Hi my job was just eliminated at age 63

[Another Reader]

Originally I was hoping to take my SS and then work part time to get some cash so as not to deplete my savings--if I could do that. An early poster ran the figures for me and I think that might work. I just contacted an ACA insurance broker and they said all they have is an Aetna insurance policy for 733.00 per month! That is insane! I will go the Shared Christian ministries route for the time I have no insurance. If I get a job with insurance then I can cancel that option.

Does that price include the subsidy? What number did you give the agent for your 2018 income?

Do you know where you would be on the ACA-Medicaid line with your proposed income? If your income is too low, you qualify for expanded Medicaid in DC. A bit higher, and you should get a huge subsidy for the ACA plan. You may want to have that conversation again.

ETA: Did you look at this site? https://dchealthlink.com/ It allows you to see if you qualify for Medicaid or a premium subsidy through the Plan Match feature under Individual and Family Plans.

 

[ivinsfan]

Originally I was hoping to take my SS and then work part time to get some cash so as not to deplete my savings--if I could do that. An early poster ran the figures for me and I think that might work. I just contacted an ACA insurance broker and they said all they have is an Aetna insurance policy for 733.00 per month! That is insane! I will go the Shared Christian ministries route for the time I have no insurance. If I get a job with insurance then I can cancel that option.

Wait there is no way that number is correct with your limited income for 2018...you want to go to the government site or another broker..look on the government website for a list of approved brokers.

 

[Sunset]

My only expenses are my mortgage-apartment bought in 1996 ($505 per month), monthly co-op fee which includes everything but my internet and phone services ($1,000), cell phone ($23.00 per month) and internet only service($75.00) from Comcast--just renegotiated down......

I know you don't like my comments, but I wish you the best of luck.
However, your situation is alarming to me, but I didn't sense that feeling of alarm from you, so I wanted to point out the seriousness in case you were glossing over it.

Why it's so alarming to me is because I was homeless about 20 years ago. I'm talking Salvation Army for clothes and food banks for food. Nobody wants that now or in 10 years because of bad choices today.

How about getting a room-mate, renting out a room in your apt. That would help a lot with the $1,505 per month cost, since you say you live in a high COL area, you can probably command a high room rent.
Just be sure to pick someone that has a job, check with their employer, past rental places, and don't fall for some hard-luck story as con-people use them all the time.
If you are close to a College, renting to a College girl (with parents co-signing) can work out well without any long term commitment as most leave after the year.

 

[PoorOldCountryBoy]

Many thanks for your encouragement. Jobs do abound but so does ageism. I had to sign a waiver that I would not sure the Church or anyone there for reasons of age. If I did not sign then there would have been no severance package. It was better to leave as I did with grace and dignity. I had done nothing wrong but they wanted a younger worker who they can pay less with a different skill set. So far they have not found that person. The one millennial they did hire as the Communications/Media Director on November 15, rarely works an eight hour day and just took two weeks off!

In my (tech) profession ageism is rampant too, but just ignore the 99 jobs that are looking to cheap out and find the ones that do fit. Friends who have had similar searches to you in recent past were looking in the same way they did 25 years ago when they got their last job. Throw all that out and dive right in.

If you feel entrepreneurial, start a service to fill in for time starved professionals. Examples - running errands, dog walking is big now if you like critters, etc. Some of these people can make very good money. Just make sure you like what you are doing.

Another place - educational institutions have similar cultures so you'd be helpful there. In places like that you usually need to do something small or part time until they gain trust and then they'll not stop calling you.

You know how to show up. That puts you ahead of half the applicants.

You are honest and don't steal. That puts you ahead of half of the remainder.

And if you have the skills you mention, you are easily in the top 10%.

Don't sell yourself short or judge negatively. You have value!

 

[DCJennifer]

Wait there is no way that number is correct with your limited income for 2018...you want to go to the government site or another broker..look on the government website for a list of approved brokers.

The broker asked for my reported income for 2017. They go by that not by 2018 income which is unknown. I would get no subsidy since they go on last years income according to this broker.

 

[DCJennifer]

I know you don't like my comments, but I wish you the best of luck.
However, your situation is alarming to me, but I didn't sense that feeling of alarm from you, so I wanted to point out the seriousness in case you were glossing over it.

Why it's so alarming to me is because I was homeless about 20 years ago. I'm talking Salvation Army for clothes and food banks for food. Nobody wants that now or in 10 years because of bad choices today.

How about getting a room-mate, renting out a room in your apt. That would help a lot with the $1,505 per month cost, since you say you live in a high COL area, you can probably command a high room rent.
Just be sure to pick someone that has a job, check with their employer, past rental places, and don't fall for some hard-luck story as con-people use them all the time.
If you are close to a College, renting to a College girl (with parents co-signing) can work out well without any long term commitment as most leave after the year.

My co-op apartment is a one bedroom, NOT two or three. I live in a co-op and renting out a room is against our bylaws, in fact if one wishes to do so does so because of a State Dept move overseas for an assignment, it requires Board approval if the member-owner wants to rent out their apartment. Airbnb is also prohibited. That is what keeps our apartment values higher than a condo community.

If I were not alarmed by my situation, I would not have joined this forum for advice--read my first post and you will see that I say I am frightened. Losing my head now will not help me figure this situation out. I just need advice not a SciFi future scenario. I am aware of what homelessness is- the church I worked for and my own also help out on that issue. Please read all of my posts. Thank you.

 

[DCJennifer]

In my (tech) profession ageism is rampant too, but just ignore the 99 jobs that are looking to cheap out and find the ones that do fit. Friends who have had similar searches to you in recent past were looking in the same way they did 25 years ago when they got their last job. Throw all that out and dive right in.

If you feel entrepreneurial, start a service to fill in for time starved professionals. Examples - running errands, dog walking is big now if you like critters, etc. Some of these people can make very good money. Just make sure you like what you are doing.

Another place - educational institutions have similar cultures so you'd be helpful there. In places like that you usually need to do something small or part time until they gain trust and then they'll not stop calling you.

You know how to show up. That puts you ahead of half the applicants.

You are honest and don't steal. That puts you ahead of half of the remainder.

And if you have the skills you mention, you are easily in the top 10%.

Don't sell yourself short or judge negatively. You have value!

Thank you for your positive encouraging advice. I am most grateful for all points of view.

 

[FlaGator]

The broker asked for my reported income for 2017. They go by that not by 2018 income which is unknown. I would get no subsidy since they go on last years income according to this broker.

This was not true for me, it was my expected 2018 income that determined the amount of the subsidy, if any. Was asked to submit clarifying documentation since last year's tax return was substantially different than what I expect going forward.

Since your income is expected to be lower in 2018, I would find a different broker or make contact with the appropriate group via healthcare.gov.

If you qualify for a subsidy and you end up with a higher paying job (could happen!), you'll have to pay back any excess when you file your 2018 return next year, so plan accordingly.

 

[ivinsfan]

The broker asked for my reported income for 2017. They go by that not by 2018 income which is unknown. I would get no subsidy since they go on last years income according to this broker.

This is COMPLETELY 100% wrong...don't talk to this broker again.

 

[Another Reader]

The broker asked for my reported income for 2017. They go by that not by 2018 income which is unknown. I would get no subsidy since they go on last years income according to this broker.

You had a job loss that reduced your income substantially. If I recall, a number of people here were able to document a decline in income due to retirement and get the subsidy. Please call someone with the exchange or a more knowledgeable broker to verify that this does not change the qualification process. I'm pretty sure it does.

Right now, with zero income, you qualify for Medicaid. You need to get this figured out by the end of the month, so I would start with the DC Health people or a SHIP counselor if they have them in DC tomorrow.

 

[ivinsfan]

You had a job loss that reduced your income substantially. If I recall, a number of people here were able to document a decline in income due to retirement and get the subsidy. Please call someone with the exchange or a more knowledgeable broker to verify that this does not change the qualification process. I'm pretty sure it does.

Right now, with zero income, you qualify for Medicaid. You need to get this figured out by the end of the month, so I would start with the DC Health people or a SHIP counselor if they have them in DC tomorrow.

+1..and don't take this the wrong but you to start getting more aggressive right now, whether it's finding about the ex's pension,or doing some reading yourself about ACA and income limits. In the past 7 pages multiple people have taken the time to explain that with no guaranteed income for 2018 you will greatly reduced if not almost free health care.

 

[Aerides]

When I was looking at ACA options for 2018 on the healthcare.gov site (which you can still browse and sign up now under the change in status option - ie, loss of other coverage due to job, etc. ), they ask you to estimate your 2018 income.

Your broker is a twit, and also an unnecessary service. You can estimate even the highest end of the income brackets if unsure to get the smallest subsidy and you'd still come in with a price tag probably 30% of any un-subsidized price for the same plan. Brokers are great to help those with complex needs, but the average reasonably-smart adult in good health with an hour free can find a decent plan for the current year, assuming there is at least one or two providers for your zip code.

 

[Another Reader]

The OP is in a sticky situation. With no income, she is not eligible for a subsidy. She is expected to go on expanded Medicaid. With an income somewhere in the mid-20's, she switches from Medicaid to a heavily subsidized ACA policy. In the OP's shoes, I would look at this more carefully. Medicaid eligibility, at least in California, can change from month to month. The ACA is a one shot deal, with a subsidy true up at the end of the year. Having to pay back some or all of the subsidy at tax time could put a significant financial strain on the OP.

 

[Aerides]

Ah right I forgot about the "floor" for subsidy eligibility....but yes either way, the broker is doing her no favors. I still believe that a new job is in her future but yes this is all research to be done between interviews... prepare for the worst, etc.

 

[Pilot2013]

I was still paying off my attorneys from my divorce --they charged $100,000!

Good grief! And they didn't even make sure you got a QDRO on his Pension? I think you got ripped off.... Sorry.

 

[ivinsfan]

The OP is in a sticky situation. With no income, she is not eligible for a subsidy. She is expected to go on expanded Medicaid. With an income somewhere in the mid-20's, she switches from Medicaid to a heavily subsidized ACA policy. In the OP's shoes, I would look at this more carefully. Medicaid eligibility, at least in California, can change from month to month. The ACA is a one shot deal, with a subsidy true up at the end of the year. Having to pay back some or all of the subsidy at tax time could put a significant financial strain on the OP.

She's over 63 and had IRA or 401 money she can manipulate that income to hit the bottom subsidy income and cost sharing bennies..

 

[Newventurer]

Would you consider the hospitality (hotel) business? Your administrative skills and good work history could be valuable. Sales and Catering departments are still rather low tech, lots of communication and hand holding, relationships, etc. No shortage of hotels in DC and the service industry is challenged like many to find stable workers that can pass drug tests and I-9’s and show up for work when scheduled.

HCareers.com will show you filtered hospitality jobs

Good luck!

 

[mystang52]

I've found this thread interesting, and if true OP's story is sad. But on the other hand I'm struggling to find all of OP's posts credible. $100,000 for a divorce lawyer? ACA cost that others here say is flat-out wrong. Sorta hostile responses to some tough-love suggestions.
All in all, I'm befuddled, and not certain what to believe.

 

[ivinsfan]

I've found this thread interesting, and if true OP's story is sad. But on the other hand I'm struggling to find all of OP's posts credible. $100,000 for a divorce lawyer? ACA cost that others here say is flat-out wrong. Sorta hostile responses to some tough-love suggestions.
All in all, I'm befuddled, and not certain what to believe.

I was all in until that lawyer number came up..however a custody dispute could trigger those kind of bills..but I am reading a little more skeptically..

 

[Yarnstormer]

The broker asked for my reported income for 2017. They go by that not by 2018 income which is unknown. I would get no subsidy since they go on last years income according to this broker.

Not true! You are free to go on healthcare.gov, create and account or just check and see what a subsidy would be if you found a part time job and estimated 20k/yr or whatever you think is possible.

 

[pb4uski]

+1 You provide your estimated income for 2018 as part of the process... while the fact that it is lower than 2016 or 2017 is a legitimate question, the easy explanation is that you were laid off so your income will be lower... if this broker doesn't get this elementary concept then find someone who does or do it yourself.

Check out healthsherpa.com as a start to what plans would be available to you in your zip code and what the subsidized cost will be.

 

[Sunset]

I was all in until that lawyer number came up..however a custody dispute could trigger those kind of bills..but I am reading a little more skeptically..

Ya, but....

.... I am a divorced woman, no children. I will not have a pension, only an IRA and 401K.

Maybe she meant no children at home which is normal for a 63 yr old.

 

[joeea]

This was not true for me, it was my expected 2018 income that determined the amount of the subsidy, if any. Was asked to submit clarifying documentation since last year's tax return was substantially different than what I expect going forward.

Since your income is expected to be lower in 2018, I would find a different broker or make contact with the appropriate group via healthcare.gov.

If you qualify for a subsidy and you end up with a higher paying job (could happen!), you'll have to pay back any excess when you file your 2018 return next year, so plan accordingly.

This is exactly how it worked out for me.

I retired, and thus would have $0 income going forward while my wife continued to work. I called and asked how to account for this. I had to send a few letters, but eventually got the appropriate subsidy.

Then, as fate would have it, I got called by my former company asking me to help them out. I agreed to consult with them 2 days per week. Of course that pushed our income past the subsidy level and I had to pay it all back when filing my taxes. Oh well, not a huge deal.

Now, I'm back to $0 income. Had to send a few more letters. But the subsidy is back.

Forget this "broker". Go to the website and get started for yourself. You'll learn what you have to do and how to do it.

 

[ncbill]

The OP is in a sticky situation. With no income, she is not eligible for a subsidy. She is expected to go on expanded Medicaid. With an income somewhere in the mid-20's, she switches from Medicaid to a heavily subsidized ACA policy. In the OP's shoes, I would look at this more carefully. Medicaid eligibility, at least in California, can change from month to month. The ACA is a one shot deal, with a subsidy true up at the end of the year. Having to pay back some or all of the subsidy at tax time could put a significant financial strain on the OP.

Or she can estimate just over 100% of federal poverty level (FPL) for 2018 for the maximum subsidy under the ACA (or is it 133% for Medicaid expansion states?)

If she doesn't make even that by the end of 2018 only a small part has to be paid back.
(IIRC for 2017 only $600 for those whose income ended up under 100% of FPL)

 

[frugalscholar]

In my poor state, substitute teachers make $125/day and don't need certification. Just another thought....

And, like others, I think you qualify for substantial ACA subsidies if not medicaid.