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Old 17-06-2015, 10:17   #16
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Re: ACA costs for early retiree/cruiser

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It's our government, probably is ass backwards.
Most likely true. My employees all saw their Anthem premiums go up 30-40%.
From what I understand, even though obamacare has lower premiums, the out of pocket deductible expenses are a killer.

I'm finally going on Medicare next year (after delaying)- it's time I get some out before it is all sucked out.
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Old 17-06-2015, 10:18   #17
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Re: ACA costs for early retiree/cruiser

Hello Cruisers Forum & Sailorboy,

Longtime lurker here, like 8+ years, love the community and it has been invaluable in planning my own escape to the water.

As someone with a pre-existing condition, figuring out health care has been a problem my entire life and one that I have been trying to how to solve while cruising. That being said Sailorboy your from PA, if SCOTUS (Supreme Court of the United States) strikes down the ACA in the upcoming King v Burwell decision. You will lose the ability to purchase healthcare through ACA. Only states with established state exchanges will be allowed to continue.

Not sure where your traveling to. If your going to around the Caribbean you might investigate:
BlueCard: Living or Traveling in the U.S., Puerto Rico, U.S. Virgin Islands

Good luck and I hope we can solve this dilema.
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Old 17-06-2015, 10:23   #18
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Re: ACA costs for early retiree/cruiser

I guess I have a hard time getting my head around the whole thing. Let me preface what I am about to say by stating that I would never want to see any truly needy person go without needed healthcare, but I'm just thinking we have a situation where we have an owner of a cruising sailboat valued at over 100K who makes a voluntary choice to quit working well before normal retirement age to go enjoy the cruising life, which he/she/they can well afford to do because they have an adequate amount of liquid assets to support this lifestyle full time and yet they qualify for the taxpayers to cough up a subsidy for their health care by virtue of their "poverty level" income. That's a poverty line that most of the world would probably like to live under.

I'm going to go out on a limb here and say that most likely at least some of the taxpayers who are funding this subsidy are living paycheck to paycheck, haven't got a prayer of an early retirement, and are paying their own health care premiums because they fall somewhere just over some arbitrary line where they don't qualify for subsidies. God bless the USA.
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Old 17-06-2015, 10:31   #19
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Re: ACA costs for early retiree/cruiser

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Originally Posted by dpddj View Post
Most likely true. My employees all saw their Anthem premiums go up 30-40%.
From what I understand, even though obamacare has lower premiums, the out of pocket deductible expenses are a killer.

I'm finally going on Medicare next year (after delaying)- it's time I get some out before it is all sucked out.
You won't getting any insurance relief on Medicare suppliments since you have worked for a living. Wait till the year you turn 711/2, you have to withdraw for your IRAs weather you want to of not. Our Government at work. OK you don't just pay a 10% penalty.
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Old 17-06-2015, 10:56   #20
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Re: ACA costs for early retiree/cruiser

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Originally Posted by oldragbaggers View Post
I guess I have a hard time getting my head around the whole thing. Let me preface what I am about to say by stating that I would never want to see any truly needy person go without needed healthcare, but I'm just thinking we have a situation where we have an owner of a cruising sailboat valued at over 100K who makes a voluntary choice to quit working well before normal retirement age to go enjoy the cruising life, which he/she/they can well afford to do because they have an adequate amount of liquid assets to support this lifestyle full time and yet they qualify for the taxpayers to cough up a subsidy for their health care by virtue of their "poverty level" income. That's a poverty line that most of the world would probably like to live under.

I'm going to go out on a limb here and say that most likely at least some of the taxpayers who are funding this subsidy are living paycheck to paycheck, haven't got a prayer of an early retirement, and are paying their own health care premiums because they fall somewhere just over some arbitrary line where they don't qualify for subsidies. God bless the USA.
Welcome to the United Socialist States of America.
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Old 17-06-2015, 11:06   #21
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Re: ACA costs for early retiree/cruiser

Medicare is best health insurance I have ever had.
I had insurance working for most my life, had insurance as a single payer after that. My premiums went up about 15-20% a year and my benefits went down every time before medicare. before I got on Medicare I was paying $520 a month (just me) and getting really nothing but catastrophic care insurance. A real rip-off. No wonder so many just went without, and let the taxpayers absorb the hospital costs after they were sick.
Now if we would just jump from Obamacare (really "Congressional Committee Care") to single payer like most of the civilized world it would be great.
The "preying on the sick" National Healthcare machine is the most profitable business around. The big corporations are buying up all the little doctor owned clinics. It's not big business. .... it's HUGE business.
One thing Medicare does is control how much they can charge. If the whole system was single payer that could be done also.
JMHO.
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Old 17-06-2015, 11:10   #22
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Re: ACA costs for early retiree/cruiser

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Medicare is best health insurance I have ever had.
I had insurance working for most my life, had insurance as a single payer after that. My premiums went up about 15-20% a year and my benefits went down every time before medicare. before I got on Medicare I was paying $520 a month (just me) and getting really nothing but catastrophic care insurance. A real rip-off. No wonder so many just went without, and let the taxpayers absorb the hospital costs after they were sick. Pretty the same anyway.
Now if we would just jump from Obamacare (really "Congressional Committee Care") to single payer like most of the civilized world it would be great.
I agree. That's a system that would at least be fair across the board, all would be covered and all (at least those who pay taxes) would absorb the cost. There are still many people uninsured under the current system (I think I read it's still about 13%), the OP's situation alone is an excellent illustration of how screwy it's set up and the insurance companies are the ones getting rich.
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Old 17-06-2015, 11:17   #23
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Re: ACA costs for early retiree/cruiser

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Welcome to the United Socialist States of America.
We have an election coming up. Unfortunately the socialists my have a bunch of takers voting. Probably some dead for years and some not legal. I hate to air our dirty laundry but the civilized world is already laughing at us.
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Old 17-06-2015, 11:31   #24
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Re: ACA costs for early retiree/cruiser

I would only say, try to find expert advice and get it from multiple sources.


First problem is that the subsidy program is in the courts and they may be ended. That may also depend on how your state is funding/implementing plans, they can be state or federal in nature so that all varies.


Also do check on "income" versus "earned income". If you take nmoney out of a 401K it is ":income" but not "earned income" and various programs don't even ASK what kind it is, they instead ask for a number from a line on your federal tax form--where the two kinds of income are shown separately.


Basically, the federal ACA phone support teams are clueless and often contradict each other. If you can find a state or county "eldercare" office, or a local insurance group that is placing people on ACA plans...


See if you can get the same "rules" from two out of three, and then see if any of them can site the sources, so you can take an educated guess firsthand.


Then there are all sorts of odd omissions in many of the policies, i.e. they may all be HMO/PPO, etc. closed groups, not the traditional "any provider". And many of them handily OMIT municipal EMS and ambulance and emergency room care, requiring you to use their in-network providers for critical services--or get little or no coverage when they are out of network. And by failing to include municipal ambulance services, well, good luck if you can't take a cab to the hospital.


Between the way Obamacare was implemented, and the new clever games the insurers have played with it, you are bound to find surprises.
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Old 17-06-2015, 11:48   #25
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Re: ACA costs for early retiree/cruiser

You have to be 59 1/2 to withdraw funds without penalty, unless your withdrawal meets certain criteria.
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Old 17-06-2015, 12:07   #26
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Re: ACA costs for early retiree/cruiser

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Originally Posted by oldragbaggers View Post

I'm going to go out on a limb here and say that most likely at least some of the taxpayers who are funding this subsidy are living paycheck to paycheck, haven't got a prayer of an early retirement, and are paying their own health care premiums because they fall somewhere just over some arbitrary line where they don't qualify for subsidies. God bless the USA.
Before the law passed, I spent a lot of time trying to explain this to the Obamacare supporters who are now footing the bill -- that they would essentially be subsidizing old rich people. But they would not be swayed, and with each year their costs go up while us old rich people get better and better deals. So now, as I look forward to retiring (possibly as early as next year) and living off all the young who were naive enough to buy into the BS, all I can tell them is "I tried to warn you...."
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Old 17-06-2015, 12:10   #27
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Re: ACA costs for early retiree/cruiser

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You have to be 59 1/2 to withdraw funds without penalty, unless your withdrawal meets certain criteria.
The biggest loophole is that you can withdraw them without penalty at age 55 if you leave the company "permanently" (whatever that means). So if you have an employer plan that allows you to roll other plans into it, you can roll all (or some portion of them) your previous IRAs into your current plan, and if you quit in the year you turn 55 (or later), it is all available to you. It is a huge loophole that, once congress realizes what they did, will likely be eliminated.

The other way is through a 72(t) SEPP withdrawal -- Google it if interested.
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Old 17-06-2015, 12:20   #28
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Re: ACA costs for early retiree/cruiser

I will second that any "qualified" funds (401K, IRA, ROTH, SEP, SIMPLE) withdrawn before age 59 1/2 will be penalized unless you have a qualified waiver (medical cost, hardship withdrawal, first time home buyer). This will be penalized at 10%. IRA to ROTH conversion and although it makes perfect sense to convert if you are below 45, it will most likely be a net loss if you convert anytime in your 50's or 60's. Yes you must take withdrawals at 71 1/2 called RMD's. BUT....

You can take distribution before age 59 1/2 without penalty if you use IRS 72t. Go talk to an accountant to make sure this program is right for you.

Yes the Rule 55 is a valid waiver but you have fall into guideline usage.

Regarding ACA subsidies, if you are out of the country for more than 275 consecutive calendar days per year, you can forgo State Mandated Health Insurance and penalties. Note: most health policies for US individuals that cover overseas health cost and/or travel home are not cheap. Anywhere from $300+ per person dependent upon age and cruising location.

The IRS uses what is called the MAGI Modified Adjusted Gross Income to calculate your gross income. Also your family size. This will be the determining factor on if and how much "TAX CREDIT" you are eligible for to lower your monthly cost. The IRS refer to this as a TAX CREDIT because this allows the IRS to "recoup" over payment through personal taxes at annual filings. If you are someone that has variable income, the tax credit will be a nightmare but if you have a steady or fixed income, this will probably work fine.

Medicare supplements what?... I don't know how anyone can say supplements are not in your best interest as an elderly individual. They are significantly less per month than individual policy and cover significantly more than any other private health policy. Maybe they were thinking of Medicaid and not Medicare. Two different programs with far different coverage. Make sure you get a RX plan with your supplemental coverage. Make sure you sign up for at least Part A and B or face a penalty when turning 65.

Source - Im the expert...
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Old 17-06-2015, 12:54   #29
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Re: ACA costs for early retiree/cruiser

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We have an election coming up. Unfortunately the socialists my have a bunch of takers voting. Probably some dead for years and some not legal. I hate to air our dirty laundry but the civilized world is already laughing at us.
laughing hysterically
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Old 17-06-2015, 14:18   #30
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Re: ACA costs for early retiree/cruiser

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laughing hysterically
With me or at me? At least you got a laugh.
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