Ready to submit resign letter.

[davebarnes]

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

 

[ivinsfan]

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.

 

[retire to nature]

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.

 

[retire to nature]

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.

 

[retire to nature]

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.

 

[Aerides]

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.

 

[ivinsfan]

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...

 

[cyber888]

Obamacare can be zero $0.00 if you are withdrawing 18k-20k a year from your retirement account, with the subsidies

 

[Dtail]

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.

 

[EastWest Gal]

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.

 

[scrabbler1]

+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.

 

[retire to nature]

+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.

 

[retire to nature]

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.

 

[retire to nature]

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.

 

[pacergal]

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.

 

[retire to nature]

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

Thank you Davebarnes.

Yes, definitely I need some consulting for tax and asset management.

But like ivinsfan said, number 2 is a bit insulting to me.

I understand my English is not perfect, when I get an service, people are always surprised my depth of researched knowledge before the visit.

You are correct that I was lack of research for the insurance part, but I like this website which give me the right direction for the research. That's why I posted here for some help.

Anyway, current CPA is the one who has been my sister's(2017-2019) and mine(for 2019), as Korean also, and he will see the combined income for the later. I planned to see him soon.

 

[retire to nature]

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.

Thank you, ivinsfan for the reply!

Yes, you are correct about the bond with the same language for especially Korean. Since my country history was from one person or tribe etc, we have some expectation as family, but all the business is for their own profit. So many koreans are naive from the idea and get frauds from Korean too.

But my current CPA is a korean too. I always try to avoid koreans but he was the one know her tax reports which I didnt have much clue. So I did with him for mine for the combine income for the future.

All of your comment are right. I think I provided my info for all the scams now, so I got a bad step here. So my problem to stick to 40hrs and some small chores for rental properties causing short of my time for the deep research to go out. My working time is 930am to 6pm. But I know I need to do that.

Also, thank you for the remember the last post. Yes, i was upset over not so important things. probably, i am too offensive or defensive of paid service for paid service some time we find out a lot of deception in the service. Also, since I was too stressful, some small things were irritating more.

Thank you for the considerate reply again.

 

[golfnut]

premiums paid are not part of oop

 

[retire to nature]

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.

Yes, you are totally right. my idea on this post seems to be stupid and naive. the background for this is due to my sister bill.

I was afraid the whole year for the medical bill for my sister since she didnt have any insurance. I was afraid to get $1 mil bill also, but it turned out the hospital give a big discount for self pay patient. it was about 60k which is still alot. but she had big surgery and ICU about 10 days. It was much less than I expected.

But I am clear all ofthe concerns from other replies are very correct. She lost her life and asset since she didnt have an insurance. I didnt think about this way but she didnt go see dr for bad diabetes and originally that caused the accident. I was a bit sad and sentimental for her for recent days.

Also, with all the replies made me realized that going to wrong way like my sister. She didnt have a good support group for the right direction. Thank you and all here to track me to the right direction.

I really appreciate this website!!

 

[retire to nature]

+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.

Yes, I am realizing my income would be rental, so it is not so big number. So possibly quitting nursing job would help more saving.

I just have to take time for deep research and more actual consult. just has been too busy. sewer back up and appliance not working etc from this weekend. endless landlord job. I know I may better pay for the service to lessen my burden.

But, find good service is harder. I arranged gutter cleaning for my house recently. no show no call. Just it has been better with my own arrangement for the service for my rentals. Yes, it consume my time and energy etc.

 

[retire to nature]

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.

Haha, funny, I just felt like to check your profile somehow.

And you were a doctor. you may not feel like wasting money on insurance because it goes to pay doctors.

I am frugal because if i spend money on service, lousy job is done. I guess I have good handy skill on pretty much everything and ok brain, I was doing DIY and that was better. Last weekend, I tried to go expensive hair salon and got the worst experience in my life. haha.

I am a bit Buddhism so I am okay having one cloth forever way. So my monthly expense may be the same range of $500-700. That's why I felt it is high for me.

It is just number how much my income is. I dont like the idea, how much I make, I have to live this way. Maybe I have to adjust myself. I agree to buy an insurance as wealth insurance not to make stress or concern.

 

[retire to nature]

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.

You are right. I know so many people sign up for insurances. I am single no kid and no debt. I dont need any life insurance etc. But I am sure I will be pushed to buy one. I needed some research from you guys' direction, that's why posted here. I am just tired of that since most of people in US don't understand and just sign up and I am treated and pushed to sign up for any kind of business from that perspective.

 

[pb4uski]

premiums paid are not part of oop

You are right... though I have a fait recollection of at one time seeing an exhibit where it did include premiums... but it appears that was wrong.

 

[retire to nature]

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.

Thank you for the reply. I am having a bit confusion about your quote part. can you please explain a bit more this part?

I totally understood the rest of part. That's why we need an insurance. Why I was hesitated to have one was, because if we hook a insurance, it limits which doctors, facility etc.

Even though I sounded like the naive one here, but I think most people think healthcare is only all good side. In my opinion, it has been just turned out to be a business in the competed field. We have to bring more patients to make profit. As RN, we were educated to get reimbursement from government fund etc. We have not to make patient condition worsening of course. But it is not just the concern of patient health, it is because the boss would bug RNs for the possibility no reimbursement. Yes, RN is much more ethical job than car dealer, but it is a still a job to deal with a boss and stress.

All the health related commercials would say, if you take this it would help your health. But that could be toxic too. I ran into many patients were cured diabetes by loss of weight. Or after stopped taking many meds, the health got better etc.

my impression about health from my patients, they dont change themselves for their diet, habit, or mindset, but they think it has to be cured because they have insurance so doctors will take care of them. But it is nor real resolution, what doctors do is giving the med for temporary relief way.

I felt more this way from my last year. all my healthcare issue was from the stress due to my loss and after I visited dr one time, always have cycle to go back since I have the insurance. I know that is not necessary but everybody said you have the insurance why not way.

 

[EastWest Gal]

I’m a retired pediatrician. One of the lowest paid specialties. My gross income was <$150K most years, before taxes. Half of my career was as a hospitalist. For several years I was in a practice that was 70% Medicaid. A friend of mine has spent her entire career in a free clinic in San Francisco. She too has not chosen the highly paid route. I valued my time and integrity over the money.

Not all of us are as highly paid as you imagine. The money goes to specialists, surgeons, and the drug companies.