Two Sides of FI My Healthcare Costs in Early Retirement (Year 3)
Feb 4, 2024
Discover the staggering reality of healthcare costs in early retirement. The hosts dive into the complexities of selecting plans within the ACA, emphasizing the importance of ongoing evaluations. They discuss strategies for managing income to maximize premium tax credits and the unexpected challenges of out-of-pocket expenses. Listeners will learn about the nuances of deductibles and the limitations of ACA coverage. Overall, the conversation highlights the critical need for financial planning and tracking in maintaining health and budget stability.
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Jason's Healthcare Journey
- Jason, in his third year of early retirement, shares his experience with ACA healthcare.
- This year brought unexpected medical expenses for his family, exceeding their deductible on their bronze plan.
Choosing Healthcare Plans
- Evaluate healthcare plans annually, considering personal health changes and budget.
- Choose a metal tier based on predicted healthcare usage, balancing premiums and out-of-pocket costs.
Premium Tax Credits and Brokerage Accounts
- Premium tax credits significantly offset ACA healthcare costs, determined by estimated income.
- Having a taxable brokerage account helps manage income and maximize these credits.