do my plans really need put off?

[IndyGolfer]

Hi, I was all set to retire in May at age 61. Financials are in good shape, and then bad news from a Dr. visit, high PSA. Cancer confirmed and surgery completed. Everything looks good going forward but you do not know for sure. Many scans and tests still to come. Big question now is health care and preexisting condition coverage, especially with the ACA battles coming. Cobra covers 18 months, so I have a two year gap before Medicare. Current plan is to work 2 more years to bridge the gap, but is that really the best (only) option?

 

[Bigdawg]

stay strong Indy. Make sure work doesn't stress you out. Any chance for employer retiree health coverage?

 

[RunningBum]

That's a really hard decision. Personally I don't see guaranteed coverage with ACA or its possible replacement going away, but if it does, you are almost certainly screwed with a pre-existing condition. With changes you could possibly have continued coverage but in a much higher risk pool with higher rates, like high-risk car insurance. I haven't heard this proposed but who knows?

If it were me I'd probably wait until the ACA battles settle back down, which might not be until after the 2020 election? Or beyond, depending on how that goes.

 

[bigcmagor]

Seems to be a stark lesson in time > $. Provided the test results are favorable, I'd probably stick to my plan in your shoes.

 

[MRG]

The water is fine come on in. I'm 62 and before ACA couldn't buy insurance at any price. They'll be 20mm of us who are unable to get insurance without the protections of ACA. I don't see it going away without a replacement.

 

[pb4uski]

Sorry to hear of your diagnosis but good to hear that you have a good prognosis.

It might be that the federal government will get crafty and say that you can't be denied health insurance because of pre-existing conditions but will instead allow health insurers to charge higher premiums for people with pre-existing conditions (about 25-30% of the population) which would end up being a distinction without much difference since premiums for people with pre-existing conditions would likely be totally unaffordable.

Even if the federal prohibition on medical underwriting is repealed I think many states will prohibit it. Vermont prohibited it in 1998. Worst case you can always move to a state that prohibits it.

 

[FlaGator]

That's a really hard decision. Personally I don't see guaranteed coverage with ACA or its possible replacement going away, but if it does, you are almost certainly screwed with a pre-existing condition. With changes you could possibly have continued coverage but in a much higher risk pool with higher rates, like high-risk car insurance. I haven't heard this proposed but who knows?

If it were me I'd probably wait until the ACA battles settle back down, which might not be until after the 2020 election? Or beyond, depending on how that goes.

Agree with the bolded portion. Politically, benefits are rarely taken away.

The failure to repeal/replace the ACA in 2017/18 tells me there is not yet a consensus on what parts of it should change. Not sure that will be more clear in 18-24 months, or there will be the political will to make any significant changes.

OP-I'd not let completely unpredictable political events keep me from moving ahead as planned.

 

[GTFan]

You only have 4 years until Medicare, the ACA/son of ACA will be around that long (at least). The earliest it could be overturned by the SC would be sometime in 2021, which means it would be good until end of 2022 IMO. And that's assuming the current political representation doesn't change.

 

[Bestwifeever]

I hope you’re feeling well and treatment was successful. Personally I’d keep working until COBRA could bridge to Medicare—maybe you can coast a bit more at work? But who knows—COBRA could become a political target too.

 

[ivinsfan]

MY 2 cents FWIW. I remember very early in the Trump administration, the rules proposed about pre-existing were if you had continued in force insurance you were able to keep your coverage. If you had no insurance and wanted a new policy you could be subject to screenings, with the idea you can't buy insurance after you develop a problem.

It went nowhere but I feel this could the blueprint for future changes.

 

[pacergal]

Do not negate the effect of stress on health.
If your work is too stressful and you are good to go, why not follow your plan and retire in a few months? You will have the time to make healthier meals, more time to relax/walk/exercise (if you don't do these things already).
I don't think ACA is going anywhere soon.
Enjoy retired life!
Best wishes for continued good health.

 

[joeea]

Hi, I was all set to retire in May at age 61. Financials are in good shape, and then bad news from a Dr. visit, high PSA. Cancer confirmed and surgery completed. Everything looks good going forward but you do not know for sure. Many scans and tests still to come. Big question now is health care and preexisting condition coverage, especially with the ACA battles coming. Cobra covers 18 months, so I have a two year gap before Medicare. Current plan is to work 2 more years to bridge the gap, but is that really the best (only) option?

It's certainly not the only option. You could retire in May, use Cobra and/or ACA plans and go back to work if you believe the ACA will go away without a satisfactory replacement.

If the worst case scenario comes to pass, you wouldn't be the only one doing that.

 

[mystang52]

The water is fine come on in. I'm 62 and before ACA couldn't buy insurance at any price. They'll be 20mm of us who are unable to get insurance without the protections of ACA. I don't see it going away without a replacement.

+1 Easy for us retired folks to say, but while your concern is understandable, I also think it's unlikely. From another prostate cancer survivor, I'm glad to see you came out of your treatment well.

 

[gamboolman]

Indy - all the best sir.
I'm almost 60 and am dancing with the dam cancer.
Just had the needle biopsies done in Sep last year - with negative results.
Looks like a potential repeat due to high PSA readings...again this year....
Again, best wishes and hoping you are cured
If possible - I would retire.......I'm planning to go at end of this year

 

[Dtail]

IndyGolfer - good to hear everything went well and hope your health stays good.
There are many of us depending on the ACA, but are willing to live with whatever the gov't throws at us.
Always try to develop a plan B. I have one and it certainly does not include going back to work.

 

[joeea]

There are many of us depending on the ACA, but are willing to live with whatever the gov't throws at us.
Always try to develop a plan B. I have one and it certainly does not include going back to work.

So if you are depending on the ACA, what is your plan B, if it doesn't involve going back to work?

 

[Bamaman]

You didn't say whether your employer has top notch benefits, including sick leave, etc. I would say keep on working watching your health carefully--if your job is not too miserable and high stress to work at.

If I had been in your position with my ex-company and retired, I could have taken off on sick leave and receive full pay for 6 months while trying to get on social security disability. Then I could have retired and got paid for accrued vacation, start my pension and receive a pay supplement until age 62 when I could get into drawing regular Social Security. And I had a Retiree HSA that paid $420 a month for the company's retiree healthcare that would cover my healthcare until Medicare started. We were fortunate to have super benefits.

I'm just glad you've faced the illness head on, and you should have a good prognosis. You know what they say about prostate problems if we men live long enough. Many live for decades.

 

[Dtail]

So if you are depending on the ACA, what is your plan B, if it doesn't involve going back to work?

Suck up the extra costs for the maximum of 2 years before hitting Medicare, while adjusting some other discretionary costs to offset as necessary.

 

[joeea]

Suck up the extra costs for the maximum of 2 years before hitting Medicare, while adjusting some other discretionary costs to offset as necessary.

If you can suck up the extra costs, then you aren't depending on the ACA.

 

[Dtail]

If you can suck up the extra costs, then you aren't depending on the ACA.

Just semantics in the end.
I receive ~11k a year in tax subsidies, so yes depending on those ACA subsidies, so can spend it for other stuff.
If I have to pay the 11k yearly for 2 years, then I will do so and it will affect other spending.

 

[Aerides]

Suck up the extra costs for the maximum of 2 years before hitting Medicare, while adjusting some other discretionary costs to offset as necessary.

But the OP's gamble isn't cost. It's cancellation of the ACA, and with it, his ability to purchase any individual insurance. He'll have a recent cancer, a pre-existing condition that proved problematic for being insurable, before the ACA.

I agree, if the OP's post was just about dates and dollars, a financial plan b to absorb a full cost non-subsidized post-ACA plan would be good, especially since he has COBRA to buffet his first 18months.

But with cancer treatments just now wrapping up, if the ACA were really going away, he'd potentially have 2-3 years being uninsured, and that's not a risk many would want to take, not with recent treatment in the rearview mirror. Subsidy schmubsidy, he has a different concern.

I think most of us believe the ACA will survive the current challenge, and even if it evolves dramatically, pre-existing protection is now expected by most americans. But it could easily drag out through next year (it's not going to get to the SC until at least next summer, if at all).

 

[audreyh1]

Just semantics in the end.
I receive ~11k a year in tax subsidies, so yes depending on those ACA subsidies, so can spend it for other stuff.
If I have to pay the 11k yearly for 2 years, then I will do so and it will affect other spending.

You are talking about sucking up extra costs for unsubsidized insurance when disappearance of ACA means risk of no available insurance or far higher insurance prices.

 

[pb4uski]

Denial of health insurance based on pre-existing conditions is so unpopular that I highly doubt that we'll see medical underwriting again... especially with Democratic control of the House of Representatives. And in any event, it will take longer than the 4 years that the OP has until he is covered by Medicare. If I were him, I would proceed as planned.... as another poster said... at this point Time>$$$$.

 

[joeea]

Just semantics in the end.
I receive ~11k a year in tax subsidies, so yes depending on those ACA subsidies, so can spend it for other stuff.
If I have to pay the 11k yearly for 2 years, then I will do so and it will affect other spending.

Plan B is pretty much always "get by with less".

Hopefully, insurance will still be available and affordable even with a pre-existing condition.

I am now cancer-free for the past 2 months. Fortunately I will be on Medicare later this year.

 

[bigcmagor]

Subsidy schmubsidy, he has a different concern.

Schmubsidy? Going to have to try that in words with friends!