Health Insurance Question

[Captrick]

Nor sure if this is the right forum for this but here we go...
So I am 60 years young and on a two year plan to retire at 62 and go on the road. I wont have a lot of money saved up and will depend on my SS benefits. I have a well paying job but Im on a get out of debt plan so I wont be able to save much in the next 2 years. My question has to do with health insurance as once I leave my current job, I will have to pay for it on my own. I am wondering about the different costs of insurance state by state. I found a web link that shows there is a huge difference in costs from state to state, I wont be able to go on medicare till I turn 65 so I need to figure out what to do from 62 to 65. I currently live in New Mexico but i would like to avoid state income taxes so I have no problem get a residency some where else. So thoughts?

 

[planet-beaver]

Stay as a NM resident. You will get Medicaid for free and you will not pay any taxes on SS benefits.

The year you turn 62, work only till you make just under the Medicaid limit and then quit. You will get free Medicaid till you turn 65 as long as your income does not exceed $16,243 per year.

If your SS benefits exceed that, you will have to go through the exchanges and claim subsidy. With SS befits, your income will be low enough to get about 90% of your insurance premium paid by government.

 

[Optimistic Paranoid]

Captrick, I would not spend a lot of time worrying about it right now.  The Supreme Court is scheduled to hear a major case on Obamacare this spring.  Depending on how they rule, health care insurance MAY - or may not - be radically different in two years.

When you get a lot closer to retirement, I would make several lists - best states to be a resident of from the point of view of taxes, of health insurance, of vehicle insurance, inspections, and registration, and any other factors you can think of.  Then compare the top states on each list to see which one is optimum.  (I doubt that any state is going to be perfect in all ways.)

Regards
John

 

[akrvbob]

I agree with Optimistic Paranoid, things are still in quiet a state of flux right now--it will be clearer in two years.

As of right now, all things considered, Florida is probably the best all-around state for residency when you take into account health insurance. Texas is a close second. South Dakota does not have anyone right now that offers nation-wide coverage so many full-timers are changing because of that. But it could change at any time.

I'm with Nevada and got a good deal on health insurance so for now I'm staying with them because they have no taxes. The van insurance is high but i register my van in Arizona.

The Supreme Court is going to have a ruling that could be big problems for 30 states. I don't think NM or NV will be affected. Any state that established it's own health exchange will not be affected. Only the ones with a Federal Exchange.
Bob

 

[planet-beaver]

Bob is talking about people with high incomes that use exchanges. In that case Florida and Texas are top choices. However if you are unemployed or on low income (under 16k or 20k for couple) these two states are the worst choice as they have no Medicaid expansion.

 

[vanman2300]

Just to add on to what has already been said.....If you go the Medicaid route keep in mind that many doctors may not see patients on Medicaid. Some tell you straight out while others have ready made excuses to make you go somewhere else. So if you use Medicaid find GPs, dentists, etc BEFORE you need them. I've seen where people can't get help even when they're in pain ex: infected tooth. Even then if you find some place that'll take Medicaid they'll make you wait for days or weeks.......even if you're in great pain.

 

[Captrick]

Great information so far. I know Im jumping the gun a little in that I have two years to go, but Im the kind of guy that likes to know his options and plan ahead.

Thanks

 

[IGBT]

You actually may want a state that has income taxes if you are unemployed and low income.   More taxes = more benefits for low income folks.

Texas is good if you have medium or high income.

 

[akrvbob]

If you are low income, you may qualify to be put on Medicaid for free. BUT!! Only a few states will pay for it in a program called Medicaid Expansion. Here is a map showing which states offer it in GREEN

 

 

[Seeker]

The Florida rates for obamacare can be good depending on income but you have to have some income or it is not subsidized.  I am on disability and still waiting for medicare to kick in.  I got a quote for bronze plan and it would only be $33.00/month and that is great.  The problem is my deductible would be $6200.00 before it pays anything and then only pays 40% if I understand it correctly and that is virtually like not having insurance.

I am lucky now as long as I stay married because my wife works for the National Guard as a state employee.  Thank you taxpayers for funding our insurance and I am added onto her policy for . . . . . . . .ONLY $15.00/month!!! and $250.00 deductible.

I am not complaining because I am benefitting but is just does not seem fair government employees get such great insurance at taxpayers expense.  Hope I did not cross the no politics line.
A SEEKER

 

[LeeRevell]

Not all State Employees get such low rates. My "CHP" plan in Florida costs me $643 a month. But NO deductible, low meds and copays.
Had I not had it a couple years back during my medical emergency, my $36,000 bill would have broken me. I paid a grand total of $274 out of pocket.
For now, I can pay for this medical coverage using my savings, but will ultimately get another (non-state) job to bring in more money, til I am of age for Social Security.
As for Madicare/Medicaid, "Government" doesn't pay for it. We taxpayers do. My elderly mother here in sunny Florida is on Medicare, and it's a lot cheaper than I pay. But she is also on a lot more meds, and they aren't as cheap as mine. A couple of hers are a couple hundred bucks a pop. One she had been suggested to get was over $450 a month! Fortunately it was not a necessity. She dropped it.
No matter what you end up paying up front, it all seems to average out. The Healthcare Industry, like any other, is a money making racket, and they get you going or coming.