How to Retire Early AND Have Health Insurance!
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- เผยแพร่เมื่อ 15 มิ.ย. 2024
- For those interested in learning how to retire early, there are many questions, but chief amongst concerns is what to do about health insurance! Everyone knows that you can enroll in Medicare at 65, but what if you want to retire early?
Call us at iHealthBrokers today at 888-410-0344. Our services are 100% Free!
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If your workplace employs more than 50 full time employees, they are required to offer health insurance and COBRA. Basically, COBRA is a way for you to keep your exact same employer sponsored health insurance for a specific period of time even after you are no longer working for your employer. You and your dependents will have a seamless transition because there is no change in insurance, unless of course you want there to be. When you enroll in COBRA, you can consider it a new open enrollment period, so if there are any changes to your insurance that you’d like to make, you can do so at that time.
Usually, you will be eligible for COBRA for a period of up to 18 months. So if you’re only retiring a little early, perhaps this is an option for you. However, COBRA can definitely be cost prohibitive. With group health insurance, your employer will cover at least 50% of your monthly premiums. With COBRA, you are responsible for the entirety of the costs plus a possible 2% administrative fee.
Another option is, of course, marketplace insurance. COBRA is only for a set period of time, so unless you are very close to Medicare age, you will need another type of insurance to bridge the gap. Marketplace insurance covers all of the essential benefits as defined by the affordable care act. You can find more information on healthcare.gov.
You can enroll in marketplace insurance during the open enrollment period which is every year from Nov. 1-Dec. 15 (although many states offer an extended open enrollment period). You can use healthcare.gov to browse all of the plans available to you and filter based on your needs. You may also qualify for a special enrollment period.
Marketplace insurance provides comprehensive coverage, but when compared to employer sponsored group health insurance it can be costly. Many qualify for a tax credit which will lower your monthly premium significantly.
A good money saving option is short term medical insurance.
Positives:
They are very inexpensive compared to traditional health insurance. In fact, a healthy single person can get a plan for less than $100/month
They afford many of the same benefits as ACA plans including doctor’s visits and prescription drug coverage
You can enroll at any time
They’re not so short term. In many states, you can enroll in a plan for up to 36 months
Nationwide PPO coverage
Negatives:
If you have many or expensive pre-existing conditions, they may not be ideal for you
Pre-existing conditions will not be covered in the first year of a plan and may never be covered if they are expensive or difficult to treat
Pregnancy is not covered
They are not ideal for people with young children; too many doctor’s appointments
They are not offered in every state
There are also many state specific programs that you may qualify for if your income is below a certain level. You can contact your local medicaid office for more information.
If you have any further questions, please feel free to contact us here at iHealthBrokers at 888-410-0344 or ihealthbrokers.com/
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Glad I stumbled upon your video - very informative.
Glad we could help!
I like your video presentation. It is informative too, at the same time. Thanks a lot for your guidance!
So glad to be of help! Thanks for your feedback!
Thank you for posting this helpful video!
Glad to be of help!
Thank you so much for this information! My husband wants to retire early and this answered a lot of questions that we had.
Glad we could help! Wishing you the best of luck in your early retirement!
ACA Silver Plan 90 dollars a month. 5 dollars to see doctor. 950 MOOP. BCBS
Is there a no. for them
Nice video. Thanks for the info!
Glad we could help! Enjoy your retirement!
This is great information. I also looked on your channel and there is tons of other related videos. I am wanting to retire early so this is all very helpful. I liked and subscribed!
We're so glad we could help, Michael. Best of luck with your early retirement! Thanks for subscribing!
Good luck. I went down that road and there is a reason short term or junk plans are cheap. You can get them but you are rolling the dice if you have an expensive health issue.
ACA SILVER PLAN 90 per month no deductible. 5 Co pay to see doctor. 950 MOOP.
great informative video! thanks
So glad we could be of help!
I am covered under my wife’s insurance from her job. She is much younger than I am so I will be on Medicare when she retires at age 55. I am doing Roth conversions each year and when she retires our taxable income will , by design, be at a level to get her the greatest subsidy on an ACA policy until she turns 65. It’s all in the planning.
That's a great plan!
Wow! That's what I probably need! About same situation: Me 56, wife 45. Your post and this video are going guide us for our own plans! Thank you.
Post tax Roth accounts are vital for early retirees. I retired at 56 and use withdraws from those accounts to live on. Since they are post tax (income taxes paid)contributions they are not reported as taxable income. Reducing taxable income is the name of the game!!!!
Yep ACA Silver Plan. 90 month no deductible. 5 dollars Co pay to see doctor. BCBS 950 MOOP
@@juniorcrandall8933 wow!! I'm going to bookmark this video for future reference and bug y'all when the time comes. THX!
the ACA income limits have been changed, so if you do it now, you can get big subsidies.
You are absolutely correct! We actually just released information on that in one of our latest videos about the American Rescue Plan: th-cam.com/video/Czw_VZrbF5k/w-d-xo.html
Found your video interesting to watch. I can't wait to see your post soon. Good Luck with the upcoming update.
Thanks so much!
wow im calling very soon i want to stop at 62 and need good health ins,great video!
Thank you so much for the kind feedback. We'll be here to help whenever you're ready! 888-410-0344. You can also find us at iHealthBrokers.com
Good luck when you read the details of short-term junk plans.
@@alaplex100 o ok thanks man...
@@tony-ce7qp No problem. Let me know how you do. I would be interested. Hope you have better luck than I did.
@@alaplex100 thanks good wishes to you.
Turn 62 and retire
Go to the Market place and sign up for Obama care
Mine cost me $9.90 a month for pretty decent health insurance
Once you reach 65 you'll automatically get medicare parts A and B
YOU DO NOT NEED PART C
Sign up for medicare part D
Its NOT hard to understand or do
Now go enjoy your retirement
We plan to emigrate to Canada. This insurance enigma is ridiculous.
Good luck getting seen quickly. People are dying in Canada due to the long wait delays
@@bruced.370 Source?
@@missnlahi Returning after visiting my mom in an AZ retirement community there were a number of Canadians returning to Canada. There was a discussion of a common friend of theirs who had a heart attack while in the US, he was in for a procedure same day and walked out of the hospital the next day. They all agreed had he been in Canada he would not have made it due to the low priority for seniors in Canada.
Very informative video. Thanks!
Glad it was helpful!
I had to retire early due to complicated symptoms of fibromialgia and Pos + Rh ! Here in The Caribbean where I live its too humid and it drives me bazerk ! I must be in an A/C room that is also a humidity control ! I have a good health insurance and I believe next year it will be even better !?? So stay in TH-cam so l can follow your excellent information !
Oh yes, very humid! We release videos every week, so there is certainly more to come!
Health sharing plans should be part of this video as well. They are often lower cost than non subsidized health insurance and can work great for people without a pre-existing condition.
Hi Mark. Health Sharing Plans aren't actually insurance and unfortunately there are no guarantees. Not to paint a negative picture (because they do work great for some people!) but we have heard horror stories. You can check out our video about it hear: th-cam.com/video/BBu0Dtjw0iY/w-d-xo.html We encourage everyone to do their research and make the best possible decision based on their individual needs. Best of luck and thank you for your comment!
I retired at 62 and we limit our gross income to less than $89k up here in Alaska. That way we qualifiy for subisidize health insurance under Obamacare. Our subsidized Blue Cross Gold policy cost less than $1,000 per year. The same policy would cost over $27,000 per year unsubsidized. Thus by limiting our income, we saved over $75,000 in 3 years until medicare kicks in.
That is great! We are so glad it has worked our for you. Enjoy your retirement!
@@iHealthBrokers Ironically now turning 65, Medicare with supplemental insurance will have a higher cost at 65 yrs old than Blue Cross Gold under Obmacare cost me at 64 yrs old.
@@RetrieverTrainingAlone Oh that's terrible! Do you think you might qualify for a Medicare Savings Program? If you'd like, feel free to give us a call and we can see if there are any less expensive options that still suit your needs. There is no charge for our services: 888-410-0344.
Same here. I retired at 62 and went on the high deductible HSA plan through the ACA. My wife and I never paid a penny for premiums for the whole three years. I loaded up the HSA before I retired plus I added more money to my HSA after I retired to bring down my gross income to qualify for subsidies.
@@jimfarmer7811 Say it louder for the people at the back! 🤣 Glad you made it work for you!
I will be retiring outside of the US early before age 65. Do you also carry international plans? Also do you recommend keeping MediCare coverage even if not in the US for most of the year? thx.
Hi Jay, yes we do carry international plans. We've got a video here, if you'd like to learn more: th-cam.com/video/bOl9eAH90dc/w-d-xo.html. If you want to keep your Medicare coverage, you'll definitely need a supplement plan that covers international travel. There are a couple of factors that may help you to decide between a long term travel plan or a Medicare Supplement. Give us a call at 888-410-0344 and we'll be happy to help. Safe and happy travels!
Thank you for your informative video! We will be retiring next year my wife is several years younger than me so we will need to be looking for health insurance for her. My first inclination was to go to an insurance company thanks for steering me away from that!
We are looking forward to your informative videos keep up the great work!
As we say in the Marine Corps…. Semper Fi! 🇺🇸
So glad we could be of help! Enjoy your much deserved retirement!
ACA Silver Plan 90 per month. 5 to see doctor. 950 MOOP. BCBS
great information. i'm 55 . don't know if i will make 7 more years. health care for the family is one of the things holding me back .
7 years can certainly seem very long if you're ready now! If you want, please feel free to give us a call at 888-410-0344 if you want to explore some options. You can also find us at iHealthBrokers.com. We wish you luck and hope you can find a way to retire early!
Thanks for the info. My son is a freelance, just turned 26 and is on COBRA (HSA UHC plan). As you know COBRA is quite expensive. What do you recommend for an equivalent coverage? He lives in Brooklyn, NY. He is healthy and has no preexisting conditions.
Go to the NY Health Care Marketplace and shop there; Open Enrollment is now thru 12/15
Hi Gabrielle, a Marketplace Plan is probably his best option! There are plans that offer HSAs if he's interested in continuing to contribute to one and premiums are much less expensive this year for most people under the American Rescue Plan Act. Best of luck to your son and feel free to contact us with any further questions!
if your company is downsizing try and stay on the company health insurance and i did that 28 years ago and never regretted it as i use it for my medicare supplement. they tried to buy me out but i refused.
That's great that you were able to do so!
Thank you for sharing the information. My husband is on disability. Tricare covers him. He is 65 this year, does he need to register part B for medicare or this is automatic?
Hi Julie. He will most likely be automatically enrolled and should receive his card in the mail. If for whatever reason he doesn't, make sure to contact social security. Also, you can learn more about TFL and Medicare here: th-cam.com/video/RciiZ5ge1dE/w-d-xo.html Thanks for your question!
Do ACA plans offer coverage when traveling abroad? As a soon to be early retiree, I want to make sure I have some coverage when enjoying travel. What do you suggest? Thank you!
Will you be traveling long term or short term? We have a video dedicated to travel insurance when traveling abroad! th-cam.com/video/bOl9eAH90dc/w-d-xo.html
Sorry that this a bit off-topic, but you mention a couple times avoiding a late enrollment penalty for Medicare. Does anyone not enrolling by 65 incur this penalty when they do enroll? What if you are a US citizen living outside the US presently?
Hi James! You are in luck. Repatriating will qualify you for a special enrollment period so you should be able to avoid that late penalty. Feel free to give us a call at 888-410-0344 and we can walk you through the process.
My question: I'm employed right now at 62, and I'm covered under Mass Health. Will I be able to remain covered if I retire before I'm eligible for medicare?
That's a little tricky because it's a Medcaid sponsored program... Is it a premium assistance program in addition to your employer sponsored insurance? OR are you receiving your insurance entirely through Mass Health? Your best best is to contact Mass Health directly. At 62, COBRA won't carry you all the way towards aging into Medicare because it's only available for up to 18 months. In that case, you would need a Marketplace Plan. Luckily, if you've retired and your income has decreased, you'll most likely qualify for a plan with a low premium due to your adjusted MAGI. If it turns out that you do need a Marketplace Plan to bridge the gap between retirement and Medicaid, please feel free to give us a call: 888-410-0344.
Surely it’s easier to just retire to a real country where your life chances and quality of health aren’t purely tied to your income?
Yep. I pay $75 a month for private health insurance in Mexico, where the care is actually really good. The US and Canada completely screwed up their healthcare systems (Canadians and Americans both come here for treatment - Americans because of the cost, Canadians because they don't have to wait for months).
@@tbobtbob330 Thats great! The only problem is its in Mexico. There's a reason they are all trying to cross the border, Dude.
@@nickv4073 It's because they can make a lot more money here and send most of it back to Mexico. You can live pretty well in Mexico on your retirement income and the weather is way nicer down there. I'm thinking about retiring there or somewhere close to there.
@@tbobtbob330 Bull Shit. Nobody is going to Mexico for any kind of medical treatment. Lol.
I'll Just retire at 56 and my wife will retire at 62 then we will go to the philippines for 3 years and live cheap until we qualify for medicare. currently i am 40 years old. 15 years and 3 months until retirement. i worked most of my life. my wife has not so when the kids are older then she will go back to work.
Enjoy your early retirement! We wish you well!
can you get short term insurance if your spouse is insured through their employer
Yes! You are by no means required to sign up for your spouse's employer sponsored group health insurance. Let us know if you want to look at some plans available in your area. You can reach us at 888-410-0344.
I don’t have job security and may be forced to call it quits sooner than I would like to so it’s great to know ihealthbrockers is out there. I really appreciate these videos
These are certainly trying times. If there's anything we can do to be of assistance, please don't hesitate to reach out.
Misleading to say when you retire and your income level is lower...income still comes from somewhere - usually from retirement funds you tap into to meet your financial obligations. I don't know how an accountant at $30/hr.(unknown to me!) could whittle down your income if it includes using your own finds to pay rent, mortgage, utilities, insurance, payments, food, debt. If I were to retire and had no money to pull from to meet obligations, yes, I might qualify for Medicaid. But everyone else taps their savings and does not qualify for a tax break. Hard place to be without an employer plan during those 60-65 years before Medicare eligible.
Thanks for your comment. We discuss several options in this video and one of them is Medicaid. You're correct in that many people do not qualify for Medicaid because the criteria is pretty stringent. However, when you retire your income usually will be lower than when working. This lower income may make you eligible for a tax credit on the marketplace and lower monthly premiums. But yes, you're right. It can be a difficult position to be in which is why many people put off retirement until they are eligible for Medicare.
exactly! I thought I could stop working and was shocked at all the loop holes and hoops to jump thru only to find out that I would owe money at the end of the year if I worked part time to pay for this "affordable" insurance and have the money for the high deductibles... and if I lived off savings that would be considered 'income' somehow. It just didn't add up so I went back to work.
Cobra is super expensive, I went with a ACA bronze plan. Deductible is high, but includes free physicals and cheap prescriptions. Only $77 a month for both of us, I consider it as catastrophic coverage if something bad happens.
That's a great way of thinking of it, especially if you're in generally good health.
Do you receive the same commission from all plans you work with, or do they vary?
It depends. For example, Medicare Part D plans pay the same commission regardless of the carrier. However, commissions for Medigap plans may vary. It's very important to work with a broker that you trust.
Thanks so much for this information! If I decide to retire in September and am interested in ACA, should I count income for the whole year or just the 4 months I will be without a job in 2023? Thanks!
It would be your income for the whole year. Happy early retirement!
Don't do it! You may save money on monthly premiums, but the first time you get hit with a 8000 or $14,000 deductible, you will regret it.
@@bradh9800 I guess I can choose from plans with different deductibles. I understand low deductible plans typically have higher premiums.
Does ACA base your premium amount on the prior years IRS return or The last 3 years of IRS?
You premium is based on your estimated income for the upcoming year. Thanks for your question!
@@iHealthBrokers What if your actual income of the upcoming year greatly exceeds your estimated income (to get the subsidies). Do you have to pay a penalty for missing your estimation?
@@omnipotentone5628 That's a really important question! The subsidies are basically a tax credit paid upfront. These tax credits are reflected in a lower monthly premium. If you end up making too much money to qualify for the tax credit, you will have to pay it back when you file. You may want to speak with an accountant to get a better idea so you don't get hit at tax time.
If you turn 65 and have an ACA policy, do you lose it--or can you get Medicare and a Medicare supplement through the ACA? Also, a friend not on TH-cam wants me to ask how much are the silver ACA policies for people who make 45k per year before expenses (not sure if ACA bases your policy price on gross income or AGI). They live in NYC like I do. Thank you.
Hi Anne. You'll have to get Medicare through Medicare.gov. You can view the available supplement plans there as well, but you'll be redirected to contact the carrier (insurance company) directly to find out prices and enroll. It's a lot of legwork, so if you'd to streamline the process, we recommend working with a broker. You can reach us at 888-410-0344 if you'd like assistance. As to your other question for your friend, it's pretty difficult to provide prices without more info. BUT, your friend can easily view the plans and prices here: nystateofhealth.ny.gov/individual/searchAnonymousPlan/search If your friend enters some basic information, they'll get a better idea of the plans available and price ranges based on income, household size, etc... They can also call us if they want someone to walk them through the process-there's no charge. We just need a little more info to give you an accurate idea!
@@iHealthBrokers Thanks for your help today.
@@anneraso5621 Our pleasure! Best of luck :)
I'll move to Canada when I retire. My mom is a Canadian, so I have universal health care.
We hope you enjoy your retirement!
But my Canadian relatives come to the US for serious things because it takes so long to get seen for them up north.
I plan on retiring at age 57, and as a USAFR retiree I'm eligible to enroll in Tricare. However, I've never purchased Tricare, are there any advantages or disadvantages to buying it as opposed to ACA?
That's really hard to answer! There are so many ACA plans available to compare it to (as well as different Tricare options). Your best bet is to compare the summary of benefits of your Tricare plan to any of the ACA plans that you're interested in. This year, under the ARPA, many people are getting additional premium tax credits and you may be able to benefit from those if it's extended... If you want help comparing all of your options, please feel free to give us a call: 888-410-0344. Thank you for your service!
Hi, what documentation as proof of income can I submit to ACA healthcare to qualify for the subsidy if my only income this year is from traditional IRA to Roth IRA conversions?
Do you have any type of letter regarding the conversion? If not, you can get one from your carrier. That should suffice!
@iHealthBrokers I will ask for a letter. The ACA rep I spoke to did not know. Thank you for the response!!
@@bevmora5222 Glad to be of help!
"Licensed in all 50 states" ... any recommendations for Guam or Puerto Rico?
Not at this time. If anything changes, we will let you know!
The cheapest coverage I found is $700 per month
There may be less expensive options available (dependent upon your needs and circumstances). Give us a call at 888-410-0344. There's no charge for our services or pressure to buy/enroll. Hopefully we can point you in the right direction!
I will be 62 in September of 2021. I want to start drawing my Social Security. I might lose my Medicaid Health insurance.
Is the 36 month short term Health Insurance available in New York State?
New York State is one of the few states that does not offer short term medical plans. Have you tried calling Medicaid to determine the effect on your current coverage?
I have not called Medicaid yet- but will.
If,I lose medicaid,I will call your site in November as,I will need a Broker to help me out.
Hopefully,I can get a Health plan for under $200 a Month.
I have your number and,I also subscribed to your channel.
Have a great Monday!
@@billschmidt4192 Best of luck, Bill! We hope all goes well for you and if you have any questions, please feel free to give us a call. Also, thanks for subscribing!
You should all be ashamed for pushing the ACA as an inexpensive health insurance for retirees on a budget. You may save money on monthly premiums, but the $8000.00 to $14,000.00 deductibles could end a retirement immediately.
There are plenty of plans with lower deductibles. As a retiree with a lower income you will likely be eligible for a larger premium tax credit an able to afford a great plan. We also discuss other options in this video.
Another restriction with Cobra is if your company goes out of business, you lose insurance coverage...
That is a REALLY good point!
Retire early and get on Medicaid
Tax payer funding for universal health care instead of military
I believe everyone in the United States should have afordable healthcare but it is not realistic to think we can get by without a military.
If you’re turning 65 and am working and have health insurance, do you still need to apply for Medicare part B?
If you're working past 65 and want to keep your employer based health insurance you need to DEFER Medicare. You'll most likely be automatically enrolled when you turn 65 and you'll receive a card in the mail. Make sure to follow the instructions on the back of the card and send it back right away otherwise you'll be charged for Part B. If you're keeping your employer based health insurance, you don't need Medicare Part B and you don't want to pay for it on top of your regular insurance. Once you retire, you'll need to reapply.
@@iHealthBrokers Thanks for the good info. So, sounds like no need to do anything until the card arrives, and then indicate deferral.
@@StevenBrener Exactly so. Let us know if there's anything else we can to do help!
I'm looking to retire at 52.. Suggestions?? Thank you..
If you are retiring early, your two likeliest health insurance options are ACA plans or short term health insurance plans. The good thing about marketplace plans is that your eligibility for premium tax credits is only determined by your income (not your assets). So if your income is low and you are living largely off of your savings, you'll likely be eligible for a very large premium tax credit. In this way, you will probably be able to get a plan at a highly discounted rate. Another option is short term health insurance plans. These are private insurance options, but if you are relatively healthy, you should be able to get a plan with a relatively low monthly premium. Either of these options will tide you over until you are eligible for Medicare at 65. Thanks for your question!
They make everything complicated and confusing for a reason, MONEY.
ACA Silver Plan. 90 dollars a month. 5 dollars Co pay to see specialist. 950 MOOP. BCBS
Premiums are very low right now under the American Rescue Plan Act. We are glad that you are happy with the plan you picked! Enjoy your early retirement!
Cobra is a little bit restrictive? Talk about an understatement. Its very expensive..The ACA is cheaper because your income is lower but still expensive when you consider the loss of income. And good luck with finding a broker. Most don't want to deal with the ACA market place because their commissions are so low. Short term insurance plans are junk plans. Why do you think they are cheap? Because they have very low maximums they will.pay. Not to mention that they don't cover many treatments that regular insurance does. That's why the
ACA has not recognized them. She didn't even mention that. People will find out all the pitfalls when they start researching the details. I did when I researched. I went to.medicare but had to find insurance for my younger wife. Junk plans, health care ministries were a complete joke, and Cobra was expensive as hell. If you want good insurance you will need to pay full freight unless you qualify for a subsidy. You can buy a junk short term plan but you are rolling the dice if you have an expensive illness or injury.
Sorry you've had such a difficult experience! We actually do assist with marketplace plans. Although there are short term plans that are far from ideal, there are options to be found. If going the short term medical plan route, you'd definitely want to use a broker. The problem with STM is that pre-exisiting conditions will not be covered in the first year. However, many multi-year plans will cover them in the second and third year. That still leaves you with a year to figure out.
Does COBRA apply to the public sector?
It doesn't BUT government jobs have their own version of COBRA. Great question!
Question, besides English speaking, do have people who can speak other languages?
Hi Tony, if you'd like you can e-mail us at info@iHealthBrokers.com so we can help.
Marketplace was so expensive. 850 per person with an 8 thousand dollar deductible
With the premium tax credits currently available, that does seem quite high... Please feel free to contact us directly and we can see if there is a better less expensive option on or off the marketplace. 888-410-0344.
Im not a citizen yet can i get the benefits for retirement or can i file a retirement even if im not a citizen yet?
In order to be eligible for Medicare, you must be over 65 and a U.S. citizen or over 65 and a permanent legal resident who has lived in the United States for at least five years. Additionally, you must have worked at least 40 quarters in order to qualify for premium free Medicare Part A. Thank you for your question!
@@iHealthBrokers thanks
I just found out my cobra is $1600 per month for me and my spouse!!!!
Yikes! That's not terribly surprising though. There should definitely be lower cost options available to you.
Unless you retire to just about any other country outside the US. Then you won't have to worry about health insurance... Wish the US would get this right one day.
Many people do!
@@iHealthBrokers Yep, I'm going to be one of them next year.
I am 60 and up until the end of this year my employer will provide subsidized insurance rate until I’m 65……..As long as I leave and retire by year end 😡😡😡. However I’m sticking around until I’m 64, and will take the non subsidized rate, which is $1k more per month. They are putting $50k per year into my pension plan…so why not 😂😂😂
Wow...talk about being between a rock and a hard place...Best of luck and thanks for your comment!
ACA is the way to go. You can have millions in the bank and pay 150 a month for the silver plan. Simple. Just can't show a big income.
Absolutely! Especially right now. The premiums are exceptionally low due to the American Rescue Plan Act.
Is it an obligation to get health insurance if I retire at 63 years of age? In other words, can I wait until 65 and apply for medicare?
Absolutely not! You can certainly wait and apply for Medicare. Although it is a bit of a risk to go two years without any type of coverage. That being said, you could look into a high deductible health plan or short term medical plan if you want coverage for emergencies with lower premiums. You can give us a call at 888-410-0344 if you want to look at some options and run some numbers. Happy retirement!
Could you be a little more specific on the term baked?
Basically we just mean included. If you're looking at a specific plan on the marketplace or working with an agent or broker, the premium will be exactly the same. You will not save money by contacting the carrier directly, nor will you be charged more by working with a broker. Some brokers may charge you a fee (not attached to your premium) but many don't. For example, we do not charge our clients any additional fee for our services. If you'd like our help (no charge!), you can reach us at 888-410-0344 or ihealthbrokers.com.
I am more confused after watching this video than I was before I watched it. 😩
I just could never get my head around how this system of healthcare, a fleecing of America, is just treated as legitimate business. I thought extortion and racketeering were illegal.
Retire early and moving to the Philippines!
A lot of people do move abroad!
Actually…
Yes...?
American health care is nuts…. Just wow…
It is a very complicated system.
@@iHealthBrokers no offense but it’s not “complicated” it’s unjust.
POLITICIANS are nuts. They over complicate literally everything.
Why everyone can’t get free healthcare?
Unfortunately we can't answer that one!
COBRA is way too expensive. Nobody can afford it..
Definitely not our number one suggestion! It's really meant as a short term solution.
If retired early then generate no or little income.to qualify for free medicaid.
That's a great option for those who qualify. And yes, if you generate little to no income, that's one half of the equation. BUT, they also look at your assets to determine if you qualify. Good luck and enjoy your early retirement!
@@iHealthBrokers No they dont look asset in my State . When you buy Obama care, you enter income and if it is low, it will send you to State Medicaid.
I guess if States hasn't implemented Obama care, may not work. Also my state lower property tax by 75% if you are low income. Split your 401K and 401K Roth. If you save too much in IRA or 401K, will pay huge tax. You can get by with Roth and generate no income.
@@lifeisshort99 I would stress caution in the event anyone considers fabricating any adjustments to look as though you have no other funds while you do have retirement assets. Medicaid can hold you accountable for those subsidies you tapped but we're not eligible to use. It's in the fine print...
@@LMTino I am not fabricating anything or cheat. I do make plan and make to qualify it. You sounds like have a knowledge but dont know much. You wrote your opinion rather than facts.
Medicaid is income base just like Obama care. Rules are clear. As a couple if you make less than $24K a year, you get medicaid in my state. So if my income exceeds that amount I disqualify. So if I projected to make $27K, I sell my stocks in hole and take $3K loss. When I buy stocks or ETF, I buy stocks with no dividend and not take profit to generate income. It is planning not cheating.
In Old day maybe asset was counted but not now. Oh if you live in Republican state where state didnt adapted Obama care, asset still may counted. My state even gives property tax cut for low income, not low asset. Even anyone over 61 and owns $1B house and low income gets property tax cut. I don't feel bad getting medicaid since I have paid tax top rate and paid max medicare tax most of my working years. I will never recover amount of tax that I paid through medicaid or social security benefit since I was in top payer.
I sold my second home and still qualified for Medicaid since house has $500K profit exemption. I report everything on my tax report and you need to file tax report to get medicaid. My advice to who plan to retire early is plan to not generate income such as rental property, dividend paying stocks until you get medicare if you want Medicaid to bridge. If you have 401K or IRA, consider low income limit. As a couple if 401K was only source of income, take out less or $24K each year and pay no tax on withdrawal. . If you have way too much asset, it wont work. Works for people on the margin.
Oh! Many states dont have medicaid anymore. Now each states has their own if they implemented Obama care. Since I am collecting social security starting this year, I wont qualify next year. Hope Biden changes Medicare age to 60. Biden knows early retirees issue.
Take adventage of early retirement with little or no income until medicare and Social Security kick in . Free or reduced bus fares, 75% property tax cut, free medical insurance, reduced electricity and utilities bills, and many. Dont forget 25 cents Mc Donald's sr coffee too. 😆
These things helps still draining my retirement savings since I have low income.
If you can manage under $24K income during early retirement, there are few benefits. So make plan around it such as set a side retirement savings and paid off house and other payments. If you have no payments other than utilities, you can manage to live with 24K income with savings. Obviously you paid lots of tax to afford early retirement. These gap years between social security only few years in most of people's life anyway unless change the law. I know my tax year is not ended yet. I will have to face huge tax when I have to withdraw my IRA after 72, subject to law.
Oh my gosh I retired early cuz I have a cute face and they got me a rich sucker to pay for stuff
>at least double plus fees
>little bit restricted
🥴
Just an option!
Buy you some health insurance instead of buying your wife a new house,enough said.
🤣
If you leave the united states medcare is no good most other contries wont except it . If you are over 65 most insurance companties will not insure you. You need cash money for med bills
Hi Jeff. You're correct in that Medicare alone will not work internationally. You would need a Medicare Supplement Plan or some type of travel plan. Thank you for your comment and for watching!
Most Medicare supplement plans as plan F, G & N have a $50,000 max coverage that will cover health emergencies in other countries. 50K is the max. I’m sure you would have to pay out of pocket and then you would be reimbursed up to $50k. This is only one time for life. I don’t think that the Advantage plans offer this but not 100%
Cobra is pure crap. It's ridiculously expensive. So, don't quit (or get fired!) before November! Just go to the ACA and be done with it.
Yeah, its definitely not our number one recommendation. It's really meant as a stop gap, not a long term solution!
Omg Cobra is too expensive. Move the F out of the United States if u want to retire early and be able to afford healthcare insurance.
You are not wrong there! COBRA can be extremely cost prohibitive!
Yeah is way too expensive to afford.
@@evelyndelacruz325 We agree. DEFINITELY not our first recommendation, but we put the information out there so people can make an informed choice!
Or just invest in an HSA account. The investment income can pay for your health insurance.
@@Hboogie182 Exactly. I'm doing it. :-)
Thank so much for information but please your voice really hurts mu head
Must be nice to get all of this for free. But we work hard to enable the lazy people to be covered. Can't retire till 65 and life isn't much fun at that point.