The Affordable Care Act May Improve Your Ability To Retire Early.
The Affordable Care Act (ACA)has provided more health insurance options for people looking to retire early. The ability to bridge the health insurance gap from early retirement to Medicare age has never been more affordable. Get online and see what plans are available for you. This will greatly expand the choices and price options for many. We can hope that many people who are working until medicare age just to have insurance, will now be able to retire early!
There are 14 states that run their own insurance exchanges. If you live in one of these states you need to use their exchange to sign up. these states are: California, Colorado, Connecticut, Hawaii, Kentucky, Massachusetts , Maryland, Minnesota, Oregon, New York, New Mexico, Rhode Island, Washington, and Vermont.
All Other States Use This Website, Heathcare.gov
The Affordable Care Act (ACA) has provisions that may help people start retirement early.
The "official" start of "Obamacare" (ACA)has certainly gotten off to a rocky beginning. The 13 states that opted to run their own exchanges have run fairly smoothly. Whereas the US Government website, Healthcare.gov, has had a multitude of problems. With a government program of the complexity of the ACA you certainly expect some problems. However, this launch has been very troubled with its inability to meet the needs of the consumer. I recently went to Healthcare.gov and tried the site for myself. My experience went just fine. I was able to view 17 plans for Wisconsin after answering 5 easy questions about myself. The prices ranged from $330/month all the way up to $850/month. I did not get into things like earned income credits and other details. Like or dislike the ACA, it is probably here to stay. Nonetheless, it will be a long road for the ACA to recover from the bad PR of this troubled start.
See the links at the bottom of this page for current information from the US Government.
Knowledge about what is in this legislation is important. There are many people who
continue working full time for one reason only: the critical necessity of health
Like or dislike this legislation, it does have a provision to help early retirees
bridge the gap to Medicare coverage. First we will look at what benefits of the bill
in effect, then look at what is pending, and finally what this means to those of
us who want to start retirement early.
Benefits in Effect Now:
Insurance supports for early retirees.
If you have retiree health coverage through your work and are
between 55 and 64, funding from the new Early Retirees Reinsurance Program will
encourage your former employer to maintain your health benefit until you reach Medicare age. Use the link at the bottom of this page for the most current information from the US Government. This
may be funded by your former employer fully, partially, or not at all. You must check with your employer to see if support is available for health coverage.
Expanded coverage for preventive care and screenings.
People who have Medicare Part B as well as those covered by many
individual and employer-sponsored health plans are eligible for
free preventive and wellness care.
New options for people with pre-existing conditions.
Adults whom private insurers consider to be "high-risk" due to prior or current
health problems — and who have been uninsured for at least six months — are eligible
to buy insurance
through the federal Pre-Existing Condition Insurance Plan (PCIP) in their state.
Lowered costs for people in the Medicare Part D "Doughnut Hole".
Greater consumer protections against insurance cancellations.
An end to lifetime limits on health insurance coverage.
Higher annual limits on health insurance coverage.
Expanded coverage for adult children up to age 26.
Greater protections for children with pre-existing conditions.
Free wellness care for babies and children.
Easy-to-use resources for finding affordable insurance.
Easier access to specialty care.
Expanded rights of appeal.
Greater protections for nursing home residents.
Insurance supports for small-business employers.
Benefits now being implemented:
An end to denials and expensive premiums due to gender or pre-existing conditions.
The creation of health insurance exchanges.
Expanded mental health and substance abuse services.
An end to annual insurance limits on health coverage.
Insurance coverage for more low-income people.
End of the Medicare Part D Doughnut Hole by 2020.
When I first started researching the Affordable Care act, I was surprised to see how much of the bill is already up and running. 2014 is when the bulk of this legislation goes into effect.It appears that the bulk of this legislation will survive in its current form. I will post updates as they happen at the SRE Blog.
As always, to provide you with current information, here are a few web sites with great information about the Affordable Care Act.
Early Retirees Reinsurance Program
Centers For Medicare/ Medicaid/ Early Retirement
Health Care Information from the US Government
The Affordable Care Act