Early Retirement.

[Fred's Myth]

Navel gazing huh? See what I mean about sexual references.

I guess if you're THAT short, then a navel will work. Will have to take your word for it, though!

 

[bacha29]

I guess if you're THAT short, then a navel will work. Will have to take your word for it, though!

From a content perspective sexual references and personal attacks is about all we've come to expect from you these days.

 

[NC man]

Early Retirement.
I just got off the phone with Benefits. If we leave at age 55 at the end of October, and get the Pre65 insurance...myself will get the $39,000 to help with insurance and my wife will also get $39,000. However, to keep the same Cigna will cost $1220 per month for me and will double if I keep my wife on the plan as well.

Has anyone done this? Is Obamacare cheaper? Many of us are going to be in this situation by the end of October so please offer any advice you have learned. Thanks in advance.

I took COBRA for 18 months ,it was 487 month for me,wife still works full time, then after 12 months it went to 518. The first 12 months we could use RHPA money but they shot that down Jan of this year so paid out of pocket the last 6 months ,June this year. I would use cobra and pay as it’s same ins as retiree that’s 1200 month or so. Last month I had to go on marketplace and got a BCBS policy but it’s 980 month and I get reimbursed each month.that’s a lot but ins is not cheap or in some states their may be some good deals. Most good policies still have high Deductible and max out of pocket for the year is around 9k .the cheaper ones are much worse so check reviews ,Golden arule has terrible reviews so stay clear.
check what drs are in the network,hospitalscetc. Going out of network kills you but if true emergency then they are supposed to cover.
Another nice bone in the ass by fedex is a marketplace policy cannot have a subsidy if you want to be reimbursed with RHPA money. That caused mine to be about 300 higher per month.
I retired near 62 so got 25k and have about 17 left. In Dec I will have to renew mine or change policies so maybe I can find a better deal ,if not my funds will leave me about 6 months short of 65 and Medicare to pay myself.
Be careful with some of the brokers as they will tell you the good stuff but not downside of a policy they push on you. Your phone will blow up too because to get a quote you have to give one,I just did not answer and did my own research.
39k is a lot but it won’t last 10 yrs if you are not working at all til 65 ,the ACA is income based so that’s a factor.
If you plan to work elsewhere you can have ins from the new employer of course and save the RHPA money for later.

Any other questions I will try to answer as best I can from experience

 

[Empty Pockets]

I took COBRA for 18 months ,it was 487 month for me,wife still works full time, then after 12 months it went to 518. The first 12 months we could use RHPA money but they shot that down Jan of this year so paid out of pocket the last 6 months ,June this year. I would use cobra and pay as it’s same ins as retiree that’s 1200 month or so. Last month I had to go on marketplace and got a BCBS policy but it’s 980 month and I get reimbursed each month.that’s a lot but ins is not cheap or in some states their may be some good deals. Most good policies still have high Deductible and max out of pocket for the year is around 9k .the cheaper ones are much worse so check reviews ,Golden arule has terrible reviews so stay clear.
check what drs are in the network,hospitalscetc. Going out of network kills you but if true emergency then they are supposed to cover.
Another nice bone in the ass by fedex is a marketplace policy cannot have a subsidy if you want to be reimbursed with RHPA money. That caused mine to be about 300 higher per month.
I retired near 62 so got 25k and have about 17 left. In Dec I will have to renew mine or change policies so maybe I can find a better deal ,if not my funds will leave me about 6 months short of 65 and Medicare to pay myself.
Be careful with some of the brokers as they will tell you the good stuff but not downside of a policy they push on you. Your phone will blow up too because to get a quote you have to give one,I just did not answer and did my own research.
39k is a lot but it won’t last 10 yrs if you are not working at all til 65 ,the ACA is income based so that’s a factor.
If you plan to work elsewhere you can have ins from the new employer of course and save the RHPA money for later.

Any other questions I will try to answer as best I can from experience

Thanks NC Man, that is very helpful and useful info. I will definitely check that out. That is a lot if factors to consider and plan out.

 

[NC man]

Your welcome,any question let me know and will answer as best I can.