Episode #64: Health Insurance Options Before Medicare

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Side Thoughts:

Taking an early retirement is tempting, but have you considered your health insurance options? Matt reviews your coverage options in lieu of Medicare.

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(Click the featured times below to jump forward in the episode)

Here Are Just A Handful Of Things You’ll Learn:

1:07 – Setting The Stage. 

  • When you turn 65, you’re eligible for Medicare (Note: Today’s podcast is not about Medicare). However, if you’re retiring earlier, you’re going to need other healthcare options. Once you retire, you’ll still need health insurance, but you’ll no longer have employer-sponsored healthcare. Therefore, you need to know what coverage options you’ll have available to you.

3:55 – Understanding The Affordable Care Act. 

  •  Under the Affordable Care Act (ACA), the premiums you’ll pay on your insurance are 100 percent based on your income. Specifically, they’re based on your reportable income and your taxable income…Ummm…What? We’re working with several clients who we’re assisting in keeping their income within a specific range. That way, we can assure their premiums will remain affordable. If your income is too high, your premiums could skyrocket to anywhere from $1,000 to $1,400 a month. However, ACA gives you a tax credit to offset your costs. Here’s the kicker, it’s based on your taxable income; not your assets. Therefore, you need to spread your tax burden appropriately. If all of your wealth is in an IRA, you’re going to drain it faster than you should just to obtain healthcare.

8:25 – Your Health Insurance Options As A Tweener.

  • If you do not have a retirement health insurance plan until the age of 65, you’re probably going to have to enter the private healthcare market. At that point, you can either pay insurance companies directly with no tax subsidies, or you can go through the Marketplace (ACA).

Other Smart Money Points: 

  • 8:56 – Understand Your Options Before Walking Out The Door.

The Answer:

If you're going to retire early, you're what we'd call a tweener. This means you'll no longer have company-sponsored insurance, nor will you qualify for Medicare. Know your healthcare options before retiring. - Smart Money Questions
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