Health Insurance Options Before Medicare Eligibility

6 health insurance options to bridge the gap between when you retire and lose you employer-sponsor coverage and when you start Medicare at age 65.

Links in this video:

#Medicare #HealthInsurance #RetirementPlanning

DISCLAIMER: This video is only helpful hints and education. It is not specific tax, legal or investment advice. Before considering acting on anything you see in this video, first consult with your tax, legal or investment advisor. While the information expressed in this video is believed to be accurate, neither Andy Panko, CFP®, RICP®, EA nor Tenon Financial LLC make any guarantees to its accuracy.

[lionmangolf]

Another option is thru PT employment. I recently had retire from my FT mgmt role.

[Medmann]

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.

[smsunder]

Thanks, Andy for apprising us seniors with more knowledge with healthcare as we prepare for retirement or currently retired but not old enough for Medicare. For us, we have used the marketplace since retiring at age 58 receiving healthcare subsidies.

[emikami]

One other option that many may want to consider is that some employers still offer health insurance coverage for part time employees. Starbucks is one such as example. If you're retiring from your normal work before 65, you may not want to commit 40 hours/week but still may be young enough to be doing something part time.

[lilishippe]

It is so sad that the limited options early retirees have. I checked the market place and spoke to health insurance brokers. The prices are outrageous and the coverage is very limited(high deductible etc). As a country, the US definitely failed its people.

[jhors]

Thank you for posting this helpful video

[shawna]

Thank you! You answered a lot of my questions.

[robbieb]

Thank you. Your video was extremely helpful and what I loved about it is you got to the points and explained everything in a timely fashion. I hope to be retiring early and marketplace seems like the only viable option for us. Thanks again.

[RetrieverTrainingAlone]

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.

[sumitomoOO]

Why didnt you cover Medicaid? They say that if your income is low it is free insurance

[MrCPPG]

What about Veterans Administration care?

[theacase]

Would you more clearly define “gross income”? I.e. last years 1040, last months condone, anticipated future income. Thank you.

[superluckett]

if i retire mid year, is a tax credit always calculated at annual gross income or just income after you retire? if whole year, it would make sense to keep cobra til january?

[clemzahrobsky]

if your company is downsizing and looking to get rid of high paid employees get them to extend your health care till 65 as a condition of you taking early retirement.

[virginiasanmiguel]

This video was super informative. My problem is that I plan to start converting ira to Roth and that becomes part of income. Will take me over income level. Thanks for sharing

[Brutushungwell]

If you are a veteran you also have VA medical benefits

[mikebillmann]

Hello, just watched this video and I was wondering why you didn’t mention Medicaid/ Medi-Cal? If you retire early and live off your cash, you have no earned income. If you are younger than 59 1/2 you won’t be taking taxable IRA distributions yet as income. Without any income you are deferred to Medi Cal unless you want to pay full price direct from the insurer. Do you have any videos regarding this situation?

[nitra]

Should I assume that a single person making under 51K could qualify for health premium subsidies?

[anniesshenanigans]

If more people protest outrageous insurance costs, maybe the cost will go down. I cannot retire early because of this!!

[MargaretOliviau]

"Retirement isn’t an end goal, but a journey best secured by careful and consistent investments."