I Signed up for 2025 ACA Marketplace Insurance!
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- Опубліковано 3 гру 2024
- I just signed up for Affordable Care Act/Marketplace insurance for 2025. I share the whole process so you can see how it works and how much it’s going to cost me personally. I share how I signed up, what plans I was offered, and what I chose. If you want to plan for early retirement, this video is for you!
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**I am NOT a financial planner! This is just the story of my personal financial planning for retirement. You should do your own research and talk with your financial planner before investing.
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This was so very helpful. You did a lot of research. Thanks for sharing!
You're welcome! ☺
I love uour channel so much. Simple to inderstand, yet very thorough
Thank you! ☺
I find myself looking forward to your quotes at the end of the video. Thank you with always ending in this way.
You're welcome! I just love quotes! ☺
Health insurance may be the top reason so many folks do not retire early. I know it is at the top of my mind! Add in the uncertainty of the new administration, and it may lead to more delays. I credit you for having the courage to take the leap!
It is a big concern for retirees! That's why I have health share as a backup. 🙂
Either administration would have uncertainty
@@johnurban7333 I completely agree! 👍
thanks for the video! i've been curious about this
You're welcome! I've had lots of questions and requests to do a video on this. ☺
Good topic and of course your clarification is top. Thanks
Thank you!! 😁
Thanks so much for this video. I have wondered about the variable costs of plans from the ACA and what they count as income. This was very helpful. I will probably use the ACA for 2026 since I plan to retire next year and then use Cobra for a few months. Excellent video!!
You are welcome!! Thank you! ☺
I signed up for 2025, and my monthly payment, for a bronze plan with a $10,000 deductible and a $500/mo subsidy from the state was $199/month. I’m incredibly grateful for the subsidy but I’ve heard that they might be going away for 2026 (or there might be other changes), so I’m trying to prepare myself for that possibility. I’m going to put money into an HSA for 2024 & 2025 and then… we’ll see!
@user-bg9em7ch6k Good plan! HSAs are great for that! 😊
You can also update the income all year long and it lets you readjust payment so you don’t owe. I did this when my income lowered but you can also do when it goes higher.
Yes I mentioned that - thanks! ☺
@ yeah I typed too early 😂
@@deidrapowell8762 😁
Awesome. Thank you for sharing the process
You're welcome! ☺
insightful video! thank you. I retired early and have been using ACA in Kansas for 3 years. Some considerations in addition to the Premium that are important for each provider; 1) proximity of the facilities you are allowed to use for care.. make sure they are reasonable distances 2) Higher cost insurer may have better "negotiated rates" for care ie. specialist visits / dermatology... this can help make your deductible easier to digest if you ever have to pay out-of-pocket. 3) Financial health of provider.. ie. Aetna and Oscar in Kansas are struggling and offer zero cost options, but BCBS is strong and more expensive. i pay more for BCBS and have never encountered issues with claims processing for surgeries and care.
Thank you for sharing! Great things to be sure to consider!! 🙂
Always good info! Enjoy your perspective on different alternatives as well.
Thanks!! 😁
Thanks for this. Your channel just gets better. Quality content. This is one of the most important topics for me. 52 and still chugging along with a f/t job, but I'm curious if I'd even be eligible for it down the road during the gap years before medicare
You're welcome! I think healthcare is the topic I get the most questions about. ☺
This is what I did, 2025 will be my 2nd year. $57 for health $21 dental, has high deductible of $6000, $7000+ max per year. I just set money aside for deductible and make sure I have enough cash to cover if I make too much.
That's awesome! Thanks for sharing this! 😀
Is this through ACA? And is this an individual rate?
@@zb2363 I believe that is what this commenter is referring to! 👍
Holy cow...those deductibles are VERY high. Is that just for you? May I ask what state you live in? I'm in N. California and it's far lower than this.
@@jackbaldwin3649 I live in New Hampshire. It's a Anthem blue/blue shield plan. The only way to get the monthly payments affordable was to go with a very high yearly deductible. Rent has gotten so expensive now I needed to cut expenses somewhere.
Excellent video, Julie! When I retire in late January, I will have the option of Cobra for which I'll have to pay full monthly premiums. Or, because of the number of years with my employer, 'Retiree Health Benefits' with lower premiums. However, my preliminary research indicates that ACA will most likely be the cheaper option so I'll likely go with it. Like you, I'm relatively healthy and rarely go to the doctors except for annual preventative screenings (mammo, pap, etc.) I considered going without insurance but, we Californian's have to pay a penalty come tax time if we don't have insurance. Another reason for me to hurry up and find a state to relocate to. 😊 Have a great weekend!
Thank you! I also considered going without insurance, but I decided it was too risky for me. ☺
That California penalty sucks. I got hit with a fee when I wasn’t fully covered for the full year :/ they charged for each month I didn’t have it. I also would like to leave California but I have all my family here so I’m stuck.
@@unknownt5391 That's awful! I'm sorry. I also won't move away from my family 😊
@@unknownt5391 That's just awful. I think penalizing people for not having health insurance is a crime! I'm a native Californian and don't want to move away from my grown sons, but the state is so expensive that I don't see how I can make it long-term once I'm retired.
@@Mightyluna I'm in California as well. ACA was definitely cheaper than COBRA for us. If you have Kaiser Perm. in your area, you might consider that. Very inexpensive in 2025.
Love your calculations. Need more thoughtful retirement videos like yours; based on real numbers and a vision of one's retirement. Greetings again from portugal. I want youtube to know you are an international star 😊
Thank you!! Greetings from Washington state! ☺
@@HappyonMonday a great state. Our daughter lives in Seattle.
We signed up, both selecting bronze plans. Premium is fully subsidized. Qualifies for HSA, which we will be maxing out, which furthers lowers our MAGI, and makes a little more room for Roth conversions.
Nice!! 😀
I understand you aren’t attached to your primary care physician however in our area there are some PCP that are not accepting new patients. That might create a challenge requiring you to see your PCP as out of network. Something to consider. I went to a broker. There was no cost for the consultation and got enrolled for ACA for 2025.
That's very true! Thanks for sharing! 👍
This is really good info!
I'm glad! ☺
Retired early. Went on ACA insurance for 2024. I just re-upped for 2025. My broker did everything for me. I just had to guess on MAGI. I guessed low so I’ll have to pay the difference. I didn’t have to give any kind of documentation? Any way, I upped my MAGI for 2025 so we shall see. I am paying over $300 per month for a PPO w/ a $700 per month subsidy, that still has a pretty high deductible but I am covered well and can see my regular doctor. I’m not taking any chances, been there done that! I guess it really depends on how healthy you are and if you travel outside your network. Good luck out there!
Thank you for sharing your experience! Maybe I should use a broker. 🙂
Cobra premiums can be paid with Health Savings Account money.
Yes they can. That's what I did. ☺
My partner and I did the same! It's a GREAT deal where we live.
That's great!! 😀
What is the most effective investment approach for a newcomer to the financial market?
Dental requires health first. Also check delta dental stand alone but that’s pretty normal
Thank you for sharing - this was very helpful for me. I am planning to retire in June 2025 and trying to figure out how to prepare. Do you know if they let you sign up mid year? I know open enrollment is held in November but not sure if I should be uninsured from July-November. I am on blood pressure meds. So many decisions.
Yes, you can sign up mid year if your current insurance ends! ☺
@@HappyonMonday good to know. Thank you
also, when your Deferred Compensation Plan is paid out and you actually receive a W-2, you will likely be able to also contribute to a Roth even after you are retired. if you actually mean a traditional IRA type withdrawal, then not likely eligible... check with CPA to make sure.
Yes, I will plan to contribute to a Roth if I'm able to! I will also do some Roth conversions - thanks! ☺
I would add that for California at least, you can use a broker to get information about the various plans and sign up through the broker at no cost to the participant. We found this extremely helpful.
Yes, I beleive it is that way in all states! 👍
Hi Julie, Are you concerned about new Presidential Administration changing or killing off the ACA in it's current form? Rich
@richdewitt760 Of course I'm concerned! Hopefully that doesn't happen but it's good to have a back up plan in place.
Hi Julie, have thought about moving abroad to make more out of your retirement savings? The US is very expensive, nice but expensive. You can look at Panama, Argentina, Portugal, Spain, etc.
I have thought about that. I just don't want to be that far away from my family and grandchildren. ☺
Ditto here!
Lets also hope the administration doesnt get rid of medicare
That would be a disaster!
My family needs excellent healthcare coverage due to chronic illnesses. We’ve looked at COBRA, paying through job insurer, and ACA - all of them cost so much! I’m talking more than some people make in a year! We are trying the slow retirement method and cut back on our hours, but it feels as if we are punished for not working full time in the amount we have to pay for good healthcare coverage! Any suggestions for families who have dependents and need excellent coverage???
It makes a big difference which state you live in. It also makes a big difference what your taxable income is. So possibly moving or converting funds to after tax accounts the year before you start ACA. Good luck! ☺
@@HappyonMondaythanks as always!
@@zb2363 You're welcome! 😁
This is the scariest part of early retirement in my opinion. My parents retired early and never had to think about this in Canada. I’m tempted to return there in retirement.
That could be an option! 😁
@ just depends on where my kids settle. That’s the deciding factor for me 😊
I'm needing to sign up we just retired at 63 need 2 yrs of aca befire medicare. Not looking to bad our income is ss benefits abd Roth distribution so income be low so premiums should be low
That's awesome! 😀
I hope the next administration doesn’t cut Obamacare. I know so many people who benefit from it. And I live in a ruby red electoral district
I really hope so too! 🤞
Don't see it happening. Too many people rely on this
Us too! Here's a suggestion to Trump: tweak it ever so slightly, then rebrand it Trump care and take full credit and claim it to be the best ever. Doesn't that sound like it would fit the bill for this guy and his massive ego?
I'm not sure how long this is going to last. I hope it doesn't get cancelled 😕
@@darrenoconnell9716 Me too! 👍
I signed up for the similar Health connector for Mass, i had to apply several time cause they keep giving me masshealth cause they were estimating my income wrong and i kept telling them i will not qualify cause i plan on doing roth conversions till the end of the 12% tax bracket.... i will just give them proof of income in January so they keep the insurance and costs i wanted and so i wont get killed in taxes either.
Oh wow. That's interesting! Yeah I'm hoping to get my proof of income to thjem in January too. 👍
I’m in Mass too and plan on doing the same next year. Seems complicated but if I’m not working I’ll have tome to look into it.
Would ACA cover someone if they had cancer in the past??? Anyone know?
About that?
According to Google, "The ACA prohibits health insurance plans from denying, increasing premiums, or imposing waiting periods for people with pre-existing conditions, including cancer." So it sounds like they do! ☺
@@HappyonMonday Thank you! My sister, who is extremely healthy, had ovarian cancer. We were all shocked. She is self employed and wants to enjoy life; however, she is afraid to quit working due to the cost of insurance and pre-existing condition.
@@monikaw1369 The health brokers don't charge you any money. I would have her contact a broker! 🙂
@@HappyonMonday thank you! I’m am going to share this video with her.
No they don't hold that against you, that is why it is so very helpful to people. BO especially set that as one of the main principals of ACA. It stemmed from his mother dying because she had a pre-existing condition, cancer and no one would help her. She died very young, that stuck with him, his entire life, so he made it easier for other women.
Thats helpful. Anyone knows how to buy separate ACA plans as a couple who files tax jointly?
That's a good question. I don't know that one.
Open a SIMPLE IRA and deposit UA-cam money into it so the ACA doesn't count it. But since your taking money from retirement, you may be counting on the YT earnings for living expenses.
That's a great suggestion - thank you! I'm not quite sure yet how the whole YT taxes thing will go. I'll find out soon. 🤞But that's a good idea! 😀
@HappyonMonday I'm letting AdSense hold my payments until January 2025 when I'm off the ACA. I went to a CPA and he was clueless if I would get a 1099 for money AdSense is holding. A certified financial planner suggested the SIMPLE IRA because the the max you invest is higher. But, looking it up, October 1st was the last day to open one for 2024. Since I just met with him last week that's a detail he should have known. Anyway I'll let you know what I get from AdSense (Google) for 2024.
This blows my mind because I am in MA with a similar reported income. The cheapest plan that includes my primary care doctor is $720. It also has a deductible of $3000 that I will hit by the end of the year. I usually see the doctor twice a year but I have suddenly developed a new health issue that they are still working up. The low premiums offered in your state just blow my mind. I just don't understand how it can vary so much state to state nut I am glad you have something so affordable.
That's what I have heard! It is crazy that it's so different! 😯
I live in NY state and my wife and I would pay $930 (after the affordable care act subsidy of $740). This is with an adjusted gross income of $80,000. The high cost is due to the cost of giving illegal immigrants FREE health insurance.
Same here in NH. However our dual self-employed income this year doesn’t qualify for tax credits. Thank goodness my husband qualifies for Medicare and $0 veterans plan. My health insurance for a woman in her early 50’s will be about $640 a month and delta dental $45-$64. I’m not sure why they call it the affordable care act but the cost of being self employed I guess.
@@louhmx1136 There's a big difference between states!
@@tiffanym8358 I'm still so surprised how different the costs are between states!
Partner, lol!
What?
I hope the Donald doesn't do away with it. Many people are benefiting from it, but curse it as they want Obama Care to go away. LOL
I hope so too! 🤞
You should absolutely consider coming to Mexico for dental work- I got a beautiful replacement crown for $200 a couple of years ago… absolutely equal to the work I’ve had done in the US.
@user-bg9em7ch6k Wow that's a great price! 😀
Yes , some on the border dental towns offer packages that cover hotel and local transportation, site seeing and meals, a nice trip
@@ericlee2931 Nice!
I'm curious, has your dentist here seen your crown? Did he or she comment? My dentist (who I really respect) wants her patients that it's to risky since the quality of work can be so different than what we expect here.
what happens when the aca enhanced subsidies expire dec 31, 2025???
It depends on what Congress decides from what I understand.
I have insurance from my employer. I'm currently 60 and would love to convert my IRA into a Roth, but I may have to covert if I was fired or my employer cut my hours so I wouldn't qualify for my employers health insurance. Till I'm 65 I have to worry about getting health insurance. I could get Cobra, but it's very expensive, and only covers 18 months.
Yes, Roth conversions will count as taxable income! 👍
I would wait until I was on Medicare and retired before starting to do Roth conversions.
I lost employer coverage twice in the last few years. One time, ACA was a much better deal than COBRA, but the other time COBRA turned out to be better. So don't assume either way.
I’m an early retiree and recently applied for the affordable care act. The voters that elected the newly elected president did not want the ACA. I can only assume it will be dismantled 🥲
Let's hope not! 🤞