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Retirement goes on hold

chopsaw

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. but either get laid off, or retire and loose their insurance can sign up for ACA anytime during the year.
Good info.
I'm not schooled on it like some of you guys are . I got my health coverage through the Carpenters when I was working , and still get my advantage plan through them .
To the point of Thirdeye's comment , I want to say a " qualifying event " for someone currently insured cant be rejected coverage . I think there is 1st qualifying and 2nd qualifying ? Not sure .
I suggested awhile back , that if you're currently getting coverage through your work , talk to the benefit office . They may be able to help you with some options , and give you some timelines on current coverage .
 

thirdeye

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I'm not schooled on it like some of you guys are . I got my health coverage through the Carpenters when I was working , and still get my advantage plan through them .
To the point of Thirdeye's comment , I want to say a " qualifying event " for someone currently insured cant be rejected coverage . I think there is 1st qualifying and 2nd qualifying ? Not sure .
I suggested awhile back , that if you're currently getting coverage through your work , talk to the benefit office . They may be able to help you with some options , and give you some timelines on current coverage .
You are correct, often called QUALIFIED LIFE EVENT, there are a number of things that may allow you to purchase ACA insurance outside the open enrollment period.

I know a truck driver that had company insurance at the beginning of the year, but he was laid off in February so went on ACA. He went back to work for another company that did not provide company insurance for 90 days, so he stayed on ACA. After a couple of months He was injured on the job and went on Workers Comp for those medical costs and lost wages, then was released back to work, and about the time his annual income would have gone over the ACA maximum limit, the 90 days was up and the company insurance picked him back up. The next February he was laid off again and went right back on ACA. All he really had to do was call them and give them dates and estimated income.
 

Brian Trommater

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I suggested awhile back , that if you're currently getting coverage through your work , talk to the benefit office . They may be able to help you with some options , and give you some timelines on current coverage .
All they said was can get Cobra and it way to high.
 

sawhorseray

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I retired at the age of 55, I'm 69 now and have no regrets, with a little luck I won't outlive my money. Of course if the pain gets a whole lot worse that won't be much of a concern anyway. My father waited to retire until he was 65 instead of retiring when he was 57 and figured he could afford to. Two moths after retiring he and my mom were on a trip around the world, they were in Africa and he'd just gone on his dream safari to see cheetahs on the hunt. He was walking across a hotel room in Johannesburg, South Africa with a glass of bourbon in each hand, bringing one to my mom for the cocktail hour. He dropped dead in the middle of the room, quicker than a heartbeat. That's how fast it can happen, there are absolutely no guarantees. I learned a lot from my fathers passing, live your life to the fullest the minute you can afford to rather than work to live your life later on, you just might not be alive to do it then! RAY
 

phathead69

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Ray similar story on my father. retired 65 and does 3 months later. that was what was driving me forward the goals in my earlier post. probably won't happen now cause of the insurance price increase.
 

uncle eddie

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When I saw this thread and all the discussion about insurance, I sat down - BEFORE COFFEE - this morning, and read the entire thing.

My wife retired this past August (public high school teacher). She was sick of the B.S. With her teacher retirement and a few tutoring sessions, we are nearly whole with her income. She moved onto my insurance.

I am 60 and retirement for me is probably at 65...maybe 67...primarily because of SS and insurance. I own my own small business, like what I do and the crazy thing is, CV-19 hasn't affected us at all. In fact we have been hiring and are on track to have our 2nd best year ever. We are truly blessed to be this fortunate while we see other businesses struggling or failing. I also cover 100% of my employees health insurance (United Health Care) premiums (spouse and kids are extra costs to the employee) and I can assure you that small businesses do NOT get a discount. To keep my costs more manageable, we do have a $2,000 deductible per year. The out of pocket cost for each employee is about $167/month to cover the max deductible, and with the HSA, even less as that money comes out before taxes.

My oldest son is self-employed and started out on ACA. It was stupid expensive with huge deductibles. ACA looked more like a catastrophic health insurance coverage. He switched to MediShare (https://www.medishare.com/) which was about 2/3 the cost of ACA but way better insurance all the way around.
 
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Brian Trommater

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I made it to the payment step and gave error can not process online app now. Please try again later or call. May be a Sunday thing. Claiming $25000 a year payment will be $180 a month with $75 deductible, 2800 OOP and 40% coinsurance.
 

sandyut

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If you can find n ins broker - might also put you mind at ease to know you made a good choice. the one I spoke with does charge, he is paid on commission of enrollment. we talked a long time about options, both short and long term.

Outside of the government ACA site, I am able to look at many plans avail in my area. the high deducibles can look scary but I see it this way, if all the preventative and medications are covered, the deducible will only com into play for something huge. which had been the case most of my life and also infrequent
 

Bearcarver

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You guys are gonna think I made this up, but I swear it's True!!!
Two of the guys I worked with at Bethlehem Steel were "Father & Son". The Old Man "Stew" started at the Steel when he was 15 years old, and retired at 65 after 50 years.
Stew died about 3 weeks later of a Heart Attack. His Son "Don" said he was on his way out to the Mailbox. His first Bethlehem Steel Retirement Check was in the Mailbox at the time. "TRUE STORY"

Bear
 

Brian Trommater

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If you can find n ins broker - might also put you mind at ease to know you made a good choice. the one I spoke with does charge, he is paid on commission of enrollment. we talked a long time about options, both short and long term.

Outside of the government ACA site, I am able to look at many plans avail in my area. the high deducibles can look scary but I see it this way, if all the preventative and medications are covered, the deducible will only com into play for something huge. which had been the case most of my life and also infrequent
I sent few emails out. Won't hurt to talk to someone.
 

sandyut

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Bearcarver Bearcarver and sawhorseray sawhorseray that's why we are pulling the trigger soon and it looked doable. I want to get some freedom before anything bad happens. we have lost family prematurely for random reasons and accidents. You just don't know when your time is going to be up
 

chopsaw

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I went out at 57 , with 2 years pay in the bank for back up . My benefits thru the Carpenters were paid up for the next 8 months . After that I used Cobra to get me to a self pay point thru the Carpenters . Just got a letter that my premium dropped $20 . Still to this day haven't had to use any of the back up money . It's all different for everyone , but seems that things work out .
I pay $300 a month for me . United health care advantage plan . I'm more than good with that .
Some of the guys get a job with Lowe's or Home depot for the insurance .
 

thirdeye

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I made it to the payment step and gave error can not process online app now. Please try again later or call. May be a Sunday thing. Claiming $25000 a year payment will be $180 a month with $75 deductible, 2800 OOP and 40% coinsurance.
Last year the Trump administration shortened the open enrollment period and scheduled Sunday as a 'site maintaince' day. That might be why you got that message.

For some reason they try and steer you to one of the Silver plans, but the Gold plans looked better for us. I probably mentioned this, but your income estimate is based on 'family income', not just yours. If for some reason you think you won't make the minimum, you can always take a one time distribution from any non-exempt IRA in December.
 

daspyknows

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My mom worked til 62 until my dad convinced her they had enough. He was an airline exec who was forced into early retirement. Six months into retirement they hiked Machu Pichu and upon return my mom felt ill. Went to get tests, nothing found. A week later she was rushed to hospital and was diagnosed with stage 4 cancer. She fought it for 5 years and passed day after Thanksgiving 11 years ago. She had a great 6 months and had some great days but much pain and agony. That colored my perspective in 2 ways. One, I have enough so retired this year and not going through being a test Guinea Pig to live a few more years of declining quality of life.
 

phathead69

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I went out at 57 , with 2 years pay in the bank for back up . My benefits thru the Carpenters were paid up for the next 8 months . After that I used Cobra to get me to a self pay point thru the Carpenters . Just got a letter that my premium dropped $20 . Still to this day haven't had to use any of the back up money . It's all different for everyone , but seems that things work out .
I pay $300 a month for me . United health care advantage plan . I'm more than good with that .
Some of the guys get a job with Lowe's or Home depot for the insurance .
gonna be nosey. without details did you have 401k or other retirement income. I'm not there yet but getting close. I know if I have no loans by then only expenses will be normal bills which is lot less needed monthly.
 

Brian Trommater

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Still working on this. Got approved for the doctor. When using the market street site the plan I am looking at has $1000 deductible and $8000 out of pocket. When using the blue shield site it is $75 and 2800. After on the phone with 4 different people last guy seem to know what he talking about and said just use the blue shield site and it should go through. I thought maybe the prices where wrong and did not want a surprise. Also talked to local agent and he trying to talk me into the no cost to me bronze plan with $5000 deduct and $8500 oop. He tried to tell me he has it and had 3 surgery last year and only spent $3000. Can't see how that possible. Also the copay's twice as much. Think I go with that plan I am looking at. Just going to be a little tricky keeping my income at $25000. Wonder if put gains from Wells Fargo regular account into IRA if they would not count toward earning?
 
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chopsaw

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gonna be nosey. without details did you have 401k or other retirement income.
My Carpenters pension . It's all based on " 8 for 8 " 8 hours work for 8 hours pay . So the total agreed package is x amount of dollars . Part of that goes on a weekly check , then the rest divides into Health care , pension plan and vacation . If you're working .
Carpenters year is based on 1200 hours . Anything worked over that is extra paid towards benefits . Most times I worked 2000 plus hours . Gives the pension a good boost , and that's why I mentioned above that my health care was good for another 8 months or so .
So 30 years actual was 43 years on my pension .
We can draw our full pensions at 55 and still work . So I did that for 2 years . Lived on the pension and banked the weekly . All went good , so I went out at 57 . I'll be 60 in a couple weeks . Pension pays out as long as I'm above ground .
 

MJB05615

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My Carpenters pension . It's all based on " 8 for 8 " 8 hours work for 8 hours pay . So the total agreed package is x amount of dollars . Part of that goes on a weekly check , then the rest divides into Health care , pension plan and vacation . If you're working .
Carpenters year is based on 1200 hours . Anything worked over that is extra paid towards benefits . Most times I worked 2000 plus hours . Gives the pension a good boost , and that's why I mentioned above that my health care was good for another 8 months or so .
So 30 years actual was 43 years on my pension .
We can draw our full pensions at 55 and still work . So I did that for 2 years . Lived on the pension and banked the weekly . All went good , so I went out at 57 . I'll be 60 in a couple weeks . Pension pays out as long as I'm above ground .
That sounds like a great deal.
 

thirdeye

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Still working on this. Got approved for the doctor. When using the market street site the plan I am looking at has $1000 deductible and $8000 out of pocket. When using the blue shield site it is $75 and 2800. After on the phone with 4 different people last guy seem to know what he talking about and said just use the blue shield site and it should go through. I thought maybe the prices where wrong and did not want a surprise. Also talked to local agent and he trying to talk me into the no cost to me bronze plan with $5000 deduct and $8500 oop. He tried to tell me he has it and had 3 surgery last year and only spent $3000. Can't see how that possible. Also the copay's twice as much. Think I go with that plan I am looking at. Just going to be a little tricky keeping my income at $25000. Wonder if put gains from Wells Fargo regular account into IRA if they would not count toward earning?
Is "blue shield site" something different than the healthcare.gov site? I have Blue Cross Blue Shield as my ACA provider and my plan is $750 deductible, max OOP is $8000, fixed price for wellness visits, and $5 prescriptions.

If your income changes, just call healthcare.gov and they make the changes on their end, and if there is a change in the subsidy it will be reflected on the next month. If you estimate $25,000 at the beginning, and end up with $50,000 they would make the changes once they receive the data from IRS and then they re-adjust for the entire year.

Controlling your AGI is the key. Along with other forms of income, interest, dividends and cap gains from non-IRA accounts and investments are all income even if you elect to contribute those monies to an IRA. Look at your last IRS 1040 Form. Find the line that shows your AGI (or MAGI). Every line item before your AGI is income. The ACA only looks at your 1040 up to the AGI figure.
 

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