Wanting to retire now. Where to get free healthcare?

[cantdrv55]

Husband is 57, wife is 55. House almost paid off. Minimal bills. No car payments. Healthy 401k but can’t use it for several years so have to live off savings. HC costs are really the only worry. So where or how to get free HC? Asking for a friend. 😀

[LWJ]

Exactly the question to ask!

I have similar "friends!"

I do work in commercial insurance so I do know something about this topic. Typically, if you have a business with one person outside a married couple (total of three lives) you can write a group policy. It will be age rated almost for sure. Different states are different but I don't know of any way to side-step the age rating.

So, can you make a small business and hire someone? If not, you are stuck with the individual market.

In a pre-COVID world, there were international health plans for expats. They are cheap. Something like $1000-$1200 per year per person. I didn't research too deep. The criteria was that you needed to live X% in an approved country (France, Portugal or similar) and that this would pick up any balances. It may be a killer loophole. But, there isn't much travel today.

I will be checking back to see what the brain trust says. Good luck.

[Norm K]

I could be wrong, but if something as mundane as a thread about finding and old flag can get the OT boot, this one might just be a lock for PARF,

_

[ckelly78z]

Uncle Joe will take you under his wing, and see to your care !

[Seahawk]

Originally Posted by cantdrv55

Husband is 57, wife is 55. House almost paid off. Minimal bills. No car payments. Healthy 401k but can’t use it for several years so have to live off savings. HC costs are really the only worry. So where or how to get free HC? Asking for a friend. 😀

First of all, get a job with benefits Seriously. The "Husband" (wink, wink, say no more...) is 57, the "wife" 55? Get off the couch and go to work youngster's.

Or, if you meet Canada's strict immigration laws, I'd be all over that HCS, until I needed...

Never mind.

Get a job.

[herr_oberst]

Can your friend and his wife hold off getting sick for a while till Medicare kicks in?

[1990C4S]

Originally Posted by Seahawk

Or, if you meet Canada's strict immigration laws, I'd be all over that HCS, until I needed...

I've lived in both countries, not much health care difference IF you have decent coverage in the US.

The only difference is who you wait for, in Canada it's generally access, in the US it was the insurance company. But either way people waited.

You need to leave give up your citizenship, then claim refugee status.

[MBAtarga]

Doesn't Mexico have cheap health care cost?

[fintstone]

One thing to realize (I did not) is that even Medicare is income based (on your AGI from your 1040 the previous year) and can be quite expensive if you have a good retirement income (including from a 401k). It could cost you as much as $504.90 per month each and another $77.10 for Part D (drugs). Less depending on income. If you buy a supplemental like many do, a couple could spend around $1500 a month for coverage.

[wdfifteen]

Check with your local Chamber of Commerce. The CoC in our town had a program where all the small business owners could band together and form a "group" for group insurance. I didn't participate, but I know it existed.

[wdfifteen]

Originally Posted by herr_oberst

Can your friend and his wife hold off getting sick for a while till Medicare kicks in?

AH! I didn't think of that! Of course. Just don't get sick!

[Noah930]

Every city has a public health system. (Don't know about rural folks.) You feel like cattle, but it's free.

[dmcummins]

My wife and I have both been retired now for 10 years. We haven’t figured out how to get by without paying. Currently $20,000 per year, and that’s with after tax money.

If you can show low enough income you can get ACA subsidies. I have a friend that pays around $50 a month. He is asset rich, but showed little income.

[rockfan4]

My personal plan is to retire early and use my wife's insurance until I turn 65. This requires her to keep working, so this plan has a high probability of failure.

I had a co-worker who retired at 58 or so, maybe he was 57. No income, living off savings, so his health insurance is similarly subsidized.

Last tip - you can withdraw from a 401k or 403b before 59 1/2 without penalty if you do it right. You have to be at least 55. See this - https://www.experian.com/blogs/ask-experian/what-is-the-rule-of-55/

Last last tip. Get a job you hippie.

[RWebb]

you move to any developed country outside the US - EU, Japan, SK, etc.

you'll have to wait in some of them tho

[Arizona_928]

Originally Posted by fintstone

One thing to realize (I did not) is that even Medicare is income based (on your AGI from your 1040 the previous year) and can be quite expensive if you have a good retirement income (including from a 401k). It could cost you as much as $504.90 per month each and another $77.10 for Part D (drugs). Less depending on income. If you buy a supplemental like many do, a couple could spend around $1500 a month for coverage.

wow makes that 200 dollar tricare bump look like a drop in the bucket....

[fintstone]

Originally Posted by Arizona_928

wow makes that 200 dollar tricare bump look like drop in the bucket....

Yep...as a mil retiree, you to stop paying Tricare when you hit 65 and start Tricare for Life...and get to pay that. It is a killer if you are fortunate enough to have a really good year, pull money out of your 401k, etc. the year before.

[944 S2]

I retired at 55. Currently starting a new career, but it hasn’t kicked in. Meanwhile my wife work PT with healthcare benefits for the family. Are you sure your friend wants free healthcare? Had that when I lived in England.....its not great.

[onewhippedpuppy]

In other news, how can I get a paycheck for free? Asking for friend.

[Noah930]

Originally Posted by onewhippedpuppy

In other news, how can I get a paycheck for free? Asking for friend.

You can ask that Andrew Yang guy.