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Old 09-12-2020, 06:43 AM   #21
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+1

OP can get a bronze policy for $326/month.... $3,912/year. That policy has a $6,700 deductible. So she can protect her assets for about $4-11k a year... a fairly reasonable cost to insure a high six-figure or low seven-figure medical event.

That's why I call it wealth insurance rather than health insurance.
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Old 09-12-2020, 06:47 AM   #22
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Your insurance will depend on where you live, the type of coverage you get (bronze, silver, gold), and ACA subsidy. If you are in CA, you should go to covered california and see how much it costs. You will need to project out your income. Good luck!
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Old 09-12-2020, 07:18 AM   #23
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Originally Posted by davebarnes View Post
Obamacare coverage is going to cost $500-700 per month.

Wow, much more than I expected.

My AFFORDABLE .... $1300 a month.... more than HALF of my retirement check...
affordable my a$$
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Old 09-12-2020, 09:06 AM   #24
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^^^ I don't see where health insurance premiums as a % of retirement check (whatever that means) has much relevance. Some people don't have a pension, so no retirement check, unless you are counting SS. My pension is small because very little of my career was for employers who offered a defined benefit plan... most were DC plan or 401k.

$1,300/month is not uncommon.... in our area bronze plans would be ~$1,100 for a couple, silver plans would be ~$1,200-$1,500.

The fact of the matter is that in the US health care costs are expensive, and that comes through in health insurance premiums since 80% of health insurance premiums is expected claims costs.
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Old 09-12-2020, 09:19 AM   #25
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What's nice about very early ER is that you can always go back to work later. You've always got your profession to fall back on if you change your mind about working.

It's nice to have that decision available.

Downside is healthcare.
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Old 09-12-2020, 09:39 AM   #26
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Dear retire to nature.
You need to hire a financial advisor.
Criteria:
1. Hourly rate (expect to pay $200+/hr)
2. Speaks Korean
3. Knowledgeable about taxes
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Old 09-14-2020, 07:40 AM   #27
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Originally Posted by davebarnes View Post
Dear retire to nature.
You need to hire a financial advisor.
Criteria:
1. Hourly rate (expect to pay $200+/hr)
2. Speaks Korean
3. Knowledgeable about taxes
I agree with 1 and 3 but am wary of 2 Unfortunately there are people in this country who go after non American residents offering to "help" them and the intention is the exact opposite. The bond of a common background and language lulls people like the OP into trusting too much.

The OP does know a good amount of English and is intelligent. She just isn't in the know on the way some things works over here.

OP never buy any kind of insurance from someone over the phone. If you quit your job go to the government approved website for insurance and find someone to help you directly from there. Buy insurance for this year and next, spend some of your non-working time studying the finer points of things you need to know such as HI, taxes, SWR and such.

I remember the post where you got really annoyed over a real estate agent that sold several houses for you over a misunderstood couple thousand dollar repair bill. Try not to worry over the small stuff while you try to get the bigger picture of retirement life in the US.. good luck.
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Old 09-14-2020, 04:10 PM   #28
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Originally Posted by CardsFan View Post
No disrespect to OP, But I am amazed at the number of health care persons we get here that have no clue how insurance works, apart from an employer, or what it costs. Like many (and me) they have/had employer coverage while working.

To OP, be careful what you sign-up for. The OOP can be pretty high (over $9,000).

In any event, congrats to even being able to consider ER at your age, even if an inheritance is what put you over the edge.
thank you for the reply. I guess, being a healthcare worker means to expose to risk so good insurance coverage provided a company. my former companies give me an options to choose one from couple option. one hospital can be a big number of employee so usually they had own contract with insurance companies. I had never needed to research to find own insurance before.
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Old 09-14-2020, 04:21 PM   #29
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Originally Posted by Golden sunsets View Post
Someone with a million dollar stock portfolio and a million dollar real estate portfolio can easily afford health insurance. Going without because you don't want to pay $500-$700 per month is ridiculous in my opinion. The fact that you are a trained nurse, just makes this discussion that much more absurd. Sorry OP, you get no sympathy from me.
That's ok. I didn't need any sympathy either haha. And I think your opinion is very correct. It seems kinda high so I needed advises. That's why wrote here.
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Old 09-14-2020, 04:27 PM   #30
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The reason you want insurance is to protect your nest egg. Day to day medical expense are not the problem, a serious problem where you end up with $1,000,000 of medical expenses is.
Yep, agreed. But why I am so stingy is because insurance is so probablity game. it seems too high for the uncertainty as if I really get $1 mil bill, even though I know well about stupid US healthy care system. Just personally, I don't like to follow if I think that is wright. But since it is health issue, we all know that is too bad, people just follow what they have to be.

Like health issue, Funeral expense etc, has range from low to high. but due to some emotional about death, people hesitate to go low range.
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Old 09-14-2020, 04:34 PM   #31
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it seems too high for the uncertainty as if I really get $1 mil bill, even though I know well about stupid US healthy care system.
But it's much more than that. The $500 doctor visit is $100 if you're insured. The routine check ups (which increase as you age, adding mammograms, colonoscopies, etc.) - all can be very pricey but far reduced with insurance. And then you twist you knee funny, or get a confusing blood test... and you can easily find yourself with thousands in bills if uninsured, or some doctors who won't even take you without it. It's not about the $1M issue, but the multiple slower ones that start to add up over time.
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Old 09-14-2020, 06:33 PM   #32
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Originally Posted by retire to nature View Post
Yep, agreed. But why I am so stingy is because insurance is so probablity game. it seems too high for the uncertainty as if I really get $1 mil bill, even though I know well about stupid US healthy care system. Just personally, I don't like to follow if I think that is wright. But since it is health issue, we all know that is too bad, people just follow what they have to be.

Like health issue, Funeral expense etc, has range from low to high. but due to some emotional about death, people hesitate to go low range.
Well in your opinion it might be stupid but it's the system in place where you now live. I'm completely lost when you compare the cost of funerals to health care and having HI. A funeral is a known cost that you can adjust because many things about a pricey funeral are optional. If you want to play that game with your health care, it's your choice. Notice that virtually no one posting here thinks it's a good idea to enter your mid 40's with no health insurance coverage. Just because you don't like the cost of it doesn't mean you can blow it off. Not many people like the cost of health care or insurance but it's not really optional.

How do you feel about other insurance costs? Do you mind if I ask if your native culture doesn't use much insurance? I guess maybe the rest of us are just resigned to the fact that we need HI, home insurance and car insurance. None of that stuff is cheap. I hear ya, I don't like paying for it all either...
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Old 09-15-2020, 12:18 AM   #33
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Obamacare can be zero $0.00 if you are withdrawing 18k-20k a year from your retirement account, with the subsidies
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Old 09-15-2020, 04:17 AM   #34
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Obamacare can be zero $0.00 if you are withdrawing 18k-20k a year from your retirement account, with the subsidies
+1
Perhaps you can look into your investment income situation more closely to try and create a low MAGI for Obamacare purposes in order to severely reduce the monthly premiums.
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Old 09-15-2020, 04:58 AM   #35
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Ready to submit resign letter.

In your first post, you wrote that your income would be $10K/mo from the rentals and investments. You say you are frugal. You are concerned about $500-700/mo in health insurance premiums.

I don’t understand. There might be a mistake someplace.
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Old 09-15-2020, 05:43 AM   #36
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+1
Perhaps you can look into your investment income situation more closely to try and create a low MAGI for Obamacare purposes in order to severely reduce the monthly premiums.
This is just what I did at the end of last year, moving a large blob of money from an actively managed stock fund (I had been in it since 1996) to a similar index fund. After 3 years of being off the subsidy train, I am back on it this year and my premium has dropped in half.

OP, as others have stated, a big benefit of simply having insurance is gaining access to the negotiated rates they have with the service and drug providers. I have had Type 2 Diabetes for the last 5 years and have OOP expenses of about $600 per year, despite taking a daily drug (a pill, not the costlier insulin) whose unsubsidized cost would be about $11 per day ($4k per year). The other expense greatly reduced by these negotiated rates are routine lab visits which cost me only $50 instead of about $900.

This is why I don't really worry about the high annual deductible or max OOP because I am nowhere near it. If I do hit it, as I did in 2015 when I was in the hospital for 12 days, I didn't really mind because having the insurance protected me from nearly all of the $88k in bills I would have had to pay. I ended up paying only $6k, hardly troubling for what would have been an otherwise huge expense. And I was returned to good health (compared to the bad shape I was in before), my Type 2 Diabetes notwithstanding.
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Old 09-15-2020, 11:19 AM   #37
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Originally Posted by pb4uski View Post
+1

OP can get a bronze policy for $326/month.... $3,912/year. That policy has a $6,700 deductible. So she can protect her assets for about $4-11k a year... a fairly reasonable cost to insure a high six-figure or low seven-figure medical event.

That's why I call it wealth insurance rather than health insurance.
Hi Pb4uski,

Thank you for your reply each time. You always give me very realistic view to think about. I guess it is fair amount.
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Old 09-15-2020, 11:20 AM   #38
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Your insurance will depend on where you live, the type of coverage you get (bronze, silver, gold), and ACA subsidy. If you are in CA, you should go to covered california and see how much it costs. You will need to project out your income. Good luck!
Yes, next thing to study about bronze, silver, gold, and ACA subsidy. Thank you for the clue for the next step.
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Old 09-15-2020, 11:26 AM   #39
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What's nice about very early ER is that you can always go back to work later. You've always got your profession to fall back on if you change your mind about working.

It's nice to have that decision available.

Downside is healthcare.
Exactly, Bamaman.

I have done that before. I have stopped working and came back to nursing since it is well paid job.

Also, I tried to find a part time RN position. But I am realizing my work ethic has been changed. I felt I didnt wanna bother myself with new job and new people.

On the other hand, my current job is so excellent and no stress much at all because I have good IV start skill. My patients give me so good appreciation comment for my skill. But I dont wanna spend 40hrs here any more but unsuccessful to change to a part time position for the same job.

I doubt if I quit this time, I won't come back to RN position since mostly RN position are so stressful.
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Old 09-15-2020, 11:39 AM   #40
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If I am reading your first post, you have $120,000+ yearly income, $ 1 million stock portfolio, and $1 million real estate properties.

OP- you can afford insurance. You just need to decide if you want it or not.
Self insure/self pay is fine and you have the money.
As long as you don't get diagnosed with a severe illness or have an accident. That could wipe you out.
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