Exchange

header ads

Top Best Health Insurance in Our Early Retirement In 2019

Top Best Health Insurance in Our Early Retirement In 2019

Hey, it's Tim and it's me from progressive insurance welcome to our website. We're happy that you're here. We are gonna tackle a topic today that we get asked about more than anything else. When Tim and I retired back in 2015 we said goodbye to corporate health insurance and we've had to figure it out on our own. We get so many questions that ask what do you guys do for health insurance. Now that you're early retired so we are finally gonna tackle that today. I handed this ball to me and so.


Top Best Health Insurance in Our Early Retirement

I'm the reason that it's taken us. So long to put this together and I think part of the challenge has just been it seems like every day something changes with our health insurance. So it's this ever-evolving thing we have an answer for today and so it continues to change next year. Our answer is going to be different. So it's just taken us a while to come up with what did we want to share with our audience and we will answer. What did we do for our health insurance? But you'll see that it's kind of a messed up. I don't think it's not like a straight and narrow path islet just says that. But we will answer that question today and we hope that you will read the article. So as I mentioned Tim and I retired back in 2015 our website is about early retirement. It's about a lot of travel including budget travel. Travel hacking house-sitting as a travel hack stuff like that and we hope that you will subscribe over here because you come out with a new article each Wednesday.


So with that let's tackle. What do we do for health insurance man? This should be easy. This is not an easy topic. So one of the things that we could have done. Whenever we were looking at insurance is not have any insurance. I guess that really wasn't an option for us. So I'm 51. I forget how old. I am Amy's 50 and so certainly one trip to the hospital here in the US that could be $100,000 $200,000 for a simple trip to the hospital. So crazy you have to have health insurance here in the States. If you have any assets that you're looking to protect and so we have health insurance. One of the things that we realize the sort of through this course of trying to figure out. What we're gonna do is even after we had insurance and we wanted to see doctors that are outside of our specific network some of the doctors won't even see you. If you have insurance but you're not in their network they won't visit with you my doctor of 15 years wouldn't accept me in the past year.



Because my plan didn't include him yep. So, what we started out doing back in 2015-2016. 2016 is we signed up for the Affordable Care Act. The ACA are plans that are a part of the ACA. Every state has an exchange some states don't rely on the federal exchange here in Colorado. We have an exchange and that's where we go to purchase our health insurance yeah. and we get a subsidy that's based upon our income. It was the first year that we were without our corporate insurance so that was our very first year on the ACA and Tim had some consulting income. So we had income that year that kind of was something to consider in this situation. I will say we have a lot of viewers who ask about the potential of them retiring early. I get that this is like a very scary thing and back in 2015 the Affordable Care Act. It was pretty solid and it was very predictable for us. So we knew what our out-of-pocket would be we knew what our deductible would be that has changed quite a bit we're not gonna get into a political conversation. But we kind of had to roll with the changes and that's what we're gonna be talking about of how we did that today that's right. So something of note is that with the ACA it varies in pricing and the offerings from county to County even within a given state. So what we're looking at is going to be completely different. If we were to move to Phoenix and If we were to move to Texas and if we were to move to Washington the pricing would be completely different the offerings would be completely different and it's down to the county it's different.



Top Best Health Insurance in Our Early Retirement

So it's hard to put something out there. This is what you should do because the offerings vary across the country in 2020. We signed up for a normal plan on the ACA the plan that we signed up for happened to allow us to have access to an HSA. Which are a health savings account and you actually have to pay a premium? In order to have HSA capabilities on your plan. The plan has to be qualified for an HSA. We wanted to put money in an HSA for various tax reasons and also it's just a good strategy for savings. So we signed up for a plan that had that as an offering our monthly premiums were very affordable somewhere in like It was based upon our income. But maybe even a three hundred four hundred dollars range this was a couple years ago and Tim had back surgery in one of those years and he ate up his entire six thousand dollar deductible. I was probably somewhere around three or four hundred dollars out of my deductible for co-pays and things like that so super reasonable for me. But when Tim did have big back surgery. It did cover that and that was really nice. He also had physical did your physical therapy. I did try to practice the nice thing back.



Then and even today is we knew sort of what the worst case was going to be for our premiums. If we both had to blow through our deductibles what that would present. So basically it was $12,000 worth of deductible. If we both happen to get really sick and we had about three thousand dollars a year or maybe four thousand dollars a year worth of premiums for the plan. We were prepared to spend $12,000 a year for our deductible and fortunately. We didn't and that's probably. Why we're coming so far under budget. Because we budgeted for high deductible $12,000 a year possibly. So it's nice to know at least what the worst case is going to be and we had planned for that yes. So as 2018 rolled around and we were looking to sign up for our health insurance we realized something that. We hadn't known previously and that was that the insurance. We had been on for the two prior years did not cover us. When we were outside of the state of Colorado and it wasn't just that plan that didn't cover us. All of the ACA plans were not going to cover us outside of Colorado so that was a really big thing to learn it was huge and we were really lucky that we hadn't found out the hard way okay. So here, It is the beginning of 2018. We're ready to sign up with our same insurance that's been working for 2016 and 2017 that same insurance company offered a plan. But all of the doctors that we had been using were no longer part of that plan. So that was kind of not a great thing and there was an option to have a difference to go with Blue Cross Blue Shield. It was an additional thousand dollars a month to have a plan that included. Our doctors $1,000 a month that we'd they're only like maybe three two doctors for me and one for him. Where it wasn't so crazy. So we decided like I guess we're just not gonna keep our same doctors any more which really stinks. So we signed up fora new plan.



Top Best Health Insurance in Our Early Retirement

I'm not gonna mention them cuz. I don't want to be sued. Because we were really unhappy with them. But this plan when we did our research before choosing them. We went online and saw that there are all kinds of doctors. In our area that we could go to no problem and it looked like they were accepting new patients online no problem. So we sign up for our plan for the year and we get on the phone maybe even the first month.  So to get an appointment just to have a relationship with a doctor and turns out we couldn't find one that was accepting this program nope. I think I had a physical that was I think the only advantage. We took off that insurance was I got a physical from a doctor that I did happen to find herein. Parker just randomly yeah I didn't. I don't think you even liked that person so much. So I didn't go and yeah and so we decided to add on an additional health care coverage provider.


I guess I don't know to add something on for 2018. So that we could go to the doctor. So we continued our ACA plan for 2018 and then we add it to another plan. So we signed up for what's called a health sharing ministry in June of 2018. It's called Liberty health shares and it's very affordable. It's three hundred and fifty dollars for the two of us with a deductible of seventeen fifty for the pair of us total. They don't like these health insurance terms. Because they are not a health insurance company. They're a health serving minister. So it's kind of some way different things. Then you will find with the ACA plan terminology wise they use completely different terms now. I am able to go to my doctors however I'm still not so sure that those are covered. Because we're waiting for those bills to be processed from the fall of last year.


I still have a primary health insurance company on the ACA. Even though, I'm not using it. I don't know that I'm allowed to like bypass it to go to Liberty. I think if I only had Liberty that might be a different situation. So that's kind of a little tricky. I do have the ACA I do have Liberty. We have both and I still want to go see all my doctors who aren't covered by my ACA plan. I will say that Liberty isn't that quick to process things we are waiting to wait waiting it is our experience. When we originally signed up we were hoping that Liberty was going to be our sole insurance provider. Unfortunately, they considered the back surgery that I've had two years prior pre-existing condition and they excluded my spine completely. They will not cover my spine however they said that we'll take you on board. We just won't cover your spine in any way shape or form. So what that left us with is I at least still had to have the ACA. I couldn't rely on them solely. Because my spine wouldn't be covered.







So we had to have or I had to have two types of insurance. In order to have my whole self covered and the reason. Why I went with Liberty Health shares is I wanted to get in there. Before I had a pre-existing condition Tim had some other things like a little skin cancer thing removed. So they said we're not gonna cover that for something like a year or two years. But his spine was a totally different thing. They said we are never going to cover anything with your back no matter. What it does steven have to be about the thing that was operated on in the past never gonna touch that so that required Tim to hold the insurance for his back and I don think it cost me anything extra to be on that plan. So I stayed on it. So it's still a little bit of a mystery.

Because we're waiting to be paid on things and we're not quite sure how this Liberty is gonna shake out. But there are the really cool things about Liberty that we didn't have with our ACA plan and that. We could use it outside of our state. We do travel all the time not only outside the country. But also all around America and as long as a bill is in English and billed in US dollars Liberty will cover it. Which is pretty sweet. So the end of 2018 came and it was time to pick a plan for 2019 on the ACA and we dumped that plan that we couldn't see any doctors with and we started a new plan. We're with Kaiser Permanente. We don't plan to use them though so even. Though we're paying for them. It's only fourteen dollars. Because we're able to keep our income low enough to have those premiums be very very low and we're maintaining Liberty Health shares. So for the moment, we have Liberty and Kaiser Permanente and Kaiser Permanente also has a pretty high deductible per person likes it fifty-five hundred bucks So yeah, it's similar to the same plans. We've had before the interesting thing about Kaiser is. You can only see doctors that are in their network no other doctors. You can see and I really like my doctors after 15 years and I'm getting older. I want to see my doctor's two things to note about the ACA. When it comes to subsidies is there are cliffs there's a cliff at the bottom. I don't know if you call it a cliff and there's a cliff at the top. 


So at the top, if you make here in Colorado. If you make over $66,000 roughly then your subsidies go to zero. So if you make 65 thousand dollars in our situation. Our subsidy would be eight hundred and thirty dollars a month. If we made sixty-six thousand dollars the subsidy goes to zero. So that is a big cliff at the bottom. It's 23 thousand dollars. If you make less(as a couple). If you make less than 23 thousand dollars. Then you are qualified for Medicaid and again you would get no subsidies. So for us what we want is basically to have our income just be a little over that Medicaid cliff. If you will special threshold. So a little over $23,000 would qualify us for the most amount of subsidy that we could possibly qualify for. So you may ask how in the world you keep your income? So low you say that you make thirty-six thousand dollars...So how do you keep our income? So low... and so the nice thing about our situation. Are we're living off capital gains and just money. That cash that we simply have in savings and so we don't have any earned income at all the only way that we make an income is. When we sell our assets and we have capital gains ora little bit of interest in dividends.


We have from our assets most of our assets are actually tax-deferred assets. So those don't count at all for this equation. So let's say for instance that in 2015. We invested $50,000 and then it had grown in 2018 to $70,000 well that's $20,000 worth of gain. When we go to sell that $70,000 worth of investment. We're only gonna pay tax on the $20,000 that's gonna be the only income. We have is that $20,000. So we can control our income a little bit to make sure that we are. Where we want to be to maximize this subsidy and we're figuring that out at the end of December for the tax year that's exactly right. So for 2019 we have Kaiser Permanente which only costs us $14 a month with an extremely high deductible and we don't plan to use that and there are Liberty health shares which is $350 a month with a deductible of 1750. So that's where we are now we're going to be nomadic in a year and we are changing things up again yep. We sure are so we found a plan by this company called azimuth. We're gonna put it. Underneath risk solutions and what they offer plans that are sort of designed for people that are nomadic or people that are going to be out of the country people that are going to be expats things like this. So there is a requirement to have access to this insurance that you are out of the country for a minimum of six months over the course of a year. They have two different flavors there's one flavor that will cover you anywhere except for the US or Canada.


Then they have a flavor that will cover you for the entire world including the US or Canada and they also have a range...and Canada not or Canada...right. If you're in either of those two places why Canada's lumped into this. I'm not sure. But these are the two places that they have in this plan. Where you have to have a higher premium. If you want to be in those two places and have health care and it's pretty affordable the interesting thing on this is that women are so much more expensive. Than men I'm 50 years old, Tim said it's because women can have babies. Who're having babies in their 50s anyway and women are supposed to be healthier. Than men but maybe its because women go to the dr. more often. Than men, I don't know that makes absolutely no sense. But we're looking and they're they have huge ranges of a deductible on azimuth. So it's anywhere from $250 deductible to $10,000 deductible and it's probably about four thousand dollars. Per person to nine hundred dollars. Per person that kind of both ends of the range and it'sage dependent and it's deductible dependent and it's where do you want coverage US Canada or not. So averaging it out.


If we have a middle-of-the-road deductible say $5,000. I think it's gonna cost us about six thousand dollars a year to have access to this insurance that would cover us when we're abroad as well as when we're here at home the azimuth plan also has something that we're gonna have to go. Through that underwriting so I don't know. If my back will make it. So that I'm not qualified to have this insurance and we may have to look elsewhere. I did have a conversation with a broker just a few weeks ago about worldwide sort of insurance plans and there are options that are available that are quite a bit more money that allow. You to have pre-existing conditions and so I don'tknow...this to me my back issue happened multiple years ago to me. It's no longer pre-existing conditions. But Liberty thought it was so I'm not sure what yeah. It isn't so I don't know what other providers are gonna consider. What's going on with my back. Whether that's a pre-existing condition... I don't think they care. What you think I don't think they do either and this would replace both our ACA plans. So we would walk away from our ACA plan.


We would probably also walk away from Liberty depending upon how things work out this next year yeah. So we are still figuring this out. But the azimuth isn't final either. If you are an expat traveler. Who are you using for your health insurance? We would love to know down below. This is really only probably maybe just for us. People I don't know. If it matters. Because we know a lot of our readers are international yep and what we're talking about with the expat health insurance is true health insurance. It's not trip insurance for the first time. We bought trip insurance. This past summer when we were gone for nine weeks with Allianz and that's really trip insurance. It's about coverage of your stuff and I mean a variety of trip cancellation things like that and I think only did the health piece of that it was very affordable. But it's not designed to be your health insurance. So we are very interested in what our audience is doing.


If you are nomadic for your health insurance. We understand that it is very affordable to potentially go to the doctor outside of America with excellent care. We totally get that and we may just be paying for a lot of this out-of-pocket as a full-time traveler. Do you have extra health insurance? You pay for are you just doing only out-of-pocket our health care. The landscape continues to evolve it seems like it changes every week. We find out something new whether it's changes things. We didn't understand was Liberty or changes to the ACA usually not good changes it's usually unfortunately that's true. So we don't have good answers. Where we can just say this is what you should go into we wish we had those answers. We wish we had those answers for ourselves. We think that this azimuth plan is gonna be something that we're looking forward to having something. We thought that Liberty was gonna be great we're still trying to figure out what that's gonna look like for us. So it's just its a never-changing beast and it's more uncertain for us today.


Then it was when we retired back in 2015 that's exactly right yeah. We want to know what you're doing for your health insurance. If an employer isn't managing your health care. Please let us know down below in the comments especially. If you are a traveler. Especially if you are a US citizen. If you're from the other country make us. So jealous and tell us about your fabulous health care that's free down below and we will just be green with envy and maybe you understand why Americans are. So obsessed with health care. Because it's insane and that's it. We ask you for a thumbs up on the article and if you haven't subscribed yet. We come out with more fun topics than health insurance hopefully you subscribe and you'll learn that next Wednesday. We want to hear those comments down below about what you're doing and if you have anyone else. Who's kind of questioning. What the heck to do with their health insurance and early retirement please share this article with them it probably will only make them more confused unfortunately that's probably. But at least it's honest. So with that, we'll see you next Wednesday thanks for reading.



Some Related Tages:

Top Best Health Insurance in Our Early Retirement, tax-deductible, portability and accountability act, health insurance policy number, health insurance tax form, health insurance qualifying event, health insurance portability and accountability act, health insurance definitions, European health insurance card, opm health insurance retirement, federal employee health insurance retirement, federal health insurance after retirement,  fers health insurance after retirement, trs health insurance after retirement, do federal employees get health insurance after retirement, do nfl players get health insurance after retirement, federal health insurance retirement, texas ers health insurance retirement, csrs health insurance after retirement, health insurance after retirement federal government, government health insurance after retirement, opm health insurance after retirement, postal service health insurance after retirement, health insurance retirement federal government, health insurance retirement cost, buy health insurance retirement, private health insurance retirement, companies that pay health insurance after retirement, cost of federal health insurance after retirement, do federal employees keep their health insurance after retirement, employer health insurance after retirement, fbi health insurance after retirement , 

paying for health insurance after retirement, group health insurance after retirement, getting health insurance after retirement, how to get health insurance after retirement, how much is health insurance after retirement, how to find health insurance after retirement, how to plan for health insurance after retirement, health insurance after retirement in canada, jobs that offer health insurance after retirement, private health insurance after retirement, what health insurance after retirement, what companies offer health insurance after retirement, where to get health insurance after retirement.


Post a Comment

0 Comments