Health Insurance in Retirement BEFORE Medicare. Getting health insurance before age 65.

Many people retire and lose health insurance coverage offered by their employer. They then often join Medicare so there is no gap in coverage. What if you don't qualify for Medicare and leave employer coverage? What if you or your spouse aren't yet 65 and lose group health insurance? In this show, we discuss how to fill this health insurance gap between retirement and age 65.

Investment advisory services offered through Dolphin Wealth Management Inc., a Registered Investment Advisor in the state of Florida. Insurance products and services are offered through Dolphin Insurance Inc., Dolphin Wealth Management Inc, and Dolphin Insurance Inc. are affiliated companies doing business as Dolphin Financial Group.

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[almoemason]

I see a lot of videos out there talking about the pros and cons of retiring at 62, this is the first time I have seen anyone talk about the importance of getting healthcare during that period. I have a friend, let's just call him DA. Now, DA decided to retire at 62. He had not included health insurance in his plans, it just cost too much. He was in good health, so he believed. He was thin, walked daily, annual checkups, no diabetes and good cholesterol, numbers. DA had it all worked out. He retired at 62 and was going to spend a couple of years traveling.. Two month's into retirement he had a heart attack. Now DA was ok, he just got a couple of stents and two weeks later he was cleared to resume traveling. Of, course DA now had a $47k medical bill that he had to pay. End of travel plans for him. It could have been much worse, if he had not had that money saved up for travel. For most of us in our 60's a $40k+ medical bill would be devastating.

[fishingbuddyph]

Excellent show, guys! You guys pretty much confirmed and answered every questions I had about health insurance...just before taking an early retirement. Thank you!

[dalecesafsky]

The affordable care act is fantastic! My wife pays $105 of $$640!

[clintstetler]

Thanks Guys. I am 54 thinking about retirement early. But this is a huge conccern

[cochranmike]

Good stuff guys. Retired physician at 61. Agree health insurance a must. I looked at ACA. In Texas it is an HMO. It is out of network at the big downtown Houston hospitals. Created a business entity with myself and wife so we could get a group plan and have a PPO.

[AsusMemopad-uslk]

Plenty of countries that DO have healthcare systems also offer retirement visas and have cost of living that is much lower than the USA. Find a way to make yourself useful and build up those countries, and your emigration will be a win-win for everyone.

[MWS]

Health in this country sucks….return to England and myself and my American wife and kids get it automatically. Worked for the telephone company and the CEO, Randall Stephenson decided to end health car until age 65 if an employee leaves. All this because Randall Stephenson lost 67 BILLION in bad decisions and the employees pay the price while he retires with $246K a month in pension. Worst CEO in history of ATT..if not the entire U.S.

[ksflyer]

Hey guys, when you get laid off after 20+ years at 58, work your $##ss to get work and end up doing contracts/1099 where you are covering your own healthcare cost, the "employer coverage" is a fantasy for a large part of the work force that is permanently caught in the contractor/W2/1099 loop.

[headlibrarian]

If you want that subsidy you have to delay Roth conversions, especially with the tiny ACA brackets singles get. That could be a lot of future money foregone to take that subsidy.

[scotth]

I just tried to sign up for the ACA. Wow! Sticker shock. I paid my mortgage off so if I kick the bucket, my wife won't be burdened.

Hell if I am going to pay $750 a month for a plan with a $12, 000 deductible.

At this point, I am just going to get a medical alert dog tag that says, "Uninsured, do not treat".

[Battlekitte]

You stated that the taxpayers subsidized the state employees health insurance but everyone subsidizes ACA coverage.

[survivor]

I retired at 62 and I had left work and applied for medical insurance online on my phone and got scammed I wound up with vision only I tried I picked a company online on my phone again and got scam😢med a second time the bank covered the first one I paid for the second one I just turned 64 was going to take a job to make ends meet one of the requirements is that you have medical insurance so this video I'm just getting into but I hope there's an answer for me

[barneyfyfe]

In New York you're forced to get insured through the state insurance marketplace.

[educatedwanderer]

We need to nationalize health insurance for everyone. The other alternative is expand Medicare to cover you starting at 62.

[freddyhollingsworth]

We need single payer, all the money going into one pot to prevent adverse selection...this will drive down the avg cost per person..drugs must get under control as it's not unusual for people to be on $10, 000 of meds per month...

[tanyachristenbery]

How do you find out the income bracket you fall in?

[judieloux]

I live fulltime in a rv, domicile in SD, spend most of my time in the southwest, so ACA doesnt help me. I am on SSDI, 60 yrs old, but there is a 29 month waiting period to get Medicare, and i still have 7 months left. I do not have insurance, and haven't had it the full waiting time. I have been paying out of pocket for my disability.
Do you have any options for me?

[ael]

I am 59 and have a HSA with my job. I would love to retire before 65 and covert my IRA to a roth, but I am afraid if my employer cuts my hours or lets me go I would need health insurance that would be out of my price range. I looked at cpvered California and I can get the best insurance by earning $20, 500 per year plus my standard deduction of $13, 850. So if I earn $34, 350 per year I will get the best insurance for free from Covered California, but if I'm not working how do I earn that. The answer is to convert that amount from your IRA to a roth Ira. That is considered income. For now my plan is to work to have my health plan, sock as much money into my Roth Ira, and convert my Ira leaving enough to get insured till I reach 65.

[rickyricardo]

We have about 5M, about half of that in taxable accounts consisting of munis, money market & total stock funds. Will it be possible to draw about 200K/yr off the taxable and still keep taxable income low enough to qualify for subsidies? We are both 58 and planning to retire end of 2024.

[sneakyquick]

Just go down to the border and then cross back over into the us and you will get free food healthcare and a phone. Live off the grid in California for 3 years consider it a vacay.