Author Topic: FIRE - Health Care, Individual Market  (Read 1337 times)

RH

  • Stubble
  • **
  • Posts: 103
FIRE - Health Care, Individual Market
« on: May 17, 2018, 11:11:10 AM »
Greetings,
My wife and I will be ready to possibly FIRE next year. Since there is now no individual mandate on health care in USA, premiums are expected to jump 15% next year for those on the individual market (insurance not through an employer) . I'm estimating for the 2 of us, it will now cost $1000 month. Are MMM's taking the Obamacare subsidy oro Medicaid when they FIRE or are they budgeting for the $1,000/mo insurance cost? We would qualify for the subsidiary as long as no asset test is done in the future. Are folks moving to other countries and taking out cheaper health care plans?

RedmondStash

  • Pencil Stache
  • ****
  • Posts: 778
Re: FIRE - Health Care, Individual Market
« Reply #1 on: May 17, 2018, 12:28:57 PM »
I suspect some people are doing each of the things you listed.

I'm currently on COBRA and will be facing this question next year. Not looking forward to sifting through the slim pickings for the least outrageously priced plan.

I'm also trying to plan for taxes and income to reduce AGI the year after next, so subsidies might become an option then, if they still exist.

Arbitrage

  • Stubble
  • **
  • Posts: 161
Re: FIRE - Health Care, Individual Market
« Reply #2 on: May 17, 2018, 12:32:20 PM »
My plan is currently to aim for subsidized HDHP through Obamacare and CHIP for the kids.  Income will be through 5-year laddered Roth conversions. 

Hopefully those subsidies are still around when I FIRE; definitely might not be the case. 

Steve Ainslie

  • 5 O'Clock Shadow
  • *
  • Posts: 42
  • Location: Plantation FL
    • ainslies.org - becoming a better man
Re: FIRE - Health Care, Individual Market
« Reply #3 on: May 17, 2018, 12:53:34 PM »
I'm fortunate my wife is on Medicare which gives us a decent option (via a Medicare PPO plan) for her for around $350/month. She unfortunately has a number of health issues that make good insurance a neccessity.

 For me, I am currently paying Libery Healthshare $199/month because my ACA option would cost me somewhere between $200-700 per month since I do some freelance consulting that results in variable income. I can't accept paying that much, plus the deductibles and copays when my chance of seeing a doctor is close to zero.

I'm lucky that I am healthy and relatively young.

Next year, I might look for an hdhp plan to cover me for catastrophic injury only or continue with Liberty. I anticipate the insurance market's going to be a f***ing mess.

Acastus

  • Bristles
  • ***
  • Posts: 327
  • Age: 56
Re: FIRE - Health Care, Individual Market
« Reply #4 on: May 18, 2018, 08:49:57 AM »
Health insurance is local, and there can be large differences within a state. The specific company in NY I will choose later this year increased 2% last year, nothing like the horror stories we all heard. NY has always had more available insurance, and they do not change the price as you age. It is more stable than other areas. Increases are public knowledge, and they should get published near the end of summer.

Paul der Krake

  • Magnum Stache
  • ******
  • Posts: 4151
  • Age: 10
  • Location: us-west-2
  • Bot - Do Not Reply
Re: FIRE - Health Care, Individual Market
« Reply #5 on: May 19, 2018, 10:49:54 PM »
There is a lot in flux right now. There are talks of blue states are seriously considering making their own legislation to shore up their individual markets should the ACA fall apart. There are talks of expanding insurance pools used by small businesses. There are talks of catastrophic plans making a comeback.

Wait and see. Leaving the US is always an option.

afox

  • 5 O'Clock Shadow
  • *
  • Posts: 90
Re: FIRE - Health Care, Individual Market
« Reply #6 on: May 21, 2018, 12:38:02 PM »
so, if u have an "pre-existing condition" u dont fire?  Assuming no individual market insurance company will insure someone with a "pre-existing condition".

bacchi

  • Magnum Stache
  • ******
  • Posts: 2846
Re: FIRE - Health Care, Individual Market
« Reply #7 on: May 21, 2018, 12:43:00 PM »
so, if u have an "pre-existing condition" u dont fire?  Assuming no individual market insurance company will insure someone with a "pre-existing condition".

Correct. Hard-working Good People don't have pre-existing conditions.


The ACA needs a lot of work but there's little chance that the pre-existing exclusion will go away, as even Trump supporters have diabetes. If you look at the history of Social Security, it took at least a decade for the lawsuits and teeth-gnashing to disappear and for it to be generally accepted as a necessary evil. This will happen with the ACA, or some version of it, as well.

afox

  • 5 O'Clock Shadow
  • *
  • Posts: 90
Re: FIRE - Health Care, Individual Market
« Reply #8 on: May 21, 2018, 02:25:51 PM »
so, if u have an "pre-existing condition" u dont fire?  Assuming no individual market insurance company will insure someone with a "pre-existing condition".

Correct. Hard-working Good People don't have pre-existing conditions.


The ACA needs a lot of work but there's little chance that the pre-existing exclusion will go away, as even Trump supporters have diabetes. If you look at the history of Social Security, it took at least a decade for the lawsuits and teeth-gnashing to disappear and for it to be generally accepted as a necessary evil. This will happen with the ACA, or some version of it, as well.

voters dont always vote in their own interests.  it seems like a fairly risky gamble to FIRE with a pre-existing condition and the threat of never being able to get insurance which is a death/poverty sentence.  nothing would surprise me at this point.




Acastus

  • Bristles
  • ***
  • Posts: 327
  • Age: 56
Re: FIRE - Health Care, Individual Market
« Reply #9 on: June 04, 2018, 08:02:22 AM »
so, if u have an "pre-existing condition" u dont fire?  Assuming no individual market insurance company will insure someone with a "pre-existing condition".

Correct. Hard-working Good People don't have pre-existing conditions.


The ACA needs a lot of work but there's little chance that the pre-existing exclusion will go away, as even Trump supporters have diabetes. If you look at the history of Social Security, it took at least a decade for the lawsuits and teeth-gnashing to disappear and for it to be generally accepted as a necessary evil. This will happen with the ACA, or some version of it, as well.

Mo Brooks is a prostate cancer survivor, so his line about pre-existing conditions was especially hypocritical, IMHO. Good thing he has guaranteed, state sponsored health care for life.

jim555

  • Handlebar Stache
  • *****
  • Posts: 1712
Re: FIRE - Health Care, Individual Market
« Reply #10 on: June 04, 2018, 12:34:16 PM »
Manage your MAGI and take advantage of the ACA. 
Those outside of the subsidy bands are getting hit the hardest with the recent ACA sabotage efforts (CSR defunding, no mandate, political instability).