I don't have a sailboat. So their $80,000 annual income disqualified them from transferring income from me to subsidize their medical insurance. I am 66 still working and have not tapped into my Social Security benefits because I know it would be taxable income.
Medishare is the answer, My neighbor was at $4100 a month, went to $1700 under Medishare
The problem with anything provided by government is the complex and vague paperwork. Often, the government uses words that mean one thing to the government and something else to a citizen. Insurance is complex enough without some bizarre financing scheme that requires not just a CPA, but one versed in that particular vernacular to understand.
When O. care first started I checked out the paper mache plan. Insurance was $8000 per year but nothing was covered until I’d spent $10,000 from my own pocket. I recently had an operation. I was able to negotiate the whole thing down to a few thousand dollars. Had I been “covered” by insurance, my out of pocket would have been several times what I paid by not having insurance.
Incidentally, if you need medical tests, you can take your list to directlabs.com. Because you pay cash in advance, there is a hefty discount. You then go to the provider listed in your area to have the work done. In my case, it’s Quest, the same lab I’d have gone to in anyway.
I’m a bit younger than you, but I earned a good bit more last year than I had anticipated when I did my W-4s. Needless to say, I wrote a hefty check to the IRS, and greatly increased my withholding to avoid penalties for this year.
But, then again, I can’t afford a sailboat, either.
And the Liberal Creepozoids that rule Kalifornia will try to keep ‘Covered California’ (their twisted version of ObambiCare) alive as long as possible. The incredible full of crap, lying television and radio ads for ‘Covered California’ promise the same crap Obambi did. If one actually investigates, one learns that a huge percentage of the new Covered California enrollees are in MediCal, Kalifornia’s version of federal Medicaid. Fewer and fewer doctors are accepting Medicaid patients, so even though you are ‘Covered’ there is, in reality, no ‘coverage.’ With Medicaid reimbursement rates so low, a doctor, clinic, or hospital cannot afford to stay in business.
Kalifornia Creepozoids All
There are many gotchas surrounding the “Affordable” Care Act and some workarounds. Like an IRA deduction to slide under the 400% unlimited bar. This couple should get a second opinion on their return. Because this is an advanced tax credit repayment, it is subject to full collectipn efforts, unlike the penalty. CJ Roberts hit this one out of the park. /drippingsarc
I'm 66 and retired when I was 62 - the wife preceded me by 1-1/2 years when she became 62.
We both took our SS at the time of retirement because odds say we will get more out of it rather than starting later and then playing "Catch up". Unless taking it would result in moving to a higher tax bracket and decreasing the net amount of income for the year, it seems to make no sense to not take it - especially with all the doom and gloom predictions about the viability of "full payouts"...