Question: if hubby and I retire early, are we eligible for coverage in the ACA?

[peacebird]

Health care (insurance) costs are the main concern for us in considering retirement at 60. If we can get coverage through the ACA even though we have opted to retire early, that would be a wonderful. I have not been able to find this specific question answered. Right now we have employer offered coverage.

[hedda_foil]

1. Yes.

[peacebird]

2. Awesome! Thank you!

[randr]

5. How does the ACA tie in with Medicare?

[PoliticAverse]

7. The ACA and Medicare...

http://www.medicare.gov/about-us/affordable-care-act/affordable-care-act.html

[randr]

8. Thanks, that is what I understood

I am still covered under my wifes plan at work and carry medicare as secondary. Sooner or later I will have to make Medicare my primary insurance and will need supplemental coverage. It is this secondary coverage that I am unsure as to how ACA will work.

[hedda_foil]

9. I believe there's to be no change on Medicare Supplemental plans.

Although the donut hole for part D pharmacy plans is closing a little more every year due to ACA and will close entirely over the next several years.

When looking at the supplement plans, bear in mind that the coverage levels are standardized, but there's a big differential in price from company to company. Also, they pick up 20% of the amount Medicare allows for payment of each charge, so the bill from your provider might be $400, but Medicare's allowance for that item could be $150. They'd pay the provider $120 (80% of $150) and the Medicare Supplemental insurer would pay the remaining $30. Any provider that takes Medicare patients, and the vast majority of them do, are required by law to accept that amount as your full payment, whether you pay it out of pocket or the supplemental insurance pays. They can't come after you for any more. So bear that in mind when you shop for supplemental coverage.

That's completely different from Medicare Advantage, which is paid your entire Medicare premium, plus a percentage (that's been reduced from around 12% to I believe 6% due to ACA) from the government, and sometimes a small additional premium from you for what amounts to an HMO plan. Some Advantage plans include drugs. They are as good as the providers in their network.

Hope this is coherent and that it helps when the time comes.

[notadmblnd]

3. I would think so

if you're not working and don't have insurance via an employer then you are eligible to purchase insurance through the exchange.

[Freddie]

4. Yes

And with a reduced income you may be eligible for the subsidy too.
This will be one of the great outcomes of the ACA--people can now retire early with affordable insurance and free up jobs for the unemployed.

[peacebird]

6. And start the small businesses that we could not before due to need for insurance

[Recursion]

11. Bingo. This is a huge benefit to entrepreneurs

As screwed up as the sausagemaking was, I expect this to have some pretty awesome positive effects over time.

[Recursion]

10. ACA is a huge boon for early retirees

Along with starting entrepreneurs

Yet another reason I think it will be a huge boost to the economy when fully rolled out.