Social Security Projection Up

[Yppej]

It now looks like I could, living with my current frugal practices, retire at 63 rather than 64 were it not for those pesky things called medical insurance and inflation - meaning my savings would cover the shortfall between my projected Social Security benefit and my average monthly spending.

I seem to recall some of you got on Medicaid when retiring early because it only looks at income not assets. Is that correct, and is that only until you hit 65? Iris Lilies maybe?

[Tybee]

Maybe you mean ACA? You can't get on Medicaid if you have more than 2000 dollars in assets.

[Yppej]

Maybe you mean ACA? You can't get on Medicaid if you have more than 2000 dollars in assets.

I thought the Medicaid rules varied by state?

[iris lilies]

Maybe you mean ACA? You can't get on Medicaid if you have more than 2000 dollars in assets.

ACA expanded Medicaid allows millionaires to receive Medicaid, there is not an asset test.

No, neither one of us ever took Medicaid. Our health insurance went like this in chronological order:

* 18 months of COBRA mandated coverage from my old work place which, at the time, was $12,000 a year covering both of us, and now is much more. Of course we paid for that ourselves.

* Then, when that ran out, a period of ACA coverage which was super cheap because our income was low

* Then, ACA coverage that was NOT super cheap when DH’s father died and left us money, affecting ACA subsidies based on income, but even then it was cheaper than COBRA insurance

* Then, I went on Medicare and DH followed 5 months later

Jeppy, look at ACA plans. They are fine for lower income people, but you might qualify for expanded Medicaid as well if your income is REALLY low.* I’m not sure I would want my healthcare in the Medicaid pipeline, but that’s up to you.

* do not ask me how low you have to go to be on Medicaid. I don’t know. I do know that the little government ACA drones wanted DH to go on Medicaid because he had zero income after I left the ACA program. This was a bureaucratic problem tied to me being the main ACA policyholder, and when I moved to Medicare, he was on his own on the ACA system where he had zero income.

He did not go on Medicaid, we just kept sending them documents showing he had household income and that worked for a few months until he could draw Medicare services at age 65.

[Yppej]

I would not want to do COBRA. It is the super cheap ACA that will hopefully be around in four years.

[iris lilies]

I would not want to do COBRA. It is the super cheap ACA that will hopefully be around in four years.
In my view, unless you have specific health issues that will not be served by ACA policies, there’s no logical reason to have COBRA coverage.

My household was not logical at the time due to DH being… Illogical. I didn’t push him on it because I didn’t care, I just wanted out of work and we had money to pay COBRA premiums.

so yes, an ACA policy is likely the best solution for you

[Yppej]

In my view, unless you have specific health issues that will not be served by ACA policies, there’s no logical reason to have COBRA coverage.

My household was not logical at the time due to DH being… Illogical. I didn’t push him on it because I didn’t care, I just wanted out of work and we had money to pay COBRA premiums.

so yes, an ACA policy is likely the best solution for you

Did you go to an insurance agent? Or apply for it yourself online?

[catherine]

ACA expanded Medicaid allows millionaires to receive Medicaid, there is not an asset test.

No, neither one of us ever took Medicaid. Our health insurance went like this in chronological order:

* 18 months of COBRA mandated coverage from my old work place which, at the time, was $12,000 a year for both of us, and now is much more. Of course we paid for that ourselves.

* Then, when that ran out, a period of ACA coverage which was super cheap because our income was low

* Then, ACA coverage that was NOT super cheap when DH’s father died and left us money, affecting ACA subsidies based on income, but even then it was cheaper than COBRA insurance

* Then, I went on Medicare and DH followed 5 months later

Jeppy, look at ACA plans. They are fine for lower income people, but you might qualify for expanded Medicaid as well if your income is REALLY low.* I’m not sure I would want my healthcare in the Medicaid pipeline, but that’s up to you.

* do not ask me how low you have to go to be on Medicaid. I don’t know. I do know that the little government ACA drones wanted DH to go on Medicaid because he had zero income after I left the ACA program. This was a bureaucratic problem tied to me being the main ACA policyholder, and when I moved to Medicare, he was on his own on the ACA system where he had zero income.

He did not go on Medicaid, we just kept sending them documents showing he had household income and that worked for a few months until he could draw Medicare services at age 65.

Also, every state has its own Medicaid policies, so what is covered in one state may not be covered in another. Jeppy, see what MA covers before you decide.

[iris lilies]

Did you go to an insurance agent? Or apply for it yourself online?

I vaguely recall meeting with someone who handles insurance for seniors but We didn’t follow up with her or take her advice if there was any, I don’t really remember. We chose the cheapest ACA plan on our own.

When we got to Medicare age it was THEN we talked to an insurance broker because I think that landscape is more complicated to navigate.

[Yppej]

I've got a few years yet but will keep this in mind. No medical issues that I am worried about coverage. Thank you folks.

[herbgeek]

MA uses the same system for regular ACA and Mass Health (Medicaid). Its not difficult to navigate and there typically is only a limited set of options available to any particular zip code. The first year I had to send a letter saying I left the workforce mid year to explain my lower than projected income but otherwise at most they'll ask for latest tax return. The folks on the phone have mostly been helpful as well.

[Yppej]

MA uses the same system for regular ACA and Mass Health (Medicaid). Its not difficult to navigate and there typically is only a limited set of options available to any particular zip code. The first year I had to send a letter saying I left the workforce mid year to explain my lower than projected income but otherwise at most they'll ask for latest tax return. The folks on the phone have mostly been helpful as well.

Did you receive a subsidy? I see plans from $579 on over $2000 a month on the state's website. Currently I pay $80 a month as employee portion of premiums with a $400 deductible, so without a subsidy these costs are daunting to me. Even the low end would be a third of my monthly Social Security payment.

[herbgeek]

Yes i get a subsidy as our income is under the 65k threshold. Next year's cost went down substantially ( after increasing substantially this year.). The plans available to me range from 100-500 dollars a month. Not all of the area providers accept the cheapest insurance (but my provider does) so sometimes there is that tradeoff.