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Old 18-01-2018, 23:02   #31
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Re: Early retirement and health care for boaters

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Originally Posted by taxwizz View Post
I live in Canada, and here health care is FREE.
I think that the USA is the only country in the First World that does not provide free public health care to help cure people.

But you have a great military.


So true. Let's solve the healthcare problem. Other countries have addressed this--we're not the only petri dish in the lab. If people are going bankrupt, moving to different states and getting paper divorces to save money, there's an issue. Then there is the second issue.
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Old 18-01-2018, 23:11   #32
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Re: Early retirement and health care for boaters

Just wondering why an early retiree with a sailboat would want to be based in the USA? After all a sailboat is the perfect escape vehicle from what sounds like a crazy political situation and extortionate health care costs. I would be nervous about spending any length of time there as a visitor let alone being based there permanently.
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Old 19-01-2018, 17:47   #33
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Re: Early retirement and health care for boaters

that's possible. Obamacare has subsidies that provide this type of Premium Tax Credit but, be careful with this arrangement as the govt is exploring methods of introducing a means test, which will take those credits away from this type of beneficiary. A whole industry has sprung up, in the legal community, to take advantage of this "unintended consequence"
The other consideration is that Obamacare is in serious danger of collapsing under its own weight. So, be prudent in planning for extended future planning.
As a legal immigrant, I can also tell you that some of these countries that offer "free" health care usually have the type of service and long delays that you'd probably not prefer.
Look carefully into co-pays, deductibles, provide network restrictions, geographical limitations and formulary drug lists.
It's a bit of a minefield, but be diligent, ignore the non-factual advice, and you'll come up with one that works for you.
Don't forget to ask your current employer if they have "Retiree Medical Credits". Now, that's a hell of a deal.
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Old 19-01-2018, 17:51   #34
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Re: Early retirement and health care for boaters

Free huh? Now there's a TAXWIZZ for ya.
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Old 19-01-2018, 20:14   #35
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Re: Early retirement and health care for boaters

I retired at 52 but my wife still works because we need health insurance. If she wants a two income family she'll have to get a second job.
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Old 19-01-2018, 20:59   #36
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Re: Early retirement and health care for boaters

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I retired at 52 but my wife still works because we need health insurance. If she wants a two income family she'll have to get a second job.
That's funny..My wife said, or a second husband.
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Old 19-01-2018, 21:24   #37
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Re: Early retirement and health care for boaters

Tax penalty for not having coverage disappears for 2019. https://www.usatoday.com/story/news/...ces/973559001/


I'm guessing that staying fit and having catastrophic coverage for those with cruising incomes is a popular strategy.

Keeping your income low can reap other peoples taxes to subsidize your lifestyle. Canada appears to let everyone do this if they choose, without manipulating income level to stay below a cutoff. Definitely something I'm considering.

I'm all for tax payer provided health insurance in the USA. 65+ have to be astronomically more expensive to insure than those under 65, so why not everyone? Just like dozens of other successful countries? I personally think there is a lot of entrepreneurial spirit that could be unleashed by letting people leave their jobs that they only have for the 'benefits'.

-Chris
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Old 19-01-2018, 22:45   #38
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Re: Early retirement and health care for boaters

I'd like to see reducing the eligibility age for medicare. Say 55 instead of 65. It could be done in stages until we get to single payer. The system (medicare) is already in place. I guess it makes too much sense for it to happen.
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Old 28-01-2018, 18:31   #39
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Re: Early retirement and health care for boaters

I am 59 and self employed. I plan on working 1 more year but health care cost are just astronomical here in IL. I am 5 years away from Medicare and my wife is 6 years. Our monthly premium is $2100.00 for the 2 of us. There really aren't any options. We have no medical conditions and the deductible is $6K or combined $9K. This cost alone is really putting a real drain on retirement plans. I have even considered going without coverage once I retire. I need $150K just to make it to Medicare for insurance. Any ideas?
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Old 28-01-2018, 18:44   #40
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Re: Early retirement and health care for boaters

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I am 59 and self employed. I plan on working 1 more year but health care cost are just astronomical here in IL. I am 5 years away from Medicare and my wife is 6 years. Our monthly premium is $2100.00 for the 2 of us. There really aren't any options. We have no medical conditions and the deductible is $6K or combined $9K. This cost alone is really putting a real drain on retirement plans. I have even considered going without coverage once I retire. I need $150K just to make it to Medicare for insurance. Any ideas?
Will you qualify for a subsidized exchange policy once you stop working?
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Old 28-01-2018, 18:52   #41
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Re: Early retirement and health care for boaters

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I am 59 and self employed. I plan on working 1 more year but health care cost are just astronomical here in IL. I am 5 years away from Medicare and my wife is 6 years. Our monthly premium is $2100.00 for the 2 of us. There really aren't any options. We have no medical conditions and the deductible is $6K or combined $9K. This cost alone is really putting a real drain on retirement plans. I have even considered going without coverage once I retire. I need $150K just to make it to Medicare for insurance. Any ideas?
Move to another country and opt into its healthcare system. We are on Medicare, and it is not cheap (good plans), but too much family and we (usually) like the California climate better than anywhere we have ever found. The real bottom line is what your needs and wants are and where they can be provided in an acceptable or at least palatable manner.
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Old 28-01-2018, 18:56   #42
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Re: Early retirement and health care for boaters

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Will you qualify for a subsidized exchange policy once you stop working?
Possibly but doubt it. I am a cropduster and have a business. I am planning on selling the business but will probably keep 1 of the planes. It is depreciated out and it I sell it the tax man comes. I was going to use it as a part time sub contractor to supplement the income some. At best that will only last 2-3 years. I really want to stop flying.
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Old 28-01-2018, 19:01   #43
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Re: Early retirement and health care for boaters

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Possibly but doubt it. I am a cropduster and have a business. I am planning on selling the business but will probably keep 1 of the planes. It is depreciated out and it I sell it the tax man comes. I was going to use it as a part time sub contractor to supplement the income some. At best that will only last 2-3 years. I really want to stop flying.
Sounds like you are only partially retiring. The exchange subsidies are based on family income, not assets.
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Old 28-01-2018, 19:04   #44
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Re: Early retirement and health care for boaters

I am 61 and live overseas. I got health insurance through Allianz for Expats. I also considered Cigna for Expats. I went with $20K deductable per year with annual max of $3MM for Latin America only. It cost $212 per month. I am a USA citizen and my country of domicile is Guatemala. Health is good and dirt cheap in Gautemala if the procedure is available for what the problem is. Most things can be done in Guatemala. I prefer being treated in Guatemala versus the USA. Had I included the USA the cost would have been $280 a month. I did not got coverage in the USA because Obama Care by laws covers all citizens regardless of pre-existing conditions. Therefore, I can get covered in the USA if I get sick and want to get treated in the USA. All I have to do is establish a residence(rent a cheap apartment), and I will have health insurance and by the 1rst of the following month. The maximum out of pocket per Obama care is aprox. $7K. Allianz covers for emergencies while traveling any where in the world so worst case I would be covered by Allianz until by USA health insurance covered me within a few weeks.

The Alliance policy includes $400 towards physical exam and related tests annually.

Cigna expat you have a choice of the whole world or the whole world excluding the USA. For me the 20K deductible with 1MM annual max for the whole world was $278 per month. Excluding the USA the cost is $230 per month but there is not $400 per year for physical exams, etc. The $1MM max per year is not enough for some things.

My approach is to be covered for the big hit and since health care is dirt cheap and quite good for most things in Guatemala, I don't mind paying for everything until $20K out of pocket.

You can play around with the annual deductible and annual max to suit your needs with Cigna and Allianz Expat.

With Cigna and Allianz Expat the cost of health care in your country of domicile determines what the premium is. Cigna and Allianz don't cover pre-existing conditions.

So when you retire in a year if you move and make your Country of Domicile a country with good but inexpensive health care you will be all set.

My wife and I spend about 6 months year in Guatemala and travel / sail the rest of the time.

I think there are companies that offer insurance to people the travel constantly. I am not sure if Allianz or Cigna offer that kind of coverage. I suggest you ask them. Both are good companies.
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Old 28-01-2018, 19:13   #45
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Re: Early retirement and health care for boaters

Fousley, there are no rabbits in the hat.

Either you pay through the nose every month or you take bigger gambles.

Insurance plans and pricing are often very much a shell game. If you can get a similar plan with lower monthly rates, you will probably find the copayments and deductibles for that cheaper plan actually total up to almost the same amount that the "better" plan with higher monthlies is. So if you have checked, are healthy, and have no reason to think that will change, you can go to a plan with higher out of pocket expenses and lower premiums--and you'll come out ahead IF you don't need lots of care. Lab fees, imaging fees, drugs, copayments, all get varied in tricky ways and have to be figured into that mix.

You can also check into what local options there are based on your income and employment status. Non-profit hospitals that accept federal funding, usually are also part of a federal program that requires them to offer income-based assistance. So a $1000 ER visit may only be $50 if you are unemployed and signed up in the assistance program. With a sliding scale based on income and needs. You'd have to visit some local hospitals and actually ask their "assistance" offices to find out the deal.

Sibsidies may help, but don't count on them continuing over the coming years.
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