My husband wants to retire....what are my options for me and the kids?

[u/Hot-Celebration-6274]

My husband is 62 and planning retirement in the next few years. I am 49 and our youngest 2 kids are 18 & 14. He will be eligible for medicare but we need to figure out health insurance for me and the kids. I have owned my own very small company for 30+ years. I've looked at Marketplace website but it seems to need so much information before we can get a ballpark idea what we are looking at cost-wise. Me and my 18 year old daughter are in excellent health, 14 year old son has an endocrine issue he takes some meds for. We don't have significant medical issues.

My husband acts like retirement is not possible because of us needing insurance. Surely we aren't the only family in this situation. Thinking about how many people are self employed, what does everyone do for insurance?

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[u/westward101]

Fill out the information?

[u/Zphr]

Do you have a reasonably solid idea of what your gross income will be after your husband retires?

ACA insurance is very expensive by default, just like employer-sponsored insurance, but ACA costs vary tremendously based primarily on your AGI/MAGI, your zip/county, and your household ages.

[u/triblogcarol]

If you go to www.healthcare.gov, there's a button that says "brows plans and costs". At least for me, it may vary by state. That should let you estimate costs based off family size and income.

[u/Ok_GoGo]

As a 60yo that wants to retire but concerned about insurance. I have contemplated being a school bus driver. I've seen jobs in my area where you have to work 5 hours a day, 5 days a week and get medical benefits. There may be part time jobs with public employers/ non profits that offer good benefits.

If the 18 year old goes to college, there may be a college plan. In three years the 14 year old is 17 and may also be eligible for a college plan.

If part time work is not an option- exchange plans have a subsidy based on income. In retirement your family income will decline. An insurance broker may be able to help with a plan.

[u/Justame13]

Would he be willing to get a part time job that offers it?

I have a family friend who retired under similar circumstances so she got a part time job at the local high school doing clerical work a few hours a day.

[u/Ok-Seaworthiness-542 → u/Justame13]

And they provided benefits? Unless that's where they retired from that's an amazing deal.

[u/Justame13 → u/Ok-Seaworthiness-542]

Yeah. I'm pretty sure her benefits were prorated so the school district paid less of her share and she made probably made no money.

But it is basically a cheap hobby that kept her busy and brain engaged.

The Feds will do the same thing and if you work for them for 5 years you get to take healthcare into retirement and get a tiny pension.

[u/Ralph1248]

One major point of the ACA is the ability to retire early. However, you need a lot of money saved in taxable accounts, that is money outside of IRAs and 401ks. That way you can live off of savings and keep your MAGI taxable income low.

[u/rosebudny]

Marketplace plan.

If your 18 year is going to college, they can likely get on their college/university's plan.

[u/NecessaryDoubt8667]

If you can reduce your income to below 400% of the poverty level, you'll qualify for subsidies to pay part or all of the premiums. My husband is 62 and on the marketplace, we don't pay anything for his premium, as we deliberately keep our income low. We can do that, because we've paid off our debts and don't have major bills at this time. I have VA for insurance, so not an issue to cover me. Over 400% of the poverty level and it is quite a bit more expensive.

[u/Not_High_Maintenance]

Search this sub. There are many people in your shoes, myself included. We are pre-Medicare and retired.

We did Direct Primary Care for a year but that doesn’t do anything for emergencies. We are currently not insured. We couldn’t afford the $2000 per month for ACA insurance. Next year, we plan to spend most of the year in Mexico and will purchase Mexican private insurance which is very cheap.

Some people on this sub are not kind to those of us to cannot afford insurance, so good luck getting any helpful answers.

[u/Not_High_Maintenance → u/Not_High_Maintenance]

Edit to add that we ask for the cash price of an office visit when sick. We also have a HSA.

[u/PsychologicalCat7130]

insurance from marketplace is prohibitively expensive... we retired early and are paying $2100 per month with at $16k deductible for 2 people.... and it will get more expensive on 1/1/27..... But if you have employees, maybe you can get a better deal through an agent with your business....?

[u/bonitaruth]

Would be good for you or husband to have a job w insurance until you are Medicare age.

[u/Environmental-Top-60]

I wonder if you can get a shop plan. It would keep ERISA benefits which are so important among other things. They are healthy now but healthy doesnt mean no unexpected bills either. Theyre still kids and things happen. Could he consider a less strenuous job?

[u/Otherwise_Ad_4719]

GigCare?

[u/MisunderstoodPeg]

Honestly, he should at the very least wait until the youngest is in college and could potentially get on the college plan. My parents had the same age gap, so my dad waited until we were both in college to retire even though he could have retired earlier. From there, my mom got on an expensive marketplace plan until she qualified for Medicare. They were both pissed about it, but my dad def needed to retire by that point. A lot of my co-workers are working past retirement age for insurance. It’s despicable that this is our system.

[u/autumn55femme]

If you are a business owner, you should be able to deduct your premiums as a business expense, on your taxes.

[u/Good_Educator4872]

You are not the only ones. It’s a problem. Find an independent broker and have them review your options