Health Insurance For Early Retirement! (All You Need to Know)

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Most of the time, when people plan their early retirement, they know they want to retire early, but they have yet to learn about where the health insurance will come from, how much health insurance will cost, or how to even get it!

Health insurance is vital in early retirement. It provides you a secure retirement and safeguards you from any uncertainties.

Today, in this special podcast episode, we have Lyndia Cunningham, a licensed health advisor and a certified medicare insurance specialist from Move Health Insurance.

She'll shed light on health insurance, especially for early retirement.

So, without any delay, Let's dive deep into it!

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Time Stamp
00:00 Intro
02:30 Guest Intro
04:45 Discussing The Insurance Options Available
06:15 When To Start Considering Health Insurance
07:40 How to Obtain Health Insurance Options
10:00 How Broker Fees Work in the Health Insurance Industry
15:44 Discussing Various Strategies
16:40 Summary
18:40 Pro Tips

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eBook: The Complete Guide To Health Insurance (FREE)→

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Ari Taublieb, CFP®, MBA, is the Vice President of Root Financial Partners (Fiduciary) and host of the Early Retirement Podcast.

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⚠️ "DISCLAIMER:⚠️

All content is not to be received as financial advice, and each individual should consult with their dedicated financial planner, tax preparer, estate attorney, etc., before making any financial decisions.

This video contains content I created and got permission from its creators to use. This Channel DOES NOT Promote or encourage Any illegal activities; all contents provided by This Channel are meant for EDUCATIONAL AND ENTERTAINMENT purposes only.

[ggmelful]

Just wanted to say that this video was fantastic! Lyndia was a great guest - she knows her stuff, and she did a great job of explaining it in a way that was easy to understand. Too many other YouTubers tend to gloss over this topic, which is unfortunate because there's just so much to it. If you have her on again, I'll make sure to listen in. Great job to you both!

[Adam-dmwg]

Health insurance is one of the biggest challenges for early retirement. Without employer-provided coverage, finding affordable options can be tough. Have you guys thought about how you’d handle this if you retired early?

[MattsMkia]

I was advised to diversify my portfolio among several assets such as stocks and bonds since this can protect my portfolio for retirement of about $150k. I want to know: Do I keep contributing to my portfolio in these unstable markets, or do I look into alternative sectors?

[JacobReynolds-tv]

This is my fifth year after retirement. I’ve been following the 4% rule thing I saw on a YouTube channel, but this isn’t really how hard I expected things to be. After I cashed out a lump sum, I still have about $760k left, but at this rate, and with how the market is (we were putting money away in an index fund), I’m starting to get worried.

[jeromesand]

I need a way to draw up a plan to set up for retirement while still earning passive income to meet my day to day need and also get charged lesser taxes even while in a higher tax bracket. i want to invest around $250K savings.

[Will]

I retired at 55 and moved to Portugal on a residence visa. My insurance is very affordable around $150 a month private insurance full coverage. If I stayed in America I will need to pay $900-1200 a month.

[racedub]

A video on what counts as "income" when measuring the Medicaid threshold would be helpful.

[jend]

The key to avoiding high healthcare costs is to be healthy. I’ve been self-employed for over 16 years and have the ACA since it came out. I pick the cheapest plan which gives my coverage in case of an emergency and all my wellness care. I pay $131 per month for a bronze plan. I have paid up to $270 per month in past higher earning years.
I pay out of pocket for things not covered if I need them and get a 45% self pay discount. I don’t pay a lot for healthcare per year and focus on being active and eating healthy non processed foods.
I pay less on medical costs than many pay for insurance alone per year. This has been my way to not fund a ridiculously priced industry. I’m nearing 59. Protect your health at all costs!

[stevenmeyers]

What’s also important to consider is that most of the ACA plans (at least in my state) are very narrow network HMOs. My primary care Dr does not accept any of them. Subsidies are great but the ACA plans are not great. Certainly better than nothing though.

[davidpeters]

There IS an income cliff for cost sharing reductions on the ACA. The cliff was removed for ACA premium subsidies, but not cost sharing. If your income goes $1 over the limit your healthcare costs can increase by many thousands of dollars.

[Move_Health]

Thanks for having us, Ari! Grateful for the opportunity to shed some light on a top concern for early retirees.

[paulscheuer]

@ari I'd like to suggest that in the next episode if / when you explain how types of income affect MAGI and ultimately the size of the subsidy, please use several examples (5?) of a mix of cash accounts, brokerage accounts with capital gains, Roth $s, converted ROTH $s (and the timing of the conversions) in order to illustrate how the composition of this income affects the ammount of the subsidy.

[jeremysensenig]

Thank you for addressing this important topic. It is so often ignored when people discuss finances and retirement. When I talk to people (often teachers I work with) they often say health coverage is the number one thing stopping them from retiring or changing jobs. I know for me it is my number one.

[BillyNewport-ezvn]

Married couple retired, 57 years old, ACA plan in Florida which is 2k a month with a 7k deductible each after which they pay 100%. Average yearly cost is $24K premium plus 7k deductible payment so $31K a year, we don't qualify for subsidies.

[kristy]

My husband and I are 54 and my husband will be retiring in January 2025. We made a lot of changes to our lifestyle in order for him to retire so early. Our retirement income will solely be my SSDI and LTD, and DH will be getting low-cost insurance through the ACA. Fingers crossed that he continues to be extremely healthy.

[FootVanTraveler]

Good info, not something I didn’t already know but the important thing to know is your modified adjusted gross income (MAGI) affects what you will pay in the ACA. You need to be above a minimum to qualify, the more you make the more you pay.

When I looked in 2024, to get free insurance you need to be below 40k per year. Roth income doesn’t count so if you think you going to retire early you need to fund Roth accounts to the max (contributions can be taken early without penalty)

Brokerage money can help because only the gain is part of your MAGI, your contributions don’t count.

Your withdrawal plan is critical to not spending tens of thousands in premiums with high deductibles.

[andywang]

This is super helpful and takes the stress out of looking for healthcare when retiring early

[desiv]

Yeah, this is a big item to consider... Getting closer to retirement and talked to an insurance person...
Because we have done fairly well (pensions), we don't qualify for a lot of credits.
So the ACA is on the most expensive side.
In my state, I am looking at $700/month on the low end (higher deductibles, etc) thru my employer plans and up to $1, 300/month on the higher end thru ACA.
So it's looking like probably $900/month for the plan I will probably want. That's a chunk of change.

[janetsmith]

Great video and information on the matter...just began researching the topic.

[mohanimaharaj]

I am thinking of retiring by 62 so this session was very helpful.