Healthcare insurance and retirement - again!

[bingybear]

Exactly, and we know how right the media was calling the election! Maybe we should ask the all knowing "pollsters" what they think?

I'd start with asking your reps in congress. see what they say.

 

[bclover]

Better jobs provide healthcare. Service jobs typically do not.

Unfortunately, that also is a bid "depends". South Jersey has had a few success bringing small manufacturing back to the state. they have not lead to large numbers of better paying jobs, major problem: so much of manufacturing is automated.
A few positions have opened up that need computer/it/technical expertise but the vast majority have been on the lower payscale (warehouse, qc, truck drivers).

Next, many of the positions are p/t which offers no benefits.

 

[ziggy29]

I will say that a week ago, the thought of staying with my current part time job with good health insurance for another 8.5 years until I can retire with it in 2025 seemed like a possibility, but not one I was really obsessing about. Now, all of a sudden, it feels like a must-do, a given.

 

[John Galt III]

No there wasn't. It was one of my concerns at the time, and I couldn't find out by doing the research online. As I was signing up, I had to ask several people before getting even a partial satisfactory answer, which was along the lines of, "We don't ask about your assets". Being a little paranoid, and also the kind of person who wants to do the right thing, I was concerned that might mean that technically, that might have meant they didn't want to offer it to people with assets, but didn't have the resources/collective willpower to apply an effective test. Alternatively, it might have meant it was fine to be on the program with significant assets (though low income).

I never did find a definitive answer but I was very upfront about my assets, providing tax returns, and details of all my accounts during the application process. I had a slight suspicion that the county system simply wasn't designed to deal with people who had income from sources such as brokers accounts, and they didn't know how to process it, but I was very upfront with them, and they approved me. I felt happier when the ACA came along and the requirements for qualifying for Medicaid under the expansion were much more clearly laid out.

The problem I had with my county program was lack of adequate information about both the requirements to qualify, and the resulting coverage. I never did find out what was covered, as it wasn't health coverage in the traditional sense. It was more of a "come to our clinic, and we'll do what we can to help you with the resources we have. If we can't help you, we'll send you to County Hospital" kind of a thing. I never did receive a comprehensive list of what my county program covered. I'm sure there was one somewhere, but they didn't seem to have made it available to us, the people.

If we lose the Medicaid expansion and I go back to the county program, I'm going to miss it. The first clinic I signed up with was grim, but the next one I found was wonderful, and it is at least comforting that I'll be able to remain with them if the old county-based program returns.

Thanks for your thorough response, Major Tom. I am hopeful that here in Pa, Medicaid will not be means tested in 2017. Or that there will still be some form of subsidized health insurance like the ACA. But it doesn't look like it at this point! One Pa state govt website for Medicaid says that there is an asset limit of $2,400 in checking/savings. Above that, you don't qualify. Doesn't mention 401k or IRA though. I assume this is an old website that hasn't been updated to reflect the ACA expansion.

Like you, I am not having much luck finding the information I need. A few years ago when I had questions about Medicaid expansion in Pa, when I called the 800 number, I was the one educating them about it, from what little info I had found on the internet. If and when I apply for Medicaid in 2017/2018 I expect it will be a trailblazing experience for me with not much direction from the government.

I'm 62. From here until Medicare at 65 is a big question mark.. Looking forward hopefully to 2017 and 2018.

 

[W2R]

MODERATOR NOTICE​

In the days immediately following the election the moderator team has deliberately overlooked a number of otherwise unacceptable political comments to allow members to express their emotions. That time has passed.

Effective immediately, strict enforcement of our Community Rules will be reinstated. Posting political comments will result in the deletion of the entire post. Repeated violations of our Community Rules will result in the loss of posting privileges on E-R.org

 

[Samething]

I hope this thread continues. One of my favorite attributes of this forum is the wisdom of the collective thought of it's members. The possible change the availability of healthcare definitely impacts my ER plan. My plan to control MAGI and receive subsidies for affordable healthcare may be obsolete. It's only prudent to think about what's next and make possible contingency plans. Deal with the now as it happens.

 

[wmc1000]

luckily for us DW will go on Medicare in November 2017 and I will follow in June 2018. So, luckily we can minimize MAGI for the upcoming year to maximize both the subsidy and cost sharing benefits in what may change drastically for future years.

We may fondly remember 2017 as the year it cost us only $876 in premiums with a max OOP of $1200 - much better than what Medicare plus supplements will cost us for sure!

 

[Senator]

Part of being financially independent is to have the independence to weather most any storm (hence the word independence...).

Regardless what happens to healthcare, if you are truly FI, you will be able to roll with the punches. While some changes may sting for some, that same change will likely create a better opportunity for others.

A snowstorm in Hawaii might be a catastrophic event, a 'revert to the mean' event should not be.

Previous FIRE'd people managed to make do in the past, and will into the future.

 

[Corporateburnout]

We may fondly remember 2017 as the year it cost us only $876 in premiums with a max OOP of $1200 - much better than what Medicare plus supplements will cost us for sure!

You may be overestimating the premiums for Medicare unless you have substantial out of pocket drug costs. DW will be on Medicare next year and her monthly premiums will be around $360 for Part B, D and a Supplement one Medigap plan (equivalent to plan F) which no deductibles and no co pays.

 

[NW-Bound]

Part of being financially independent is to have the independence to weather most any storm (hence the word independence...).

Regardless what happens to healthcare, if you are truly FI, you will be able to roll with the punches...

When you have better means than the average American household, then it will always be true that you will do better than the average Joe.

However, there is never a guarantee that you will maintain the same living standard as you do now, if healthcare costs keep rising, whether you are on ACA or Medicare.

This lowering of living standards, I am always prepared for it, even though I do not like it. Have I mentioned enough of living in a class C on New Mexico state land?

 

[mpeirce]

Part of being financially independent is to have the independence to weather most any storm (hence the word independence...).

Regardless what happens to healthcare, if you are truly FI, you will be able to roll with the punches. While some changes may sting for some, that same change will likely create a better opportunity for others.

This!

Same for areas beyond healthcare as well. Certainly people here should have thought through scenarios involving spikes in interest rates, spikes in inflation, stock market crashes, etc.

If you can't handle some "bad luck" you aren't really independent, you're just a big risk taker.

 

[explanade]

The process may be drawn out if they try to do entitlement reform at the same time.

So longer period of uncertainty.

 

[bmcgonig]

This!

Same for areas beyond healthcare as well. Certainly people here should have thought through scenarios involving spikes in interest rates, spikes in inflation, stock market crashes, etc.

If you can't handle some "bad luck" you aren't really independent, you're just a big risk taker.

Guys, this is the ER Forum, not the FI Forum. Some of us are more FI than others, some less. We are ALL trying to ER whether that involves a lot of risk, or very little risk. In fact if everyone here was as FI as you implied we would never need to discuss SWRs or even budgets.

 

[TimSF]

Honestly, this is a game changer, and I speak as one who ER'ed in 2013 in part because of the guarantees provided by the ACA. No way individual subsidies will survive. And, without the subsidies, no way can you enforce an individual mandate. You cannot force people to pay for insurance that is not 'affordable.' And, without the subsidies and the individual mandate, the entire ACA system falls apart. I hope there will be other affordable options for individual insurance in the future, but I am pessimistic at this point.

 

[Senator]

No way individual subsidies will survive in the next Congress.

I would say this is a political post...

 

[aja8888]

Why not discuss dealing with the high cost of health care rather than who should be subsidizing users?

 

[Big_Hitter]

Why not discuss the high cost of health care rather than who should be subsidizing those who can't afford it?

+1

 

[TimSF]

I would say this is a political post...

I wish I could share Senator's optimism that subsidies will survive, but I cannot.

 

[RetireAge50]

Just for the heck of it I just a quote from group health here in Washington. Took maybe two minutes because I'm slow. Cost for my wife and I is $606/mo or $7,212/yr. (without subsidies purchased outside of the exchange). This includes free annual checkups/shots etc.

Although this is a lot it is not as bad as some of the costs I see here.

Time to retire!

 

[NW-Bound]

Guys, this is the ER Forum, not the FI Forum. Some of us are more FI than others, some less. We are ALL trying to ER whether that involves a lot of risk, or very little risk. In fact if everyone here was as FI as you implied we would never need to discuss SWRs or even budgets.

Is that like some "are more equal than others"?

Seriously, there are indeed infinite shades of gray for FI, because we do not know how to define FI. And it is also difficult to define levels of risk, particularly the ones we do not know about.

There are people who practically live in a van by the river, on $1K/month or less. They use free healthcare for the indigent. These people do consider themselves FI and are happy with their life. Search the Web for Cheap RV Living Forum.

 

[foxfirev5]

Why not discuss the high cost of health care rather than who should be subsidizing those who can't afford it?

I agree. However the only action that can be taken is to take whatever steps you can to remain healthy. Now if that doesn't work we're back to the original discussion. How will I afford coverage in the future and what steps can I take now to get there.
I am speculating a bit here but I believe most of those posting here with a cavalier attitude have what they feel is a secure position through one gov't program or another. Like my DM who constantly complains about ACA care yet has had steady supply of services and replacements with very little oop costs.
I feel full disclosure is important, and while I have a corporate retiree medical plan (so far) I genuinely feel for those facing an obvious and significant change going forward.
The ideas of this thread are a very good starting point. And please no more red ink "reminders". It takes me back to third grade.

 

[aja8888]

I agree. However the only action that can be taken is to take whatever steps you can to remain healthy. Now if that doesn't work we're back to the original discussion. How will I afford coverage in the future and what steps can I take now to get there.
I am speculating a bit here but I believe most of those posting here with a cavalier attitude have what they feel is a secure position through one gov't program or another. Like my DM who constantly complains about ACA care yet has had steady supply of services and replacements with very little oop costs.
I feel full disclosure is important, and while I have a corporate retiree medical plan (so far) I genuinely feel for those facing an obvious and significant change going forward.
The ideas of this thread are a very good starting point. And please no more red ink "reminders". It takes me back to third grade.

(My bold above) Any changes to the ACA at this point are pure speculation.

Third grade? I guess that is where you learned to follow the agreed upon community rules? Some here must have forgotten.

 

[NW-Bound]

... I believe most of those posting here with a cavalier attitude have what they feel is a secure position through one gov't program or another...

I am not one of those fortunate ones. I still try to keep my jocular posts, because no amount of moaning can help. But I do worry about what's happening with healthcare in the US and want to see something done about it. One cannot be smug when he gets to Medicare age either, if costs keep rising.

I do take solace in the knowledge that I am still in better financial shape than many out there, working people and ERs and retirees.

 

[mpeirce]

Guys, this is the ER Forum, not the FI Forum.

The URL is early-retirement.org, but the title I see on the front page is "Early Retirement & Financial Independence Community".

<<shrugs>>

 

[foxfirev5]

I am not one of those fortunate ones. I still try to keep my jocular posts, because no amount of moaning can help. But I do worry about what's happening with healthcare in the US and want to see something done about it. One cannot be smug when he gets to Medicare age either, if costs keep rising.

I do take solace in the knowledge that I am still in better financial shape than many out there, working people and ERs and retirees.

Good points and yes I do need to lighten up a bit!