Health Care Question

B7510HSD · Feb 9, 2015

What does anyone know about the new health care plans?? I want to sell my main house and move to the samll place and retire. That being said if I put the money in the bank and not work I have no income other than interest which I don't believe would be much.I am 58 and would not draw any pensions or SS until I turn 62. would that qualify for low income health coverage??? :confused3:

stingray1 · Feb 9, 2015

I'm not sure but I think your savings that you are going to draw interest will be your problem.

randy41 · Feb 10, 2015

there's a good chance that you will qualify for a subsidy that will pay all or some of your insurance depending on the extent of coverage you chose. it is purely dependent on income.

300UGUY · Feb 10, 2015

I retired early, but I could never retire on SS and bank interest. Google FIRE, financial independence. Get smart about money.

B7510HSD · Feb 10, 2015

From what I read it is dependant on income also and if I have only interest as my income it would be around $400 a year. I just wasn't sure if it made a difference on what you had in the bank, but I can't find anywhere it ask that!! :confused3: I'll check out FIRE thanks.

RedNeckGeek · Feb 11, 2015

When the ACA was first announced I got curious about the insurance web site and logged on to see what coverage would cost. I played around giving different answers to the questions asked to see what impact they had on the premium. Suggest you do the same, and if you're still unclear, give the ACA folks a call. After retirement, health care insurance will be one of your largest expenses, so it pays to be certain.

B7510HSD is giving good advise with regard to money. It seems like people have figured out how to scheme every major investment area, and there's really no safe place anymore for retirement savings. Banks pay almost no interest, and you'll be losing money to inflation as the Fed starts increasing interest rates later this year. That makes bonds risky, too, and the stock market is full of pitfalls. Real estate works for a lot of people, but not everyone wants to be a landlord. Socking it away under your mattress won't do you any good when the house burns down or you get visited by home invasion robbers. Ask anybody that bought gold as it approached $2000/oz how they're doing now. Commodities? Look what's happened to oil recently.

Financial security is a moving target and you need to stay diversified and keep your finger in the wind to know what to do next. Health care insurance is part of the puzzle, but only a small piece.

Travelover · Feb 11, 2015

Yes, health care subsidies are based only on income. You can have a billion dollars in an investment that pays no dividends and get the subsidy. As noted above, your bigger problem is generating income off the proceeds from your house. If you had it invested in a fund like Vanguard's Wellesley which is 60/40 Bonds/ Stocks, you could probably draw 3% yearly for the rest of your life. That is $30,000 on a million dollars. You can do the math to see how much you have to invest and compare it to how much you need to live.

B7510HSD · Feb 11, 2015

Thanks Guys interesting!!

MinnesotaEric · Feb 13, 2015

RedNeckGeek said:
When the ACA was first announced I got curious about the insurance web site and logged on to see what coverage would cost. I played around giving different answers to the questions asked to see what impact they had on the premium. Suggest you do the same, and if you're still unclear, give the ACA folks a call. After retirement, health care insurance will be one of your largest expenses, so it pays to be certain.

B7510HSD is giving good advise with regard to money. It seems like people have figured out how to scheme every major investment area, and there's really no safe place anymore for retirement savings. Banks pay almost no interest, and you'll be losing money to inflation as the Fed starts increasing interest rates later this year. That makes bonds risky, too, and the stock market is full of pitfalls. Real estate works for a lot of people, but not everyone wants to be a landlord. Socking it away under your mattress won't do you any good when the house burns down or you get visited by home invasion robbers. Ask anybody that bought gold as it approached $2000/oz how they're doing now. Commodities? Look what's happened to oil recently.

Financial security is a moving target and you need to stay diversified and keep your finger in the wind to know what to do next. Health care insurance is part of the puzzle, but only a small piece.

My money works for me, I don't work for money. Even so, I've been taking profits as the market has risen, waiting for a time when everybody is scared so I can be greedy. I made a new video today too.

RedNeckGeek · Feb 18, 2015

EricTheOracle said:
My money works for me, I don't work for money. Even so, I've been taking profits as the market has risen, waiting for a time when everybody is scared so I can be greedy.

Sell the tops so you can buy the dips. AKA buy low and sell high. Something will always cause a market wide sell off, and that's the time to have a little stashed away on the side to do some bottom fishing in favorite stocks.