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Retirement at 62 and Insurance/medication costs
Posted on 4/13/26 at 3:14 pm
Posted on 4/13/26 at 3:14 pm
For those that retired at 62 with spouse a few years younger who does not have insurance, how much is your monthly or yearly insurance costs for both of you and are your medications a lot higher even with an insurance plan? I have some pretty high medications like insulin, etc.
7
Posted on 4/14/26 at 7:49 am to Amblin
I retired slightly before age 56 but went back to work last year at age 60. I used Obamacare. It is very expensive, but it may be your only option. It worked for me because the first two years were free because I lost my job during the Covid era. The best way to approach it is to try to manage your income so that you can qualify for a subsidy. Even with a subsidy, expect all your costs to go up. Also, beware the subsidy cliff.
Posted on 4/14/26 at 8:25 am to CharlesUFarley
does that include un earned income?
Posted on 4/14/26 at 8:31 am to Jmcc64
Yes.
It uses a figure called Modified Adjusted Gross Income (MAGI). It includes Social Security and tax-exempt income plus all the normal income.
It does not include Roth distributions, and things like HSA contributions and IRA contributions, if you can take one, will reduce it.
I was younger than 59.5 until Jan 2025. I withdrew some of my Roth contributions to keep my MAGI down.
It uses a figure called Modified Adjusted Gross Income (MAGI). It includes Social Security and tax-exempt income plus all the normal income.
It does not include Roth distributions, and things like HSA contributions and IRA contributions, if you can take one, will reduce it.
I was younger than 59.5 until Jan 2025. I withdrew some of my Roth contributions to keep my MAGI down.
Posted on 4/14/26 at 8:36 am to Amblin
quote:Your medications and pre-existings won't be a driver.
I have some pretty high medications like insulin, etc.
Healthcare marketplace plan rules prevent insurers from varying your premium based on pre-existing conditions like diabetes, or what medications you take. The ACA is highly subsidized though. So your income will drive costs. If you are high enough in that regard, you'll get to pay for your insurance, your wife's and a few others in the market. Unsubsidized plans are ridiculously expensive.
I'd recommend seeking out a healthcare insurance advisor (a "Healthcare Sherpa") to help navigate that. They are excellent, free to you, and can direct you to options you'd otherwise not even know existed. That should clear up price and coverage options in advance so you can plan accordingly.
Posted on 4/14/26 at 8:37 am to Jmcc64
quote:It does.
does that include un earned income?
Posted on 4/15/26 at 9:25 am to Amblin
A necessary evil associated with retiring early. We have been paying $2k/month for a policy with a $7k deductible. Wife just hit 65 to cut premium down to $1k for myself. We have real estate income that is a big part of why our premiums are high.
Posted on 4/15/26 at 9:33 am to Amblin
quote:
medications
First step is to change your diet, habits, and lifestyle and get off as many medications as possible. Most 'medications' just allow you to continue very bad practices and stay alive.
Posted on 4/15/26 at 10:00 am to ronricks
quote:
First step is to change your diet, habits, and lifestyle and get off as many medications as possible. Most 'medications' just allow you to continue very bad practices and stay alive.
None of that will change the cost of Obamacare, nor will it eliminate the necessity of it.
Posted on 4/15/26 at 10:07 am to CharlesUFarley
quote:
None of that will change the cost of Obamacare, nor will it eliminate the necessity of it.
Wut?
Why even use 'Obamacare'? The deductibles and premiums are so high you might as well not even have insurance. Its garbage.
Posted on 4/15/26 at 12:09 pm to ronricks
It’s basically insurance for major medical events not ordinary type medical events.
Posted on 4/15/26 at 3:12 pm to ronricks
quote:
Wut? Why even use 'Obamacare'? The deductibles and premiums are so high you might as well not even have insurance. Its garbage.
Because I have seen bankruptcy up close and personal, and I am not going to let that happen to me. You shouldn't either.
Posted on 4/15/26 at 3:57 pm to ronricks
quote:
Wut? ? ?
Why even use 'Obamacare'? The deductibles and premiums are so high you might as well not even have insurance. Its garbage.
You are uninformed. Maybe you don't have any money to protect. A car wreck or a case of cancer could wipe out your wealth without insurance. Many insurance plans are weak for everyday type issues, but provide protection for major medical ones.
Obamacare has plenty of areas that can be improved, but has there been a better option put in place in the past 50 years? Nope. Every other administration failed to do anything. I would vote for any president or other politicians that would make this a priority.
Posted on 4/15/26 at 4:29 pm to ronricks
quote:
Why even use 'Obamacare'? The deductibles and premiums are so high you might as well not even have insurance. Its garbage.
My sister retired at 55 and signed up for Obama care. She lived in AL & selected the Blue Cross gold plan & cost was about
$900 a month. Deductible & max out of pocket was $8000.
6 months into retirement she got cancer. Blue Cross paid 100% of her bills over the max out of pocket. She was at MD Anderson for 6 months. She died after about 18 months of all kinds of treatment & med care. Obama Blue Cross was excellent.
This post was edited on 4/15/26 at 4:35 pm
Posted on 4/15/26 at 4:51 pm to ronricks
quote:I assume you are just a bad troll.
Wut?
Why even use 'Obamacare'? The deductibles and premiums are so high you might as well not even have insurance. Its garbage.
Posted on 4/15/26 at 5:30 pm to NOSHAU
quote:
I assume you are just a bad troll.
Obamacare is ‘good’ now? Being a fat obese diabetic slob on a litany of medications is ‘good’ now? Listen to yourself. I’m not the one using mental gymnastics to try and justify things we know are terrible.
Posted on 4/15/26 at 9:21 pm to Amblin
For ACA/Obamacare, you have to manage your income to a specific state defined level. If you exceed that level plan on giving back some of those subsidies back at tax time.
It’s not a terrible thing if you are aware of what is transpiring with the subsidies, which lower the cost, but expose you to basically refund some portion of the subsidy if your income creeps up while on Obama care.
It’s not a terrible thing if you are aware of what is transpiring with the subsidies, which lower the cost, but expose you to basically refund some portion of the subsidy if your income creeps up while on Obama care.
Posted on 4/15/26 at 9:54 pm to ronricks
quote:
Being a fat obese diabetic slob on a litany of medications is ‘good’ now?
When I saw that symbol beside your user name, I knew I was likely dealing with an a--hole.
quote:
bamacare is ‘good’ now?
No, dumba--, it's not good, it's just the only thing available to the OP that is actually close to traditional health insurance.
Posted on 4/16/26 at 6:18 am to Amblin
Following. I’m a Type 1 retiring soon at age of 54.
Posted on 4/16/26 at 6:36 am to StreamsOfWhiskey
This is scary. Im old, but not that old. But this is eye opening.
Was never planning on being able to retire.
But. Yikes.
Was never planning on being able to retire.
But. Yikes.
This post was edited on 4/16/26 at 6:37 am
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