Before Medicare, seniors relied on various strategies to manage healthcare costs due to the absence of a structured national health insurance program. Personal savings played a crucial role in financing healthcare needs for many elderly individuals. An unexpected retirement brings financial headaches, and one of the biggest is finding affordable health insurance. Going without insurance before Medicare kicks in can be financially risky and harmful to your health.
Early retirement health insurance refers to health coverage options available to individuals who retire before the age of 65, the age at which they become eligible for Medicare. There are several ways to address meeting medical care needs if you choose to retire prior to age 65. Option 1: Obtaining insurance through the federal marketplace.
Previously, only a little over one-half of those aged 65 and over had some type of hospital insurance. Few among the insured group had insurance covering any part of their surgical and out-of-hospital physicians’ costs.
There are five options to help bridge the health insurance gap before Medicare kicks in. You can get a Marketplace plan to cover you before your Medicare begins, and you can then cancel the Marketplace plan once your Medicare coverage starts.
To enjoy your retirement to the fullest, have a health insurance plan lined up that will provide coverage until you turn 65 and Medicare becomes available. There are four key health care options between early retirement and Medicare COBRA coverage: spouse’s plan, public marketplace, and private insurance.
📹 Health Insurance For Early Retirement – Here Are 4 Options
Health insurance for retirees under age 65 can be a challenge. Here are four options if you need health insurance for early …
Is healthcare free in USA for senior citizens?
Medicare Part A Hospital Insurance is available to most people 65 and older, covering hospital visits. If you don’t qualify for free Medicare Part A, you can purchase private insurance. In-person help can be found on the NY State of Health Marketplace. NYC’s Facilitated Enrollment for the Aged, Blind and Disabled Program offers free assistance for Medicaid or Medicare costs for those 65 and over or living with a disability or blindness. The Health Insurance Information Counseling and Assistance Program (HIICAP) provides impartial information about Medicare and other health insurance options.
Do all US citizens have free healthcare?
The U. S. government does not offer universal healthcare, and medical care is expensive and often requires someone to pay for it. Most people in the U. S. have health insurance, which protects them from owing large amounts to doctors or hospitals. To get health insurance, individuals make regular payments to a health insurance company, which agrees to cover some or all of their medical bills.
Primary care providers (PCPs) provide most of the care, and you can choose a PCP from your insurance company’s network. PCPs can be nurse practitioners or physicians and are typically seen for physical exams, lab tests, sickness, or ongoing conditions like diabetes or high blood pressure. Appointments are usually required for medical care, and you must call the PCP’s office to make an appointment. If you are sick or injured, you will receive an appointment promptly, while routine physical exams may take several weeks or even a month.
In case of a medical emergency or urgent need, immediate care can be provided.
What is the best health insurance for seniors over 70?
Medicare is the top health insurance option for seniors and retirees, offering the best benefits for those aged 65 and older or those with a qualifying disability. It comes in two options: Original Medicare and Medicare Advantage. The best Medicare supplement is Plan G from AARP/UnitedHealthcare, while the best prescription drug plan is Wellcare. Blue Cross Blue Shield is best for those under 65, and UnitedHealthcare offers the best short-term health insurance. Overall, Medicare is the best choice for seniors and retirees.
Is Medicare free for seniors in the US?
Medicare Part A (Hospital Insurance) is typically free for most individuals, but some may need to pay a premium. To qualify for premium-free Part A, an individual must have earnings or those of a spouse, parent, or child. To receive premium-free Part A, a worker must have a specified number of quarters of coverage (QCs) and file an application for Social Security or Railroad Retirement Board (RRB) benefits. The number of QCs depends on age, disability, or End Stage Renal Disease (ESRD).
QCs are earned through payroll taxes under the Federal Insurance Contributions Act (FICA) during a person’s working years. Most individuals pay the full FICA tax, so the QCs can be used to meet monthly Social Security benefits and premium-free Part A requirements. Certain federal, state, and local government employees pay only the Part A portion of the FICA tax, which can only be used for premium-free Part A.
Are NYC retirees losing Medicare?
On August 11, 2023, Judge Lyle Frank permanently halted NYC from removing NYC Medicare-eligible retirees and their dependents from their current health plans and from requiring them to enroll in Aetna Medicare Advantage or seek their own health coverage. The City plans to appeal this decision to the NY State Appellate Division. The Aetna Medicare Advantage PPO Plan remains in effect, and no retiree will be moved into the new plan. No opt-out requests made through Aetna’s call center or website will be processed at this time.
No waiver of City health benefits, enrollment into the Aetna Medicare Advantage PPO Plan, or prescription drug riders submitted on the Retiree Special Enrollment/Waiver Form will be processed at this time.
What state has the best healthcare for retirees?
Utah has been ranked as the healthiest state in the US for older adults in 2024, according to the United Health Foundation’s 12th annual “America’s Health Rankings Senior Report”. The report, which covers the health and well-being of Americans 65 and older, uses 35 measures across five health categories: social and economic factors, physical environment, behaviors, clinical care, and health outcomes.
The ranking of unhealthiest states is as follows: Utah, Colorado, Vermont, New Hampshire, Minnesota, Hawaii, Washington, Connecticut, Delaware, Maryland, Wisconsin, Massachusetts, Maine, Nebraska, North Dakota, Idaho, Oregon, Michigan, South Dakota, Virginia, New Jersey, Rhode Island, Iowa, Pennsylvania, Kansas, Alaska, New York, Florida, California, and Montana.
Do all US citizens over 65 get Medicare?
Individuals aged 65 or older, U. S. citizens or permanent residents, are eligible for Medicare Part A at no cost if they receive or are eligible to receive benefits from the Social Security Administration or the Railroad Retirement Board (RRB).
Who pays for elderly care in the US?
Medicaid is a joint federal-state health and long-term care (LTSS) program funded by the federal government. It provides a range of healthcare services, including nursing facility care, home health, personal care, and other community-based services.
How much is health insurance for seniors in the USA?
The average monthly cost of health insurance for seniors aged 60 is around $1, 025. The cost of supplemental health insurance can vary based on factors such as the type of plan chosen, age, and state. Medicare is the national/federal health insurance program that Americans qualify for if they are 65 or older, for certain younger people with qualified disabilities, and for people with End-Stage Renal Disease.
Coverage underwritten by American Family Life Assurance Company of Columbus in Delaware, American Family Life Assurance Company of New York in New York, and American Family Life Assurance Company of Columbus in Delaware. Policies for various health conditions include accident, cancer, critical illness, hospital, STD, dental, and vision. In Delaware, policies include A36000, A36100DE—A36400DE, and A363OFDE, while in Idaho, policies include A36100ID–A36400ID, and A363OFID.
In Oklahoma, policies include A36100OK–A36400OK, and A363OFOK. In Virginia, policies include A75100VA–A75300VA, B7000, B70100DE, B70200DE, B70300DE, B71100, B7120H, B7140H, B71100OK, B7110HOK, B71100OK, B7110HOK, B71100VA, B40100HDE, B4010HDE, B40100ID, B4010HID, B40100OK, B4010HOK, B40100VA, B4010HVA, B57600DE, B57600LB, B57600IDR, B57600OK, B57600LBOK, B57600VA, B40100VA, B4010HDE, B4000, and VSN100.
Is a government health insurance system for those 65 and older in the US?
Medicare is a federal health insurance program for the elderly and disabled, covering Part A for hospital care and Part B for medical services. Established in 1965, it covers over 90% of the end-stage renal disease (ESRD) population. The Balanced Budget Act of 1997 expanded Medicare coverage to include annual mammograms, Pap smears, prostate and colorectal cancer screenings, diabetes management, and osteoporosis diagnosis. Eligibility for Medicare is for individuals or their spouses who have paid into the Social Security system for 10 years and are disabled or have ESRD.
📹 What about health insurance between 62 and 65 years old. This is what I do. 
Great information! I retired last year at 62 and have been on ACA since and pay $28 a month. I had gallbladder surgery at the beginning of this year and the only out of pocket I have had to come up with including all meds and Dr visits + surgery this year was the $1400 deductible. If not for ACA, I would have a huge hospital bill to be paid off! I did a lot of research before I retired to be sure I could get reasonable coverage. Thanks for sharing this! So many people are unaware of the options they have.
About the enrollment period: If you miss the dates for open enrollment, apply for your states’ Medicare program (what they give to the very poorest people) if your rejected, the Healthcare Marketplace opens back up to you. Getting rejected by any health care plan is a ‘qualifying event’ for the Healthcare Marketplace. Hope this helps.
Good article Tim. I retired at 62 and used Cobra for the first 18 months which as you said was very expensive. Since then I went on ACA and minimized my “income” by using available cash and SSI only. This kept my tax bracket near poverty and basically got medical insurance for $100/mo. with the tax credits.
I never had a health problem in my life, then at age 61, I was diagnosed with a rare appendix cancer. I required a big surgery and a long recovery time. The cancer was removed and I continue to work and get health coverage through my job. I will work until age 66 when my wife is eligible for Medicare. Health expenses are not cheap and as you get older, you need to be prepared for expensive health problems.
The ACA does have an open enrollment period. However you can still apply if there has been a change in your insurance outside of the open enrollment period. My employer notified me they were dropping my plan on July 1. I applied for ACA outside of the open enrollment period, and told them of the change. I was approved immediately, and allowed to select a plan. Also, you are taxed at income tax time if you do not have health insurance. That is why ACA approves you outside of open enrollment if you have a change in your insurance so you do not face the additional tax at income tax time.
Thanks Tim! 🎉Great information as we weren’t sure how health insurance works before 65. My husband is a few years older than me. If I retire at 60 he will be 65 and Medicare age. We weren’t sure how to handle things before I’m on Medicare. Miss Tammy and you go have a blessed day in that beautiful sunshine 🌞!
your website is helpful for the many people out there who are going to have to survive on limited resources. nobody can afford those cobra premiums that typically run about $1500/month, or more. i know people who are stuck at jobs because of the healthcare issue. further complicating this is when they are covering a spouse. i’m on medicare and the payment automatically comes off your social security. one less bill to have to pay every month.
This is my first year with ACA. Had been on my husband’s employer plan until our divorce. ACA is strict about their enrollment deadlines. I missed it and just went without it for a year. Now I pay $0 for kind of a catastrophic medical plan and $10 for dental Very high deductible but an emergency shouldn’t bankrupt me. I avoid doctors like the plague. The subsidy amount may need to be reported as income at tax time so I’ll see how that works out. ACA is worth checking out.
We have an insurance agency in our town (I’m sure they’re all over) that specializes in helping you sign up for Obama Care. They will spell out all the options and how much they all cost. We got subsidized as long as our income stayed below a specific level. The same agency also guided us through Medicare and supplemental medical insurance when we turned 65. It’s really not that complicated when you have someone explain it to you in everyday language and answer your questions. There was no charge to us for this service.
If you’re in a state that hasn’t expanded Medicaid and your income is Medicaid level for ACA you won’t get assistance for the premium because theoretically you should qualify for Medicaid. So unfortunately there are States where people cannot reasonably get insurance if they are low or no income. Some states have also done a much better job at putting their ACA group plans together while others have tried to sabotage it because politics was more important than actual people.
Hi- word of advice….every other article on youtube that I watch giving advice regarding social security, savings, insurance, etc always state that what they are saying is just their own opinion and that they are not a financial advisor and to consult one before making decisions… I think, as much as you talk about taking social security at 62, health insurance etc., you may need to consider protecting yourself by making such a statement. There are people who really can’t stop and think for themselves to do their own research t see what is best for them, do what someone on youtube says worked for them, have an issue and then want to come back and blame you for “advice” they followed. Something to consider…maybe you have a lawyer friend who can advise you. 🙂
The affordable care act is a scam. I am handicap and waiting for my day in court . I called and even though I don’t work and haven’t in years they said my insurance with them would be about 4 to 6 thousand a month and 15 thousand deductible because they are claiming my husband’s income as mine. There is different prices for different states
Retired young at 54 to take care of my parents with a pension and insurance for $400 a month, went to $600 the next year, switched to Obama care, got it back down to $400 but went up the next to $600. No insurance for years, then in 21 was able to get it for $300, paid for 2 years, let it drop due to needing major dental work, had to use the money for that. Turned 62 last month and starting SS, yeah🎉 After struggling for 8 years, i finally will be ok with 2 checks coming
This is what I did starting at age 59. I took my pension which is $2800 which is a low enough income that the obamacare pays for it. $30 a month and one year it was $1 per month. But one thing they did was go from no deductible to a $3,000, then a $6,000 one. But it’s still insurance. My problem is I’m now 62 but if I take that $1700 now, then I will have to pay something like $300-$350 a month which means your really only getting less than $1400. If I really needed it then yes it would still be worth it but since I don’t really need it to survive I’d rather wait until 64.5, 65 and not have to pay that $350 a month for 3 years, then when medicare kicks in, I will start taking SS. Also, since I make less than 40K starting at age 61 my property taxes went from $4400 a year to $700 a year which was a program I did not know about. A senior discount.they even gave me a rebate for the year 61, and mailed me a check for $3,000. so if I take SS now, my income goes up to high and out goes that discount. So for me, not paying the extra for health insurance and not paying that property tax bill every year adds up to something like $22,000 over 4 years that I get to keep by not taking SS until 65
The only thing that would give me pause about the exchange is that I would need to see it in writing that the ACA insurance doesn’t act like Medicaid. With Medicaid they will put a lein on your house so they can get back the money they spent on you. If that’s the case I’ll work until I’m 65 because I’m not giving the state my house. It’s nothing special but it’s mine.
I would live to retire at 62, but I have a life threatening disease and there is no healthcare plans that will cover me. If I live to 63 1/2, I’m 58 1/2, I will retire and use Cobra unti I get Medicare. 😢 The other option is that with a terminal disease, I can cash in my life insurance policy and get 75% of my benefit…around 50k. So much to think about. Depending on what I find out in a couple weeks from my scans, I may consider quiting my job and going on ssdi. So much to consider.
I currently pay $1100/month for Obama Care . 9500 individual max, 18K family max a year, for both my wife and I. We are both 64 and both currently under treatment for cancer. Treatment started for me in 2022, I have paid deductibles in 2 calendar years. Not so affordable. Can not retire and pay premiums like that.
I’m self employed and the ACA has been horrible. My premiums for myself and my employees has skyrocketed. My wife and I are 63 and 64 and paying $2500 a month for the two of us. It has crippled small business. An unfair amount of the cost burden has been passed onto businesses with fewer than 50 employees
Last time I applied to ACA my premium was going to be $900/mo with not so great coverage. Impossible for me so I gave up. But I wasn’t that old. 50 something. Now 55. Just glad I’m fairly healthy so far. I don’t qualify for squat and even if I did it would cost a ton more than just winging it at clinics from time to time and paying out of pocket. I only had to go once to a clinic in the last 5 years or so for a random staph infection. And most times dental is either not covered or barely covered anyways. So I’d have to also plan that on my own as well. But maybe it will be more advantageous for me by age 62. Praying that I stay healthy at least as long as that or until I can get any decent coverage. And I’m still young enough tho. I may yet seek out a job that offers some kind of health insurance perks as well. Not all employers do tho. It’s been a long time since I’ve had that sweet job with 80/20 coverage.
At age 65 you have to enroll in Medicare. The Gov’t will not allow a commercial plan to sell you an inexpensive, high deductible plan. The Gov’t charges very expensive premiums for those that have a good retirement income coming in. THey call it IRMA. It’s basically like an additional income tax. They tax your retirement income and other income based on your AGI. Based on your AGI they hammer you with an additional tax which they add to your Medicare premium. For my wife and I it is our largest monthly expense at $595 each. Look up IRMA and you will see more info on it. It is a screw job in my opinion.
I pay like 650 a month for Kaiser for me through the county and 775 for the ACA for my wife. ACA is a joke, if your over six figures they only help me like a buck a month. Once on SS i wont pay a penny because the county will give me 700 a month to pay for part B. I sometimes think about not having insurance.
I have a buddy in the marina that sold his business at 61, makes ZERO dollars, lives off savings and he gets ObamaCare for $37 per month on a plan that’s comparable to the plan that he and his employees got when he owned his RV dealership. As a CONSERVATIVE this gave me brain damage. I’m sorry, but I’m thankful that it’s there as an option. We will be going that route when I retire in a year.
I am 58 and planning to retire at 62 and will probably use Obama Care then. I think my ‘income’ between the SS and a pension would be around $2400/month and with wife, that’s enough ‘household’ income to get some great insurance through Obama Care. I can use my various real estate paid-for properties to sell them, downsize and draw some annuity to supplement income. But I am also a workaholic and so might work part time after 62. But all the plans are dependent on staying healthy–so far, I have never spent even a day in a hospital and I don’t take any prescriptions at all. Fingers crossed.
Good article. YOU NEED TO PLAN. ACA has specific income limits and like Federal tax it is tiered but unlike Federal tax once you pass each threshold your entire subsidy is reduced. It’s based upon income, including distributions from tax exempt 401K, IRA, SS, pensions, capital gains, etc. The values are pretty low and based on poverty levels. You’ll want to plan when you start SS, pensions and tax deferred distributions. You may have to plan on living off of some cash or Roth distributions.
ACA! If you aren’t working and living on savings won’t cost you anything in WA state. Once you start tapping into retirement funds and paying taxes they will base it on that. In WA you can make 1600 mo in income and qualify for free healthcare. Once you make more than that you’ll have to start paying.
We have had ACA for 3 years since we stopped working. About 500 a month, while our income is low because we are living off of savings. But when I start using our 401k for money that will increase our income, which will make the ACA plan more expensive. Use cash to live on until 65, then use your retirement money. The weird thing is, we had to take money out of our 401k to show enough income, you dont qualify for ACA if you make too little money, you go into Medicaid which nobody wants. So we use cash to live on then, take out just enough out of our 401k and show enough income to still qualify. I got very sick last year, month in the hospital with a disease like MS, now get expensive monthly infusions, than goodness i have insurance, BSBS was billed $800,000 last year for my treatment. Larry
I retired at 55 (63 now) and the only reason I’m holding off taking SS till 65 is because I’m living off pension and using ObamanationCare (free healthcare) untill then. If I take SS now it would put me over the program income limit and disqualify me for the free healthcare. I’m saving over $1k/mo. Further, holding off on SS accrues higher monthly SS payments for the future anyway. Nice article 👍
What about timing this with your income? What I mean by that is if you earned $100,000 and you apply for it within that same year, you’re probably going to be required to put down. You made 100,000. So do you have to wait until the next year when you have only income from social security at age 62 before you apply?
I retired at 52 (9 years ago) and have been on the ACA since then. I have to say its not that bad. We have a high deductible Bronze plan and pay $2.92 a month, as we live on after tax investments so capital gains is the DIFFERENCE between what you sold the investment for and the purchase price. Consumer protections got a lot better last year because you can now go to any ER in the country and only pay in-network rates.
I retired early at 59 back in 2021 mainly due to having my VA benefits….to include disability and medical coverage. I also drew my ss early at 62 (had my highest 35 yrs of indexed earnings)and have never looked back. I make my own decisions, based off of my own research….it’s worked out well for me. Being single has made retirement a bit easier and less stressful also
The affordable care act Yes is based on income If you make 20k or less it’s affordable almost 0 cost After about 20k you start paying more Up to about 28k it tops out U pay about full price U can enroll I think most of the year If your retiring That’s an exception on enrollment time Yes late in the year is enrollment for reg people the avg joe These are just rough numbers not exact I’ve been in this program That’s one benefit insurance that’s some what affordable Don’t quote me on exact times, cost etc But I’m close At about 18k income it’s like 0 cost to you It’s paid for So yes ck into it Your correct Tim I was going to yell at you about having to get insurance Lol but you corrected yourself on that. Thanks good job there
I retired from my corporate job of twenty years and got a job as a school bus driver lol! I am buying back my four years I drove a school bus twenty years ago so I can retire with the county in five years instead of ten..my health insurance is only $30 a month! But when I turn 62 and retire from the county, there will be about three years until I get Medicare..thanks for the article!! Awesome info!
The affordable care act New York City is amazing. The best insurance I ever had and it enabled me to retire at 59. There is an open enrollment, but they also have hardship clauses if you lose your job and you can sign up at anytime if you lose a job or your existing healthcare. I believe each State may be different, it seems like the red states didn’t want it so they didn’t pay their portion, so I can’t speak for those states, but in New York it is great.
We were doing the ACA, then last year we sold a property that we couldn’t exchange into another one. It was counted as income. We ended up being taxed $15k! We have to pay the “subsidy” back to the government. The insurance we had was not worth that $15k as we are healthy and hardly used it. I will be 62 in March. We are going with Medi-Share for the next three years untilwe can sign up for Medicare. Crazy ridiculous pricing.
All true and excellent advice—However, if you are an honorably discharged military veteran do NOT pass by the VA. Find your DD-214, go in and ask them if you qualify and NOT rely on some guy telling you “oh no, you can’t get it.” If your income is below your local income threshold the benefit can not only save you tons of money it can also save your life. It IS worth going to the VA.
open enrollment wont be until the end of the year for 2024. New people will sign up beginning in November We are a couple in early mid fifties. our bronze HSA monthly premium is about 1600 per month with a 7,000 individual deductible or 14,000 family deductible. Meaning we never get to use it. We make about 100K and our welfare subsidy is about 1550 per month. Meaning its almost free for us each month but we are now in fact on government welfare….
ACA was actually cheaper than the Medicare + secondary insurance, and it was better coverage. We turned 65 and forced off of ACA, should be a way to stay on ACA. Now we pay more and have less. Financially we were much better off on ACA, it is based on work credits so you will need some sort of work while on ACA. Now we are working just to pay for the secondary insurance, that cost more, so we take home less.
My wife and I are retiring at 55 (my wife just retired, I retire in March of 2024). Health insurance for us is about $1,200 per month until 65 – yikes! So, I requested cobra prices for my current employer and between ACA, COBRA and the $1,200 mid-level plan on the open market, we will seek the least expensive route. As we move through the process I will post our decisions to maybe help folks who are retiring like us, even earlier than 62 😊
I got laid off in April. I’m stuck paying $810 a month in health care insurance through Cobra. I’m hoping to qualify for ACA in Jan 2024. I can see why there are so many homeless in California. Unemployment is $405 a week after taxes in 2023. I got the same in 2016 last time I was laid off. No cost of living increase since then. My health insurance was $405 in 2016, now it’s $810. It’s doubled.
Self employed tiny solo run business. ACA for me is $500/month which is the most “affordable” plan. There are many loopholes that can happen where you think you are covered and you find out you are not. Recently thought I had a $50 copay and got a bill for $900 for a 1 hour specialist consult because it was “coded” under collaborative care. The clinic told me I should have realized it was collaborative care?? Tried to fight it for a year but to no avail. Healthcare in this country is scary! I have seriously thought about not paying health insurance and just putting that money into my retirement and rolling the dice…. I don’t know anymore.
Something else to remember.. ACA is based on income; however, it’s subsidized. When you sign up you disclose your yearly income and your “subsidy”/monthly payment is based on that. If you go over your disclosed income at the end of the year, you could be liable for the difference in what your subsidy would have been based on your actual income. So, be sure to be as accurate as possible on your projected income or you could end up paying money back.
I have 3 more payments towards my bronze plan @$1379.00 a month, before Medicare kicks in. The Silver and Gold plans were $3300 and $3600 through the Obamacare market place. It is not affordable. BTW; “Group Policies” like for instance, the one at that Walmart you recorded this, are companies that self insure and hire a company like united health, etc., to manage and use their networks. The insurance companies get paid, but the employer pays ALL the medical bills. This applies to practically every company with 250 or more employees. Small business are paying HUGE premiums, just like me.
So many negative comments about the ACA but the high prices for some people are the private insurance companies setting those premiums, not the government. As someone who is also looking at retirement next year at 62 I am just looking at what to do for insurance. I know i will be paying a lot because I will retire on what I make working currently due to having a pension. I know, rare these days. I plan on getting a high deductible policy that will keep my monthly premiums lower. Yes, tomorrow isn’t promised. My husband of 40 years was diagnosed with Alzheimer’s in March and Cancer in June. He passed away in October at 69. Luckily he retired early and had some years to enjoy himself. And he was on my insurance and medicare so I didn’t go broke taking care of his illnesses.
Distinguishing between money management and the accumulation of wealth is crucial, and the educational gap in schools could be a factor contributing to people’s challenges in sustaining financial prosperity. The instances you shared are pertinent, and personally, I found value in navigating the market crisis, as I have a tendency to embrace difficult situations rather than avoiding them, a sentiment shared in jest by my advisor.
I have over 39 years experience in the insurance industry and retired out of Sarasota as a business office manager for a surgery center back in 2015, when I was age 62. I went on the Affordable care act which offers many different plans and they go by your income. That worked out very well for me till I became 65 and went on Medicare. I advise everyone to stick with Standard Medicare not the Disadvantage Medicare plans, you are just making the private insurance companies rich of the backs of the seniors. It should never have been allowed to let private insurance companies in the Medicare business, the agents making commission is so wrong, there should be no profit in Medicare or Medicaid products, yet the damned republicans fought for years to allow those companies to profit off Medicare . I call them disadvantage plans,they are only an advantage for the private companies that put them out, it’s only to enrich their revenue off a government program . Once on Standard Medicare it’s a way to ditch the insurance salesman .
I used the ACA, not the best coverage but better than nothing. I would have prefered to stay on the ACA rather than medicare but I have plan G and go anywhere I want and that is great. I don’t need any pre approval from an insurance company to see a specialist either. I was paying about 50 a month for silver plan but that was coming out of covid. My earnings were down and as long as I was under 28K my payment was low and I still got a great tax return.
I retired in 07. I could have stayed on my employer’s insurance. It would’ve been around $375 a month, individual plan. But to cover my wife that took a family plan. $1,100 a month! Since she was still working full-time, we got her company policy. It’s not nearly as good as what we had with mine. But better n nuthin! I don’t think obamacare did anyone any good, but I could be wrong.
I am self employed and use the affordable health care and find nothing affordable about it. I pay $567.00 per month with a $2500,00 deductible and $7,000.00 out of pocket expenses. My income isn’t much more than than if I were to collect SS and earn the maximum allowed. So how is this affordable ? Do the premiums vary from state to state? Unfortunately with the lowest (the bronze plan) you end up paying more out-of-pocket so there is no win.
The insurance from the Obama care, is better than what you can get from your employer most times. My friend pays $50/month and has like a $500 deductible, excellent insurance. I have insurance through my employer, with a $7000 deductible!!!! You get charged, based on how much you make. I wish I had just saved all my money on health insurance and had my employer pay me the money they were paying for it. I would have saved over $100K easy. . I’ve never had more than checkups so far, in my entire life.
Tim, I recently discovered your website and I subscribed. I love what your putting out and I’m sure you get that a lot from subscribers. From this article I want to reply to you. Some people are military veterans and they may not realize that they are eligible for VA medical care at no charge if they have no insurance of their own. When I got out of the Navy in 1994. I didn’t get medical insurance for two years as I chose to be unemployed. I registered at the nearest VA hospital and received medical care a few times at no charge. I believe prescriptions, or at least the generics are no charge as well. My Dad served in the Navy as well. He actually is just using VA and he he is 89. He said that Medicare has co pays and out of pocket. He never pays anything with VA Medical. I would like you to share that on one of your articles because I’m certain many veterans approaching their 60s may not know this.
Save cash or 401k ROTH funds to supplement income until 65. You want to keep income at about 200% of poverty level or less, about 34,000 for 2 person household. Roth distributions DO NOT count as income, that’s why I’m saving in 401k ROTH, and cash, as my wife is only 60 and I’m 62, however I have a great job with great pay and benefits that I love so I have maybe another 3 years to work. Will probably gross 200k this year with lots of overtime combined with pensions, free healthcare benefits too.
Or, do like I did. Spend 20 years in the National Guard. Get paid like a second job every month. When you have 20 years in you get tricare military insurance starting when you are 60. Then, when you are 65 medicare begins and tricare pays anything that medicare does not cover. Also, you get retirement income starting at 60 every month. That is how I was able to retire at 61 with insurance coverage and military retirement with social security starting the next year at 62 to go along with my other investments. When we go to the doctor or hospital, we don’t pay anything.
Doctors do not like this insurance and it is very limited as I have the Gold level in insurance and have to get pre approved for heria and they want primary care physician to give referral and the primary physician wants to refer you to his net work so he can get commission and that makes it very time consuming and difficult to get good medical service from reputable doctors if not impossible in fact this is a great hindrance to anyone health infact it’s premeditated death to your health and Oboma can keep his change cause his plan was designed to let insurance companies take government money in return for no services
I’m going to work until I’m full retirement age . I pay around $500/month which is probably around 25% of the total costs. They would laugh in my face if I went in and asked for an ACA insurance account. COBRA would be like $2k/month which would equal the monthly SS check. Don’t think the math is working out for me. If you have a pension that includes health insurance that’s a great benefit. Not crushing it yet!😂
We both retired a few years early and ultimately purchased health insurance via the ACA, since my wife had pre-existing conditions. Shortly thereafter, she unexpectedly had to have two serious surgeries, both costing in excess of $100,000. That would have devastated us. We sat on the edge of our seats when Trump and the GOP did everything they could to get rid of the ACA. Thank God for John McCain. That was the last time I voted Republican.
Tim in my experience the ACA has a stupid deductible for me now. Why would I think my premium at 62 would be any better? Can you take a moment and explain your experience with benefits, premiums and deductibles on the ACA program please! Also, If I go on Social Security at 62 and have parts A,B,D and G then why do I need the ACA? That is just another cost out of my already miniscule benefit. I will have to work almost full time when I hit 62 as my benefits will be very low. Thank god I live in a cheap place, my land is paid for and I own nothing on my (older) 5th wheel we live in. My only concern is that I may need to replace it in 5 years.
Age 62 to 65 has no difference at age 45,25, 60, either. It’s all the same, but once you hit federal age limits at 66 and up wards, there isn’t any plans. You have teo option, pay your doctor’s bill or try find a community health. center. There all full . No new patient. So that’s out, my only choice left is pay the doctor. His fee for office visit. Around 400.00 plus 35.00 co pay. Co pay makes no sense I’m paying 400 all together a visit. Where’s my plan there’s none.
hey time you seem to know a lot about ssa. am i right on this. if someone draws another disability from another place monthly, the ssa calls it unearned income. so what this means is when i turn 62, i can’t draw my ss because they will take away dollar for dollar on my other money. so lets say wirlpool pays me 500.00 a month and my ss cheack is say 500 a month. this means i would draw absolutely nothing. so i would have to wait until i am 67 at full retirement so they would not take any of my money. looks like i am gonna have to wait till i am 67 if this is true!!
I’m 62 in a few weeks. Been looking at 63 1/2 to retire, take Cobra to bridge to Medicare. I guess it’s relative, but I googled the cost of Cobra in Texas, and the state HHS site said a single person cost was between $400-700 a month. Is that expensive? I pay $200 now, but would it deter me from pulling the Ripcord? Not really. Any thoughts?
Admittedly, I’m just now learning about medicare (and not that insurance savvy to begin with). Uh, it ain’t all that, and it ain’t free. One guy on here said it would be like “under $300” with all the extra stuff you have to get. The only “free” part is Medicare A (was paid during your work years), and (as I understand) it only pays for hospital stays. After you pay $1600 (or maybe that was the B part…and not yearly, but every 60days? with each next visit/issue). The B part is about $165/mo. And even with that, your dental stuff isn’t covered. Seems like it’s just another way to milk the vulnerable.
The key to staying healthy is to avoid as much as possible baring actual bleeding trauma based emergencies all traditional western allopath’s office . You are more likely to get sickened or injured due to an iatrogenic episodes. Just ask any honest health care professional oh wait, never mind, as they generally speaking, have they own interests$ at heart.
ACA sucks! The middle-class pays for the poor who get it for free. Of course, the rich can afford it. The middle-class is screwed as usual! Before Obamacare, we, being self-employed had great insurance and much lower deductibles. My deductible though ACA now is $6000. And, this is considered a low deductible for some on ACA.
I am 65 and out of the last 65 years, I only had health insurance for 6 years, 3 of them before Obama Care, and 3 of them because of Obama Care mandate. After the mandate was lifted, I didn’t have health insurance again. I was hospitalized twice during the college. Once for nose bleeding, and once for appendix. I was going to pay it with my savings, but a social worker talked to me before I was discharged. She said if I didn’t have money, I could pay $5 a month or not pay it at all. So, I didn’t pay it.
Good information however, it is scary that a article like is needed in the first place. All of this information is readily available with minimal research online, mostly through legitimate government websites such as ssa.gov, healthcare.gov and even large insurance company websites such as Aetna, BCBS, United Health Care, etc. Government loopholes are everywhere if you just look…
It is a shame that so many Americans were lied to by Republican politicians about the ACA (Obama Care), being told it was somehow “bad” – without them putting up anything was equivalent or better. While any program has its issues, the ACA got millions coverage. And as he points out here, it was for far less than alternatives. Unless/Until we get universal healthcare, this is the best (or only) game in town for people.
I’m 58 year’s old, been working 40+ year’s. I just got fired from my job 4 weeks ago. I was terminated for absenteeism. I missed 15 day’s in 10 month’s. I had only been at this company 10 months. I’ve been an electronic/electrician maintenance tech since 1981. This is the 1st time ever I was fired. I had missed work due to covid twice & had pneumonia over Memorial weekend. Plus, I was diagnosed having chronic ITP. A blood platelet deficiency. After being fired I signed up for unemployment and state assistance. Food stamps and health insurance. I just received my Medicare card today. Yesterday I was approved for food stamps for my wife and I. My wife feels embarrassed by our situation. I tell her, I’ve been working 40+ years and paying into the system. I’m just getting hard earned hours or tax dollars back. Now, I don’t really know how this stuff works out & for how long? More than likely, it will be temporary until I find another job for a couple of more year’s. Next week we are putting our home up for sell. We figure it would be a good time to get out from under the huge mortgage payment. Right now, we have $150K in equity. My plan is to sell, buy some acreage and build a pole barn to pull our RV in and live in it. My in laws love the idea and are wanting to join us. We’re working on property that has no deed restrictions or zoning requirements. They’re out there, we just got to find the right price and right property. We also plan on being off the grid. Solar power and a cistern for water supply.
This is another HUGE reason for people not to get married or remarried. It goes by what your total household income is. So if you are a stay at home woman or man, you would not be eligible, if your significant other makes too much money(like over $50k or something pretty low). If you aren’t married, then you would probably qualify for cheap insurance. I know that many people, when I used to live in CT, that didn’t get married, so their wife/kids could get on HUSKY(state funded insurance) and get unbelievably good insurance for their children and wife, for free.
You are really helping us old people. What kills me is that because it’s called Obama care .it’s got to be bad. Wake up people. !!!! See that what happens when all you have is hate in your heart. You just keep talking about Jesus love for us, that it doesn’t take much to to be kind. Help other ! Buy them a Coke they just dropped ! Your get it back 10X’s . Say Hi to Ms. Tammy . America’s Sweet Heart …LOL Don’t get mad BIG Tim
You shouldn’t have to go without. If you sign up for COBRA, you don’t pay for it unless you use it, so if you have no claims while on it, it is “free” of course if you do have any claims you will have to pay all the premiums for previous months. At least that is the way it worked for me a few years ago. You can probably sign up for ACA anytime because you’ve had a change in status.
There is a minimum amount of taxable income you must make to qualify for the ACA. It’s not just a free insurance that anyone can qualify for, this is the biggest misconception about the ACA, it’s tax funded and if you don’t pay in at a certain level you don’t qualify. I don’t know what the minimum level of taxed income is to qualify for a subsidized or non subsidized plan is but make sure to look into it first before making the leap to retire before the age of 65. Your income will also be limited until full retirement age to roughly $ 22 000 on top of your Soc security as they term this double dipping and they penalize your Soc Security 1 $ for every 2$ you make over the $ 22,000. Plan your strategy with all of these factors In play. Perhaps work part time until you’ve reached the max 22 then go fishing for a few months !
no offense, but you’re part of the problem. People like me who has worked extremely hard, paid more than his fair share income taxes over the years and still is in a high income even once I retire in the next couple of months, eligible for no insurance I will have to pay 100% out of my own pocket. Even the VA little did I know over the years has eliminated insurance for people like me it’s means tested just like Obamacare so again I have to pay 100% out of my pocket. This is selective Socialism and this is terrible. It takes away the productive peoples money to pay, for those are less productive, or choose not to be productive or even illegal immigrants that get it for free what we should be having is across-the-board health insurance for that selective insurance for selective people.
The Teamsters set me up with a great deal on health insurance. $400 total a month for my wife and myself until Medicare kicks in. I’m delighted that I didn’t have to venture into the nightmare of Obama Care….AKA Hussein Healthcare. Hey Tim, nice hairline for a man 64ish years old. no doubt that Miss Tammy likes it also.😄😄
Obama or affordable healthcare act is a savior for a lot of Americans!! My son is 26 in school and i have him covered for 285 per month!! When i retire next year at 60 i will also get the coverage although it will cost about 1200 per month for coverage i want for wife and I. Would be less if i had less income in retirement! For once the Government did something right!!