Am I the only one having to work until 65 just for healthcare?

[Caskem]

I'm in Ohio and our Obamacare stinks, so I'm working simply for the paid healthcare. I have two years until Medicare, so it's not terrible, but I wish I had other options. My supplied healthcare is simply excellent and I can't touch it with a marketplace policy. I wish our government would simply stay out of healthcare insurance so we can plan with some actual hard data from year to year.

 

[joeea]

I don't know enough about your Ohio government to know why your ACA plans stink. Apparently the average premium will increase by 8.2 percent for 2019: https://www.cleveland.com/open/index.ssf/2018/06/2019_insurance_on_the_obamacar.html

Here in Massachusetts I have excellent plans available. It's been great since we started with RomneyCare.

Are you not able to find a non-marketplace plan?

What you are describing sounds like the pre-ACA days (pre-RomneyCare in MA) when lots of people felt compelled to stay employed longer just for the healthcare.

 

[Aerides]

If you have only 2 years, remember, Cobra is available to you for up to 18 months after leaving your employer for any reason.

Many ACA plans look expensive at first, but if you are eligible for subsidies based on your expected 2019 income, they might become more viable.

 

[VanWinkle]

I'm in Ohio and our Obamacare stinks, so I'm working simply for the paid healthcare. I have two years until Medicare, so it's not terrible, but I wish I had other options. My supplied healthcare is simply excellent and I can't touch it with a marketplace policy. I wish our government would simply stay out of healthcare insurance so we can plan with some actual hard data from year to year.

You have to work with the current law and control your income for the highest subsidies and cost sharing. You can get a 150 ded and 2450 Out of pocket max on most exchanges if you can control your MAGI(Modified adjusted gross income) to under 32,000. Taxable accounts, Roth accounts, and savings accounts make this possible. It takes some extra effort and planning, but the 2 years of extra time may be worth it.

Good luck with your decision,

VW

 

[MRG]

You have to work with the current law and control your income for the highest subsidies and cost sharing. You can get a 150 ded and 2450 Out of pocket max on most exchanges if you can control your MAGI(Modified adjusted gross income) to under 32,000. Taxable accounts, Roth accounts, and savings accounts make this possible. It takes some extra effort and planning, but the 2 years of extra time may be worth it.

Good luck with your decision,

VW

+1

I'm not sure what's terrible in Ohio's ACA, seems like the same program. I found by not listening to negative stuff and reading facts I was able to do pretty well.

I did spend a lot of time learning how to optimize my insurance right here. Surprise, it was cheaper than COBRA, and still is, and by learning to read the documentation, I was able to buy a better plan than I had while employed.

 

[RetireBy90]

I thought we would be able to purchase the insurance after I retired. We have had Kaiser for about 15 years now, but alas it was about $800 per month. Fortunately, my DW got Medicare in June and Kaiser is only another $30/month after Medicare. Being a retired GI I'm able to use Tricare for 3 years till I can get Medicare and back to Kaiser.

 

[Dtail]

You have to work with the current law and control your income for the highest subsidies and cost sharing. You can get a 150 ded and 2450 Out of pocket max on most exchanges if you can control your MAGI(Modified adjusted gross income) to under 32,000. Taxable accounts, Roth accounts, and savings accounts make this possible. It takes some extra effort and planning, but the 2 years of extra time may be worth it.

Good luck with your decision,

VW

Big +1.

 

[HtownRose]

You are definitely not the only one. There are no individual (ACA or off-market) PPO plans in my zip code - only HMOs & EPOs. I've read too many horror stories about limited networks, no docs taking new patients, etc. to be comfortable taking that risk 10+ years away from Medicare eligibility.

My previous job had retiree medical I would've been eligible for at 55, but they dropped it when I was 49. My current job has retiree medical I will be eligible for at 61.5...we shall see if it's still there at that time...

 

[Dtail]

Even though I live really lucked out with the FLA plans, it is a shame that every state can't offer similar quality plans.

 

[MichaelB]

Health insurance is regulated by the states. The stark differences of policy options around the country are evidence that some states are doing a better job than others.

As an example, insurance in Florida is very pricey, as insurers have been allowed to really push the price. At the same time, there are a good variety of policy options, probably among the best in the country right now.

 

[daylatedollarshort]

We have a choice of several ACA providers / plans in our area with fairly large doctor networks and well regarded hospitals included. The Bronze plan, even with subsidies can still be pricey with the high deductibles and out of pocket max compared to our old megacorp plan, but they are what they are and we just include the out of pocket costs in our ER budget.

 

[Sue J]

I'm in Ohio and our Obamacare stinks, so I'm working simply for the paid healthcare.

In my part of Ohio, Summit County, we have 5 Obamacare insurers and many plan options. But most are HMOs and unless you are under 200% FPL the deductibles are huge, like $5000 and up. Bronze deductibles and max out of pockets are in the $6000+ range.

Some years there are no HSAs available in bronze or silver. For 2018 we were lucky to have a bronze HSA plan. Hope it’s there again in 2019.

 

[pjigar]

Talk about a wildcard. I am in my 40s and the healthcare is a biggest wildcard in my FIRE planning. I suspect I may never RE even after FI just due to the healthcare variable.

 

[RunningBum]

Isn't this very current thread basically the same topic? http://www.early-retirement.org/for...only-for-health-insurance-benefits-94124.html

 

[Big_Hitter]

I always thought the ACA and tax credits would eventually eliminate job lock. Guess I was wrong.

 

[Big_Hitter]

Isn't this very current thread basically the same topic? http://www.early-retirement.org/for...only-for-health-insurance-benefits-94124.html

probably should be merged

 

[HtownRose]

That thread was closed due to political posts.

 

[Spock]

... I have two years until Medicare, so it's not terrible, ....

I wish our government would simply stay out of healthcare insurance

multiple personality disorder?

 

[ivinsfan]

I'm in Ohio, but I'm not sure I would say it stinks. It is not great compared to the company plan I had in 2012 IIRC. The company plan cost was covered by
the company and was a high deductible plan. The company filled a debit card as an HRA that covered all deductibles. In that year I had a pacemaker installed to solve and electrical problem.

I consulted with the Ohio branch of the insurer to see what insurance would cost if I retired and needed a individual plan. The first response was "do you need a denial so you can get into high risk pools?" I explained no and what I wanted. They would take me on only because I had their insurance. However, it would cost me about 13k for a higher deductible plan than we have now. That would just cover me. DW would have to get her own plan. This is about what we pay for both of us. Note that would have likely increased due to increasing age.

So far I spend a few hundred dollars on pacemaker check ups every year. It will jump up the year that the pacemaker is changed.

If you have a pre-existing condition, you may want to consider what that may mean. People had plans that did not get renewed and have had to get individual plans in the past.

Check the cost of COBRA from your employer. It will likely cost 2% higher than what the plan costs. You may find it insightful.

No these plans are not all that affordable without subsidy. This seems really obvious when comparing to a great employer plan where you don't see your dollars paying for it directly.

I'm not going to say the government should be in or out of healthcare. It wasn't working for many before the ACA. It may still not be working for many.

If you really think that government should be out of health care, then I assume you will not be using medicare just out of principle.

2012 has nothing to do with now people with pre-existing conditions no longer have to worry about obtaining a plan. I don't know what mean by your comment..

 

[EastWest Gal]

I'm in Ohio and our Obamacare stinks, so I'm working simply for the paid healthcare. I have two years until Medicare, so it's not terrible, but I wish I had other options. My supplied healthcare is simply excellent and I can't touch it with a marketplace policy. I wish our government would simply stay out of healthcare insurance so we can plan with some actual hard data from year to year.

OP, do you not realize that Medicare is government health insurance? Also, where do you think the "hard data" comes from?

In Cleveland OH, there are 45 health plans available in 2018. Where I live, there are 12 health plans. In Philadelphia, there are only 10 health plans. In Cleveland, the cheapest bronze plan is $700/mo less for a couple than the cheapest plan in my area in PA. Please explain how your Obamacare stinks.

Maybe I should retire and move to Ohio for 5 years until Medicare age. I could pay for an apartment for the savings for the health insurance premiums, and sign the house over to our son.

 

[footenote]

I am 60 and happy with ACA plans available to me in Central MN.

If you're curious about ACA options and costs, here's a useful calculator:
https://www.kff.org/interactive/subsidy-calculator/

(The calculator has not been updated with 2019 rates yet, but can give you general Silver rates and likely subsidy based on your location, age and household income. FYI, you must include SS in your MAGI (income) calculation, even if it's your spouse's SS.)

 

[Omega]

I would be happily planning to be retired at 59.5 if I didn't have to worry about healthcare.

 

[MRG]

According to this health insurance rates are stabilizing.

https://www.cnn.com/2018/10/11/politics/obamacare-premiums-2019/index.html

New York (CNN)It will cost a little less to buy Obamacare coverage in 2019.
The average premium for the benchmark silver plan will decline by 1.5%, the Centers for Medicare & Medicaid Services said Thursday.

 

[mrWinter]

I'm in Ohio and our Obamacare stinks, so I'm working simply for the paid healthcare. I have two years until Medicare, so it's not terrible, but I wish I had other options. My supplied healthcare is simply excellent and I can't touch it with a marketplace policy. I wish our government would simply stay out of healthcare insurance so we can plan with some actual hard data from year to year.

So you are still working so you can get health insurance covered by your employer because you don't have enough saved to purchase a plan on the open market or self insure? And you think that if the government would get out of health insurance that problem would be solved? No health insurance supplied by government and everyone operating on an open market? Seems to me like you'd be in the same boat in that scenario as you are now, except it wouldn't end when you become medicare eligible, it would continue for the rest of your life. I don't follow.

 

[joeea]

I always thought the ACA and tax credits would eventually eliminate job lock. Guess I was wrong.

I think it might have been a bit ambitious to expect "eliminate". The ACA and tax credits have certainly made things better for many in this early retirement community. I'm guessing at least some of them would have needed to keep working without it.