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Honored Contributor
Posts: 14,845
Registered: ‎03-09-2010

Re: CAN'T RETIRE BECAUSE OF COST OF HEALTH INSURANCE

I am paying over a thousand a month for my medical...six thousand deductable.It really stinks too.I can’t go to my old doc but must see those in the multicare. 

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Posts: 43,981
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Re: CAN'T RETIRE BECAUSE OF COST OF HEALTH INSURANCE

@Patbz.  I'm in the same situation as a retired state employee.  The only cost I've had for insurance for years is the same monthly Medicare charge everyone has.  I pay no deductible, co-pay or premium.   Even before I was on Medicare, I paid nothing.  I may not have gotten rich but I had and still have excellent insurance.  Believe me, I appreciate it, especially when hearing what some people must pay.

New Mexico☀️Land Of Enchantment
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Posts: 118
Registered: ‎03-15-2017

Re: CAN'T RETIRE BECAUSE OF COST OF HEALTH INSURANCE


@sea breeze wrote:

Unfortunately, that is why most of us held out to age 65 (for Medicare)~! My dad retired early due to health reasons, and his OOP was horrendous...it drained his savings.  If you're healthy (mentally & physically) then hang in there a few more years.

 

I listen to finanical advisors ...  heard that in order to "retire" & be fiscally sound, perform this math synopsis below:

 

 

   Your age  X  yearly salary .... divide by 10 = (Liquid assets)

                  If you have this much saved ... retire !


 

Even that isn't a enough money living in California (believe it or not!)

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Posts: 3,881
Registered: ‎03-10-2010

Re: CAN'T RETIRE BECAUSE OF COST OF HEALTH INSURANCE

@sea breeze:  That calculation doesn't account for any pension you might receive.  Mine and DHs are both good.  Plus we both get good social security and have a good nest egg (although not the recommended optimum.  We have been retired for twelve years, had plenty of health challenges (DH) and still travel the world at will.  Life is good.

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Posts: 118
Registered: ‎03-15-2017

Re: CAN'T RETIRE BECAUSE OF COST OF HEALTH INSURANCE


@Patbz wrote:

@sea breeze:  That calculation doesn't account for any pension you might receive.  Mine and DHs are both good.  Plus we both get good social security and have a good nest egg (although not the recommended optimum.  We have been retired for twelve years, had plenty of health challenges (DH) and still travel the world at will.  Life is good.


 

 

You are very fortunate to have a pension and SS.  Seems pensions are going to be a thing of the past!  Not many companies are giving them anymore.  

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Posts: 4,627
Registered: ‎03-10-2010

Re: CAN'T RETIRE BECAUSE OF COST OF HEALTH INSURANCE


@Patbz wrote:

@sea breeze:  That calculation doesn't account for any pension you might receive.  Mine and DHs are both good.  Plus we both get good social security and have a good nest egg (although not the recommended optimum.  We have been retired for twelve years, had plenty of health challenges (DH) and still travel the world at will.  Life is good.


 

Wow, both you and DH both get pensions?  You are so fortunate. I know a lot of retirees, and none have pensions. Instead, they must rely on SS and personal savings. 

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Re: CAN'T RETIRE BECAUSE OF COST OF HEALTH INSURANCE


@Kachina624 wrote:

@Patbz.  I'm in the same situation as a retired state employee.  The only cost I've had for insurance for years is the same monthly Medicare charge everyone has.  I pay no deductible, co-pay or premium.   Even before I was on Medicare, I paid nothing.  I may not have gotten rich but I had and still have excellent insurance.  Believe me, I appreciate it, especially when hearing what some people must pay.


@Kachina624  Yes you are very lucky.  I also have been a full-time state employee for the last 47 years (a different state).  Even with still using my employer's medical insurance, I have to pay deductibles, co-pays and monthly premiums (which are not outrageously high).  When I retire I can use the state's supplemental Medicare insurance, but that will actually result in costing me more than I pay now (which is why I continue with this insurance, rather than moving to Medicare).

Laura loves cats!
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Posts: 11,008
Registered: ‎07-09-2011

Re: CAN'T RETIRE BECAUSE OF COST OF HEALTH INSURANCE


@Chrystaltree wrote:

I don't see that as a "mess" at all.  Sure it's expensive but I know a gentleman who pays more for his non group insurance plan, he pays around $1400 now and he's just happy he's in a position to pay for his own insurance until he turns 65 and becomes eligible for Medicare.  It was, after all, his choice to retire before the age of 65.  That's the problem, individual  health insurance is very expensive and being 60 years old, that puts you in the demographic that uses their health insurance benefits.  Hence the high premiums and co-pays.   We don't have a national health care plan so no, it is not "crazy".  It's why we don't see as many people retiring at 62 now.    At one time, many people opted to retire before the age of 65 but that just isn't possible for most people now.  People have to wait until they are eligible for their Medicare.  Cars are expensive,  homes are expensive,  car insurance is expensive and health insurance is expensive even for those of us who have our insurance through employers because employers are passing along more of the cost to their workers.  This year my employer stared a "tiered" scheme when it comes to our health insurance coverage.  Basically, it's a reduction in benefits and the premiums are based on how much we make.  The more money you make, the higher your premium.   


@Chrystaltree

 

Are you happy with that system?

"Animals are not my whole world, but they have made my world whole" ~ Roger Caras
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Posts: 1,126
Registered: ‎03-08-2018

Re: CAN'T RETIRE BECAUSE OF COST OF HEALTH INSURANCE

It is sad that we must continue to work for health insurance.

 

The affordable care act actually made Health Insurance Unaffordable.  Our family paid for insurance on our own directly with an insurance provider.  We paid around $350 per month for a family of 6.  Once the Affordable Care Act came about that montly premimum quadroupled.  Thankfully by that time we  had employer health insurance again.

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Posts: 887
Registered: ‎03-03-2016

Re: CAN'T RETIRE BECAUSE OF COST OF HEALTH INSURANCE

Ok, here’s the thing about Obama Care.  If you are a single person and can keep you annual income under $48,000, you can get the horrible coverage for free instead of the $1000 a month.  Now, having said that, you live in the Bay Area so that isn’t a liveable wage.  

 

Also, when you apply for OC, they do not ask you abput your assets, the only the monthly income