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Early Retirement Health Insurance: What You Should Know

Early Retirement Health Insurance: What You Should Know

Postby Mini Xi, IV » August 1st, 2021, 12:27 am

Early Retirement Health Insurance: What You Should Know

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Affordable health insurance is one of the biggest obstacles preventing people from early retirement. The health insurance gap from retirement to Medicare starting at age 65 can be expensive for those who do not have retiree health insurance provided to them by a former employer. The reason health insurance is frequently expensive for many people has less to do with the health insurance and more to do with poor planning. pg

This lack of planning ahead can oftentimes lead to expensive health insurance, because many people who retire before age 65 use Affordable Care Act insurance before Medicare starts. Affordable Care Act insurance goes by a few different names, including Obamacare and ACA insurance. Presently 30 states have ACA insurance available, while 20 states and the District of Columbia have state-run health insurance programs. The cost you will pay for ACA insurance and state-run health insurance programs can be heavily influenced by your household’s modified adjusted gross income (MAGI). The higher your household’s MAGI, the greater the cost of your health insurance. For simplicity’s sake, the remainder of this article will focus on strategies designed to reduce ACA insurance costs for retirees younger than 65. These strategies are generally applicable to the 15 states with state-run health insurance as these states provide lower-cost health insurance based on income level.

The reason ACA insurance costs increase as MAGI increases can be attributed to tax credits. Tax credits are the government’s way of providing lower-cost insurance to people with lower incomes. The lower your MAGI, the greater the amount of tax credits you receive, and these tax credits can be used to offset the cost of your ACA health insurance in retirement. Fortunately, many strategies can be used to reduce your MAGI without compromising your spendable income in retirement. Unfortunately, many people delay this type of planning until after retirement, which significantly reduces the benefits.
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Re: Early Retirement Health Insurance: What You Should Know

Postby Mark Latham » August 2nd, 2021, 3:34 am

Federal employees should have pensions. They should also have health insurance in their retirement years. What they should not have is anything at all that is better than the private sector.

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