Health Insurance

Health Insurance in Our Early Retirement



Thanks to the viewers who’ve requested about medical health insurance in our early retiirement. We are lastly addressing how we pay for medical health insurance with out going broke.

Between the Affordable Care Act and healthcare ministries, we have tried a couple of choices. And, our scenario might be altering once more after we’re nomads in 2020.

Did we reply your questions? Can you lend something out of your scenario to the dialog? Please remark!

#healthinsurance #earlyretirement #FIRE

If you’re concerned about turning into a home sitter (otherwise you want a home sitter), that is the positioning we use…https://www.trustedhousesitters.com/su/uqCNQtgC (it’s our referral hyperlink!)
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About us…we’re Tim and Amy and we retired early (in our 40s) after decreasing our bills by $6,500 a month. Now, our large splurges are usually journey and health-related versus stuff.

Please take a look at our different movies! Some are about our touring adventures, others are about out new(er) lifetime of FIRE (financially impartial, retired early) and monetary freedom.

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www.GoWithLess.com
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Thanks for watching

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26 Comments

  1. THANK YOU for doing this video on healthcare!! I was anxiously awaiting this video and would be grateful if you & others would continue to share your struggles, ideas, solutions & outcomes. Healthcare is a huge fear of mine when I think about possible early retirement or in the event of a job loss (We are 58-59 with pre-existing health conditions). This was very eye opening and your willingness to share and the details you provided are much appreciated. I am inspired by your journey & look forward to seeing more of your adventures!

  2. This is so funny watching you guys now. I think I saw a downsizing your house video years ago. We are joining the FI community in five years. Funny if I would have researched you guys more back then we would have been there faster. Cheers! Thanks for the vid.

  3. Please update this topic regularly. How is Liberty working out? Did your Dr. Office bill Liberty directly? I wonder how health care providers react to it. We had KP – they are great in Colorado but we had a long extended prob when our daughter got a scan while at college in Maine. Finally resolved in our favor. KP had to pay a penalty of $700 for the mistake. But insult to injury – paid to the hospital! Not me who was fighting it for a year. You cannot win with Insurance.

  4. Health insurance in the States is critical. Here in Canada we are fortunate with our Health Care (OHIP). Private health insurance in Canada is a complete waste of money. I am extremely close to retirement and have started to retrieve some information regarding private health care. I can honestly tell you that private heath care plans in Canada are an absolute scam. All plans have a yearly cost. The one plan I was looking at was 249.00 per month plus tax which amounts to $3376.44 per year. This plan included some dental, eye care and prescription drugs. There was other minor coverage but I cannot remember what it was. The big hitter for us was the drug plan. It only covered $2200.00 per year worth of drugs. We are on approximately $4000.00 worth of drugs per year. This means that after reaching our drug limit of $2200.00 from the plan, we then pay out of pocket for the rest. So lets do the math. The plan cost per year of $3376.44 + $1800.00 from out of pocket cost = $5176.44. It will be cheaper for us to pay all our drugs out of pocket ($5176.44 – $4000.00 = $1176.44). I will keep the $1176.44 in my pocket instead of wasting it on this ridiculous plan. As far as dental is concerned, I will gladly pay for our two yearly cleanings worth approximately $300.00 per year. As far as vision goes, many vision care places offer a free eye exam if you purchase their glasses or contact lenses there. All these Canadian Plans are similar. If you are a Canadian Citizen, I urge you not to waste your money on these heath care plans. Thanks

  5. Sadly we decided we simply can't take the risk of travelling withing the USA on the ACA. I know in theory the ACA covers you for emergency care anywhere in the country but honestly I can't see how you can avoid getting screwed somehow if you end up in the ER out of network (Balance billing for a start). We now do all out travelling out of the country because trip insurance is remarkably cost effective (we use Berkshire Hathaway). So road trips our out, but extended vacations to the far East and Europe are in. I am an expat Brit so we could high tail it back to the UK if we had to but the US is home now so we put up with the crappy HC system for now.

  6. Thank you so much for this video! I totally get how you're saying "sorry we don't have a one-size-fits-all answer for you". It's just really nice to hear your so-far experiences, and what you're thinking about all of this. We've been really befuddled by this aspect of early retirement (our dream), but when we heard you say "ACA…subsidized per your annual income", we were like oh….THERE it is!!! That is the thing we hadn't realized, is that it is so much cheaper on a typical retirement income than it would be for us right now. So thank you!! You are SO INSPIRING!!!!!

  7. I was forced into early retirement at the age of 63.5 in November of 2017. I had two months of health insurance–so in February 2018 I joined Christian Healthcare Ministries. I had no pre-existing conditions and I can use it any where. So long as the incident is over $500.00 they will share it. I pay $150.00 a month plus $40.00 per year for unlimited catastrophic insurance, plus $25-30 a quarter. They are excellent and fast in processing.

  8. GoWithLess,

    I found your channel a couple of weeks ago and have thus far enjoyed hearing about your journey through early retirement. Like many of your other viewers, I too was wondering what you were doing for healthcare insurance and how you were paying for it. Why? Because, like you, my wife and I chose to retire early. However, unlike you, I wanted no part of the ACA and having to accept a subsidy (aka handout or charity) in order to be able to afford healthcare.

    My wife and I dealt with the ridiculous cost of healthcare in the US a different way. When we retired, we sold everything we owned, and moved to Mexico. Here we have full coverage healthcare through a private Mexican health insurance company that costs us $2,600 per year. My unsubsidized health care in the US (BCBS of Texas) was costing us $1,900 per MONTH.

    I look forward to hearing more about your travel and experiences in early retirement.

    Regards,
    Troy

  9. I checked into those health ministries, by investigating their bylaws and tne print in their documentation, it shows that they have a right to not pay any claim. They also report that they are NOT insurance. You are throwing your money down the toilet. I was an insurance underwriter so I knew where to look.

  10. If you have no Health Insurance, or under insured, self employed, or financially challenged, you can receive access to Healthcare through a Membership in the National Motor Club of America- our Security Shield Membership at $29.00 a month offers access to Teladoc- a Network of Board Certified Physicians who provide consultations either by phone, or thru video conferencing, who can diagnose illnesses and dispense prescriptions to your local pharmacy. You receive unlimited access for yourself and up to 5 family members, in addition to other Healthcare, Vision, Dental, Prescription and Hospital benefits. Our Membership is much better than AAA- visit http://www.nmcfs.com/61154 for further details.

  11. I haven't used it as I am still working, but I looked into Cigna Global with high deductables, since I am pretty healthy. I think they have good global options with various deductables

  12. For your ACA insurance (Kaiser at the moment) it seem to me that you are missing a significant benefit. You qualify for two benefits, 1) The tax credit and 2) Cost sharing reductions (CSR). The tax credit piece of the puzzle you have very well figured out. The CSR, not so much. I realize you lean towards HSA plans, but the benefits of Silver plans with the CSR benefits seem to good to ignore. CSR benefits are only available on Silver plans and these "turbo charged" benefits come into play when your MAGI is less than 250% of the FPL, which in your case would be < $41,150. There are 3 levels of turbocharging based on income. If you are keeping your MAGI below $24,700 you qualify for plans with extraordinarily low deductibles and greatly reduced annual max. The is mostly true as long as you keep your income below $32,920. You can run the estimates on the Connect for Health Colorado anonymous shopping tool.

  13. Can you tell us what investments you have which don't produce enough interest, dividends and capital gain distributions (from sales made by the fund manager during the year, not you) to put you over the subsidy threshold? As an early retiree, I invest aggressively in mutual funds but they throw off too much "passive income" for me to enjoy the ACA subsidy.

  14. Health insurance is my number one concern with early retirement. If there was a good option, I would already have called it a career. Looks like I will end up with a job at Starbucks or somewhere else that offers bennefits to part time workers…sad.

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