Health insurance for retirees under age 65 can be a challenge. Here are four options if you need health insurance for early retirement.
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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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great content Patrick! What are your thoughts on spending 90% of your time in other, cost effective countries in early retirement to manage healthcare costs between 60 ish – 65? Any inputs as to why it is or isn't the right way? For example, there are global healthcare plans for roughly $4.5k annually for a couple 59&60, with some options to add some US coverage(typically 15 or 20 days per year and only major medical)…
My cobra payment was about 55% of the full self payment I had been making before I was forced out of my plan.
Thanks for all the detailed information you have provided in this video. I like your way of explaining every point. Keep sharing such great videos in the future also.
In the richest country, lots of folks are slaves to their jobs close to golden years just because of HI
very good info
Where are the links you said would be shown??
Well none of these work for me. 32 years in law enforcement and got great pension, but very expensive health insurance. County give me 600 a month to pay for insurance, but the plans are super expensive. My plan for a family is 2400 a month with a 6000 deduction. Tried Obamacare but I make to much on my pension. Cobra was more then the plans and I would not get the 600 a month if I used Cobra. I do use an HSA to pay for medical stuff and write all the premiums off at end of year so its not so painful. Only choice till 65 is for me to get a job with benefits or just go without medical and use free clinic down the street. Aint America grand!
If you have ample post taxed savings to live off of, isn't there effectively a better fifth option after age 55 and that is Medicaid?
Another invaluable channel, will definitely explore more videos from you, sir. This will help me plan my parents insurance, thank you!
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 ?
Medicaid is free, Dummy!!HAHA
If one spouse provides medical insurance for the family and retires at age 66, can the other unemployed spouse apply for COBRA?
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 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.
Socialized medicine starts in the US at 65. Do not retire early!!
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?
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.
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.
Cobra is a big rip off. There's no valid reason for premium to be so high.
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.
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.
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.
Excellent information…thank you!!
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
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. 🙂
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.
Very good information Sir……..thank you!
https://www.youtube.com/watch?v=ceyE3F7SK1k
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.
If I retire early, doesn't my income go to zero? So wouldn't that affect the price of insurance?
I can't believe this.
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Great advice , thanks!
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.
Good advice! Thanks.