Ready to submit resign letter.

[retire to nature]

Hi All,

I have been thinking ER for a few years, but with my inheritance from my sister made it even earlier.

I have been busy with probate and rental property managing and my own full time RN which I kept myself busy and distracted from the headache issues from the loss.

After loss of RN position, my income would be 10k+/month. my rental income cap rate is about 15%. 1mil stock invest and 1 mil rental business. But I am not sure how long I would keep all the rental and stock market in the pandemic. Sound a lot but I am only 43, but I am very frugal so I am not worried about financial issue at all.

I have burned out myself, for now moderated level fatigue all the time, so I decided to resign my RN full time. I tried to find a part time position for medical insurance benefit. But realizing my mind set has been already changed not to work for a company which restrict my time flexibility.

I can feel that I wanna ER right now due to yearning for free time, but I haven't figure out medical insurance part. simply I can just buy one because I can afford. as 43yr female, I am reasonably healthy. But I am not sure how much. I have looked for around $100/month range, but feel like scams, and I asked to email to me, but I haven't received the detail from the quote.

I was the one more day status to ER for a while due to pandemic, but again, I can feel tired physically and wanna get some relax. however, I am not totally ER due to Airbnb. So it won't make me so bored either.

I am about to submit the resign letter. But I am just cautious if I am missing something.

Thank you for your opinion in advance.

 

[davebarnes]

Obamacare coverage is going to cost $500-700 per month.

 

[retire to nature]

Obamacare coverage is going to cost $500-700 per month.

Wow, much more than I expected. Funny thing, I was expecting some replies but no one answer.

So I printed out the letter to submit and noticed my boss is gone for today haha, tried to text him not to change my last day, but somehow text is not working.

and I just saw your reply with way too high number haha. Is it the sign not to submit? haha

 

[MichaelB]

Wow, much more than I expected. Funny thing, I was expecting some replies but no one answer.

So I printed out the letter to submit and noticed my boss is gone for today haha, tried to text him not to change my last day, but somehow text is not working.

and I just saw your reply with way too high number haha. Is it the sign not to submit? haha

Health care insurance costs vary widely and depend on a number of factors, so you need to get an estimate based on your personal circumstances. You can get detailed plan availability and cost info at Healthcare.gov here https://www.healthcare.gov/see-plans/#/

 

[daylatedollarshort]

As long as the ACA stays in place, you stay healthy, and/or you live in a state without pre-existing condition clauses you should be fine on the insurance front. But as davebarnes posted, it is going to be more like $700 a month for the lowest cost, unsubsidized Bronze plan for premiums alone and go up from there as you get older. Your state should have an ACA plan web site where you can look up the rates for your location and zip code. If it was me I would have ACA or other private insurance set up and arranged prior to giving notice.

We went on COBRA for awhile after DH''s retirement and had a difficult time getting the payments started and even obtaining plan information. I don't think companies are eager to have COBRA people, or at least DH's former megacorp didn't seem to want us to stay on their plan. We had a lot of roadblocks thrown in our path time and time again, and even had our insurance cancelled on and off due to "glitches" in their system even though our payments were up to date. The ACA plans we've been on since have not had any of those issues and have been much smoother sailing for us.

Financially it seems like you have more than enough assets to not have to work if you choose not to. Enjoy your retirement.

 

[retire to nature]

Health care insurance costs vary widely and depend on a number of factors, so you need to get an estimate based on your personal circumstances. You can get detailed plan availability and cost info at Healthcare.gov here https://www.healthcare.gov/see-plans/#/

Thank you for the reply.

This link is the right one. my research seemed like connecting to scam.

My lowest was $326, so it is reasonable cost. Still wanna lower if possible haha.

Thank you for the help.

 

[jebmke]

When I first did our "budget" for ER I figured $1,000 per person per month for medical cost (all in, health care, dental, eyes ....). I ended up with a retiree subsidy and an HSA. When I combine that with our cost I'd guess we came in close but a little under until we went on medicare. Some years I had some dental or eye stuff that was significant and we blew by the budget, other years we came in way under.



These were gross cost before subsidies and HSA tax benefits.

 

[CardsFan]

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.

 

[davebarnes]

Still wanna lower if possible

It all depends upon your reported MAGI.
It is complicated.
You need to learn.

 

[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 and the concern.

Yes, as an RN, I know how all the fine letter works. so I always had an insurance with company so it could be the whole different story.

I didn't have a few years in CA since i was healthy and didn't have any problem. in my opinion, insurance system make more unnecessary visits too.

Why I got one back was the fine not having it. but I think it is gone. and I did all my check up for this year, so I was simply thinking to ER. but I may have to do real research about it. I got so many calls for the business, feel like all scam and I talked one agent, and I got the quote of $100. So I wanted to read all the fine letters, but he didnt send the coverage even if he would.

all my health issue was too stressful and too much working, so as long as i use my medical knowledge, it would be fine. but I ran into some case to get prescription med this year.

My sister didnt have any insurance, so i didnt wanna have the same mistake. well her death was not from not having it though, but I was just mad at her not having it. I shouldnt go to the same way.

Thank you again.

 

[retire to nature]

It all depends upon your reported MAGI.
It is complicated.
You need to learn.

Thank you for the information.

yes, it was my concern and just looked up what MAGI.

Since my income for this year would be much lower, I was thinking to sign up this year. next year, all the inheritance will be my name as my income.

how they check the income? and even though i sign up this year, do they consider for higher income next year and premium goes up automatically?

 

[retire to nature]

As long as the ACA stays in place, you stay healthy, and/or you live in a state without pre-existing condition clauses you should be fine on the insurance front. But as davebarnes posted, it is going to be more like $700 a month for the lowest cost, unsubsidized Bronze plan for premiums alone and go up from there as you get older. Your state should have an ACA plan web site where you can look up the rates for your location and zip code. If it was me I would have ACA or other private insurance set up and arranged prior to giving notice.

We went on COBRA for awhile after DH''s retirement and had a difficult time getting the payments started and even obtaining plan information. I don't think companies are eager to have COBRA people, or at least DH's former megacorp didn't seem to want us to stay on their plan. We had a lot of roadblocks thrown in our path time and time again, and even had our insurance cancelled on and off due to "glitches" in their system even though our payments were up to date. The ACA plans we've been on since have not had any of those issues and have been much smoother sailing for us.

Financially it seems like you have more than enough assets to not have to work if you choose not to. Enjoy your retirement.

Thank you for the reply. Yes, I was some concerned when I get to a new insurance company they reject me. but I dont have any diagnosis or medication. As far as I know, the fine not having is gone, right?
I dont need any medication or any health issue so i was not gonna have COBRA.

I may not have any insurance for a while, if it is so burden, I would get a part-time to cover, but I doubt it though.

Thanks again.

 

[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.

Why mine can be that high $9000. because of income or good coverage?

yes, as an RN, insurance coverage was not concerning at all. they have to provide the insurance for RNs. I am maybe ignorant too.

But I see some self pay patients too. and thru my sister's death, I got her bill but it wasn't that bad.

actually, it is a game with insurance company and hospital. so insurance reimbursement was much high number rather than self pay with discount.

also, it is a game for how scary of issue. more scary or ignorant and higher premium. I don't think it needs to be mine. I hope so.

 

[daylatedollarshort]

Thank you for the reply. Yes, I was some concerned when I get to a new insurance company they reject me. but I dont have any diagnosis or medication. As far as I know, the fine not having is gone, right?
I dont need any medication or any health issue so i was not gonna have COBRA.

I may not have any insurance for a while, if it is so burden, I would get a part-time to cover, but I doubt it though.

Thanks again.

The ACA is good for now but the long term future is uncertain due to current court cases.

You should be able to sign up for the ACA due to a life circumstance change like unemployment, but there is likely a window of time to do that. Otherwise you can only sign up during open enrollment. If you don't have insurance and are in the hospital with an extended coma from a car accident, what would you do? You couldn't get a part-time job in that case. Usually it is a good idea to hope for the best but plan for the worst. Unfortunately, seven figure medical bills are not unheard of in the U.S. We had a relative rack up that amount after a year or two of a serious illness.

 

[pb4uski]

....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.

Why mine can be that high $9000. because of income or good coverage?...

The $9,000 "OOP" assumes that you met the full deductible... so it is $326/month * 12 months = $3,912... plus the $6,700 deductible is $10,612.

Only one problem, very few people regularly spend the entire deductible. If you have chronic health problems then perhaps, but if you're healthy you might spend less than $1,000 a year.

So the least you would spend is $3,912/yr.... the worst case would be $10,612/year and if you are healthy most likely ~$5k.

 

[davebarnes]

next year, all the inheritance will be my name as my income

Inheritance is not typically income.
You have a lot of learning to accomplish.

 

[retire to nature]

Inheritance is not typically income.
You have a lot of learning to accomplish.

Thank you for the reply. the inheritance are rental properties. this year, the income is on her name.
I meant the rental income from next year becomes my income.

 

[retire to nature]

I may be some naïve about the insurance since I am from S korea. I have US citizenship now. but since I have to visit my parent I have to go S korea. And it is well healthcare system. So i can get serious check up for $1000, and if something reveal early enough, it shouldn't be expensive.

When even I had an insurance, I hardly used it. Or like vision insurance, I order my high quality eyeglasses about $200, but maybe I needed to pay $800-1000 so people think we would need to have an insurance to cover etc.

from my perspective for the US insurance high premium is from stupid US healthcare system. And since I was not born and raised here, I dont have the US mindset. as a bit sarcastic, US citizen were pushed idea of too scary way to spend money on insurance like endless TV commercial films about what would happen. So big part of paycheck balance goes insurance part for many people.

I also have an insurance from korea if I get a cancer. I think big lumpsum money etc.

Since i am single, not so worry about to get treatment in korea etc. or if I have relationship, I may be covered from the relationship.

As long as I am not that seriously ill, I should be fine. If i get coma, it is okay to die. If I really became disability, live in SNF on medicaid, I will be fine, too since I had experience as hospice nurse and SNF nurse.

In my case, healthcare is all so business. I work in outpatient center now. Since they have insurances all kind of check up images, but it could be more bad side like exposing radiation etc.

 

[Golden sunsets]

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.

 

[Time2]

When even I had an insurance, I hardly used it.

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.

 

[pb4uski]

+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.

 

[Toocold]

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!

 

[old medic]

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$$

 

[pb4uski]

^^^ 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.

 

[Bamaman]

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.