Author Topic: Health ins coverage of the kids and FIR?  (Read 1075 times)

albireo13

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Health ins coverage of the kids and FIR?
« on: December 07, 2015, 05:07:47 AM »
I am 60 and wife is 55.  Our youngest is 18 now. I have been discussing retirement plans with my wife and she doesn't want either of us to retire until our youngest is 26 yo.  That way he is covered under our family health insurance plan.  That means another 8 years working.  Bleach!!
We currently have $1.3M in retirement savings and should be able to retire well before that IMO.
I want retire in 2+ years.

I think it is a silly reason to put off retirement!

What do others think?

I've mentioned that she can keep working but, I want to retire earlier. Since I've been in the work force about 5 years more than her, I didn't feel that is unreasonable.

That didn't go over well.  : )




snuggler

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Re: Health ins coverage of the kids and FIR?
« Reply #1 on: December 07, 2015, 06:19:42 AM »
Why don't you retire when you can afford to stop working and still pay for your son's insurance (through the marketplace) until he is 26? Seems like a win-win for you both.

albireo13

  • Bristles
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  • Location: New England
Re: Health ins coverage of the kids and FIR?
« Reply #2 on: December 07, 2015, 06:31:08 AM »
I'll have to look into that.  I was under the impression that it would be prohibitively expensive.  Maybe I'm wrong.

Axecleaver

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Re: Health ins coverage of the kids and FIR?
« Reply #3 on: December 07, 2015, 11:21:55 AM »
You've been paying a lot more for family coverage when you might be better off with a low-cost plan out of pocket for the kid, and reducing your plan to Individual + Spouse. My wife and I do one individual plan and a Parent+Child plan this year. In 2016 we're going to three individual plans (our daughter turns 18 next year). That lets us pick the coverage that's appropriate for each of us.

When you retire, what do you plan to do for insurance? You could still add him to whatever insurance you get for yourselves next year, although it's probably better to get individual plans for each of you.

Your kid could get his own health insurance through the Health Insurance Exchange in your state (or healthcare dot gov), and you could opt to pay for that out of your retirement funds every year. When does he plan to get a job? Top of the line platinum plans are 500-600 a month here in NY, where everything is pretty expensive. A bronze plan is $200 a month, and at 18 you don't usually need much more than catastrophic coverage.