Is it Impossible to Retire Early Because of Health Insurance?

Posted on January 22nd, 2016 By Michael Suhany

A recent article in the Indianapolis Star by Pete the Planner painted a dark picture of the possibility of early retirement because of the cost of health insurance.  While it is true that early retirement is a significant decision requiring careful planning, the situation is not as desperate as the article makes it sound.

Before the implementation of the Affordable Care Act, only healthy people could even consider early retirement unless they worked for a major corporation that offered retiree coverage.  With the guaranteed issue of coverage under the Affordable Care Act, even those with significant medical conditions can retire and obtain their own health insurance.

With regard to cost, the situation is also not so dire as the article suggests.  Since qualification for the Advanced Premium Tax Credit is based largely on taxable income and not assets, it is possible for many individuals and couples who have accumulated a nest egg for retirement to qualify for the APTC and get their monthly premium down well within their budgets.

If someone is considering early retirement, they need to consult with a qualified financial planner to map out an overall strategy.  They also need to consult with a local health insurance professional to map out a specific strategy with regard to the cost of their healthcare.  If health insurance is all that is standing between you and retirement, give me a call.

What Happens if You Don’t Have Health Insurance in 2016?

Posted on January 20th, 2016 By Michael Suhany

What happens if you don’t have health insurance in 2016?  An article from The Motley Fool provides a pretty good answer to this question.  The article does bury the lead, however.  The very worst thing that can happen to you if you don’t have health insurance is that you may experience a significant illness or injury and receive less medical care than you otherwise would because you lack the ability to pay.  After that follows the massive bills that you will have to pay for the care you did receive.

Open enrollment for 2016 ends on January 31st.  It would be a shame to be without coverage when it could have been so affordable.  Want to estimate your tax credits or tax penalty for 2016?  Want to find out the cost of plans that are available to you?  Follow the link and you can even start the process of shopping for insurance  by providing me with all of the information I will need to find the best plan for you.