Jake
Wholenote
Posts: 567
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Post by Jake on Sept 23, 2020 5:00:14 GMT -5
I turned 60 a month ago, looking at the numbers I am wondering about retiring sooner than later. How can I best estimate my health insurance costs? I understand we are all different and that there are many variables but I would be interested in any rule of thumb that might apply. I wouldn't be against talking to a pro about this and related subjects on a fee basis, what do these ros call themselves? What experiences have you all had? Thanks, I know there are no fast answers.
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Post by fkaJimmySee on Sept 23, 2020 5:43:13 GMT -5
If there is an ObamaCare/ACA exchange in your state, check rates there --- it's a good way to compare premiums of the various levels of policies on an "apples to apples" basis from carriers who operate in your state. Individual policies are costly until you hit 65 and medicare.
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Post by HeavyDuty on Sept 23, 2020 7:18:45 GMT -5
I’m starting to look at this, too. We always planned for me to retire at 62.5, but the financial advisor from work suggested I talk to Social Security - since Linda would have been 65 this year, I may qualify for limited benefits against her when I turn 60 in two years, possibly enough to fund private health insurance until I qualify for Medicare.
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Post by fkaJimmySee on Sept 23, 2020 7:44:11 GMT -5
I’m starting to look at this, too. We always planned for me to retire at 62.5, but the financial advisor from work suggested I talk to Social Security - since Linda would have been 65 this year, I may qualify for limited benefits against her when I turn 60 in two years, possibly enough to fund private health insurance until I qualify for Medicare. I did not apply to receive social security until I reached 70 -- could not put it off any longer and payments stopped increasing at that point by delaying receiving them. We discovered my bride was entitled to a spousal payment as well, without applying through her own account. So two wires hit our account every month. Our medicare premiums are automatically deducted/withheld. To me, social security is like an annuity. I paid in all these years, now it's paying out. |
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swampyankee
Wholenote
Fakin' it 'til I'm makin' it since 1956
Posts: 713
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Post by swampyankee on Sept 23, 2020 8:22:31 GMT -5
I personally haven't looked into it, but my ex turned 65 and went on Medicare recently, and since I pay her health insurance, I needed to know. She got the supplemental plan through Blue Cross and it ended up costing about $150/month in MA. It's money on my pocket because I was paying for a medical plan for her through work at the non-employee rate of $156/week. Supposedly, Medicare and the supplements end up costing less than my plan at work for me as well.
I may go on Medicare when I turn 65 next year.
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Jake
Wholenote
Posts: 567
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Post by Jake on Sept 23, 2020 9:18:49 GMT -5
My younger brother recently lost his job and picked up COBRA, I was going to ask him about the cost of that. I understand that some work provided insurance has a retirement option to keep the insurance with additional cost obviously but with no guarantee. Will check back thanks.
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Post by Leftee on Sept 23, 2020 9:20:58 GMT -5
There was a time when I never thought I’d say this...
I’m glad I have VA coverage. It’s going to make early (earlier) retirement possible.
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Post by budg on Sept 23, 2020 9:25:56 GMT -5
Health care is the biggest dilemma when looking at retirement. My wife retired at 65 last month and I retired at 62. I have insurance thru my Union that I have to pay for and my wife gets Medicare plus Humana. Not cheap, but worth it.
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1600
Wholenote
Posts: 106
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Post by 1600 on Sept 23, 2020 9:54:35 GMT -5
Here in Texas, Obama care was $1000 per month for the two years I was retired before I was eligible for Medicare. That was just for me. My late wife was another $1000. These were "bronze" policies so lower tier.
Hope you planned accordingly.
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Post by Laker on Sept 23, 2020 10:02:59 GMT -5
I retired at 66 1/2 with Medicare and an Anthem advantage plan. I don’t pay anything for insurance but do a $35 copay if visiting my doctor. My wife sticks a monthly amount in savings that covers our max out-of-pocket so if anything unexpected happens we have it covered. In the long run, we’re saving quite a bit.
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Post by LTB on Sept 23, 2020 10:42:50 GMT -5
At 67 cost me $185 a month for Part B Medicare and $113 for Aetna Part G . Wife a little Cheaper on Part G at $95 a month. Part D Prescription cost $76 for both I believe. Some of my prescriptions are very cheap and some very expensive. Is on a Tier System.
Once I paid my $198 out of pocket in January I have not paid for any of my Doctor Visits, Hospital outpatient, MRI, CT Scans, Nuclear Stress Test and on and on. So that is very nice. Medicare Part B pays 80 % of the approved cost and Aetna Supplement the other 20%
Dental and Vision are with Physician's Direct and costs $36 a month for both but only pays x amount for minor maintenance like cleaning and X-Ray for first year. In November it pays X amount for the heavier stuff.
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Post by ninworks on Sept 23, 2020 11:27:29 GMT -5
I retired last May at 62.5. The house is paid off so health insurance is our largest expense. It is considerably more than my mortgage was. I got SS and that covers the cost of my health insurance....ONLY. Every dime is spent on that. My wife is still working or I wouldn't have been able to retire. What stinks is our health insurance goes up $200 per month every year like clockwork. By the time I hit full retirement age at 65.5 I would be homeless if not for some inheritance from my dad.
ACA was no help. Like mentioned previously, about $1000 per month, per person, for me and the misses. I tried a broker and since my wife has type 2 diabetes they told me she was uninsurable. WTH? I thought Obamacare was supposed to do away with pre-existing conditions? Apparently not.
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Post by LVF on Sept 23, 2020 12:26:03 GMT -5
I carried my health insurance over from my employment when I retired almost 10 years ago. The premium didn't change much when I did and it goes up only slightly every year since and is still very reasonable despite the Obama care debacle. It is now combined with Medicare and my cost per month is around $350. If you have a similar situation, I would start their.  |
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Post by Duke on Sept 23, 2020 13:45:54 GMT -5
Approx $350/month for Part B and medications.
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Post by rkstrat on Sept 23, 2020 17:49:39 GMT -5
I am not by any means an expert, but......
At 65 I took Part A as a backup, as I still had full
coverage through work. Now I have added Part B.
What I wasn’t fully tuned into was that the Part B cost
you pay from your Social Security benefits is determined
by your previous income, let’s say while
working. The cost of Part B should go down, as your
income will be lower in retirement. The Part B supplemental
is separate of course.
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Post by jhawkr on Sept 23, 2020 18:25:38 GMT -5
I retired at 66, my full SS retirement age so that made insurance easier and cheaper. My wife turns 65 in January and will finally go on Medicare and Blue Cross Advantage. Wife has good health and so her current preferred rate policy is $530/mo and it is pretty bare bones. In January we will save about $350/mo and she will have much better insurance.
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Post by rangercaster on Sept 23, 2020 19:28:59 GMT -5
Remaining healthy, and alive, has become an expensive proposition...
Then, there is the alternative...
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Post by Pinetree on Sept 23, 2020 20:06:42 GMT -5
I'll be 62 next March. Called the insurance guy yesterday, and the first thing he said was "It's an expensive proposition."
Maybe I'll call someone else.
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Post by budg on Sept 24, 2020 6:25:11 GMT -5
When I first inquired about retirement , I got back my estimate for my pension and what my present health insurance will cost for my wife and I (my insurance was being paid for by my employer). I was shocked that my insurance was going to cost me 545 a month ! I called around ( we have 90 percent coverage). I discovered how expensive how expensive could be, so I signed up for my post retirement union insurance without hesitation.
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Post by Leftee on Sept 24, 2020 7:57:07 GMT -5
^ yep! That’s a deal these days.
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Post by gato on Sept 24, 2020 10:51:52 GMT -5
I don't qualify for Medicare or Social Security, so it was pretty cool that I got unlimited medical coverage (Kaiser) with my pension package.
My 50 year old son, on the other hand, has a bare bones policy that has demonstrated its lesser qualities, as diabetes and the related conditions have begun.
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Jake
Wholenote
Posts: 567
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Post by Jake on Sept 28, 2020 4:37:41 GMT -5
The good news is that my brother will likely get his job back soon. The rate he got on ACA was $710 a month.
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GmanNJ
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somewhere deep in the swamps of Joisey
Posts: 315
Formerly Known As: Your Friendly Neighborhood Gman
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Post by GmanNJ on Sept 28, 2020 10:00:48 GMT -5
ACA depends on what you make. So if you retire early and can pull from a 401K you can decide how much you make. The less you make the cheaper it is. Then you need to know how cheap you can live till medicare kicks in. The kicker is you may have a mortgage or other expense that requires you to draw more and up your rate. It really is an individually tailored process
ACA is in limbo right now till it goes to the supreme court in January so without getting into DOB area i will say wait and see. If you can put off retirement till after the elections that would be prudent. No matter who wins there will be changes.
good luck and stay healthy!~
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