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Posted on 6/25/25 at 7:54 pm to Thecoz
Yes
Posted on 6/25/25 at 8:13 pm to xBirdx
Ok long ..
Here are some basics.. ask more to clear things up.. I tend to communicate poorly…..
So your monthly cost will be based on the plan you choose.. deductibles.. company etc…but lets assume you made your choice and your monthly premium is 1200 a month.. based on income you can get a “rebate” from the government and it applied to the bill directly to reduce your monthly bill.. the amount of rebate the government gives you is based your AGI .. the number you put for that year … you provide them what you expect it to be for the year ( thus do not care what it was last year when fully employed)….if wrong they will charge some more at tax time or give you more depending on how close your estimate was to actual.
The rebate phase out to zero when your income exceeds a number… I do not recall that number..
Your income includes anything you have to claim as income on a regular basis yearly tax … ss is considered income ( 85 percent..)… annuities are income.. rental property etc..401k withdraws are income also
You want to show a little income because you need to have enough income that you exceed amount for Medicaid (unless you want Medicaid)… you the want to show as little income as possible… you wan to show more than 24 k (Married filing jointly) to stay off Medicaid and just a little more income over .. you can play it close and pretty much get medical for close to nothing..
I know I ramble .. ask questions .
Here are some basics.. ask more to clear things up.. I tend to communicate poorly…..
So your monthly cost will be based on the plan you choose.. deductibles.. company etc…but lets assume you made your choice and your monthly premium is 1200 a month.. based on income you can get a “rebate” from the government and it applied to the bill directly to reduce your monthly bill.. the amount of rebate the government gives you is based your AGI .. the number you put for that year … you provide them what you expect it to be for the year ( thus do not care what it was last year when fully employed)….if wrong they will charge some more at tax time or give you more depending on how close your estimate was to actual.
The rebate phase out to zero when your income exceeds a number… I do not recall that number..
Your income includes anything you have to claim as income on a regular basis yearly tax … ss is considered income ( 85 percent..)… annuities are income.. rental property etc..401k withdraws are income also
You want to show a little income because you need to have enough income that you exceed amount for Medicaid (unless you want Medicaid)… you the want to show as little income as possible… you wan to show more than 24 k (Married filing jointly) to stay off Medicaid and just a little more income over .. you can play it close and pretty much get medical for close to nothing..
I know I ramble .. ask questions .
This post was edited on 6/26/25 at 2:55 am
Posted on 6/26/25 at 1:21 pm to Thecoz
So if I retire at 62 and wife is 3 years younger, so I will need to get insurance for both of us that will cost about 24k I am seeing others say just for medical (not dental) and then I still have to get something for medications is that right? Is that like for BCBS or Obamacare? Thats more then I was thinking it would be.
Also so when I do turn 65, I can get Medicare but have to still keep a plan for wife until she turns 65 is that right?
I am worried about medications, any plans good that cover well some of the more expensive meds like insulin?
Also so when I do turn 65, I can get Medicare but have to still keep a plan for wife until she turns 65 is that right?
I am worried about medications, any plans good that cover well some of the more expensive meds like insulin?
Posted on 6/26/25 at 1:48 pm to Amblin
Your medical through healthcare. Gov (affordable healthcare act)
Will be options.. but you will probably get a solid one with a modest deductible…. This one will cover medical and drugs … you can pick others to vary it.. but most are this and like your company insurance.. some include vision/ dental.. but usually not worth it.. I did get another dental plan through healthcare. Gov and is was really more a ppo and no rebate from govt on that ..
pretty much same as if with your company just more expensive because no company paying portion..
Let me go back to read your questions .. I will type more ..
Will be options.. but you will probably get a solid one with a modest deductible…. This one will cover medical and drugs … you can pick others to vary it.. but most are this and like your company insurance.. some include vision/ dental.. but usually not worth it.. I did get another dental plan through healthcare. Gov and is was really more a ppo and no rebate from govt on that ..
pretty much same as if with your company just more expensive because no company paying portion..
Let me go back to read your questions .. I will type more ..
Posted on 6/26/25 at 2:13 pm to Amblin
When you turn 65 you drop and keep your wife on ( if she is going to be on longer get the original plan through her and you as the dependent)… this way when you drop off early you will keep the plan in tack and drop as a dependent… otherwise if in your name when you drop she will have to go through all the paperwork to get her own new plan
Edit .. of course the cost drops in half also.. it is a charge per person and not like the family plan often found in corporation.
Edit .. of course the cost drops in half also.. it is a charge per person and not like the family plan often found in corporation.
This post was edited on 6/26/25 at 5:35 pm
Posted on 6/26/25 at 2:15 pm to Thecoz
You can get significantly less expensive plans.. they go bronze— silver— gold.. you can go down to pretty much catastrophic.. not much cost..
Posted on 6/26/25 at 2:18 pm to Thecoz
I do not know how things have changed on healthcare.gov and do not take insulin.. but I know our Medicare phara supplement ( plan d) now cover insulin and I believe is capped at 25 dollars.. they have been working the pharmaceutical companies to improve the plan d stuff
Posted on 6/26/25 at 5:14 pm to Amblin
Thecoz is on point.
Obamacare (healthcare.gov) will pay for some of you and your wife's plans. How much they'll pay depends on your income.
If you can cover your living expenses from non taxable sources, ie savings account or joint investment account withdrawals......... and manage your taxable income (withdrawals from pensions, IRAs, dividend income, etc) to the medicaid threshold.....around $25,000 or so, then Obamacare will pay the majority of your premium.
If you can manage your reportable income to this $25,000 level I'd expect can get a BCBS silver plan that includes drugs for probably $200 -300/month out of pocket covering both of you.
Otherwise, the $24,000 per year others have suggested is pretty accurate based on my experience.
The key is being able to manage your taxable income each year.
On last comment....the $25,000 income level with keep you off Medicaid and give you the maximum premium help from Obamacare. If your income is higher, Obamacare will still provide help, but your premiums will be higher.
Obamacare (healthcare.gov) will pay for some of you and your wife's plans. How much they'll pay depends on your income.
If you can cover your living expenses from non taxable sources, ie savings account or joint investment account withdrawals......... and manage your taxable income (withdrawals from pensions, IRAs, dividend income, etc) to the medicaid threshold.....around $25,000 or so, then Obamacare will pay the majority of your premium.
If you can manage your reportable income to this $25,000 level I'd expect can get a BCBS silver plan that includes drugs for probably $200 -300/month out of pocket covering both of you.
Otherwise, the $24,000 per year others have suggested is pretty accurate based on my experience.
The key is being able to manage your taxable income each year.
On last comment....the $25,000 income level with keep you off Medicaid and give you the maximum premium help from Obamacare. If your income is higher, Obamacare will still provide help, but your premiums will be higher.
Posted on 6/26/25 at 7:11 pm to xBirdx
I was paying $278.00 a month for a QHDHP before I went on Medicare in May.
This post was edited on 6/26/25 at 7:12 pm
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