Posted on 05/16/2020 9:47:35 AM PDT by rintintin
RouxStir wrote:
“I’m trying to make a decision now. I just turned 63. I am thinking of taking SS at 63-1/2...using COBRA from then until 65, when I can get Medicare.
COBRA will run me $1250/month with $1000 deductible/$2000 max out-of-pocket for both me and my spouse...problem is my spouse is 8 years younger...guess I’ll be filing for divorce at 65... ;^)”
$1250 a month ????? Yeouch!!!!
$1000 deductible & $2000 out of pocket max, per year, correct?
What will you do for health insurance between 59-1/2 and 65?
DEPcom wrote:
“Considering Coronavirus likes to kill people in their 70s, Overweight, diabetes high blood pressure and other conditions. If you have other heath insurance coverage to hold you over until you 65, pension, and a 401 still, it might be a good idea to retire and enjoy those Golden Years.
All my Aunts and Uncles are not in good shape in their 70s and would be vulnerable to Coronavirus. Considering that I am thinking about retiring at age 59 ½. I can make it to 70 with no cash issues. Will take SS at 62 because we are not promise tomorrow.”
$265/month
You’re never going to have this opportunity again. If you start collecting now, you can put much of it in the bank. Or you can live off your SS and put the maximum of your pay into your own private 401K. Yes, by waiting 10 months you’ll add maybe $50/month more to your SS. Maybe less, maybe more. But let’s say you’d make $2000/month on SS right now. In one year’s time you’d have collected $24,000. Of course, you’d have to pay taxes but perhaps no state taxes depending on your state. It’s something to think about. You’re in a very unique situation.
Yeah, but that’s $625 for each of us....not bad considering what you get on the open market right now...it would be at least $1000/month for each of us...if we could find a deductible that low.
Most of the doctors that I work with only get $8000 deductible, $12,000 max out of pocket with the insurance that their partnership offers...that’s really only “catastrophic” insurance....but then the MD’s make a whole lot more than I do so they can afford a few catastrophes.
I can’t go that route because I have a lot of medical issues and have had hospitalizations that lasted for months and bills over $500,000 for a single “incident”.
If someone was single, would it be $625 a month ? Or more?
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