I, and 2 children.
Retirement, prior to 65, Medical expenses/health ins. premiums, required a lot of planning.
You, might consider, part time work, to cover medical premiums.
Retirement, prior to 65, Medical expenses/health ins. premiums, required a lot of planning.
You, might consider, part time work, to cover medical premiums.
Good point FireFool. I have not seen HI rate coming down ever. Thanks.
Thanks for sharing Scuba. Good data point for us.
I think the point you brought forward here is a real concern for many. It is certainly one of my concern. Thanks for sharing MichealKnight
Thanks for sharing your thought Wolf.
Even ACA remaining basically intact is no panacea. In any state the situation can change markedly over the years.
I FIRED 6+ yrs ago in my 50's (no retiree health from my old employer) and did the COBRA thing. Then did ACA plans for a while. Finally went back into FT w*rk to get adequate health insurance. Over those first few years of FIRE the individual private health insurance market in my state literally vanished, and ACA policies in my Region have become (IMHO) untenable ($$$$ with very limited networks, progressively narrower benefits, and NO out of area coverage at any price).
When you cannot get a loved one in to see a preferred specialist because they don't take your ACA insurance, this gets VERY real in BIG hurry
I FIRED 6+ yrs ago in my 50's (no retiree health from my old employer) and did the COBRA thing. Then did ACA plans for a while. Finally went back into FT w*rk to get adequate health insurance. Over those first few years of FIRE the individual private health insurance market in my state literally vanished, and ACA policies in my Region have become (IMHO) untenable ($$$$ with very limited networks, progressively narrower benefits, and NO out of area coverage at any price).
When you cannot get a loved one in to see a preferred specialist because they don't take your ACA insurance, this gets VERY real in BIG hurry
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Thanks for sharing ERhoosierEven ACA remaining basically intact is no panacea. In any state the situation can change markedly over the years.
I FIRED 6+ yrs ago in my 50's (no retiree health from my old employer) and did the COBRA thing. Then did ACA plans for a while. Finally went back into FT w*rk to get adequate health insurance. Over those first few years of FIRE the individual private health insurance market in my state literally vanished, and ACA policies in my Region have become (IMHO) untenable ($$$$ with very limited networks, progressively narrower benefits, and NO out of area coverage at any price).
When you cannot get a loved one in to see a preferred specialist because they don't take your ACA insurance, this gets VERY real in BIG hurry
