Great information! I retired last year at 62 and have been on ACA since and pay $28 a month. I had gallbladder surgery at the beginning of this year and the only out of pocket I have had to come up with including all meds and Dr visits + surgery this year was the $1400 deductible. If not for ACA, I would have a huge hospital bill to be paid off! I did a lot of research before I retired to be sure I could get reasonable coverage. Thanks for sharing this! So many people are unaware of the options they have.
@tommycarr902010 ай бұрын
What is ACA
@judyricco663510 ай бұрын
@@tommycarr9020 Affordable Care Act
@lorismith536910 ай бұрын
American ? Act ( Obama Care)
@The_Good_Life_starts_today9 ай бұрын
Affordable Care Act@@tommycarr9020
@jhask649 ай бұрын
@tommycarr9020 learn to use search engines. They are very easy and YOU get your own answers.
@niceguydmm Жыл бұрын
ACA needs to stay and be funded. I'm a conservative but this plan is helping people. Our insurance in this country is terrible.
@jeffscott4053 ай бұрын
There is no way you are a conservative
@niceguydmm3 ай бұрын
@@jeffscott405 Yes I am and voted Trump twice! Will do so again. But I believe nobody should be without insurance. If people spent as much time worrying about all the wasted money sent overseas as the did about a small number of people getting insurance we would be much better off. Also I know GOP supporters that hated it using it. Just remember it might be you or a family member one day that falls short and needs medical. You want to loose everything to get well? To be honest most people think its free, its not you have to make a certain amount to get approved and limited on income. I hated it when Obama pushed it and once I saw what it did for people I changed my mind.
@intothemystic337421 күн бұрын
I'm an independent contractor and ACA is best insurance platform for me. And registered Independent.
@The_Good_Life_starts_today11 ай бұрын
Good video Tim. I retired at 62 and used Cobra for the first 18 months which as you said was very expensive. Since then I went on ACA and minimized my "income" by using available cash and SSI only. This kept my tax bracket near poverty and basically got medical insurance for $100/mo. with the tax credits.
@MidwestMoney9 ай бұрын
This is what I needed to hear. Thank god and thank you!
@otreborfashionscene59867 ай бұрын
And Thank God for Obama care.
@bruceeigsti52745 ай бұрын
but i will have no taxable income since all my money is roth ira distributions taking ss at 65 i guess could take ss at 63 to get some income for aca but dont want to do that
@calvinreichelderfer79895 ай бұрын
Is there a very high deductible?
@The_Good_Life_starts_today5 ай бұрын
@@calvinreichelderfer7989 zero
@johnmroz31511 ай бұрын
Hey Tim. It's nice to see a regular guy who knows how to navigate retirement. Gets old looking at "geniuses" that are talking about having a million dollars in IRAs. Appreciate the good content. Keep it coming.
@debra2107 Жыл бұрын
Thank you for the straightforward info on ACA. So many people do not understand it or are openly opposed to it without knowing the correct information.
@jeepinwithjulia10 ай бұрын
Yes, but if you have a bump in income as we did via the sale of a property, you get taxed and have to repay the subsidy. So make sure you do not have something like that happen. We couldn't find a suitable replacement property so the gain counted as income. We got a $15k tax bill.
@dianasiciliano6156 Жыл бұрын
There is a 90 day grace after you retire to qualify for health benefits. It's called a qualifying event. So you don't have to wait for open enrollment. Hope this helps!
@beckyb3282 Жыл бұрын
Isn't it 30 days?
@ProctorsGamble11 ай бұрын
It’s 30
@bruceeigsti52745 ай бұрын
does coverage start right away when you apply... dont want any gap from employer coverage..
@kenbagwell855111 ай бұрын
About the enrollment period: If you miss the dates for open enrollment, apply for your states' Medicare program (what they give to the very poorest people) if your rejected, the Healthcare Marketplace opens back up to you. Getting rejected by any health care plan is a 'qualifying event' for the Healthcare Marketplace. Hope this helps.
@verycool554311 ай бұрын
Very helpful. Thanks for sharing
@stevesworld62011 ай бұрын
That's a good piece of information, thank you.
@curtisrandolph18879 ай бұрын
I think when you leave your job it qualifies as a life changing qualifying event. It did for my wife to start her Medicare when enrollment season was closed.
@poodledaddles10918 ай бұрын
Medicaid
@rosymylene18784 ай бұрын
EXCELLENT information. Thanks.
@jdtracy10 ай бұрын
Exactly what my wife and I are doing. She is still working part-time but I retired at 56. With very little income, we qualify for, essentially, free insurance. Why does it feel like a dirty little secret? I love being retired :)
@marywatkins6798 Жыл бұрын
This is your best video as far as information. The ACA has helped many, many people and is there for you if you need it.
@andyjackson5404 Жыл бұрын
I pay $1811 per month for just myself … I’m 62. I pay triple so low income people can get it almost free. I’m paying for you. Plain and simple.
@Jims-VanLife Жыл бұрын
I have the same issue. Healthy, productive, successful hard working people pay big taxes and high premiums, while the democrats tell us to shut up and tell us we have white priviiedge.
@Fazak38 Жыл бұрын
Your now paying for 15 million and growing replacements. That are being welcomed in daily. Keep slaving away fools. They get everything for free its hilarious.
@catherinem15784 ай бұрын
Be grateful you have the money. Be grateful you have health. Cancer can come for anyone.
@MarkandSandieInMotion2 ай бұрын
Are you on the ACA? This comment doesn’t jive with the video I just watched. You can’t bring your Conservative self to get Obama Care?
@user-uf3qy5ir9yАй бұрын
Have you looked at other health carriers I'm 63 I pay 94 bucks a month for health and dental ins and this is with blue cross blue shield of Texas, I was paying 40 per week with my company's ins plan next I'll be looking at Medicare at 65, id like to know more about medicare
@jah0524 Жыл бұрын
I never had a health problem in my life, then at age 61, I was diagnosed with a rare appendix cancer. I required a big surgery and a long recovery time. The cancer was removed and I continue to work and get health coverage through my job. I will work until age 66 when my wife is eligible for Medicare. Health expenses are not cheap and as you get older, you need to be prepared for expensive health problems.
@MississippiPickers Жыл бұрын
Love you and Tammy ! You really do put out some great information on Social Security and it is appreciated.
@bethannsmith4969 Жыл бұрын
It is refreshing to watch a channel about basic day to day life. Working in some capacity as long as you can is smart. Retirement will kill you if you are not careful.
@Simon-oq6ds11 ай бұрын
Yes even the word is not good. I don’t use the word “retirement” anymore. I prefer to call it a career transition. Retirement has synonym meanings that are NOT good. For example, if a hit man was going to “retire” you, that would be a very bad thing. And similarly, career transition can hurt you if you don’t have something that gives you a reason for waking up everyday.
@liebekatz1 Жыл бұрын
I am 57, my employer doesn't provide group insurance and I have the ACA. I plan to retire at 62 and continue to have the ACA until I am 65.
@Firekid144 Жыл бұрын
You are giving a gift to the community. Thank you for your advice.
@stephaniem8927 Жыл бұрын
Thanks Tim! 🎉Great information as we weren’t sure how health insurance works before 65. My husband is a few years older than me. If I retire at 60 he will be 65 and Medicare age. We weren’t sure how to handle things before I’m on Medicare. Miss Tammy and you go have a blessed day in that beautiful sunshine 🌞!
@Steve-nb9kg Жыл бұрын
Never go without health insurance. Even a minor surgery can cost tens of thousands of dollars without insurance. A major surgery like a coronary bypass (open heart) can cost $500K.
@KayFabe87 Жыл бұрын
Just show up at an emergency room without ID and claim to be "undocumented". You cannot be turned away by law and will end up getting treated for free.
@jackbean7195 Жыл бұрын
LOL 😂, if I payed those high health care cost... that alone would give me a heart attack.
@jackbean7195 Жыл бұрын
@@doninmichigan I'm going on 64 and I haven't had health care in 17 years.
@mackelby1 Жыл бұрын
You can't pay what you don't have. So set up your 30 a month payment plan and keep crushing it.
@ericknoblauch9195 Жыл бұрын
The ACA does have an open enrollment period. However you can still apply if there has been a change in your insurance outside of the open enrollment period. My employer notified me they were dropping my plan on July 1. I applied for ACA outside of the open enrollment period, and told them of the change. I was approved immediately, and allowed to select a plan. Also, you are taxed at income tax time if you do not have health insurance. That is why ACA approves you outside of open enrollment if you have a change in your insurance so you do not face the additional tax at income tax time.
@rodlively1413 Жыл бұрын
I just came across your videos yesterday, thanks for doing them. I turned 59 in May and getting out at 62 is the plan, you've given me a few things to think about, thanks again.
@captainkrunch6372 Жыл бұрын
Save cash and rotb 401k to supplement income til 65.
@tmm226 Жыл бұрын
Same here..
@meateatinpatriot Жыл бұрын
I qualify for a 1115.00 tax credit a month. I chose the BCBS Silver low deductible and max out of pocket , the premium is 1258.00 a month my cost 138.86… Tim is right ! 62 and done in 3 weeks , will do side hustles but free at last oh lord I’m free at last.
@FRZNTYM1 Жыл бұрын
Obviously you cannot be showing much income to get a tax credit of that amount. I am 63 and retired along with my wife. We are on an "un" affordable HC plan and paying ~$700/month with 17k deductible.
@dustyflats383211 ай бұрын
@@FRZNTYM1premiums depend on where you live not just income. We don’t even have BCBS choice.
@FRZNTYM111 ай бұрын
@@dustyflats3832 Look if he/she is getting a 1115.00 a month tax credit it is solely based on income and not where he/she resides. I have been through this rodeo and know just about all the ins/outs of this shake down. I could carry 1 1/2 more mortgages for what I dole out each month for HC insurance. It's all good I ain't never going back to work just to pay for HC.
@HillBillyBarry2000 Жыл бұрын
One thing you can do to lower your income is to open a tax deferred IRA and you can put up to 25% of your income in that. That won't count as income to the ACA. I have Sep IRA etc.
@beautiful201064 ай бұрын
What is deferred ira ? Is it 401 k?
@brucehelppie6119 Жыл бұрын
your channel is helpful for the many people out there who are going to have to survive on limited resources. nobody can afford those cobra premiums that typically run about $1500/month, or more. i know people who are stuck at jobs because of the healthcare issue. further complicating this is when they are covering a spouse. i'm on medicare and the payment automatically comes off your social security. one less bill to have to pay every month.
@user-tz3pr9de1x Жыл бұрын
my cobra payments were $720 a month. Still pricey, but that is why I saved for years in my 401k. don't be a wage slave
@randolphnitz4427 Жыл бұрын
Good advice given in a down to earth way. ACA program kept my family healthy and calm during the COVID years. It is unfortunate that so many people are getting kicked off Medicaid now. This shows a need for comprehensive coverage.
@tatialo37 Жыл бұрын
Luckily tRump wasn't able to get rid of it!!!
@bourbontraveler11 ай бұрын
People pay for health care don’t think when you qualify for Medicare it will all of a sudden be cheap It’s not. You will need it, I promise you that
@randolphnitz442711 ай бұрын
My routine monthly doctor visits are now billed at $954. Fortunately, I was told that I will long, normal, active life. Thankfully, I am not ill.@@bourbontraveler
@CrossoverClassic11 ай бұрын
Lol you mean:CENTRAL GOVERNMENT MONOPOLY UNACCOUNTABLE RATIONED AND DENIED HEALTHCARE! YOU PEOPLE ARE REALLY CLUELESS
@RichardPerrymanGuitarist Жыл бұрын
Depending on which state you live in - the affordable care act can easily be out of reach. Very high premiums, very very high deductibles. For many the ACA just puts money into the insurance companies. Its terrible.
@WhoKnows-kz1km11 ай бұрын
Thought I was in Crazy Town. I agree that ACA is AWFUL - expensive and you still end up paying for everything!
@misskelli222 Жыл бұрын
This is my first year with ACA. Had been on my husband's employer plan until our divorce. ACA is strict about their enrollment deadlines. I missed it and just went without it for a year. Now I pay $0 for kind of a catastrophic medical plan and $10 for dental Very high deductible but an emergency shouldn't bankrupt me. I avoid doctors like the plague. The subsidy amount may need to be reported as income at tax time so I'll see how that works out. ACA is worth checking out.
@BDRichmondify Жыл бұрын
Good news - ACA subsidy amount doe NOT count as income. No tax due on the subsidy amount.
@misskelli222 Жыл бұрын
@@BDRichmondify Thanks!
@thiaco6203 Жыл бұрын
Go try that Christian Healthcare Ministries
@bowlinglefty Жыл бұрын
We have an insurance agency in our town (I'm sure they're all over) that specializes in helping you sign up for Obama Care. They will spell out all the options and how much they all cost. We got subsidized as long as our income stayed below a specific level. The same agency also guided us through Medicare and supplemental medical insurance when we turned 65. It's really not that complicated when you have someone explain it to you in everyday language and answer your questions. There was no charge to us for this service.
@jackbean7195 Жыл бұрын
LOL 😂 , OBOZOCARE. The most unaffordable insurance in history unless you're a FREE LOADER.
@DSC800 Жыл бұрын
@@jackbean7195 It's true. We have a system that encourages a seignificant percentage of the population to not work. Biden's "Inflation Reduction Act" made it even worse. Socialism is alive and well in the USA.
@DonaldMains11 ай бұрын
Its actually affordable compared to buying in the private market individually, and most people receive subsidies. @@jackbean7195
@gGre61711 ай бұрын
Thank you for mentioning the “mental aspect!” You are the first SS vogler that if heard state this. I’m retiring early because I loathe my current job and do not want to start over elsewhere.
@Tobeythebeagle Жыл бұрын
Tim, I stumbled across your channel about a month ago and really enjoy the videos. Keep crushing it and stay healthy and happy.
@debrahelmlinger625611 ай бұрын
Retired young at 54 to take care of my parents with a pension and insurance for $400 a month, went to $600 the next year, switched to Obama care, got it back down to $400 but went up the next to $600. No insurance for years, then in 21 was able to get it for $300, paid for 2 years, let it drop due to needing major dental work, had to use the money for that. Turned 62 last month and starting SS, yeah🎉 After struggling for 8 years, i finally will be ok with 2 checks coming
@juliemiscera267 Жыл бұрын
The Burger King in our town has a sign in the drive through that they provide health insurance for free if you are working 20 hrs per week or more. It may be an option if you want pt work.
@NextNate03 Жыл бұрын
Most companies are offering Health insurance for Part-time employees.
@marymcq2 Жыл бұрын
The health insurance they provide is probably prorated rates depending on how many hours you work. More than likely still cheaper than anything else you’d find.
@cajunjamis9001 Жыл бұрын
Burger King is going BANKRUPT !!!
@youngtimer964 Жыл бұрын
@@NextNate03they schedule you for just under the hours limit to avoid benefits.
@michaelcoglianese4292 Жыл бұрын
Their coverage may not be very good either
@oldfarmer9004 Жыл бұрын
This was pretty informative. Thanks. There are options. Hopefully it doesn’t get changed around too much. Some people get nervous about getting the government involved in their business. But, as we get older we most likely will need more medical help.
@Susancshell Жыл бұрын
Hi- word of advice....every other video on youtube that I watch giving advice regarding social security, savings, insurance, etc always state that what they are saying is just their own opinion and that they are not a financial advisor and to consult one before making decisions... I think, as much as you talk about taking social security at 62, health insurance etc., you may need to consider protecting yourself by making such a statement. There are people who really can't stop and think for themselves to do their own research t see what is best for them, do what someone on youtube says worked for them, have an issue and then want to come back and blame you for "advice" they followed. Something to consider...maybe you have a lawyer friend who can advise you. :)
@762foryou Жыл бұрын
He states it all the time.
@davidberning1581 Жыл бұрын
You are correct. You also have to consider, and hope that a person 62 years old would have some Financial literacy and be able to decide what is best, as they have made it this far. I do realize not everyone is of the same mindset. There is plenty of help available for those who need it. If someone wants to "Blame" someone who puts out a Video for their own Financial shortcomings, that gives you an insight of the person who is doing the blaming.......not everything works the same for everyone. If you haven't figured that out by 62....not sure what to tell you.
@madisonc2410 Жыл бұрын
Sadly a lot of people don’t make it to 67 years old so it is a big gamble…good luck!
@eggs181311 ай бұрын
If you live in a camper, you probably can retire at whatever age you want.
@sarahince8231 Жыл бұрын
If you're in a state that hasn't expanded Medicaid and your income is Medicaid level for ACA you won't get assistance for the premium because theoretically you should qualify for Medicaid. So unfortunately there are States where people cannot reasonably get insurance if they are low or no income. Some states have also done a much better job at putting their ACA group plans together while others have tried to sabotage it because politics was more important than actual people.
@JoyVillecco Жыл бұрын
Wonderful information 👏🏻⭐️ Thank you Both so much for always being so inspiring 🥰 Keep on Crushin! From SI NY
@canallife4256 Жыл бұрын
If you have a life-changing event like losing your job or retiring, you are able to enroll in the ACA at that time you do not have to wait there is a hotline number they have counselors that will walk you through the process. Please make sure you call the proper number for the ACA.
@jameseubanks9393 Жыл бұрын
I believe it also applies if you drop from Full Time status to Part Time status at your job, if your job doesn't offer insurance to Part Time employees.
@sandycastro4922 Жыл бұрын
I was paying $800 month through work, cobra was out of the question. Applied for Obamacare and now pay $0 per month. Deductible is high but thankfully I'm healthy
@k.b.tidwell Жыл бұрын
At that big a difference you can afford the deductibles for sure.
@cajunjamis9001 Жыл бұрын
Good info. Tim & Tammy! Being without Med. Ins., today is scary! The quickest way to "Bankrupcy"! What I have noticed is that @ 70 yo.....🩹the wheels start to fall off! 🩺 LOL Walk, watch your diet, stay away from Carbs and Sugar !!! Crush it! Cajun
@Irishgrl59 Жыл бұрын
Thanks for the info Tim snd Tammy im doing my social security and working 3 days a week for my health insurace works out till 65
@hahhicks Жыл бұрын
The affordable care act is a scam. I am handicap and waiting for my day in court . I called and even though I don't work and haven't in years they said my insurance with them would be about 4 to 6 thousand a month and 15 thousand deductible because they are claiming my husband's income as mine. There is different prices for different states
@MariselaCronin3 ай бұрын
that's not true and you know it.
@rockpadstudios Жыл бұрын
Thanks for this - I'm thinking if there is a layoff at my company, I might just retire since I'm 62 in Oct. Nice to know the ACA has it cheap.
@jefffeywilbur1059 Жыл бұрын
I’m self employed and the ACA has been horrible. My premiums for myself and my employees has skyrocketed. My wife and I are 63 and 64 and paying $2500 a month for the two of us. It has crippled small business. An unfair amount of the cost burden has been passed onto businesses with fewer than 50 employees
@Adaisy45 Жыл бұрын
Thank you for this. Very helpful information! We will be moving back to Michigan soon when my husband turns 65. I will have a few years when I’ll probably need to go on the ACA before I’m able to be on Medicare.
@BeautifulDisaster205 Жыл бұрын
The only thing that would give me pause about the exchange is that I would need to see it in writing that the ACA insurance doesn’t act like Medicaid. With Medicaid they will put a lein on your house so they can get back the money they spent on you. If that’s the case I’ll work until I’m 65 because I’m not giving the state my house. It’s nothing special but it’s mine.
@kw7292 Жыл бұрын
ACA is not like Medicaid. ACA premiums are income based. They don’t ask about how much money or retirement savings you have. They do review your tax returns to determine how much income you have. With Medicaid you have to apply and disclose how much savings you have (or retirement account) etc. ACA won’t take your paid for house. Medicaid will let you live in your house, and yes they will take it / file a lien if you pass.
@fredgarv79 Жыл бұрын
This is what I did starting at age 59. I took my pension which is $2800 which is a low enough income that the obamacare pays for it. $30 a month and one year it was $1 per month. But one thing they did was go from no deductible to a $3,000, then a $6,000 one. But it's still insurance. My problem is I'm now 62 but if I take that $1700 now, then I will have to pay something like $300-$350 a month which means your really only getting less than $1400. If I really needed it then yes it would still be worth it but since I don't really need it to survive I'd rather wait until 64.5, 65 and not have to pay that $350 a month for 3 years, then when medicare kicks in, I will start taking SS. Also, since I make less than 40K starting at age 61 my property taxes went from $4400 a year to $700 a year which was a program I did not know about. A senior discount.they even gave me a rebate for the year 61, and mailed me a check for $3,000. so if I take SS now, my income goes up to high and out goes that discount. So for me, not paying the extra for health insurance and not paying that property tax bill every year adds up to something like $22,000 over 4 years that I get to keep by not taking SS until 65
@bbustin1747 Жыл бұрын
What state are you living ? California doesnt offer reduced taxes for retirees
@bbustin1747 Жыл бұрын
@@doninmichigan I should have taken the hint from your ID , I didn’t even look. 🤔I googled and Michigan didn’t even come up. South Dakota looks interesting because they will collect upon sale or passing away. Which allows the wife to remain and be stabile in a home. greedy Cali
@fredgarv79 Жыл бұрын
@@bbustin1747 well, of course, it's california. I live in washington state which is about as bad, but in my county at least just north of seattle at age 61 if you make less than say 40k, it's all based on income they will lower your tax by a lot. Plus you can complain about your valuation, which I did, all I had to do was send them some photo's of my house on the inside, and say look, it's not this super fancy house here and they reduced it from $680 to like $550. which is what they base the taxes on, so I did both, but many people don't know about these programs. The local teachers unions just keep on passing levy's saying "it's for the children!" but it never ends and thus the taxes just keep going up and up. I love not paying them, for 4 years at least. Once I start collecting SS, then back to forking over my money to them
@dustyflats383211 ай бұрын
WI taxes are outrageous because of schools. It’s not right to make those without kids pay the same. Every year More $, $$$,$$$! Where does it stop? What costs so much? It’s crazy as the kids aren’t any wiser. Now they say the teachers can’t afford housing, some are driving long distances. Well, that’s what happens when they raise the wages-it raises everything else also. I’d love to tell them the schools are putting the taxes up and that’s why the rent is so high except for greedy landlords. I have no idea how anyone can afford the house prices here especially with 7+% interest now. They say most can’t buy unless they have an inheritance or make gobs of money like professors.
@GowdyStuff4 ай бұрын
I am in a very similar position...I retired early (forced out) at 61 years old, two years ago and have a small pension which is a little less than yours. Between that and my interest income, my obamacare bill for me and my wife is around $90/month. If me and my wife take SS early, then we will no longer qualify for a subsidy and I'll have to go out to the private insurance market or go to Medishare and my insurance premium will jump to $1000-$1600/month. This basically wipes out my wife's SS check completely. If I can hold out until 65 (living on cash), then we can go on medicaid and the SS income will not be as critical.
@user-pl4eu5jc5w Жыл бұрын
I went with a Health-share for many many years. $302/month for an individual. It’s not insurance but worked out for me. I will soon be on Medicare.
@user-rf4oh3nj7q Жыл бұрын
Your doing a great job Tim keep up the good work
@goodenoughgirl8102 Жыл бұрын
Last time I applied to ACA my premium was going to be $900/mo with not so great coverage. Impossible for me so I gave up. But I wasn’t that old. 50 something. Now 55. Just glad I’m fairly healthy so far. I don’t qualify for squat and even if I did it would cost a ton more than just winging it at clinics from time to time and paying out of pocket. I only had to go once to a clinic in the last 5 years or so for a random staph infection. And most times dental is either not covered or barely covered anyways. So I’d have to also plan that on my own as well. But maybe it will be more advantageous for me by age 62. Praying that I stay healthy at least as long as that or until I can get any decent coverage. And I’m still young enough tho. I may yet seek out a job that offers some kind of health insurance perks as well. Not all employers do tho. It’s been a long time since I’ve had that sweet job with 80/20 coverage.
@jackbean7195 Жыл бұрын
I'm 63 and haven't had health insurance in years and years. I take care myself and I'm fortunate. 8 years ago I went through work to have it and they wanted 200 a week. LOL 😂, I took that money and bought more gold and silver. Just over 1 more year and I get that crappy SS insurance. Better than nothing, considering I payed for it .
@goodenoughgirl8102 Жыл бұрын
@@jackbean7195 Lol. Good for you! Right? I agree. Thank you for the laughs and encouragement. 😅😅 I’m getting some rental income now but I really don’t like all the stress and aggravation that comes with it. We used to have this awesome town doctor who didn’t rip you off. And she got right to the point and took care of your stuff minimally. Aka “affordable” and no BS. She got sick tho and had to retire. There isn’t much like that around these days tho, unfortunately.
@Simon-oq6ds11 ай бұрын
I feel for you and all of the serious folks who are getting closer to retirement age. The US healthcare system is so messed up. I’m not sure if I can retire at 62, given health care costs.
@debbiemabrey9240 Жыл бұрын
I would live to retire at 62, but I have a life threatening disease and there is no healthcare plans that will cover me. If I live to 63 1/2, I'm 58 1/2, I will retire and use Cobra unti I get Medicare. 😢 The other option is that with a terminal disease, I can cash in my life insurance policy and get 75% of my benefit...around 50k. So much to think about. Depending on what I find out in a couple weeks from my scans, I may consider quiting my job and going on ssdi. So much to consider.
@TC-fx5zu Жыл бұрын
Under the Affordable Care Act insurance companies cannot deny you coverage because you have a preexisting condition.
@geoffdevore63214 ай бұрын
Hang in there!
@drsmsaracino Жыл бұрын
I currently pay $1100/month for Obama Care . 9500 individual max, 18K family max a year, for both my wife and I. We are both 64 and both currently under treatment for cancer. Treatment started for me in 2022, I have paid deductibles in 2 calendar years. Not so affordable. Can not retire and pay premiums like that.
@crucify40 Жыл бұрын
I served 5 years in the US Coast Guard so I'm considering using the VA for this period of time until I qualify for Medicare.
@dalebuckner9318 Жыл бұрын
What other advanced nation makes their people jump through so many hoops for healthcare? Where else is healthcare so complicated and expensive? Where else is healthcare considered a privilege rather than a right? It is easy to see why no other advanced country copies the American healthcare model.
@robertsmith6408 Жыл бұрын
I pay like 650 a month for Kaiser for me through the county and 775 for the ACA for my wife. ACA is a joke, if your over six figures they only help me like a buck a month. Once on SS i wont pay a penny because the county will give me 700 a month to pay for part B. I sometimes think about not having insurance.
@meengla6 ай бұрын
I am 58 and planning to retire at 62 and will probably use Obama Care then. I think my 'income' between the SS and a pension would be around $2400/month and with wife, that's enough 'household' income to get some great insurance through Obama Care. I can use my various real estate paid-for properties to sell them, downsize and draw some annuity to supplement income. But I am also a workaholic and so might work part time after 62. But all the plans are dependent on staying healthy--so far, I have never spent even a day in a hospital and I don't take any prescriptions at all. Fingers crossed.
@lindab2323 Жыл бұрын
I had commented on another of your videos asking about health insurance and just found this, so I am watching!!
@JacksWebb714 Жыл бұрын
Just the words I needed to hear. You crushed it brother! Hi to Miss Tammy!
@johnbruenn8755 Жыл бұрын
I have a buddy in the marina that sold his business at 61, makes ZERO dollars, lives off savings and he gets ObamaCare for $37 per month on a plan that’s comparable to the plan that he and his employees got when he owned his RV dealership. As a CONSERVATIVE this gave me brain damage. I’m sorry, but I’m thankful that it’s there as an option. We will be going that route when I retire in a year.
@jimperrett5901 Жыл бұрын
At age 65 you have to enroll in Medicare. The Gov't will not allow a commercial plan to sell you an inexpensive, high deductible plan. The Gov't charges very expensive premiums for those that have a good retirement income coming in. THey call it IRMA. It's basically like an additional income tax. They tax your retirement income and other income based on your AGI. Based on your AGI they hammer you with an additional tax which they add to your Medicare premium. For my wife and I it is our largest monthly expense at $595 each. Look up IRMA and you will see more info on it. It is a screw job in my opinion.
@marywaldrum299111 ай бұрын
Hi Tim! I'm in CA and retired at 62. Did Covered CA and qualified for a subsidized plan with a very low monthly premium. Be aware, however, you have to claim a percentage of the subsidey on you taxes- ouch!
@olliehopnoodle4628 Жыл бұрын
Good Video. YOU NEED TO PLAN. ACA has specific income limits and like Federal tax it is tiered but unlike Federal tax once you pass each threshold your entire subsidy is reduced. It's based upon income, including distributions from tax exempt 401K, IRA, SS, pensions, capital gains, etc. The values are pretty low and based on poverty levels. You'll want to plan when you start SS, pensions and tax deferred distributions. You may have to plan on living off of some cash or Roth distributions.
@bh-zj4yt Жыл бұрын
Great advice ….i was fortunate enough to retire at 59 and the ACA was a godsend
@Tenamesan10 ай бұрын
I found you through your social security videos. Thanks for the infos.
@rogerransom3324 Жыл бұрын
Hey Tim , I enjoy most of your You Tube postings something to look into as a side gig as I do here in Arizona I do piece work for Survey merchandising don’t know if they have it there in Florida. Maybe they do FYI. Roger R
@brianw3822 Жыл бұрын
Being self employed i have been on the ACA and it is basically the same BCBS plans available if you are not on it. So don't think that you cannot get good insurance ont the program. HMO has been better and cheaper for me than when I had a PPO.
@ronnyb9416 Жыл бұрын
Obama Care for me and the wife. We have a basic plan and it costs us $26 per month. Yearly primary care visit and some dermatology work. Most important is that it covers any major issue like a heart attack.
@scottrichardson396113 күн бұрын
I retired early at 59 back in 2021 mainly due to having my VA benefits....to include disability and medical coverage. I also drew my ss early at 62 (had my highest 35 yrs of indexed earnings)and have never looked back. I make my own decisions, based off of my own research....it's worked out well for me. Being single has made retirement a bit easier and less stressful also
@dj_1969 Жыл бұрын
I wish I had the level of patience that you have . 😂
@terrizachalaster11 ай бұрын
I haven’t seen $300/month rates in YEARS, since Obamacare came into effect. We are a small business, and I’m 58, and my health care is $1500/month!! 😮😖🤬😵💫
@thetravelingkittens1393 Жыл бұрын
ACA! If you aren’t working and living on savings won’t cost you anything in WA state. Once you start tapping into retirement funds and paying taxes they will base it on that. In WA you can make 1600 mo in income and qualify for free healthcare. Once you make more than that you’ll have to start paying.
@tonyactorb10 ай бұрын
I have the ACA as well. It is great and it saved my life. Great advice
@danpinsonsax11 ай бұрын
I pay 871/mo for my grandfathered PPO. Obamacare would save me 30/mo. My premium includes about 30/mo contributed to Obamacare. A complete scam.
@kevi5641 Жыл бұрын
Sarasota Tim thank you for this valuable info.
@vincentslusser9205 Жыл бұрын
Another tip: working part-time with group health benefits purchased at work. Keep on Krushing it Tim 😊
@monkusbee Жыл бұрын
Enrollment period does not apply if you had certain life changing circumstances, including loss of job.
@vanhxay93 Жыл бұрын
Thanks for following up on my insurance question.
@KCBlessing Жыл бұрын
My aca quote was 1950/mth for my wife and I with a 7000 deductible per person. We went with Christian Healthcare Ministries and the cost was 1/4 of that.
@jeffwilson4715 Жыл бұрын
Christian Healthcare ministries is not real insurance. If you get sick just pray to God they pay. 😂😂😂
@KCBlessing Жыл бұрын
@@jeffwilson4715 In 5 years we had 7 events that required visiting a hospital and they paid for everything. But you are correct, they are not insurance they are a cost sharing organization.
@mariemorris68253 ай бұрын
In some states is illegal to be uninsured
@juanpena7436 Жыл бұрын
56 I have rarely gone to a doctor. Thank God . Stay healthy people
@hhernando808 Жыл бұрын
Thanks for the valuable information Tim! This will help me since I am planning to retire soon! Are you surprised so many people are opposed to the ACA?
@todddunn945 Жыл бұрын
You may qualify for a special enrollment period if you lose coverage when you retire from your job.
@misskelli222 Жыл бұрын
Yes, if it's considered a major life event, you can enroll outside of normal requirements. It still has to be within a certain time period after the event. I didn't know that and missed it.
@Dr.Michelle7 ай бұрын
Love you Nick! Happy New Year 2024🎉Your amazing & I am sharing your inspirational videos. I'm in your ole neck in the woods in Del Mar where you used to be. I hope to someday travel to your Thailand retreat and hang out with you!! Blessings, Dr. Michelle ☺️🙏✌️
@christhomas5898 Жыл бұрын
The affordable care act Yes is based on income If you make 20k or less it’s affordable almost 0 cost After about 20k you start paying more Up to about 28k it tops out U pay about full price U can enroll I think most of the year If your retiring That’s an exception on enrollment time Yes late in the year is enrollment for reg people the avg joe These are just rough numbers not exact I’ve been in this program That’s one benefit insurance that’s some what affordable Don’t quote me on exact times , cost etc But I’m close At about 18k income it’s like 0 cost to you It’s paid for So yes ck into it Your correct Tim I was going to yell at you about having to get insurance Lol but you corrected yourself on that. Thanks good job there
@Bob-yh7ir Жыл бұрын
@@wanderingstar5673 NOT true at all. Unless things are really screwy in your state. As a household of 2, we can earn upwards of 68K MAGI before we are paying full price. We can show a MAGI of 40K and only pay 245 a month for both of us to have a silver plan. 425 a month for a gold plan.
@jeffs3627 Жыл бұрын
ACA plans are better than nothing BUT the deductibles tend to be very high. In other words, unless you have a major medical event you will be paying for just about everything.
@alphamale2363 Жыл бұрын
That has not been my experience. I guess it depends on where you live and your MAGI.
@jeffnightengale554 Жыл бұрын
I don't believe Obamacare was designed to help the masses. They designed it to help the insurance companies. Basically the insurance companies get out of paying most of the yearly expense and only pay for major events. They destroyed existing plans which were much better than Obamacare. I'm sure Obama got paid very well to screw over the american people.
@headlibrarian1996 Жыл бұрын
@@alphamale2363 Also depends on the plan. If your deductibles are very high you probably have a Bronze plan. If you can afford a Platinum plan the deductibles and copays are much lower, and the premiums are much higher.
@entrepreneurblondie7291 Жыл бұрын
I retired from my corporate job of twenty years and got a job as a school bus driver lol! I am buying back my four years I drove a school bus twenty years ago so I can retire with the county in five years instead of ten..my health insurance is only $30 a month! But when I turn 62 and retire from the county, there will be about three years until I get Medicare..thanks for the video!! Awesome info!
@k.b.tidwell Жыл бұрын
I'm thinking of doing this too. Our county constantly is understaffed for drivers so it will be easy to get a job, and it's strange because the insurance advantage seems to be common knowledge. I guess most people just can't put up with the kids lol.
@patriciaegan72446 ай бұрын
Thanks for sharing your thoughts on health insurance. The one major glaring point I have, that I’ll share with you today, is what’s called “open enrollment”. That’s a crock of crap. I wonder how many people have died because of unaffordable or missed open enrollment “healthcare” insurance “choices”.
@A-aronTrekn Жыл бұрын
i worked for a government agency which provides retiree insurance plan for approximately $100 more a month than active employees. That $100 extra is paid until I reach age 65 .... Medicare.
@julioibarra7432 ай бұрын
what is their number how how can i contact them.
@A-aronTrekn2 ай бұрын
@@julioibarra743 Harris County , Texas Search the website for HRRM . It's the risk management and benefits.
@brs293 Жыл бұрын
COBRA is like a snake that will bite your wallet.
@thullraven1 Жыл бұрын
I retired from the Federal Government and have Health Insurance for life. It's the only reason I stayed as long as I did at a job I hated.
@madisonc2410 Жыл бұрын
I get why you stayed but it is so unfair to everyone else. People who work for the government get healthcare insurance for life yet they make laws or pass bills to prevent everyone else from getting affordable healthcare. The US government doesn’t care about their citizens…allows garbage ingredients in our food…dyes, fructose corn syrup, fake sugars in everything etc then deny their own citizens free healthcare but give it their the government employees. I can see why you hated working as a government employee. I remember here in North Carolina some years ago that if you worked in the school system in this state for just five years (any job position) you could get healthcare for life…of course they changed it. I do believe if you are a county commissioner for just one term you still get insurance for life. It is absolutely ridiculous what some people get yet they deny the majority. I am happy you stuck it out…you were smart. When I was younger I never even thought about it but younger people need to think about long term benefits.
@SandfordSmythe11 ай бұрын
You federal healthcare insurance for life is Medicare. With the possibility to pay for some supplemental insurance through the federal pool of insurance companies
@thullraven111 ай бұрын
@@SandfordSmythe No, my Healthcare is Blue Cross Blue Shield. The EXACT same coverage and company I had when I was actively employed. I don't have to concern myself with Medicare until I get to 65. That's when I will likely decide to keep my BCBS as supplemental and Medicare as Primary. I can't drop BCBS when I hit 65 because it would leave my younger spouse without healthcare coverage.
@gunner5916 Жыл бұрын
I retired at 55 (63 now) and the only reason I’m holding off taking SS till 65 is because I’m living off pension and using ObamanationCare (free healthcare) untill then. If I take SS now it would put me over the program income limit and disqualify me for the free healthcare. I’m saving over $1k/mo. Further, holding off on SS accrues higher monthly SS payments for the future anyway. Nice video 👍
@dcb95sol Жыл бұрын
Sounds like Obama was good for you.
@gunner5916 Жыл бұрын
@@dcb95sol yeah. I was taught that if someone offers you something for free, take it. Terrible president tho.
@jackbean7195 Жыл бұрын
OBOZOCARE
@MrSteeDoo11 ай бұрын
You are getting a free lunch yet you have to throw in the pissy snark at Obama. Ingrate child.
@kathy-t5q Жыл бұрын
ACA was a saving grace for me and my children
@mac58564 ай бұрын
The cheapest I saw was 411.00 with a 9000.00 deductible, that's ridiculous
@SouthChicago-sn5ex4 ай бұрын
The deductible is the killer.
@Rizky06 Жыл бұрын
Did you mention looking into a Medi-Gap policy? Great videos Thank You
@wa210 Жыл бұрын
You cannot get medigap until 65 years old. So, medicare advantage ti 65. I know, as i retired at 62 last year and looked into it all.
@Rizky06 Жыл бұрын
@@wa210 Thanks I needed to know for older family members.
@jw8578 Жыл бұрын
One reason NOT to take SS at 62, keep income low enough to qualify for Obamacare. So its not quite that simple to take SS alt 62 all cases. Some people may take SS at 62 and push them over obamacare limits. Good healthcare without Obamacare subsidies can cost $1000 per month or more.
@shereecarey2021 Жыл бұрын
I do believe that if you have a life event, meaning losing or quiting your job you can sign up for it??? If you want to double check that
@bradleyvanzile11113 ай бұрын
Walmart never heard of it, 😊😊 COBRA was very expensive for me. Only had it for 18 months to meet state requirements $500 plus a month now on Medicare and supplemental.
@johng669 Жыл бұрын
Tim, I recently discovered your channel and I subscribed. I love what your putting out and I'm sure you get that a lot from subscribers. From this video I want to reply to you. Some people are military veterans and they may not realize that they are eligible for VA medical care at no charge if they have no insurance of their own. When I got out of the Navy in 1994. I didn't get medical insurance for two years as I chose to be unemployed. I registered at the nearest VA hospital and received medical care a few times at no charge. I believe prescriptions, or at least the generics are no charge as well. My Dad served in the Navy as well. He actually is just using VA and he he is 89. He said that Medicare has co pays and out of pocket. He never pays anything with VA Medical. I would like you to share that on one of your videos because I'm certain many veterans approaching their 60s may not know this.
@G_Machine_Joe Жыл бұрын
That's my plan as well when I retire next year. BUT, you have to live very close to a VA medical center first. They're few and far between, and some states have almost none. And I believe in certain circumstances if they have to refer you to a non-VA doctor for something, you're paying for it. I don't know what your experience is but I hear lots of negatives to using the VA. Long waits, horrible service, etc. I have no idea how accurate that is and I'm sure it differs from medical center to medical center. I still plan to use it because healthcare is overpriced in this country and they're not getting any more of my money when I retire and start collecting SS. I'm in NY...one of the most costly states to live in, let alone retire in. I'm moving to TN where there is no state income tax and my military retirement and certain investments are not taxed either. I chose a town that has a military base nearby and a VA. Hopefully that covers me medically should I need it.
@dondenis15006 ай бұрын
I was on Obama(Medicaid} until 65 than they kicked me off. I am waiting until full retirement for SS.
@mariasheppard83 Жыл бұрын
I am employed adult female without medical insurance, called the local affordable care act and unbelievable that I would have to pay $400.00 a month? Where's the help for the working middle class???
@scottrichardson396113 күн бұрын
Obamacare was planned to SCREW the middle class!
@EnligUlv Жыл бұрын
My company allows all retirees to remain part of the plan during this time gap at the same rates as those stilled employed.
@RetiredLovingIt6 ай бұрын
I retired at 63 so I had to get two years of coverage before Medicare. I got mine through the Marketplace as well. It was expensive but doable
@stemikger6 ай бұрын
The affordable care act New York City is amazing. The best insurance I ever had and it enabled me to retire at 59. There is an open enrollment, but they also have hardship clauses if you lose your job and you can sign up at anytime if you lose a job or your existing healthcare. I believe each State may be different, it seems like the red states didn't want it so they didn't pay their portion, so I can't speak for those states, but in New York it is great.