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truedelphi

(32,324 posts)

95. Even if you think you can aafford to retire at 59.5 years of age, think

Sun Jul 8, 2012, 05:45 PM

Jul 2012

About it CAREFULLY. I know the health insurance situation, even when using what is now the Calif exchange, means we would spend $ 1,060 bucks a month on our health insurance ((for the both of us.)

Then there is an automatic deductible of $ 2,500 per person before the insurers pay anything. And then there are co-pays. So if we could afford it, this totals up to over 17 thousand a year for our health insurance.

Now I know the meme out there is that you will be able to have subsidies for your insurance, but what I don't know about is whether assets will mean you can't have subsidies until your assets are gone.

Is a person's home considered an asset? Is a new car? How about retirement monies? So if you retire at 59.5 and your 400K of retirement (which is not that much given the fact that women are living to be in their mid nineties these days) is held against you and must be depleted in full before you can have subsidies, then you really need to think about that number - $ 17,000 plus for a mere 12 months of health insurance.

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Anyone else planning on retiring early due to the availability of health insurance [View all] kelly1mm Jun 2012 OP

not sure u should bet your retirement on the whims of politicians if your situation is marginal nt msongs Jun 2012 #1

But for health insurance (if we had to pay for it out of pocket) our investments cover 140% of our kelly1mm Jun 2012 #6

Even if you think you can aafford to retire at 59.5 years of age, think truedelphi Jul 2012 #95

I got retired early in 2008.... NRaleighLiberal Jun 2012 #2

If your income is under 133% of the federal poverty line you would be able to switch kelly1mm Jun 2012 #20

Are you sure about the assets statement that you are making? truedelphi Jul 2012 #96

I can retire from state employment in 2033, I'll be 60. Puzzledtraveller Jun 2012 #3

Where would you get health insurance Rabid_Rabbit Jun 2012 #4

Part of ACA was that medicaid eligibility was expanded to 133% of the poverty line. kelly1mm Jun 2012 #8

Check your state's Medicaid plan first. dogman Jun 2012 #5

Definitely! I am in Maryland so our Governor is on board with the Medicaid expansion. kelly1mm Jun 2012 #10

Medicaid isn't that good. And not that many drs. will see Medicaid patients. As long as you're okay Honeycombe8 Jun 2012 #37

I am in rural maryland and all my current doctors take medicaid. Not much choice in the poorer kelly1mm Jun 2012 #39

You are lucky. I wish you further luck. (wish I lived in Maryland, except it snows a lot there!). nt Honeycombe8 Jun 2012 #40

Be careful of inflation FarCenter Jun 2012 #7

That is my NUMBER ONE concern now (health insurance was number one). I have tried to have a mix of kelly1mm Jun 2012 #21

Doesn't pay for everything zipplewrath Jun 2012 #9

Thanks for the tip - I will have to look into that. I guess I am just getting a little excited kelly1mm Jun 2012 #11

Congrats! Hey, folks we have a real job creation program here! Ghost of Huey Long Jun 2012 #12

That is what I think as well! I know TONS of people at my job site alone who kelly1mm Jun 2012 #13

stuckinodi Jun 2012 #14

Wrong. See new eligibility requirements under ACA. No asset limits after 2014. kelly1mm Jun 2012 #16

I would not retire if I were you. RebelOne Jun 2012 #15

We have lots of assets (paid for house, 400k+ in 401k, 300k in non-tax deferred accounts, kelly1mm Jun 2012 #17

That sounds like paradise! shcrane71 Jun 2012 #18

That is what we think too! Took a lot of work and sacrifice to get to this point but kelly1mm Jun 2012 #19

Are you completely off the grid? I've often dreamt of that doing that. shcrane71 Jun 2012 #22

We are grid tied with a battery backup. During the summer, we generate all our kelly1mm Jun 2012 #23

Medicaid is for the needy. forthemiddle Jun 2012 #49

Welfare Queen is a right wing Reagan term suffragette Jun 2012 #50

That is why I put "Welfare Queen" in quotes. forthemiddle Jun 2012 #53

Yes, currently Medicaid is for the needy Gormy Cuss Jun 2012 #54

And that was the point I was trying to make (badly) forthemiddle Jun 2012 #56

Medicaid claw-back provisions were instituted because of people gaming the system Gormy Cuss Jun 2012 #57

Think of it as a jobs stimulus program if it makes you feel better. My job can go kelly1mm Jun 2012 #65

ACA specifically states there will be no asset testing. It takes away the current kelly1mm Jun 2012 #63

No asset testing at the moment. Gormy Cuss Jun 2012 #69

I linked to the federal register for the no asset limit rule in post 16 if you are interested. kelly1mm Jun 2012 #73

The Social Security Act was substantially revised only four years after it became law. Gormy Cuss Jul 2012 #83

Not any more (or at least in 2014). The ACA removes the limit on assets. kelly1mm Jun 2012 #61

Your assets would disqualify you for medicaid. Marrah_G Jun 2012 #70

Not any more. Medicaid used to be for the poor (income and assets) Under ACA, the asset limit kelly1mm Jun 2012 #75

"Why should I work if I don't have too?" Marrah_G Jun 2012 #77

I hope that those who may leave the workforce allow for more opportunities for you kelly1mm Jun 2012 #81

At 9% unemployment, it's a good thing if people are able to leave the workforce Hippo_Tron Jul 2012 #89

Have you ever used Medicaid, bvar22 Jun 2012 #24

I live in rural Maryland. All my current health care providers take medicaid. nt kelly1mm Jun 2012 #25

Not under the ACA in 2014. The law specifically takes away the asset limitations for qualifying kelly1mm Jun 2012 #74

I guess you weren't paying attention to the part of the SOTUS decision that said eridani Jun 2012 #26

Nope, I read the opinion and know that that part of the decision. MD is going ahead with kelly1mm Jun 2012 #28

So fuck the people in other states who will not be able to get on Medicaid, right? n/t eridani Jul 2012 #98

I find your concerns to be genuine truedelphi Jul 2012 #97

I doubt there would be that many that would retire early because they want to. LiberalFighter Jun 2012 #27

I disagree. I believe a good number of 50+ year olds are only working for health care benefits kelly1mm Jun 2012 #31

I think this could also encourage more people to become self-employed or to join start-ups. pnwmom Jun 2012 #29

I sure wouldn't. Single payer would bmake it worth the risk eridani Jun 2012 #32

How do you know that about the insurance on the exchanges, since they haven't been set up yet? pnwmom Jun 2012 #41

I already know that the Bronze option (if I could even afford that with age rating) eridani Jun 2012 #42

You're right -- that's not enough, especially if you're talking about hospitalization costs. pnwmom Jun 2012 #44

Pardon me for dropping my jaw, but ACA has been so heavily eridani Jun 2012 #45

Looks like that translates to people purchasing insurance but not being able to use it due to cost suffragette Jun 2012 #52

Bingo. That's why medical bankruptcies are STILL 50% of all bankruptcies in MA eridani Jul 2012 #87

It's been a bit disconcerting to me.. girl gone mad Jul 2012 #88

Seems like the myth of moral hazard will still apply suffragette Jul 2012 #91

Good artticles. Thanks. n/t eridani Jul 2012 #93

Thank you for the links. You are right, 60% is not enough, and that is one of the changes pnwmom Jun 2012 #60

I really don't see why there couldn't have been just a single plan, with an actuarial eridani Jul 2012 #86

I don't know why either. Sounds like a good amendment to me. nt pnwmom Jul 2012 #90

Thank you for this link Autumn Jun 2012 #64

Do you have any extra money budgeted in for unexpected costs? NNN0LHI Jun 2012 #30

We have a $5k cushion in current yearly interest/dividend income v expenses. Property tax is kelly1mm Jun 2012 #33

Well, congratulations that is a pretty darn good cushion NNN0LHI Jun 2012 #35

I am really hoping everything works out! I didn't let my wife know about the lifting kelly1mm Jun 2012 #38

Thank you for the good wishes and one last little piece of advice NNN0LHI Jun 2012 #48

Let's Say You Did Need to Dip into Long-Term Savings for an Emergency On the Road Jul 2012 #85

Wait! You say Obamacare will make you MORE free? Courtesy Flush Jun 2012 #34

absolutely more free to pursue other , non-paying interests. I think a good many will do as I am kelly1mm Jun 2012 #36

I won't plan on it, but agree MrMickeysMom Jun 2012 #43

I am considering going out on ss disability Digit Jun 2012 #46

Go for it! rucky Jun 2012 #47

Your plan sounds very risky to me. You have a lot of years left. slackmaster Jun 2012 #51

90% of jobs are meaningless crap, not "meaningful work." hunter Jun 2012 #62

Duh! Go for it!!! Life is short. Have fun! Why wait until Zorra Jun 2012 #55

Sounds like you could make this a business cpamomfromtexas Jun 2012 #58

I want to stop working, not run some other business. We don't need the kelly1mm Jun 2012 #66

I'll be 62 next April. I was B Calm Jun 2012 #59

That is what I have heard by talking with a lot of my workmates. They want to retire kelly1mm Jun 2012 #67

Hang in there until you are 65 because you will not be eligible for Medicare until then. RebelOne Jun 2012 #68

I work in a very dangerous occupation B Calm Jul 2012 #84

The ACA allows insurance companies to charge people over 50 higher premiums Lydia Leftcoast Jun 2012 #71

Medicaid at under 133% of the poverty line has no/very small copays and that is what kelly1mm Jun 2012 #72

I have been postponing retirement because of health care... femmocrat Jun 2012 #76

Do you think this will be a trend? I think about 10% of the people 50+ may be able to retire now kelly1mm Jun 2012 #78

I sure hope so! femmocrat Jun 2012 #79

I don't know how early you are talking about but I retired at 62. I tried to get disability but southernyankeebelle Jun 2012 #80

I will be 43 and wife will be 45. We don't need disability, just medicaid. The ACA allows kelly1mm Jun 2012 #82

Good for you. southernyankeebelle Jul 2012 #94

I plan to do that, but not because of ACA! Great minds. :) joshcryer Jul 2012 #92