# Retirement goes on hold



## BrianGSDTexoma (Dec 1, 2020)

This is such a hard decision.  I am 59 1/2.  Met broker today and said I could do it.  His numbers at 60 shows me about 80% what I make now.  Its the health insurance unknown.  Also I have gone from 285 lbs down to 255 now this year and really need another 25.  Probably going to be a lot easier to do while I am working.  Be better to wait until 62 for SS so I don't eat up my savings.  Guess give it one more year and see.  This 60 mile drive to work getting really old and two days off not enough!


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## bregent (Dec 1, 2020)

I know, it's a tough decision.  Any way to find another job closer to home?  Even if it pays substantially less, if they provide health insurance and you avoid the long drive, it might be worth it.


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## jcam222 (Dec 1, 2020)

I’ve done a little research into early retirement and what a transition period working part might look like. Like most people my biggest concern is health insurance. Aside from that I am in pretty good shape. I found that Costco is an amazing part time gig for retirees. They actively seek retirees to fill roles. The part time work offers benefits including health insurance.  They target this demographic knowing they are getting talented workers that have skills well above the entry level folks jobs like that typically attract. They use that health insurance to draw in the retirees.


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## thirdeye (Dec 1, 2020)

Feel free to disregard, but I thought I responded to you in a prior retirement thread.  I would had asked if you had ruled out ACA coverage?  I did extensive planning for early retirement which included ACA eligibility and couldn't be happier.


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## daspyknows (Dec 1, 2020)

I am 58, doing the ACA route.    Covid pretty much crashed my consulting business and it was either retire or find a new job.  Retiring sounded better.


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## MJB05615 (Dec 1, 2020)

I'm so sorry to hear that Brian.  I'm also 59 1/2 and resigned to working at least til I hit 70, if I live that long. LOL.  I'm in my own business so it's not the same as working for someone else, as long as we stay in business. What we are trying to do is get my Wife to retire at 62, she's 58 now and her job is where we currently get our health insurance.  We are still paying $1100 per month for a high deductible, etc.  In 3.5 years if we cannot find affordable insurance, she won't be able to retire til 65.  It's a shame that health insurance dictates how we live our lives.


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## JckDanls 07 (Dec 1, 2020)

Same boat here.. 59 and will have to wait until 65 for medicare and medicade ..  that will be 36 years at same job ..


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## BrianGSDTexoma (Dec 2, 2020)

thirdeye said:


> Feel free to disregard, but I thought I responded to you in a prior retirement thread.  I would had asked if you had ruled out ACA coverage?  I did extensive planning for early retirement which included ACA eligibility and couldn't be happier.


My broker wants me to wait and see how the ACA going to play out.  They probably going to just do away with the mandate but who knows for sure.  They also have very limited providers in this area.  Also found out when out of Texas you are not covered.


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## SmokinAl (Dec 2, 2020)

I retired when I was 59. Never had health insurance my whole life. Until I turned 65 & got Medicare. You would be amazed at the discounts you get from Doctor’s & Hospitals when you don’t have insurance. Of course they want their money up front, but it’s much cheaper than paying for insurance, especially if your in good health. And if you have an emergency, the hospital has to treat you, and you can set up a payment plan,  but you still get a huge discount.
Al


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## Murray (Dec 2, 2020)

Interesting system you guys have in the states, I thought Obamacare was going to solve your healthcare insurance premiums or at least make healthcare affordable.  My retired wife’s plan covers us for $180/month, same plan from the same provider she had when she was working which her employer(Government of Canada) covered. I just did a quick online calculations of what healthcare would cost for the two of us and the online quote was $350/month.  Keep in mind we have Universal Healthcare so medical insurance is to cover dental, prescriptions, eye glasses pretty much everything except doctor and hospital visits.  I’ve always bitched about our high taxation rate compared to the states, going to have to tone down my high taxation rhetoric after reading this post. IMHO it’s a shame that decisions over to retire or not is based on healthcare premiums, you work your whole life paying taxes there should be light at the end of the tunnel.  Retiring was one of the best decisions I have made and would encourage anyone close to retirement age to give it a try, that is of course if you can afford to.


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## BrianGSDTexoma (Dec 2, 2020)

Murray said:


> Retiring was one of the best decisions I have made and would encourage anyone close to retirement age to give it a try, that is of course if you can afford to.


I should just do it!  It is scary though.  I have worked since I was 15 without a break.


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## Bearcarver (Dec 2, 2020)

I didn't plan to retire when I did, but the whole works with Medicare and The Medicare Advantage Plan costs us $180 per month for each of us. That covers everything.

Tested it in 2012---Open Heart Emergency Surgery, 12 days in Cardiac ICU, and a total of 28 Days in Hospital had a charge of $680,000.
It cost us $300.

Also Mrs Bear had a Pacemaker installed & 2 new Hips.

So I think we got our Money's Worth.

Bear


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## Murray (Dec 2, 2020)

Brian Trommater said:


> I should just do it!  It is scary though.  I have worked since I was 15 without a break.


You deserve it, hope you can figure it out and still keep the lights on.


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## SmokinAl (Dec 2, 2020)

Bearcarver said:


> I didn't plan to retire when I did, but the whole works with Medicare and The Medicare Advantage Plan costs us $180 per month for each of us. That covers everything.
> 
> Tested it in 2012---Open Heart Emergency Surgery, 12 days in Cardiac ICU, and a total of 28 Days in Hospital had a charge of $680,000.
> It cost us $300.
> ...



I’m with you Bud!
We have have well over one million dollars in medical procedures since we turned 65 & pretty much no copay. I love the Medicare Advantage plans, your expenses are capped at about $5000 per year, and you get dental, eye exams and more for no monthly premium. Usually we spend about 200-300 per year on health care. But the last couple of years we had a few medical issues that were really costly. No Prob, Humana covered all but our portion which was $4900. We also got a grant from a foundation that covered the $4900. So basically I came out even.
Al


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## bregent (Dec 2, 2020)

SmokinAl said:


> Of course they want their money up front, but it’s much cheaper than paying for insurance, especially if your in good health.



You really don't need insurance for routine doctor appts or an occasional ER visit. You need it for a catastrophic event that could wipe out your entire life savings. 
I always opt for high deductible plans - costs are lower if you are relatively healthy.


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## SmokinAl (Dec 2, 2020)

bregent said:


> You really don't need insurance for routine doctor appts or an occasional ER visit. You need it for a catastrophic event that could wipe out your entire life savings.
> I always opt for high deductible plans - costs are lower if you are relatively healthy.


I guess we were lucky we never had any real serious stuff going on, Judy had a female procedure & a knee replacement, and both cost less than $6000. We had to pay upfront but it sure has saved us a lot of money for 65 years of not paying health ins premiums. Now if you are lucky enough to get your ins. from the company you work for then good on you, but I was always self employed & health insurance would have broken me.
Al


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## thirdeye (Dec 2, 2020)

Brian Trommater said:


> My broker wants me to wait and see how the ACA going to play out.  They probably going to just do away with the mandate but who knows for sure.  They also have very limited providers in this area.  Also found out when out of Texas you are not covered.


*That is good broker advice.*  I've been very hands-on  as far as management of our retirement accounts and our equity accounts since 1980 (yes, my business partner and I both opened IRAs when I was 24), and I actually have 2 brokers and a financial planner.... so I can use a combined strategy of my goals and their advice.  I only have one ACA provider, but it's Blue Cross.  So wait and see is a good plan.   *My only input is that with pre-planning of your family income, the  ACA insurance can actually be very affordable*.  It does not however, fit into everyone's retirement plan.

For reference, HERE is an article from early November about the future of the ACA under Biden.


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## sandyut (Dec 2, 2020)

Have you talked to a health care insurance broker/consultant?  I did and he had several options one of which is basic catastrophic health coverage.  I forget what he called it.  its the cheapest out there.  thats if a "normal" ACA plan is too spendy.

Also Kroger has a pharmacy program that sounds great.  My dentist also has a "program".

I am done early next year.  Anywhere between 1.1.2021 and 2.26.2021.  I am helping with a transition period, but I feel they may cut me loose early.  which would make me happy!


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## BrianGSDTexoma (Dec 2, 2020)

sandyut said:


> Have you talked to a health care insurance broker/consultant?  I did and he had several options one of which is basic catastrophic health coverage.  I forget what he called it.  its the cheapest out there.  thats if a "normal" ACA plan is too spendy.
> 
> Also Kroger has a pharmacy program that sounds great.  My dentist also has a "program".
> 
> I am done early next year.  Anywhere between 1.1.2021 and 2.26.2021.  I am helping with a transition period, but I feel they may cut me loose early.  which would make me happy!


I waiting to hear back from someone my broker gave me.


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## sandyut (Dec 2, 2020)

Brian Trommater said:


> I waiting to hear back from someone my broker gave me.


nice!  

And I am sorry to hear your plans may be on hold.  Hope you can get back to you original timeline.


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## phathead69 (Dec 4, 2020)

I hate that but while it dont help, your not alone.
I will be first in line to say things needed to change in regards to insurance and cost towards people with health issues that was beyond their control, genetics,accidents etc. and costs gouging by the insurace/health care. Also changes where needed in regards to lower paying jobs with sketchy coverage or no coverage.
Fast forward to Obama care and my self insured employer raises their premiums for some reason, don't make sense other than price gouging. Had a plan between wife IRA and pension, my 401K and company retirement we would quit the full time rat race around 55 or so and work part time, paying for reasonable cost health insurance, bills, and little bit spending money. We were on track until they implemented the "Hussain Obama screw over the responsible people with a goal they worked toward" and at 51 my wife and I see no real chance of that. looks like work till death and the the gov takes what's left.
Rant mostly over!!!!


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## phathead69 (Dec 4, 2020)

Rant questions?
Al mentioned it and no qualms with him but why would his X procedure be discounted without health insurance and insured person cost more for same procedure? in my previoud post I mentioned my employer is self insured with no exposure to the public sector but Obama care caused significant primimium increases.  How does that work?


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## sandyut (Dec 4, 2020)

IMO - for the provider they would rather get paid something rather than nothing.  the insurance business is funny...its like the $100 band aid.  they initially charge a seemingly HUGE amount, but the ins. companies are given huge discounts.  No person or ins company pays "retail" for healthcare.  I am in the healthcare world and have been my entire career.  pretty sure this is the process.  an example; check out an EOB.  there is usually a discounted amount or agreed charge amount that is well below the "list price".  its like that.


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## Bearcarver (Dec 4, 2020)

As for what they charge, compared to what they accept, We told them we wanted a complete itemized list of my Charges for what I mentioned above (post #12).
Of the charges adding to about $680,000, the Hospital accepted about $200,000, if I remember correctly.  I know one thing that sticks in my mind was among all my meds was a single Aspirin each day for 28 days, at a charge of over $33 per Aspirin. (over $900)

Bear


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## phathead69 (Dec 4, 2020)

Bearcarver said:


> As for what they charge, compared to what they accept, We told them we wanted a complete itemized list of my Charges for what I mentioned above (post #12).
> Of the charges adding to about $680,000, the Hospital accepted about $200,000, if I remember correctly.  I know one thing that sticks in my mind was among all my meds was a single Aspirin each day for 28 days, at a charge of over $33 per Aspirin. (over $900)
> 
> Bear


dang thems some good aspirin.


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## MJB05615 (Dec 4, 2020)

For that much per Aspirin, I'm surprised they didn't call them "hits" lol.  Wow that's the problem.  The ridiculous overcharging.  Been going on as long as I can remember, not just recently.


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## sandyut (Dec 4, 2020)

All charges are inflated so they can be discounted.  its a totally hosed system, but that's how its set up.  I am sure there is big business in negotiating the discounts to try to maximize profit on both sides.


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## BrianGSDTexoma (Dec 4, 2020)

After a completely sleepless night I going to try to take retirement.  Been trying to get hold of doctor to confirm he takes insurance and new patients.  Work has mandatory overtime Sat and Sun then Sun next week.  I not going in.  They can kiss my butt.  Will have to wait until first part of Feb to make sure get my 401K match.


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## sandyut (Dec 4, 2020)

Brian, I totally get it.  I am on the final countdown.  right before I gave notice I didnt sleep at all.  jsut restless mind demons.  But now, i am ready for what ever happens so long as work is not part of it :)

you got this man!


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## BrianGSDTexoma (Dec 4, 2020)

sandyut said:


> Brian, I totally get it.  I am on the final countdown.  right before I gave notice I didnt sleep at all.  jsut restless mind demons.  But now, i am ready for what ever happens so long as work is not part of it :)
> 
> you got this man!


The nurse of the doctor just sent me message.  She the daughter of old friend that passed.  He not excepting new patients but she going to talk to him.  Must be a sign.  I need get this done before open enrollment done next week.


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## MJB05615 (Dec 4, 2020)

Stay motivated.  Don't give up, you're so close.


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## lemans (Dec 4, 2020)

I retired at 66 not because I wanted to but because of Covid . My job of 37 yrs disappeared.. being home with nothing to do sucks! Stay at work as long as you cam


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## JLeonard (Dec 4, 2020)

I've been a nurse for almost 30 yrs now. I am only mid 50's, but I am so ready to be able to retire.
Jim


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## Kai Yaker (Dec 4, 2020)

If you are worried about medical insurance you may want to wait until after the new administration takes over to see what they do. I retired with a set budget for medical insurance. When Obama Care came out my monthly medical insurance rose by $500 a month. I about had a heart attack. At the time I was paying about $850 a month. Went up to just under $1400. Really pissed me off when the commercials were on telling people about free health care. Its not free. Saps like me pay for them. 

Okay, off the soap box...make sure you have a retirement plan for the first couple of years. I originally had a part time job that I did from home. Kind of kept me grounded. Now, I am just happy to do what ever I want, when I want, weather permitting.


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## thirdeye (Dec 4, 2020)

Brian Trommater said:


> The nurse of the doctor just sent me message.  She the daughter of old friend that passed.  He not excepting new patients but she going to talk to him.  Must be a sign.  I need get this done before open enrollment done next week.


Open enrollment is for people that currently do not have insurance, whether employed or not.  Persons that are currently employed and have insurance.... but either get laid off, or retire and loose their insurance can sign up for ACA anytime during the year.  So  for example, if you retire February 10th your current company insurance will cover you until February 28th.  You would apply for ACA and give them the last date of company insurance, and they pick-up at midnight.   Here is a potential trouble area.... let's say you retire in October.  There is a chance that your year-to-date income will exceed the maximum allowable amount and you may not be eligible until the following year.


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## BrianGSDTexoma (Dec 4, 2020)

thirdeye said:


> Open enrollment is for people that currently do not have insurance,


Good info.  I appreciate all your comments.  I was just thinking that cheap plan might disappear after open.  I hope everyone does not go through this  stress when thinking of retire.  Good luck to others thinking doing it.  I have several old friends have not seen in a while.  Looking forward to having the time!


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## thirdeye (Dec 4, 2020)

Brian Trommater said:


> Good info.  I appreciate all your comments.  I was just thinking that cheap plan might disappear after open.  I hope everyone does not go through this  stress when thinking of retire.  Good luck to others thinking doing it.  I have several old friends have not seen in a while.  Looking forward to having the time!


You can go to healthcare.gov and create an account now, you are not obligated to sign-up for coverage, the account allows access so you can shop and compare.  There are a series of questions you click through and when you are finished you can cruise all of the plans and unless something has changed, you can save information on plans you are interested in, then print the details or compare online.  There is also a physician section where you enter your various doctor's names (or any doctor's name in town)  and it tells you if they accept ACA.  Also, since you have an account you can call and speak to to a representative, which have always been overly helpful.


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## daspyknows (Dec 4, 2020)

Not sure if I am on a different planet but my Blue Cross ACA coverage is $350/month with reasonable out of pocket costs.  I am 58 and basically retired due to Covid.  Before the ACA as a self employed person I was pay $1,400/month for same coverage.  Things had gotten worse over the last 4 years but when I was making 6 figures I was paying much more.  I do owe a bunch from 2020 since my rate was based on the subsidy which I did not qualify for after cashing out of some real estate with a nearly 7 figure capital gain.  Moving forward that will not be the case.   Seems to be more state specific than Obamacare in general based on my experience and what I am reading.


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## thirdeye (Dec 4, 2020)

daspyknows said:


> Not sure if I am on a different planet but my Blue Cross ACA coverage is $350/month with reasonable out of pocket costs.  I am 58 and basically retired due to Covid.  Before the ACA as a self employed person I was pay $1,400/month for same coverage.  Things had gotten worse over the last 4 years but when I was making 6 figures I was paying much more.  I do owe a bunch from 2020 since my rate was based on the subsidy which I did not qualify for after cashing out of some real estate with a nearly 7 figure capital gain.  Moving forward that will not be the case.   Seems to be more state specific than Obamacare in general based on my experience and what I am reading.


I'm with Blue Cross too, but the price varies state to state and I think has something to do with your age.  As long as I don't top the maximum income this year.... my subsidy will have covered my full premium for the last 3 years.  I'm on the Gold Classic plan, but have riders for vision and dental.


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## sandyut (Dec 5, 2020)

JLeonard said:


> I've been a nurse for almost 30 yrs now. I am only mid 50's, but I am so ready to be able to retire.
> Jim


Thats he ship I am on.  but I gave three months notice to help with the transition and leave with a clear conscience. 

We are quite confident we will have more than enough to do and not be bored at all.  

I have never loved working.  it was a means to an end.  I gave it my all for long enough.  Now it my time to do as I want not what eh corporation wants!


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## chopsaw (Dec 5, 2020)

thirdeye said:


> . but either get laid off, or retire and loose their insurance can sign up for ACA anytime during the year.





Brian Trommater said:


> Good info.


I'm not schooled on it like some of you guys are . I got my health coverage through the Carpenters when I was working , and still get my advantage plan through them . 
To the point of Thirdeye's comment , I want to say a " qualifying event " for someone currently insured cant be rejected coverage . I think there is 1st qualifying and 2nd qualifying ? Not sure . 
I suggested awhile back , that if you're currently getting coverage through your work , talk to the benefit office . They may be able to help you with some options , and give you some timelines on current coverage .


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## thirdeye (Dec 5, 2020)

chopsaw said:


> I'm not schooled on it like some of you guys are . I got my health coverage through the Carpenters when I was working , and still get my advantage plan through them .
> To the point of Thirdeye's comment , I want to say a " qualifying event " for someone currently insured cant be rejected coverage . I think there is 1st qualifying and 2nd qualifying ? Not sure .
> I suggested awhile back , that if you're currently getting coverage through your work , talk to the benefit office . They may be able to help you with some options , and give you some timelines on current coverage .


You are correct,  often called QUALIFIED LIFE EVENT, there are a number of things that may allow you to purchase ACA insurance outside the open enrollment period. 

 I know a truck driver that had company insurance at the beginning of the year, but he was laid off in February so went on ACA.  He went back to work for another company that did not provide company insurance for 90 days, so he stayed on ACA. After a couple of months He was injured on the job and went on Workers Comp for those medical costs and lost wages, then was released back to work, and about the time his annual income would have gone over the ACA maximum limit,  the 90 days was up and the company insurance picked him back up. The next February he was laid off again and went right back on ACA. All he really had to do was call them and give them dates and estimated income.


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## BrianGSDTexoma (Dec 5, 2020)

chopsaw said:


> I suggested awhile back , that if you're currently getting coverage through your work , talk to the benefit office . They may be able to help you with some options , and give you some timelines on current coverage .


All they said was can get Cobra and it way to high.


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## sawhorseray (Dec 5, 2020)

I retired at the age of 55, I'm 69 now and have no regrets, with a little luck I won't outlive my money. Of course if the pain gets a whole lot worse that won't be much of a concern anyway. My father waited to retire until he was 65 instead of retiring when he was 57 and figured he could afford to. Two moths after retiring he and my mom were on a trip around the world, they were in Africa and he'd just gone on his dream safari to see cheetahs on the hunt. He was walking across a hotel room in Johannesburg, South Africa with a glass of bourbon in each hand, bringing one to my mom for the cocktail hour. He dropped dead in the middle of the room, quicker than a heartbeat. That's how fast it can happen, there are absolutely no guarantees. I learned a lot from my fathers passing, live your life to the fullest the minute you can afford to rather than work to live your life later on, you just might not be alive to do it then! RAY


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## phathead69 (Dec 6, 2020)

Ray similar story on my father. retired 65 and does 3 months later. that was what was driving me forward the goals in my earlier post. probably won't happen now cause of the insurance price increase.


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## dave in indiana (Dec 6, 2020)

The problem is we all think we have time.


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## uncle eddie (Dec 6, 2020)

When I saw this thread and all the discussion about insurance, I sat down - BEFORE COFFEE - this morning, and read the entire thing. 

My wife retired this past August (public high school teacher).  She was sick of the B.S.  With her teacher retirement and a few tutoring sessions, we are nearly whole with her income.  She moved onto my insurance.  

I am 60 and retirement for me is probably at 65...maybe 67...primarily because of SS and insurance.  I own my own small business, like what I do and the crazy thing is, CV-19 hasn't affected us at all.  In fact we have been hiring and are on track to have our 2nd best year ever.  We are truly blessed to be this fortunate while we see other businesses struggling or failing.  I also cover 100% of my employees health insurance (United Health Care) premiums (spouse and kids are extra costs to the employee) and I can assure you that small businesses do NOT get a discount.  To keep my costs more manageable, we do have a $2,000 deductible per year.  The out of pocket cost for each employee is about $167/month to cover the max deductible, and with the HSA, even less as that money comes out before taxes.

My oldest son is self-employed and started out on ACA.  It was stupid expensive with huge deductibles.  ACA looked more like a catastrophic health insurance coverage.  He switched to MediShare (https://www.medishare.com/) which was about 2/3 the cost of ACA but way better insurance all the way around.


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## BrianGSDTexoma (Dec 6, 2020)

I made it to the payment step and gave error can not process online app now.  Please try again later or call.  May be a Sunday thing.  Claiming $25000 a year payment will be $180 a month with $75 deductible, 2800 OOP and 40% coinsurance.


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## sandyut (Dec 6, 2020)

If you can find n ins broker - might also put you mind at ease to know you made a good choice.  the one I spoke with does charge, he is paid on commission of enrollment.  we talked a long time about options, both short and long term.

Outside of the government ACA site, I am able to look at many plans avail in my area.  the high deducibles can look scary but I see it this way, if all the preventative and medications are covered, the deducible will only com into play for something huge.  which had been the case most of my life and also infrequent


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## Bearcarver (Dec 6, 2020)

You guys are gonna think I made this up, but I swear it's True!!!
Two of the guys I worked with at Bethlehem Steel were "Father & Son". The Old Man "Stew" started at the Steel when he was 15 years old, and retired at 65 after 50 years.
Stew died about 3 weeks later of a Heart Attack. His Son "Don" said he was on his way out to the Mailbox. His first Bethlehem Steel Retirement Check was in the Mailbox at the time.  "TRUE STORY"

Bear


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## BrianGSDTexoma (Dec 6, 2020)

sandyut said:


> If you can find n ins broker - might also put you mind at ease to know you made a good choice.  the one I spoke with does charge, he is paid on commission of enrollment.  we talked a long time about options, both short and long term.
> 
> Outside of the government ACA site, I am able to look at many plans avail in my area.  the high deducibles can look scary but I see it this way, if all the preventative and medications are covered, the deducible will only com into play for something huge.  which had been the case most of my life and also infrequent


I sent few emails out.  Won't hurt to talk to someone.


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## sandyut (Dec 6, 2020)

Bearcarver
  and 

 sawhorseray
   that's why we are pulling the trigger soon and it looked doable.  I want to get some freedom before anything bad happens.  we have lost family prematurely for random reasons and accidents.  You just don't know when your time is going to be up


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## chopsaw (Dec 6, 2020)

I went out at 57 , with 2 years pay in the bank for back up . My benefits thru the Carpenters were paid up for the next 8 months . After that I used Cobra to get me to a self pay point thru the Carpenters . Just got a letter that my premium dropped $20 . Still to this day haven't had to use any of the back up money .  It's all different for everyone , but seems that things work out . 
I pay $300 a month for me . United health care advantage plan . I'm more than good with that . 
Some of the guys get a job with Lowe's or Home depot for the insurance .


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## thirdeye (Dec 6, 2020)

Brian Trommater said:


> I made it to the payment step and gave error can not process online app now.  Please try again later or call.  May be a Sunday thing.  Claiming $25000 a year payment will be $180 a month with $75 deductible, 2800 OOP and 40% coinsurance.


Last year the Trump administration shortened the open enrollment period and scheduled Sunday as a 'site maintaince' day. That might be why you got that message. 

 For some reason they try and steer you to one of the  Silver plans, but the Gold plans looked better for us.  I probably mentioned this, but your income estimate is based on 'family income', not just yours.  If for some reason you think you won't make the minimum, you can always take a one time distribution from any non-exempt IRA in December.


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## daspyknows (Dec 6, 2020)

My mom worked til 62 until my dad convinced her they had enough.  He was an airline exec who was forced into early retirement.   Six months into retirement they hiked Machu Pichu  and upon return my mom felt ill.  Went to get tests, nothing found.  A week later she was rushed to hospital and was diagnosed with stage 4 cancer.  She fought it for 5 years and passed day after Thanksgiving 11 years ago.  She had a great 6 months and had some great days but much pain and agony.  That colored my perspective in 2 ways.  One, I have enough so retired this year and not going through being a test Guinea Pig to live a few more years of declining quality of life.


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## phathead69 (Dec 8, 2020)

chopsaw said:


> I went out at 57 , with 2 years pay in the bank for back up . My benefits thru the Carpenters were paid up for the next 8 months . After that I used Cobra to get me to a self pay point thru the Carpenters . Just got a letter that my premium dropped $20 . Still to this day haven't had to use any of the back up money .  It's all different for everyone , but seems that things work out .
> I pay $300 a month for me . United health care advantage plan . I'm more than good with that .
> Some of the guys get a job with Lowe's or Home depot for the insurance .


gonna be nosey. without  details did you have 401k or other retirement income. I'm not there yet but getting close. I know if I have no loans by then only expenses will be normal bills which is lot less needed monthly.


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## BrianGSDTexoma (Dec 8, 2020)

Still working on this.  Got approved for the doctor.  When using the market street site the plan I am looking at has $1000 deductible and $8000 out of pocket.  When using the blue shield site it is $75 and 2800.  After on the phone with 4 different people last guy seem to know what he talking about and said just use the blue shield site and it should go through.  I thought maybe the prices where wrong and did not want a surprise.  Also talked to local agent and he trying to talk me into the no cost to me bronze plan with $5000 deduct and $8500 oop.  He tried to tell me he has it and had 3 surgery last year and only spent $3000.  Can't see how that possible.  Also the copay's twice as much.  Think I go with that plan I am looking at.   Just going to be a little tricky keeping my income at $25000.  Wonder if put gains from Wells Fargo regular account into IRA if they would not count toward earning?


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## chopsaw (Dec 8, 2020)

phathead69 said:


> gonna be nosey. without details did you have 401k or other retirement income.


My Carpenters pension . It's all based on " 8 for 8 " 8 hours work for 8 hours pay . So the total agreed package is x amount of dollars . Part of that goes on a weekly check , then the rest divides into Health care , pension plan and vacation . If you're working .
Carpenters year is based on 1200 hours . Anything worked over that is extra paid towards benefits . Most times I worked 2000 plus hours . Gives the pension a good boost , and that's why I mentioned above that my health care was good for another 8 months or so . 
So 30 years actual was 43 years on my pension . 
We can draw our full pensions at 55 and still work . So I did that for 2 years . Lived on the pension and banked the weekly . All went good , so I went out at 57 . I'll be 60 in a couple weeks . Pension pays out as long as I'm above ground .


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## MJB05615 (Dec 8, 2020)

chopsaw said:


> My Carpenters pension . It's all based on " 8 for 8 " 8 hours work for 8 hours pay . So the total agreed package is x amount of dollars . Part of that goes on a weekly check , then the rest divides into Health care , pension plan and vacation . If you're working .
> Carpenters year is based on 1200 hours . Anything worked over that is extra paid towards benefits . Most times I worked 2000 plus hours . Gives the pension a good boost , and that's why I mentioned above that my health care was good for another 8 months or so .
> So 30 years actual was 43 years on my pension .
> We can draw our full pensions at 55 and still work . So I did that for 2 years . Lived on the pension and banked the weekly . All went good , so I went out at 57 . I'll be 60 in a couple weeks . Pension pays out as long as I'm above ground .


That sounds like a great deal.


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## thirdeye (Dec 8, 2020)

Brian Trommater said:


> Still working on this.  Got approved for the doctor.  When using the market street site the plan I am looking at has $1000 deductible and $8000 out of pocket.  When using the blue shield site it is $75 and 2800.  After on the phone with 4 different people last guy seem to know what he talking about and said just use the blue shield site and it should go through.  I thought maybe the prices where wrong and did not want a surprise.  Also talked to local agent and he trying to talk me into the no cost to me bronze plan with $5000 deduct and $8500 oop.  He tried to tell me he has it and had 3 surgery last year and only spent $3000.  Can't see how that possible.  Also the copay's twice as much.  Think I go with that plan I am looking at.   Just going to be a little tricky keeping my income at $25000.  Wonder if put gains from Wells Fargo regular account into IRA if they would not count toward earning?


Is "blue shield site" something different than the healthcare.gov site?  I have Blue Cross Blue Shield as my ACA provider and my plan is $750 deductible, max OOP is $8000, fixed price for wellness visits, and $5 prescriptions.  

If your income changes, just call healthcare.gov and they make the changes on their end, and if there is a change in the subsidy it will be reflected on the next month.   If you estimate $25,000 at the beginning, and end up with $50,000 they would make the changes once they receive the data from IRS and then they re-adjust for the entire year.  

Controlling your AGI is the key.  Along with other forms of income, interest, dividends and cap gains from non-IRA accounts and investments are all income even if you elect to contribute those monies to an IRA.   Look at your last IRS 1040 Form.  Find the line that shows your AGI (or MAGI).  Every line item before your AGI is income. The ACA only looks at your 1040 up to the AGI figure.


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## hoity toit (Dec 8, 2020)

JckDanls 07 said:


> Same boat here.. 59 and will have to wait until 65 for medicare and medicade ..  that will be 36 years at same job ..


That’s what I did, I’m self employed and took a SS a year early., I love my Medicare!


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## BrianGSDTexoma (Dec 8, 2020)

thirdeye said:


> Is "blue shield site" something different than the healthcare.gov site?  I have Blue Cross Blue Shield as my ACA provider and my plan is $750 deductible, max OOP is $8000, fixed price for wellness visits, and $5 prescriptions.


Be using Blue Cross Blu Shield of Texas.  I not willing to roll the dice and going with the


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## thirdeye (Dec 8, 2020)

Brian Trommater said:


> Be using Blue Cross Blu Shield of Texas.  I not willing to roll the dice and going with the
> 
> View attachment 474353


I kind of figured that's what you meant.


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## BrianGSDTexoma (Dec 8, 2020)

I really thought about the other plan.  Would save $2100 in premiums could put toward  deductible but if something major happened?


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## thirdeye (Dec 8, 2020)

Brian Trommater said:


> I really thought about the other plan.  Would save $2100 in premiums could put toward  deductible but if something major happened?


The difference is plan costs is very State dependent. Wyoming is one of the more expensive due to our low population and a number of rural communities.  To put it into perspective, my cost for my identical plan if I went directly through Blue Cross would be around $2,800 a month.  My subsidy is in the $3,000 range.  This is why it's so important for folks to look at all of the options.


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## BrianGSDTexoma (Dec 8, 2020)

Well I have my new patient appt made and my ACA application submitted.  Had to get help from local broker.  Kept saying not accepting online applications now.  What is was you have to go back to the Market web site and make a payment there.  Got a nice savings by using the BCBS site though.  Many Thanks for all the help.  You guys are the best.  I really needed the push.  I really should of worked couple more years but I was at my breaking point.  I still need give noticed.  Planning on First week Feb.


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## chopsaw (Dec 8, 2020)

Good deal . I laid awake for awhile , but that goes away . Now I just have the nightmares to get over . It all works out .


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## thirdeye (Dec 8, 2020)

We planned for years so I was essentially ready a year or two before I made the move.  When the bottom fell out of the coal industry, my business really slowed down.  Then COVID reared it's ugly head.  

Mrs~t~'s pension was based on her  highest 5 years out of the last 10 years which was a payout, or payment options for life.  We rolled her retirement IRA into a self directed IRA.  We both had beefed up our Roths to use for cash if needed while on ACA.  In about a year we will start Social Security and can draw from any of the other IRAs.


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## MJB05615 (Dec 8, 2020)

That's great news Brian!  So happy for you.


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## BrianGSDTexoma (Dec 8, 2020)

chopsaw said:


> Good deal . I laid awake for awhile , but that goes away . Now I just have the nightmares to get over . It all works out .


Has not been much sleep lately.  Nothing like just laying in bed trying to shut your brain off!


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## daspyknows (Dec 8, 2020)

Brian Trommater said:


> Be using Blue Cross Blu Shield of Texas.  I not willing to roll the dice and going with the
> 
> View attachment 474353


Good move.  Something similar to what I am doing.


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## chopsaw (Dec 8, 2020)

Brian Trommater said:


> Has not been much sleep lately.


I'm going to ask you a question . When you think about not working at your current job anymore , do you feel relieved ? Get a smile on your face ?  If so it's time . Get out of there . Take some time to breath . Cover yourself for now , then figure the next move .


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## sandyut (Dec 8, 2020)

Brian Trommater said:


> Has not been much sleep lately. Nothing like just laying in bed trying to shut your brain off!


I was at that stage before I gave notice.  I didnt give it hat much thought - then it was the week of and many sleepless nights.  then I just walked in and said, its time for the next chapter...Im leaving.  She was stunned.


chopsaw said:


> I'm going to ask you a question . When you think about not working at your current job anymore , do you feel relieved ? Get a smile on your face ? If so it's time . Get out of there . Take some time to breath . Cover yourself for now , then figure the next move .


Well said 

 chopsaw
  my wife and I smile all the time.  we say IQMJ on texted and teams chat.  IQMJ = I Quit My Job!!!  Best ever.


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## daspyknows (Dec 8, 2020)

sandyut said:


> I was at that stage before I gave notice.  I didnt give it hat much thought - then it was the week of and many sleepless nights.  then I just walked in and said, its time for the next chapter...Im leaving.  She was stunned.
> 
> Well said
> 
> ...



I know that feeling.  If I feel the need to do something, I do it.  If I don't I don't.  More time to run my smoker.


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## BrianGSDTexoma (Dec 10, 2020)

So I was getting ready to give my notice.  I was told by fellow worker not to do until you ready to walk out the door.  Someone gave notice early this week and they walked them to the door.  I not leaving until Feb to get my 401K match.  I though give them some time to hire someone and start training.  What was I thinking!  Got to give 2 week to get vacation paid out so guess wait until than.


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## chopsaw (Dec 10, 2020)

BrianGSDTexoma
 it's a shame that today's world has no honor anymore . Do what ever it takes to get what they owe you and take care of you . I know it's hard to do .


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## thirdeye (Dec 10, 2020)

*

 BrianGSDTexoma
*Some of the oil & gas and construction companies around here are that way, but usually it's because an employee is quitting to go to work for a competitor.  Retiring is a whole different story.  Mrs ~t~ agreed to 30 days for training her replacement.


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## BrianGSDTexoma (Dec 10, 2020)

thirdeye said:


> *
> 
> BrianGSDTexoma
> *Some of the oil & gas and construction companies around here are that way, but usually it's because an employee is quitting to go to work for a competitor.  Retiring is a whole different story.  Mrs ~t~ agreed to 30 days for training her replacement.


I don't feel right just giving a 2 week notice but to much riding on staying until Feb.  I guess now a days we just a number.


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## daspyknows (Dec 10, 2020)

It depends on the company.  If you feel you can trust HR broach the idea that you are considering retirement at some point in 2021 and see the response.  Depending on how HR responds you can decide how/when to let them know.


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## chopsaw (Dec 10, 2020)

thirdeye said:


> construction companies around here are that way, but usually it's because an employee is quitting to go to work for a competitor.


Don't know where you're from , but we don't do each other like that here . If work was getting slow , I'd let them know so they could start lookin . If they came to me and said another contractor has 5 months of work for them , I'd say  just let me know when you need to leave .  What goes around comes around .


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## sandyut (Dec 11, 2020)

I think it depends on the type of work and company.  Sales people are usually set free the day of notice.  I gave 3 months to help transition, my roll is kind unique and there is no clear successor.  I was not concerned about be cut loose.  tho if they did I would smile and go.  I am ready today.  :)


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## BrianGSDTexoma (Dec 11, 2020)

sandyut said:


> I think it depends on the type of work and company.  Sales people are usually set free the day of notice.  I gave 3 months to help transition, my roll is kind unique and there is no clear successor.  I was not concerned about be cut loose.  tho if they did I would smile and go.  I am ready today.  :)


When I hired on they cared for people but now that business gone through the roof not so much.  They had everyone work Sat Sun last weekend now have to work tomorrow also.  I not showing up.  I stay at least a month ahead maybe why not saying anything to me.  Will take several months to train someone.  I talked to reliable guy yesterday and he said keep quite until you get your 401K match at end of Jan.


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## phathead69 (Dec 14, 2020)

chopsaw said:


> My Carpenters pension . It's all based on " 8 for 8 " 8 hours work for 8 hours pay . So the total agreed package is x amount of dollars . Part of that goes on a weekly check , then the rest divides into Health care , pension plan and vacation . If you're working .
> Carpenters year is based on 1200 hours . Anything worked over that is extra paid towards benefits . Most times I worked 2000 plus hours . Gives the pension a good boost , and that's why I mentioned above that my health care was good for another 8 months or so .
> So 30 years actual was 43 years on my pension .
> We can draw our full pensions at 55 and still work . So I did that for 2 years . Lived on the pension and banked the weekly . All went good , so I went out at 57 . I'll be 60 in a couple weeks . Pension pays out as long as I'm above ground .


that is sweet deal and looks like you used it well. I figured you had something like that. I've put in my 401K but like stated earlier not enough to cover the sharp rise in health costs. I'll make do some how just maybe a little later than planned.


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## sandyut (Jan 29, 2021)

Hey Brian,

any update on your retirement?  I'll update the other thread, but I am down to T minus 4 weeks.


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## BrianGSDTexoma (Jan 29, 2021)

Looks like we on same page.  My 401K should get my 6 month match today and than give month notice Monday.


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## sandyut (Jan 29, 2021)

Congrats!  I am sure you are as excited as I am!!!


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## BrianGSDTexoma (Jan 29, 2021)

sandyut said:


> Congrats!  I am sure you are as excited as I am!!!


I really not looking forward to the telling them part.  I have only had 3 jobs in my life and the only one I quit was KFC to take job at Ti.  Would like to just send email but I know need to tell in person first.


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## chopsaw (Jan 29, 2021)

Brian Trommater said:


> I really not looking forward to the telling them part. I have only had 3 jobs in my life and the only one I quit was KFC to take job at Ti.


Well , retiring is different . Not about them anymore . 

April 2017 , Last conversation with my " boss " He walks on the jobsite .
Him - What are you doing 
Me - Whatever I want 
Him - I don't think I have anything after this . 
Me - Good . I'm not coming back 
Him - ( laughing ) I guess you don't want to work 
Me - You're not as dumb as you look .


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## daspyknows (Jan 29, 2021)

Brian Trommater said:


> Looks like we on same page.  My 401K should get my 6 month match today and than give month notice Monday.



Congrats.  Hope it goes well.


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## GonnaSmoke (Jan 29, 2021)

uncle eddie said:


> ...My oldest son is self-employed and started out on ACA.  It was stupid expensive with huge deductibles.  ACA looked more like a catastrophic health insurance coverage.  He switched to MediShare (https://www.medishare.com/) which was about 2/3 the cost of ACA but way better insurance all the way around.


Medi-Share is not insurance so be careful. Here's a quote from the Program Guidelines: "Medi-Share is not insurance. Medi-Share is a Healthcare Sharing Ministry as outlined in the Patient Protection Affordable Care Act. Each Medi-Share member is solely responsible for the payment of his or her own medical bills at all times."








						Program Guidelines | Medi-Share
					

The member-voted Medi-Share Guidelines explain the program requirements and how Christian Care Ministry facilitates medical bill sharing.




					www.medishare.com
				




My wife and I discussed my early retirement after 27 years in the paper industry and agreed for me to leave early at 56. We were/are basically debt free, have several savings instruments to include 401K and IRAs, and I have a pension so hopefully no need to tap into any savings. My wife agreed to work until 65 to provide us with insurance. That was 4 years ago next month. This year she'll be 62 and I just turned 60. Now she's talking about retiring at the end of the year and the potential cost of insurance scares the devil out of me, but for anyone on the fence about early retirement, just do it. My best advice is to stay busy doing something you love and you'll never regret it. For me, I live by the 4 F': Faith, Family, Friends, Fishing. I often tell people that I don't know how I ever worked full time.

Now, if I can just figure out how to pay for insurance without going broke....


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## BrianGSDTexoma (Jan 29, 2021)

I found a great deal for ACA but did not use the Gov site.  Went straight to Bluecross Tx web site.  Same plan  but deductable only $75 and $2850 Out of pocket.  Gov was a lot higher for same plan.


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## sandyut (Jan 30, 2021)

GonnaSmoke said:


> for anyone on the fence about early retirement, just do it. My best advice is to stay busy doing something you love and you'll never regret it. For me, I live by the 4 F': Faith, Family, Friends, Fishing. I often tell people that I don't know how I ever worked full time.


exactly!  ins is different by state from what I can tell, but the internet can pull all the options in Utah.  yeah its expensive, but good planning before hand makes it affordable in a sense that its a necessary gap to get out early and cover us till medicare eligibility.  the ins broker I talked to was very enlightening and had options - I just had to look at these with a new perspective = this is not employer sponsored insurance.  comparing these is just not really relevant.   IMO


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