DW and I, both in our mid-50s, are contemplating an early retirement soon before we hit 60. We have savings of about 30X estimated annual expenses, including budget for healthcare costs (premiums, copays, and deductibles up to the maximum out-of-pocket limit), based on information sourced from the ACA Health Insurance Marketplace available at https://www.healthcare.gov, for a PPO Gold plan with a family total out-of-pocket maximum of $13,000.
As we've been planning, I've watched numerous retirement-related YouTube videos, where the comment sections often echo a recurring concern: healthcare stands out as the primary hurdle for those contemplating early retirement before the age of 65.
While I currently benefit from comprehensive healthcare coverage provided by my employer, I understand that once both DW and I retire, we'll need to switch to healthcare plans sourced from the marketplace until we become eligible for Medicare. This prospect has left me feeling apprehensive about potentially overlooking crucial aspects in our healthcare budgeting, or even the feasibility of retiring before 60. Therefore, I'm eager to seek advice from individuals who have retired before 65 and navigated the landscape of ACA health insurance from the marketplace.
1. From your experience, do you find that health insurance plans available through the ACA marketplace, such as a Gold plan, offer comparable coverage, accessibility, and acceptance rates to those typically provided by employers?
2. Have you encountered any concerns or real-life experiences that lead you to believe that ACA health insurance might pose a greater financial risk compared to employer-sponsored health insurance, potentially leading to reduced coverage or benefits that could strain finances or even result in bankruptcy?
Thanks in advance for any insights or advice you can offer. Your input is greatly appreciated.
As we've been planning, I've watched numerous retirement-related YouTube videos, where the comment sections often echo a recurring concern: healthcare stands out as the primary hurdle for those contemplating early retirement before the age of 65.
While I currently benefit from comprehensive healthcare coverage provided by my employer, I understand that once both DW and I retire, we'll need to switch to healthcare plans sourced from the marketplace until we become eligible for Medicare. This prospect has left me feeling apprehensive about potentially overlooking crucial aspects in our healthcare budgeting, or even the feasibility of retiring before 60. Therefore, I'm eager to seek advice from individuals who have retired before 65 and navigated the landscape of ACA health insurance from the marketplace.
1. From your experience, do you find that health insurance plans available through the ACA marketplace, such as a Gold plan, offer comparable coverage, accessibility, and acceptance rates to those typically provided by employers?
2. Have you encountered any concerns or real-life experiences that lead you to believe that ACA health insurance might pose a greater financial risk compared to employer-sponsored health insurance, potentially leading to reduced coverage or benefits that could strain finances or even result in bankruptcy?
Thanks in advance for any insights or advice you can offer. Your input is greatly appreciated.
Statistics: Posted by us_20231217 — Fri Mar 01, 2024 9:52 pm — Replies 3 — Views 339