I turned 62 on May 6. I'm getting laid off for the very first time. What a blessing. I'm done. I'm going to retire at the end of this month. Do any of you have experience with purchasing insurance to span the gap to age 65? My wife is on Medicare so it would just be me on the private insurance. MUCH MORE FISHING is now on my radar screen! Thanks in advance.
2016 Ranger Z518 (non-C) - 150 HP Mercury 4-Stroke
Me too! (in December of this year.) I would like any insight as well
Azure AZ200 (with stuff like cupholders, bathroom and table)
I retired at 61 a little over 3 years ago. I got ACA health insurance through our state’s program. I’m single and have qualified for a subsidy each year. It is based on your income. I turn 65 later this year and will signing up for Medicare.
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I retired early at 57 1/2, 4 years ago. We have purchased insurance through ACA. It’s income based so if you’ve got a lot of cash saved and can live off that you can definitely save. We used a broker the first year to help us navigate the process it didn’t cost us anything and was very helpful.
1999 Stratos 273 Vindicator 2013 Yamaha 150hp HPDI Vmax
If ACA does not work, call a local health insurance broker. The broker can input your specific doctor and medicine, then evaluate plans based on total cost. No fee to you. Private insurance will be $900 to $1100 month with HIGH deductible.
ACA is your best bet, especially if you can keep taxable income low for those subsidies.
Between 62-65 I went on Obama care. It was 1 dollar a month. Just having SS for income
I did ACA through blue Cross. Any insurance company that offers ACA will do. It is expensive but you get a big subsidy if your income is poverty level up to 4 x poverty level. When I started poverty level was about 16000/year. If you look up ACA you will see what it recognizes as an income to get a subsidy.
ACA although in CA it’s called Covered CA. If you aren’t concerned about keeping your previous doctor, plans can be as little as $10/month. All depends on income. Try to use brokerage accounts or savings so you have little income to keep premiums low.
2004TR-21X/2015 250 ProXS
2B112175
ACA all day. Easiest to get to 65.
As you are being furloughed, COBRA should be an option thru your workplace for several months. Check that rate / coverage against ACA . The wife retired under same circumstance. The COBRA was way better coverage due to her meds. Monthly premiums were more than ACA, but the coverage saved us money annually. She switched to ACA when COBRA ran out. Thankfully Medicare kicks in for her this year.
Originally Posted by DaveBrabec
Which is why my Medicare costs me $670.50 per month, plus a plan G from Mutual Of Omaha @ $187.14, and a Part D drug plan.
Had the wife on it for a while when I went on Medicare. Easy!
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225 Mercury 4 Stroke ProXS (# 2B591262)
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I'm planning on keeping my income at roughly the same level as when I worked, therefore ACA did me little good when I looked at their website before. I'm planning on $1K monthly premium, but would love to hear any other options
Azure AZ200 (with stuff like cupholders, bathroom and table)
ACA is your only bet. I make to much money so I paid $500.00 for just in case
2024 Phoenix 818, Mercury 175 (3B414035) Trick Steps, 3 Garmin 106 SV,s, LVS 34. BoatEFX dual bow mount. Ionic 12V 125AH, 2 12V 100 ah LiTime’s with Blue tooth for the TM. Minn Kota 345 PCL charger, Minn Kota Quest TM.
You need to find the Insur Broker
They will how much money you will be making retired
I had 3 carriers
And 8-10 plans for those carriers
Why cheaper then I thought it would be
But realize with the ACA they will sell you insurance, unlike pre-ACA times when the "underwriter said otherwise"... ACA gave me 5 years of retirement, and I knew that in 2010 on the day they passed it.
Holy crap! Way to keep your AGI down.
Some people are so judgemental. You can tell just by looking at 'em.--Some random meme
ACA is the biggest buying pool in the country. I couldn't find anyway to beat it on the price. IMO your time is better spent talking with a CPA about how to lower your AGI while still having the funds to do what you want. But at some point, you're gonna have to decide whether the hassle and cost of rearranging your income stream is worth any savings you might get. Is it worth it for $2000/year? How about $5000?
Some people are so judgemental. You can tell just by looking at 'em.--Some random meme
Wife and I researched for a year, retired on our birthdays in May at 62. We picked up cobra to keep us in our health and welfare trust, but starting the next Jan. We went with bcbs through marketplace. Our taxable income figures, pension, ss, and gains from our non deferred accounts keeps us around $215 monthly with $7500 deductibles each. High, but so far it's working for us. Couldn't see buying into a plan with high monthly premiums to get a lower deductible. Meds were a bit tricky, no coverage. After adding each prescription we have to the discount plans like goods, Kroger blink plan was the best.
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