6 Health Insurance Options For Early Retirees

This video is about medical/health insurance options for people who retire early. If you retire before the age of 65, when Medicare kicks in, what options do you have? Insurance is expensive and if you retire early you have to account for it. Medical insurance is the biggest hurdle for early retirement. I will include 6 health insurance options for early retirees. If you want to plan for early retirement and don’t yet have a lot of money saved, this video is for you!
**I am NOT a financial planner! (I’m a teacher)! This is just the story of my personal financial planning for retirement. You should do your own research and talk with your financial planner before investing.

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[martinhernandez]

This was better than most videos on this subject. Thanks.

[jimfarmer]

I retired at 62 and my wife and I went on Obamacare bronze plan. We didn't pay any premiums for three years. We did have a high deductible but I had almost $40, 000 in an HSA to cover the deductible. We got lucky and still had over $30, 000 in the HSA when I hit 65.

[suzannecorbitendres]

Yes, insurance is sure a difficult maze to get through. Good explanation!

[sunkissed]

Glad I found this video as forgoing health insurance is not a wise option. Thanks for sharing this information as well as your retirement planning journey 🙂

[danjobry]

As always, excellent advice! 🎉Thank you!! ❤

[Chris-tfgi]

"Its for people who want to save for retirement but don't make a lot of money." SUBSCRIBED.

[jc]

Nice job, your vidoes are very informative!

[generationjones-lege]

#6 Health care in Latin America is excellent and inexpensive. I have private medical insurance in Ecuador that costs $180 each month. That covers 80% to 100% of hospitalizations (depending on the hospital). My yearly deductible is $100. Sometimes I just pay my doctor appointment out of pocket because it's so inexpensive.

[Bob-yhir]

Another option for some people depending on the state they live in is farm bureau insurance. Not all states have it but it is usually more affordable than the other private insurance out there.

[ListerBliss]

Thanks for a very helpful video! Did i miss where you posted the link to find each state’s taxable income requirements and related health insurance premiums, i don’t see it in your show notes or in a pinned comment. And that would be super helpful!

[essentialsimplicity]

Thanks for sharing. I’m also not planning to get long term care insurance. I’m a believer in most insurances and as a solo woman, I pay for short term and long term disability and a special cancer coverage insurance. However, I’ve heard too many negatives and loop holes regarding long term care insurance. I don’t have kids so I have a “die with zero” (like the book) mentality. So if needed I’ll use my funds to care for myself. If anything is left then the charities I’ve designated (and nieces/nephews) will get anything remaining. In all honesty (and this is probably more controversial) if I require long term care (I.e. nursing home) because I can’t care for myself, then I’ll be looking more at medical euthanasia that is allowable in some places (and perhaps more areas as time goes on). I have no interest in lingering and not having some type of quality of life. The only issue is if I end up with dementia and can’t make decisions for myself. Fortunately, while there are other issues in my genetics, dementia isn’t one of them (though there’s always the first person). My POA and health care proxy know my wishes so hopefully when the time comes (ideally many years from now 😊) they will make the decisions that align with my beliefs so I’m not suffering and not living any type of quality of life. I’ve witnessed a lot of family members old age and know what I want and don’t want. Hopefully, I will be able to make those choices as I’ve been able to make my life choices so far (for better and worse LOL!).

[tonyflaminio]

Long Term Care Insurance, not a fan. Most are too expensive and pay too little if anything at the end. Many companies have gone out of business that used to be in this business. Talk to folks that work at nursing homes and they will tell you their experiences with LTC insurance. Again not a fan and I will self insure.
Great video

[NathanWind]

Some employers offer a retiree plan that allows you to stay on your plan after retiring. Mine does, and even kicks in some money to help pay the premium. This is a huge factor in being able to retire before Medicare age.

[randolphh]

The ACA has been a great way to keep costs down if you can keep taxable income modest. We were able to get HSA eligible insurance through the ACA and still contribute to our HSA’s.
We bought LTC insurance in our late 50’s, the cost is $2500/yr for the couple. We each have a $100k policy.

[samanthadodd]

I want to do the same 59 1/2. Medical was the one thing that worries me.

[riodejaneiro]

Using your home equity for long term care in case you need it sounds good to me. You may not need it. Some people die at home, even alone, and are fine until the end. If your house can pay for it, that sounds like a good way to take that worry and expense off the table.

[almoemason]

#7. If you are a Veteran who served 90 or more days on active duty before September 1980 or 24 months after September 1980 or were deployed more than thirty days on Title 10 with the National Guard you may be eligible for health care from the Veteran Administration with no premiums and a few small copays. Know that this is only for the Veteran and not your spouse. Of course, if you retired from the military you have Tri-Care for you and your spouse, so no worries.

[visionsmagazineonlin]

Big problem I have is that I'm not a home owner. Rent eats up most of a persons income. HUD housing is scary. I lived in a HUD building. Lots of drug use and theft. My mail got stolen. My windshield got broken for not giving hand outs at 2 am.

[triciabrown]

Health Share programs are risky. People sign up because they want their bills paid — not because they want to pay other people’s bills. There have been lawsuits because people didn’t understand this and their bills didn’t get paid.

[markf.]

ACA does not stand for Ametican Care Act. It stands for Affordable Care Act.