Health Insurance For Early Retirement – Here Are 4 Options
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 retirement.
Link to find a health insurance agent: https://nahu.org/looking-for-an-agent/find-an-agent
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— About Patrick King CFP® —
Patrick King is a fee-only financial advisor in Atlanta and the Founder of Prana Wealth. Over his career, Patrick has helped CEOs, all-star athletes, Grammy-winning artists, and many others build their wealth, retire sooner, and create a legacy. Patrick enjoys yoga, mountain biking, golf, travel photography, and Clemson football.
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I think this pandemic has taught people the importance of multiple streams of income, unfortunately having a job doesn’t mean financial security. I really appreciate the transparency and giving people a fighting chance during this troubling times.
Finally found a decent deal this year at age 62 . I had health insurance first two years after retiring in 2014 ( am a retired RN).
Paid $ 663/ month for health insurance the first year and $ 677/ month the following year.They wanted to jack it up to $ 913 /month when I turned 58.I said no,went without for 5 years.In the meantime I was able to get out of debt.Thank God,nothing catastrophic happened to me . This month I was able to obtain some decent health insurance at $ 673/ month ,which includes some supplements to defray some out of pocket costs. Sounds expensive,but trust me in South Florida $ 673/month is a deal. Since my RN pension is now supplemented by Social Security benefits,the premium hit is easier to take. Medicare in two years.
I’m glad you really stressed the importance of the HSA accounts. It’s especially valuable for people on Obamacare because withdrawals from HSAs to cover medical expenses doesn’t affect you subsidies and contributions to HSAs will reduce the income that is used to calculate your subsidies.
One Question please : for early retirement, having or no the health insurance is a personal choice, I understood that BUT, is there a Medicare PENALTY for not having health insurance ? So if a retire at 60, and do not buy any health insurance to 65, will be there a lifetime medicare penalty ?
My option: dual citizenship and moving to Germany. I’d move now but since I’m not a native German speaker I’d have a hard time finding a well paying job.
I can’t believe this.
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I don’t see any mention of Medicaid? If you didn’t save anything your whole life,worked very little at low paying jobs ,and are still under 1300 a month you can get free insurance from our government. I’m think I should just quit my job now at 50. Get free health insurance, food stamps, free cell phone and heat assistance.While my body is still able to still go do things. People wonder why no ones working anymore and companies can’t find help. Why would they?…. so we can get reamed in retirement because we did was right our whole life?
Just a reminder to lookup HSA eligibility BEFORE signing up for your insurance plan, because there are out-of-pocket max limits that need adhered to, as well as the minimum deductible amounts. 🙂
Good advice! Thanks.
Socialized medicine starts in the US at 65. Do not retire early!!
I pay 2500 a month after 32 years working. Gov gives me 500 towards premium but its a disgusting amount of premiums and i hate it. I cover me, my wife and my 21 year daughter. When i reach Medicare age I can use 50 percent of the 500 to pay towards medicare so its worth holding on. If it was me I would not have health insurance i would just pay cash.
Very good information and my largest concern as to sorting through coverage as I want to make certain I’m covered before leaving the work force.
Very good information Sir……..thank you!
If I retire early, doesn’t my income go to zero? So wouldn’t that affect the price of insurance?
Listen the Key to using Obamacare is the SUBSIDY. Hoard your Cash & keep your "Reportable" income low enough that you get a sizeable subsidy. Remember if you retire at 62 you only need Obamacare for 3 years so supplement your small reportable income with cash from your savings or money from a Roth IRA that is not taxable as income. As of now Obamacare does not take into account your assets only your income.
Cobra is a big rip off. There’s no valid reason for premium to be so high.
It is really a shame that US citizens have let this essential basic human right be a heavy shackle upon every aspect of our lives. If one is not a millionaire, an elected official in the capital and in bed with the Insurance and Drug companies, then you are out of luck, as the majority of us are. We are saving the world meanwhile the citizens are despondent from issues like this basic healthcare coverage.
https://www.youtube.com/watch?v=ceyE3F7SK1k
Obamacare is MUCH cheaper than the group insurance plan I am currently on and has better coverage. I plan to retire at 50 or so depending on how the market performs and the ACA is part of my plan. By weighting my early retirement funds to come from taxable accounts, I lower my income and qualify for nice subsidies.
Loved this video through
Great advice , thanks!
For the military veterans out there: you might be surprised to learn that you possibly are eligible for health care through the Veterans Administration. A call to your local VA office, or visiting the VA website, will help determine your eligibility.
If one spouse provides medical insurance for the family and retires at age 66, can the other unemployed spouse apply for COBRA?
Medicaid is free, Dummy!!HAHA
I retired USAFR and recently found out that when I begin drawing retirement pay at age 60 that I am eligible to enroll in Tricare Prime or Tricare Select for a premium of only $54/month, and at age 65 when I enroll in Medicare that Tricare will automatically convert to Tricare for Life which acts as a substitute for the Medigap or Medicare Advantage supplements and that Tricare coverage costs $0/month.
I retired at 62 and we reduced our gross income to stay under the threshold for Obamacare subsidy. Blue Cross Gold policy for less than $1,000 per year. The same policy if unsubsidized would cost over $27,000 per year. Since we live in Alaska the gross income threshold is $89k. We can get treatment in Seattle, WA so that is nice also.
Excellent information…thank you!!