Community Chat

[Estates]

Move over,Spinach. DH and I are with you. We have been self employed people all our working careers. ACA has really helped us. We used to pay $2500/mo for insurance. Since its start,we are paying anywhere from $500-1200.We are grateful for the savings. I took a big hit in income last year so we are now down to $312. We are trying to coast into Medicare then SS but life may have other plans. DH will be 65 in 1.5 years. I have 4.5 years. Not sure what health care and employment will bring in the next few years.I don't mind continuing to work but my business isn't doing so good. Trying to get my confidence up to maybe look for different employment.Who will hire a 60 yr though? I guess I may have to find out.

[ALRATIBA]

Does your employer have a retirement benefit?  Maybe you should contact your benefits department.

I worked until I was 68 .... in order to save enough money to retire "comfortably."  

My former employer pays part of the premium for my Medicare supplemental plan as a retirement benefit.

[Drythe]

Sad for all having these issues.

Trained and experienced in Public Health I say:

This is a problem about which we all need to be active.

Ultimately health and wellness touches each of us.

[Nightowlz]

Ok we can go on Medicare when we turn 65.

How much does Supplemental Ins cost???

I have no clue. Is it going to be less then the $1000 the OP is talking about?

DH takes no scripts & I take NP Thyroid which I pay out of pocket now because our Ins will not pay for this natural medication.

[Laura14]

@seaBreeze  This actually makes me feel better. 

I did that formula and I am not even 50 yet.  If that formula is true, I'm okay even though I feel like this world is way too expensive for me right now and I've done everything right financially in life. 

I've actually had a few tears over the cost of living, last week being the most recent, after yet another unexpected expense.  I feel like all of the low cost options are gone for us working class folks and I'm not sure what else I can do to keep up.  

I hope that formula holds true and I will be able to retire one day.  Honestly don't care about health insurance after employment.  If I get sick, I'm just fine with not being here anymore.    

[QueenDanceALot]

Retire?  hahahahaha!!

I have a refrigerator magnet that has an old time looking bookkeeper on it that says,

"By my calculations, I figure I can retire 5 years after I die".

Thankfully, in the past 2 years I have started doing what I love for a living.  Won't make me rich, and it won't pay my health insurance, but I enjoy my days.

I have faith that I will make it through.

[chrystaltree]

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.   

[Spinach30]

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@GingerPeach wrote:

If you don't mind Kaiser, it might have lower rates.  They are all over the SF Bay Area, @Spinach30, as you probably know.

I used them for a couple of years until I was old enough for Medicare.  Not my favorite, but the cost was the lowest.

ETA:  You can get a quote online.

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I checked Kaiser too.  There wasn't much of a difference in the premium.  I'm stuck!

[Nightowlz]

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@seaBreeze 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 !

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@seaBreeze

Thanks for that. We have never talked or listened to a financial adviser.

My sister has asked me a couple of times if we had talked to one. I told her No it is what it is.

I don't need anyone to try & tell us how much money we need to live off until we die.

I know about what we will or should have per month so we will just have to make due.

Anyone can get in trouble pretty fast when medical expenses become an issue.

[Peaches McPhee]

I am hoping to stay part-time (semi-retirement) with my company, which will pay for part of the premium.  In fact, I will be working for my health insurance, which I guess is better than not having any at all.