[Annabelle]

***Medical Insurance once FIRED***
I’m 42 and am a high medical insurance user- medications, regular checkups and after a recent ordeal, lots of recovery coming up. Husband is 47, no health issues.

We are also have 2 children, ages 2-5. They need all the medical care typical of their age.

My husband is eager to retire now, but what’s holding us back is the medical insurance provided through his employer.

For those who have FIRED, what do you do for insurance? What plan did you choose?

Anyone have the experience in which no medical insurance led to finance ruin?

[Carrie]

No medical insurance would have ruined us this year. My teens had never had anything health related other than the normal well checks, until this year, when my daughter had an AVM that ruptured in her brain.

The bills from the hospital alone were over a million.

That was before four months of physical, occupational, and speech therapy and now open brain surgery to remove the AVM, which is where we are right now.

And now there will be more therapy. Don’t go without insurance.

[Lori]

Considering that the first cause of bankruptcy in the United States is due to medical debt I would say that without adequate medical insurance you risk financial ruin.

I also am a high medical insurance user due to multiple medical conditions. My claims on an average year are over a million dollars.

It might be possible to buy a policy on the marketplace but it is all up in the air with the threat of the new administration.

[Kevin]

Be careful relying on ACA subsidies for insurance. Who knows how long it will be around in its current form.

You really have to just budget for the full amount without any subsidies to be on the safe side.

[Lori]

Do not go without insurance. It’s 1000% not worth the risk.
Signed, former ER nurse

[Kira]

HDHP with HSA through state marketplace, with a subsidy which fluctuates as income fluctuates (we are self-employed and in early 40s with young kids).

I wouldn’t go without insurance at all, too risky.

[Carrie]

Our solution will be for my husband to go from a teacher to school bus driver.

We know it’s not feasible for everyone but he’ll work 6 hrs a day approximately 8 months a year when you figure in breaks and be eligible for health insurance.

He’ll still have to deal with parents and kids but he feels it’s a lot less than what he does now.

[Sarah]

Move to CA and get covered CA or Medi-Cal. I’d prefer covered CA, but Medi-Cal really isn’t bad here if you have specialized conditions

[Eva]

My personal favorites are aca or taking one college class in something that’s interesting to you once a semester maybe non credit to make it easier even to access student health plans.

You’d be able to cover spouse and kids. Every university is different my post speaks to this more.

[Jennifer]

I think Starbucks gives health insurance for part-time employees. Might be worth the 20 hours a week.

[Julie]

Depending on your state, you might be able to get free or cheap insurance or care for the kids, but I wouldn’t recommend going without insurance.

[Stacie]

You are eligible for Cobra for 18 months (you pay the premium). That can hold you over until you can get coverage through the marketplace.

Or go visit an agent to help you navigate.

[Joel]

I retired at 56. I used COBRA followed by ACA Marketplace insurance. These days health insurance is dang expensive; but if you handle it correctly the ACA premium tax credits can really help defray the cost of health insurance.

Just be sure to plan to pay more for medical care than you probably paid through an employer sponsored group medical plan.

[Amanda]

Well my mom had no insurance when she was diagnosed with liver failure and then had a transplant. If I remember correctly, the doctor who did the transplant did it probono because my parents were young, broke, and had a young child.

It was also a very rare case so I think that it was beneficial for the hospital to have a first on their metrics.

But there were still associated bills to be paid and it took my dad 10 years and frugal living to pay those off.

[Connie]

My parents retired before Medicare age. They got Silver plans through the ACA The Marketplace. Some years $0/mo.

This year $37/mo. They received generous premium credits.

[Rachel]

My middle child was diagnosed with cancer at 6. He has well over 1M in claims over the last 15 months with many oncology and orthopedicfollowups for life.

If we wouldn’t have an insurance or had a health shares, we would be bankrupt.

[Teresa]

Each state has their own marketplace plans. Prices depend on your estimated income for the next year.

[JoAnna]

The Health Insurance Marketplace is the best place to get insurance before Medicare.

If you can show an AGI of 150 to 250 percent of the federal poverty level for your tax household size, you can get more affordable coverage.

[Abigail]

It’s sold state by state and county by county. No one can tell you, because theirs will be different. Check your own exchange.

[Heather]

I work in a career where employer-sponsored health insurance is not an option with many employers (2/4 of mine offered nothing). I have had good luck with a healthcare share.

It may not be great for you with preexisting conditions, but could help with the rest of the family.

Marketplace coverage was $800+ in my area for just me (30s F) last time I checked.

[Mike]

I was very lucky to have retired from a company at 62 and was able to keep company insurance until I turned 65. $72/month.

Very generous retirement benefit!

[Kristin]

I have my own business and buy mine on the marketplace. I don’t get subsidies, so it’s very expensive.

[Jessica]

Plenty of people go into financial ruin even with employer-sponsored health insurance in America.

The insurance you have can also very much determine the type of care that you’ll receive or not receive at all.

Please choose to carry some sort of insurance for your family through employment, ACA, COBRA, Medicare or Medicaid, etc.

If what you choose to do doesn’t end up working, feel free to make a different choice.

[Author]

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