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questions about possible retirement and healthcare insurance

bpost
I am 62 and one month old.  If I retire before 65 is there AFFORDABLE health insurance available for purchase since the disaster of Obummer care was implemented? I went back to work today after a month off, I love working but realize life is going on.  There is a days worth of work to do here and I am a half-a-day man now.  If I choose to retire at 63 could I make it money wise on SSI and still buy health insurance?

I have no car payments and the Mortgage is $680 a month.  I could sell 40 acres and refinance the small balance left at a couple of hundred a month.

Advice, words of wisdom and ideas would be appreciated.
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Comments

10 comments

Date Votes
  • jimdeere
    I used United Health Care for a stop gap policy between retiring at age 60 and getting the bus driver insurance at 63. Premium was not bad but coverage wasn’t great. It was a loophole policy to cover folks between jobs and not to have to sign up on Obama care. I had to renew every few months.
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  • duckhunter
    Put all of your assets into a trust and sign up for medicaid. until you are 65. 
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  • bpost
    duckhunter said:
    Put all of your assets into a trust and sign up for medicaid. until you are 65. 

    Please expand upon that route....It is intriguing.
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  • mogley98
    If you are living on SS I doubt you would have any problem qualifying for advanced tax credits on Obamacare lets say you make 20K a year on SS you would end up paying about 2K a year for insurance.

    "If you make 400% or less of the federal poverty level, you will receive a subsidy. Here's how the subsidy works. Say you are a single person and you earn $47,520 (nearly 400% of the poverty level). Obamacare promises you won't pay more than 9.78% of your income a year, or $4,647.46, for the second-lowest Silver plan. Your subsidy is the cost of the plan, minus $4,647.46. So if the plan is $5,000, your subsidy is $352.44.4

    What if you want a more expensive plan? Obamacare bases all subsidies on the cost of the second-lowest Silver plan.5 So your subsidy is still $485 a year, which you can apply to any plan. You pay the difference. "



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  • bpost
    bpost said:
    duckhunter said:
    Put all of your assets into a trust and sign up for medicaid. until you are 65. 

    Please expand upon that route....It is intriguing.
    https://www.elderlawanswers.com/medicaid-and-trusts-12004

    It looks like the five year look back by medicade would negate the trust, I will be 67 in five years.
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  • Butchdog2
    I am self employed, could not afford to retire at 62, there was only one health care option for me and it was a tad over 2,000.00 a month, Thanks obumer for the ability to shop around. Started medicare at 65, started SS at 66. So far all medical expenses, except for out of pocket medicine copays , have been paid for 100%. I do have all the extra parts to get the full coverage.
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  • gruntled2
    Big mistake we made was starting Social Security at 62. Now we pay 22.5% income tax on our IRA withdrawals. (12% + the SS tax on 85% of the mandatory withdrawals) It would have been better to exhaust the IRAs & then start SS at a later date when it would have been more. Of course neither of us ever expected to live this long.
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  • nmyers
    I recommend that you find someone local who is knowledgeable about your state.  I have gotten good information over the phone from my state Carefirst office; their agents are well trained, & they never try to pressure you.

    Obamacare is like a vampire; it's dead, but it just doesn't know it.  Many states still have an "Obamacare exchange", which is really just an open market place where companies in your state list their policies.  No government help, but a good place to look if you have one.

    Medicare availability varies by state.  Some are maxed out, & can't add anyone new for years.  Last time I checked locally, they required that your maximum holdings were $2,000, plus burial fund.  They won't require that you give them your home, but other property might be a problem.

    Neal
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  • select-fire
    Medicaid is no good for insurance. The assets of the house and land can be attached to the medical bills unless you have a life estate which has to have a look back period of 5 yrs before becoming effective.
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  • SCOUT5
          I can tell you what I pay right now.   I'm 57 and live in Indiana.  The only thing available to me is obama care.  Years ago I used to buy Blue Cross Blue Shield,  United, what ever I choose that the state insurance commission had approved for Indiana.  Now the only thing available in Indiana is the obama care programs.  In this state and county I have exactly one company to choose from.  I can choose from several different policies within the one company.  I go with the lowest premium policy to make sure I have coverage in case I have a big issue so I won't lose all my assets.  In the mean time I have a $6000 deductible which means I basically pay for my healthcare out of pocket, which is fine.  Of course, since I am insured the negotiated rated of the insurance company help control those cost, which is a real benefit for cost control (a system that really shouldn't exist but does, uninsured people should be able to purchase health care at fair rates, but they can't).   
         
          With that information to consider, my current premiums are $568 a month.   So, that is what I pay for what amounts to a major health issue plan.   I'm not complaining, there is no such thing as a free lunch.  But it is pricey compared to the policy I had through my previous employer (even including their part) and had to be figured in my decision to pursue income through other than a paycheck job.
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