Health Insurance For Early Retirement - Here Are 4 Options

Health insurance for retirees under age 65 can be a challenge. Here are four options if you need health insurance for early retirement.

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--- About Patrick King CFP® ---
Patrick King is a fee-only financial advisor in Atlanta and the Founder of Prana Wealth. Over his career, Patrick has helped CEOs, all-star athletes, Grammy-winning artists, and many others build their wealth, retire sooner, and create a legacy. Patrick enjoys yoga, mountain biking, golf, travel photography, and Clemson football.

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[whyme]

In the richest country, lots of folks are slaves to their jobs close to golden years just because of HI

[khaledamin]

Thanks for all the detailed information you have provided in this video. I like your way of explaining every point. Keep sharing such great videos in the future also.

[henrythomas]

Your videos are very useful and provide lots of information. I have received lots of help after watching this post, please continue to share this kind of information. Thank you.

[llkg]

It's a Catch-22. I need medical care to stay alive, but I need a W-2 job for high quality affordable medical care, but the job's killing me.
I'm in my 40's, and I could afford to retire now if not for the health insurance issue.
An ACA family plan is ridiculously expensive and all but the platinum plans are dog 💩 (high premiums, very high deductibles, very high max OOP, and limited networks that don't cover the halfway decent docs and hospitals in my area). And the platinums are INSANELY expensive and still don't cover many of my needed specialists.
And I can't build my HSA as I max out contributions and spending every year.
I think my only hope is to try to find a super easy job (even if super low paying) with good benefits and see if I can survive another 7 years until our kids are all off the plan and my husband (self-employed) qualifies for Medicare. Or 5 years if I pay for COBRA for the last 2 years...

[anniewilliams]

Another invaluable channel, will definitely explore more videos from you, sir. This will help me plan my parents insurance, thank you!

[etcomehome]

I just learned that short-term health insurance can last up to 3 years in some states so it's another option for early retirees.

[jkbc]

COBRA is a misconception, it is expensive to use cobra cause people dont realize they will have to pay 100%. The HSA is great idea, it's a pretax contribution.

[christopherhennessey]

Finally found a decent deal this year at age 62 . I had health insurance first two years after retiring in 2014 ( am a retired RN).
Paid $ 663/ month for health insurance the first year and $ 677/ month the following year.They wanted to jack it up to $ 913 /month when I turned 58.I said no, went without for 5 years.In the meantime I was able to get out of debt.Thank God, nothing catastrophic happened to me . This month I was able to obtain some decent health insurance at $ 673/ month, which includes some supplements to defray some out of pocket costs. Sounds expensive, but trust me in South Florida $ 673/month is a deal. Since my RN pension is now supplemented by Social Security benefits, the premium hit is easier to take. Medicare in two years.

[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.

[lynwill]

Great news. I will contribute more money to HSA. Thank you

[deepsea]

For the military veterans out there: you might be surprised to learn that you possibly are eligible for health care through the Veterans Administration. A call to your local VA office, or visiting the VA website, will help determine your eligibility.

[RetrieverTrainingAlone]

I retired at 62 and we reduced our gross income to stay under the threshold for Obamacare subsidy. Blue Cross Gold policy for less than $1, 000 per year. The same policy if unsubsidized would cost over $27, 000 per year. Since we live in Alaska the gross income threshold is $89k. We can get treatment in Seattle, WA so that is nice also.

[harryp]

Very good information and my largest concern as to sorting through coverage as I want to make certain I’m covered before leaving the work force.

[jessefletcher]

I retired USAFR and recently found out that when I begin drawing retirement pay at age 60 that I am eligible to enroll in Tricare Prime or Tricare Select for a premium of only $54/month, and at age 65 when I enroll in Medicare that Tricare will automatically convert to Tricare for Life which acts as a substitute for the Medigap or Medicare Advantage supplements and that Tricare coverage costs $0/month.

[fourhillsfarm]

My cobra payment was about 55% of the full self payment I had been making before I was forced out of my plan.

[jimfarmer]

I'm glad you really stressed the importance of the HSA accounts. It's especially valuable for people on Obamacare because withdrawals from HSAs to cover medical expenses doesn't affect you subsidies and contributions to HSAs will reduce the income that is used to calculate your subsidies.

[isthisforreal]

Where are the links you said would be shown??

[amerlin]

I didn't find any ACA plans available to me which would cover most of Victoza cost. I ended up with a (crappy imo) 'Gold' UHC plan for a bit over $1200 a month for just me, but it covers $700 of the monthly Victoza cost. Guess I'll take sizable IRA distribution this year and check again next fall (for option to keep income low next year to qualify for ACA).

[sophiethewestie]

Is there a way to contribute more for HSA beyond the catch-up option? Can both spouses contribute to it if only one spouse is carrying health insurance for the entire family?

[thecapablecook]

Just a reminder to lookup HSA eligibility BEFORE signing up for your insurance plan, because there are out-of-pocket max limits that need adhered to, as well as the minimum deductible amounts. :)