For those of you that have retired early (voluntarily or involuntarily), excluding COBRA coverage, and decided to use the ACA as your primary method to obtain medical insurance in the years prior to qualifying for Medicare coverage, what has been your experience with the ACA coverage? Aside from the premiums and deductibles, are you satisfied with the coverage and find that access to doctors and service is acceptable when you need care, or is it hard to find the care you need in your area? I am evaluating the pro's and con's of retiring early in December. I have noticed that for the ACA plans that are offered in my area, several of my current doctors are not in the provider directories. Any insight or feedback on this healthcare topic is appreciated.
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It depends where you live. After COBRA ran out, I checked ACA for my state and the options and cost were horrible. Cost was high, but the deductible was more than 2x what I had on COBRA. Went on a "share" program until Medicare eligible. On that program, the cost was significantly less, deductible about the same, but pre-existing conditions known during the prior 3 years weren't covered. Got all doctors visits and tests completed before COBRA ended to reduce any costs. Nothing out there is perfect so you need to pick what works for you.
I have ACA insurance. BCBS Anthem. It is a Silver HMO.
It's about same deductible and out of pocket as the insurance I had at HON.
I have managed my taxable income and get a good premium tax credit.
The latest stimulus package increased the premium tax credit.
I went to healthcare dot gov and updated my application.
My premium tax credit went up $135 per month (premium went down by $135 per month) for the same plan. I paid $208 per month Jan thru Apr. My premium is now $73 per month for the rest of 2021.
Anytime you're dealing with insurance companies, there's going to be hassles but overall I'm happy with my ACA coverage.
The premiums have come down since it started. I had Ambetter for a few years and keep getting checks from them in the years following my choosing them. The other week it was for over $650 and last week I got a check for $89. Last year I received checks for over $1000. Apparenty they got caught over charging. I haven't been with ambetter for over two years but I'm thinking about changing back. Mayo Clinic is in network for them.
The aca is making adjustments to premiums starting May 1st...allowing for larger subsidies which reduce premiums. You can also change plans up until August 15th.
I haven't noticed that the aca has less doctor choice. But it depends on which provider you go with. I've tried bcbs, ambetter, bright health, and oscar. They all seem to be about the same except bcbs is more expensive.
The provider network given by each plan is not always accurate on the aca website. You need to check with the doctors you want, to make sure they're on the plan you choose.
If you can manage your "taxable" income the aca can be free with no deductable. I retired at 56 (now 63) but have considerable after tax savings so I create taxable income (which I don't need) by taking 18k from my 401k at the end of each year. Thereby qualifying as a low income household. This isn't fair and it does highlight a loophole in the aca.
If you can manage your income to a low enough level, ACA is almost free (but with 6500 annual deductible). Don't start taking SS until you've run the numbers.
You can request an extension. I did and they refused, but maybe it will be different for you with the new policies just passed. They CAN extend it if you read the rules, however for obvious reasons it was a long shot for me that failed. Worth a try though.
Otherwise, I suggest you pick up an obamacare plan for three months. You may be very healthy but anything like a fall or an accident that sends you to the hospital could destroy you. My experience has been that it is about 25 – 50K just to walk through the door and you don't need that. Get it for the hospital coverage so you don't get hit with a catastrophic bill. Worth it in my opinion....
I’m pretty sure when Cobra runs out that qualifies as a life event. Plenty of options for month to month plans to cover catastrophic issues for the three months.
In my case COBRA runs out Dec 1st. Medicare starts for me Mar 1st so I have 3 months where I have to go without any insurance. My health is good , have regular cardio checkups, and my colonoscopy was ok. Had my Covid shots. What should I do ?
I looked at ACA and decided Cobra was best path