[Eli]

How do you budget for healthcare if you retire before 65? Will the ACA be around anymore? What did it cost for health insurance before that? Seems like heath insurance will be my only hold up.

If you’re considering early retirement, managing healthcare expenses before becoming eligible for Medicare can be challenging.

What strategies or tips have you found effective for budgeting for healthcare during this gap period?

Do you rely on savings, private insurance, health sharing plans, or something else? Would love to hear your thoughts and experiences!

Thanks in advance.

[Monica]

So, you have two ways of getting comprehensive health insurance outside of a work plan. Public market (Obamacare) is income based and offers lower premiums if your income qualifies.

Second is the Private market, which is health based, rewarding you with lower premiums and better benefits if you’re healthy enough to qualify.

Our agency is fully licensed for both, let me know if you’d like more info.

[Dan]

Elections have consequences. Plan for the worst – they have said repeatedly they will get rid of it, and they have no plan to replace.

[Jaime]

If you don’t have kids or they are grown and have graduated school, think about living overseas for the few years between retirement and when you are eligible for Medicare.

There is excellent healthcare in Europe, Australia, New Zealand, Japan etc for a fraction of the cost.

I think for profit unaffordable healthcare is the biggest downfall of this country.

[Kenneth]

I’d say with certainty that the ACA will be gone soon. The big question is will anything else be offered as a replacement?

The last time Republicans voted to end Obamacare there wasn’t a replacement plan.

Thus far I haven’t heard of one.

[Tina]

For years, MAGAs goal was to get rid of ACA. They will succeed. Preexisting conditions will matter again. The subsidies/credits are up for renewal in 2025.

I’ll bet they don’t renew it and let it self implode. Looking to retire early?

Budget a few million in your numbers just for US healthcare and hope you don’t need it.

[Will]

I am 62. I use the Healthcare Exchange. My insurance premium for 2015 is $91 per month.

[Eric]

If Aca exists and you don’t receive subsidies, target ~$1100-1300 / month / adult person for healthcare assuming no changes from trump, more if trump changes or cuts anything except the expected subsidies.

[Leslie]

I had great insurance before ACA. It was affordable with a low deductible. It all changed when that came along and my insurance doubled.

Unfortunately ACA is what I have but can’t wait to be on Medicare.

If you do retire early and keep your household income low, like under 50,000, you should be ok with ACA.

[Kevin]

ACA inflation act subsidies will likely expire with republicans controlling both houses & rep.

You can still survive by budgeting a higher amount but still need to stay under a subsidy amount which means have big stash of cash on the side that won’t count towards your magi.

Now if aca goes away – esp the pre-existing condition you will pretty much be deemed uninsurable or dropped.

And nobody plans for cancer so this will be the barrier for many.

[Shaun]

Trump has asked Robert Kennedy Jr to be the secretary of Health and Human services which I think is a massive positive if you looked at what Kennedy campaigned on.

ACA is of course part of HHS. Honestly this gives me a massive warm and fuzzy feeling about ACA now, not that I was too worried anyway

[Bethany]

The ACA will be gone soon.
Regulations for clean food, water, air likely gone too.

I’m trying to get as healthy as I can and I’m going to grow a big garden.

[Matt]

HSA is a no brainer, load it up while working.. Plus some people get better and cheaper insurance than through ACA, there are options.

[Chet]

Yes, the ACA will definitely exist. It would take 60 Senate votes to get rid of that legislation. The real open issue is the funding of the subsidies.

Those expire in 2025 and may not be renewed.

[Lori]

Before ACA you Couldnt get an individual policy if you had any pre-existing conditions. So, a cost comparison is futile. Go into a carrier’s website or healthcare dot gov to shop.

Offerings and prices vary by zip code.

ps… research medicare too; many times itbis more expensive. Good to know options ahead of time then monitor for any annual changes

[Doug]

Most people retire when they can afford it. Don’t rely on government handouts via subsidies.

It’s a privilege to be able to retire early if you can truly afford it.

[Paul]

If you retire before 65 then make sure you have enough money for health insurance before you retire.

[Trevor]

Would you consider living abroad, at least for the majority of the year? You can get international coverage for a fraction of full priced ACA coverage.

For a bit more, you can be covered in the US, often for 90-180 days.

Downside to this option would be preexisting conditions. Most international plans won’t cover them.

[Sherie]

You should budget for healthcare even if you retire after 65. Medicare does not cover all medical costs and somethings they will not pay for if you are over a certain age etc.

[Author]

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