Healthcare insurance and retirement - again!

[NW-Bound]

...I think it's much more helpful to take a deep breath and wait for some facts to emerge before trying to figure out how to deal with said facts.

Being a fast reader, I scanned through your post and thought I read "... how to deal with sad facts".

Please excuse my irreverence, but I could not help it. It's my nature.

 

[bamsphd]

I think it's much more helpful to take a deep breath and wait for some facts to emerge before trying to figure out how to deal with said facts.

Alas, my open enrollment deadline for January 1, 2017 coverage is weeks away. So I don't get the luxury of waiting until actual legislation is even proposed in congress much less passed before placing my first bet.

So instead I'll hope for the best, but try to plan for the worst. Some of the posts in this thread help me plan.

 

[wmc1000]

Kaiser Healthnews update on ACA repeal process - it may take until 2019 to implement major changes.

Concerned About Losing Your Marketplace Plan? ACA Repeal May Take Awhile | Kaiser Health News

 

[MichaelB]

A snippet or summary would be very helpful to members.

 

[Big_Hitter]

A snippet or summary would be very helpful to members.

Looks like we discussed most of it already

 

[Pilot2013]

Senator, I agree completely. What's more, there is just no benefit in worrying about the results of hypothetical legislation that hasn't even been articulated, much less proposed, much less passed.

Listening to dire predictions right now of what could happen with our health care system, is a parallel to listening to Nouriel Roubini about the stock market - - huge doses of doom and gloom, doom and gloom, and it really isn't very helpful to any of us to focus on that two days after the election. I think it's much more helpful to take a deep breath and wait for some facts to emerge before trying to figure out how to deal with said facts.

Let's leave the doom and gloom predictions to the media, they're doing a great job so far!

 

[niven]

Alas, my open enrollment deadline for January 1, 2017 coverage is weeks away. So I don't get the luxury of waiting until actual legislation is even proposed in congress much less passed before placing my first bet.

So instead I'll hope for the best, but try to plan for the worst. Some of the posts in this thread help me plan.

+1 Some say it's worry, but I agree with you it's just trying to plan, albeit with little information right now.

 

[Live And Learn]

What's more, there is just no benefit in worrying about the results of hypothetical legislation that hasn't even been articulated, much less proposed, much less passed.

However, for those of us that are newly retired or contemplating retirement we do need to consider if our plans will / should / may change. I am assuming that it will be easier for me to find new work now (less than 2 years out of the workforce), rather than in 2 years from now when I might have an absolute need to go back for HI purposes. Therefore contemplating all the options is a healthy activity. Many of us retired with "belts and suspenders" of which HI was one of them. I've already lost my suspenders (retiree HI) and now my belt is at risk.

 

[daylatedollarshort]

However, for those of us that are newly retired or contemplating retirement we do need to consider if our plans will / should / may change. I am assuming that it will be easier for me to find new work now (less than 2 years out of the workforce), rather than in 2 years from now when I might have an absolute need to go back for HI purposes. Therefore contemplating all the options is a healthy activity. Many of us retired with "belts and suspenders" of which HI was one of them. I've already lost my suspenders (retiree HI) and now my belt is at risk.

I agree. We're both at least several years out of megacorp kinds of jobs and skill sets now. Our tech skills need updating if one or both of us were to go back to that kind of work otherwise we're probably overqualified for Starbucks. For us moving is also a viable choice since we have a lot of family outside the U.S., could get free healthcare and we've considered that option in the past, pre-ACA. It is just been hard to get my head around a big change like that overnight, so it helps to hear everyone else's thoughts and Plan Bs and Plan Cs.

 

[NW-Bound]

... Many of us retired with "belts and suspenders" of which HI was one of them. I've already lost my suspenders (retiree HI) and now my belt is at risk.

If one does not "go commando", then the damage is lessened.

Oops, sorry for the irreverence again.

 

[audreyh1]

While our net worth is high, especially as any rally continues, I feel compelled to set more funds aside for increased expenses in the short term.

 

[MuirWannabe]

Senator, I agree completely. What's more, there is just no benefit in worrying about the results of hypothetical legislation that hasn't even been articulated, much less proposed, much less passed.

Listening to dire predictions right now of what could happen with our health care system, is a parallel to listening to Nouriel Roubini about the stock market - - huge doses of doom and gloom, doom and gloom, and it really isn't very helpful to any of us to focus on that two days after the election. I think it's much more helpful to take a deep breath and wait for some facts to emerge before trying to figure out how to deal with said facts.

+1

Just like the stock market. Nobody knows nuthin! Ignore the noise. Don't panic. Calm down. Fear the meteor if you want to worry.

Muir

 

[pb4uski]

without the 3 to 1 rule, it will get much more expensive for early retirees - remember the actual cost for a 60 year old is something like 5 to 8 times the cost of a 25 year old

so I'm looking forward to a productive 2017 on the j*b....

Speaker Ryan's proposal would increase 3x to 5x.

 

[Big_Hitter]

Speaker Ryan's proposal would increase 3x to 5x.

ah, so basically just age-related morbidity then

 

[RetireAge50]

I have always planned on paying for my own health insurance at rates based on my age and health condition. So no changes to my plan.

Also, as of now, this expense ends when I turn 65 (so not as big of deal).

 

[foxfirev5]

While our net worth is high, especially as any rally continues, I feel compelled to set more funds aside for increased expenses in the short term.

The last couple days have moved us to do likewise. While the details are not known there's a limited amount of time to make adjustments, particularly when managing retirement accounts and future taxes.

 

[W2R]

+1

Just like the stock market. Nobody knows nuthin! Ignore the noise. Don't panic. Calm down. Fear the meteor if you want to worry.

Muir

I love your philosophy! We could be wiped out by a meteor any time, but it's just not something I get upset about. Oh look! Here's one on the way (not really).

 

[Golden sunsets]

This is absolutely speculation and has no place on this topic.

As is your speculation that pre existing condition will be covered in whatever replaces Obama Care.

I recall when DS graduated from college in 2007, without a job immediately, we insisted and paid for a "catastrophic" policy for him to make sure that in the event of an accident or serious illness, that the Bank of Mom and Dad would not be on the hook. As I recall, that policy was good for nothing other then the catastrophic scenario, which of course (luckily) did not happen. The premium was around $250 a month covered no office visits, no medications, labs or ER visits and certainly no pre-existing conditions until the extremely high deductible had been met.

At the time that the ACA was enacted I remember a lot of grumbling from folks that the plan that they loved had gone away as they weren't compliant. They all wanted those plans back. But those plans didn't cover anything. I remember Obama trying to explain that point in his pitches to the American public.


Sent from my iPad using Early Retirement Forum

 

[niven]

At the time that the ACA was enacted I remember a lot of grumbling from folks that the plan that they loved had gone away as they weren't compliant. They all wanted those plans back. But those plans didn't cover anything. I remember Obama trying to explain that point in his pitches to the American public.

Pre-ACA, my wife worked in one of the administrative offices for a national company with lots of low-paid employees. Full-time employees had a low healthcare cost, but as some unfortunately found out, it didn't even cover you if you were to have a heart attack. After ACA, they dumped the healthcare completely as it wasn't compliant.

 

[pb4uski]

.... We could be wiped out by a meteor any time, but it's just not something I get upset about. Oh look! Here's one on the way (not really).

https://youtu.be/10L4KelTJ-8?t=30

 

[daylatedollarshort]

As is your speculation that pre existing condition will be covered in whatever replaces Obama Care.

Pre-ACA our friends with health issues who tried to ER could not get health insurance at any price. It is not just an issue of net worth or setting aside enough money if insurance isn't available at any price. This was the reality in most U.S. states pre-ACA. If the ACA is repealed I don't see how what was a common issue and huge impediment to ER a few years ago before the ACA for many posters on this board now becomes a remote possibility like a meteor strike.

 

[W2R]

https://youtu.be/10L4KelTJ-8?t=30

That was SO COOL!!!!

 

[Walt34]

https://youtu.be/10L4KelTJ-8?t=30

That is hilarious!

 

[NW-Bound]

That's a clever advertisement.

Pre-ACA our friends with health issues who tried to ER could not get health insurance at any price. It is not just an issue of net worth or setting aside enough money if insurance isn't available at any price. This was the reality in most U.S. states pre-ACA. If the ACA is repealed I don't see how what was a common issue and huge impediment to ER a few years ago before the ACA for many posters on this board now becomes a remote possibility like a meteor strike.

If you have a 7-figure portfolio, you can self-insure. Just be prepared to downgrade your lifestyle if you are hit with a terrible disease.

Have I said enough about how cheap one can live in a class C motorhome, parked on the state land of New Mexico?

 

[Senator]

I have always planned on paying for my own health insurance at rates based on my age and health condition. So no changes to my plan.

Also, as of now, this expense ends when I turn 65 (so not as big of deal).

Exactly.

What would anyone do if rates continues to increase at 25% a year, for the next five+ years? Or if inflation was 15% for a few years. Of if the market was flat for the next 20 years? Of if your pension was cut 50%. All these things have actually happened. Healthcare changes that are being discussed are just speculation and likely not going to happen.

There are a lot of things to be concerned about. If your FI status depends on the ACA, maybe working longer should have been in the plans.