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Old 10-26-2020, 08:40 AM   #1
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Too old to work.. too young for Medicare

I retired from the pressure cooker at a relatively young 60 yrs of age on Dec 31, 1919. We used to bring in a nice sum and the employer provided full benefits. After retirement, we elected to go on the ACA and found a health ins agent who paired us up with a decent insurance plan (coverage-wise) with Blue Cross Blue Shield of TX.

I have a little bit coming in from my employer's retirement plan but the down-side is now we're paying a 'full freight' $1600 per month for the privilege of trying to meet a $16,000 deductible. Rates are going up next year by 12.6%. I'm wondering if it just makes sense to just pay ourselves the cost of the premium and go cash with our doctors. Desperate times..

For those of you in the know when it comes to this segment of age... too old to rock and roll, too young to die... do you know if health plans such as mine are tax compatible with Health Savings Accounts? We have some assets we can leverage and I'm thinking if I can contribute to our IRAs and HSA, maybe I can claw back some taxes, or maybe even qualify for a premium subsidy. Any other life-hacks you want to contribute are also very welcome.

And if you're on Medicare, congrats making it across the goal line!
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Old 10-26-2020, 09:15 AM   #2
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You should talk to an investment/tax advisor. Health care costs are a tricky path to navigate.
Interested in others responses.
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Old 10-26-2020, 09:16 AM   #3
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[Mod Edit] I would suggest you go back to work. Yea, thats not what you want to hear, but. The down side is it might negatively effect your SS benefits. The up side you have a way to pay the exorbinate health care costs.
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Old 10-26-2020, 09:26 AM   #4
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I retired from the pressure cooker at a relatively young 60 yrs of age on Dec 31, 1919.
I assume you meant you retired in 2019 at the age of 60. If not, I assume you qualify for Medicare by now.

Is there some way to alter your distributions so that they are not income and have the Obamacare subsidies kick in?

Also, just sign up for the Bronze plans. The higher level plans only make sense for people on subsidies.

Finally, no it doesn't make sense to go without because you'd be risking financial ruin if something does happen. But, my wife and I are on separate plans because we have separate doctors/hospitals. That makes the out of pocket more in the $7,500 range. I think it might be double that if we were on the same plan, with no reduction in premium.
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Old 10-26-2020, 10:08 AM   #5
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Quote:
we elected to go on the ACA

Quote:
$1600 per month for the privilege of trying to meet a $16,000 deductible
Affordable Care ??????

Looks like you are kinda screwed till you turn 65. As mentioned above your best option is to go back to work in a non-"pressure cooker"

Hope you find an answer.
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Old 10-26-2020, 10:13 AM   #6
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You can definitely roll IRA money into an HSA account until you start Medicare. We use Further and I have rolled some IRA money into my existing HSA, tax free, when I was 63. I'm not sure if you must have an existing account.
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Old 10-26-2020, 12:13 PM   #7
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You can definitely roll IRA money into an HSA account until you start Medicare. We use Further and I have rolled some IRA money into my existing HSA, tax free, when I was 63. I'm not sure if you must have an existing account.
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Here's some info:
https://www.investopedia.com/transfe...an-hsa-4770819
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Old 10-26-2020, 12:22 PM   #8
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You can definitely roll IRA money into an HSA account until you start Medicare. We use Further and I have rolled some IRA money into my existing HSA, tax free, when I was 63. I'm not sure if you must have an existing account.
JK
You may need to have an HSA qualified insurance account to do that, not sure. But an HSA still doesn't protect from the huge expenses.

I just had relatively minor elective day surgery and the total charges without insurance would have been in excess of $20,000.

Also note that even before you hit your deductible there is usually a reduction in the amount you have to pay. I ran a blood test through insurance for the first time this year because I was over the max out of pocket. A $70 bill turned into a $12 bill. I didn't have to pay that $12, the insurance did, but if I hadn't been over I would have only had to have paid $12.
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Old 10-26-2020, 12:31 PM   #9
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I retired at 51. Luckily I could get ins through my late wife's company. It worked great except I didn't follow the rules on signing up for my own coverage in time so now I have to pay a monthly fine. Just got too engrossed in the wife's liver cancer battle and didn't pay attention to my ins.
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Old 10-26-2020, 12:39 PM   #10
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Since you were born in 1919, you are 101. Pretty sure you've got Medicare by now! So no problems! Of course, this could be a typo!
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Old 10-26-2020, 12:46 PM   #11
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I retired in 2016 at the age of 59 yrs, 9 months. If we had gone ACA I would not have gone. Needed insurance that would follow me around because we went full time in RV. ACA is a rip off with increasing costs and high deductible. Do your research and you can find alternative insurance. Being healthy ( thank god ) we only wanted to be covered for cancer type issues. Not afraid to pay out of pocket for routine items. Our monthly insurance cost is approximately $400 per month. Being religious helps. Good luck in your searches. Safe travels


Enjoy the journey
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Old 10-26-2020, 12:51 PM   #12
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It's only going to get worse. I was self-employed for 30-years and after I passed 60 years of age the amount went up dramatically. Why not? The insurance companies know you're only good for 5 more years of bleeding your wallet dry and... they all play the same game so you can't really move to some other company.

If your wife is younger you might try splitting your coverage into two separate policies - her's and yours. About the only other thing you can do is play the increased deductible game.

Before I sold my company I paid $2400 a month in my 64th year. Just for me! Never sick, never hospitalized, no claims at all. That was the state mandated highest rate in my state at the time. When I turned 65 it dropped to $140 a month.

It's a lousy system. There's no way around it. Shop, shop, shop for new insurance each year and you may save. It seems year one is always the cheapest.
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Old 10-26-2020, 01:26 PM   #13
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Originally Posted by Goodspike View Post
You may need to have an HSA qualified insurance account to do that, not sure. But an HSA still doesn't protect from the huge expenses.

I just had relatively minor elective day surgery and the total charges without insurance would have been in excess of $20,000.

Also note that even before you hit your deductible there is usually a reduction in the amount you have to pay. I ran a blood test through insurance for the first time this year because I was over the max out of pocket. A $70 bill turned into a $12 bill. I didn't have to pay that $12, the insurance did, but if I hadn't been over I would have only had to have paid $12.
You certainly make a good point but you can negotiate the cash price down to half or more a lot of times.
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Old 10-26-2020, 01:43 PM   #14
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You certainly make a good point but you can negotiate the cash price down to half or more a lot of times.
Yes, but not in emergency situations, which is where the big bills are likely to pile up. Note if it's auto related you may have some coverage through your auto insurance.

BTW, one of my favorite saving money tips is to get your constant prescriptions filled a year at a time. Even if you have a copay that is often cheaper. I have a blood pressure medicine that costs about $40 for a year's worth. You just need to educate your doctor on what things cost and then make sure the pharmacy actually fills for a year by letting them know you are paying for it yourself.
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