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MAKE YOUR MEDICARE Let the Affordable Care
PLANAcStEHLEeClpTIYOoNu ERAeStiYre By Steve Gulas, Bolte Insurance, 419.341.1792 cell
Let the Affordable Care Act, a.k.a. Obama Care, help you retire earlier than you may have thought possible.
When was the last time you heard someone say they are only working to age 65 so they can keep health insurance benefits through their employer until they can go on Medicare? The days of worrying about not being able to get insurance coverage if you leave your employer are over. The ACA has made retiring prior to Medicare age easier than ever for two reasons, guaranteed issue coverage and subsidized premiums, for many Americans. Let’s talk about each of these.
1. Guaranteed Issue Coverage
Prior to 1-1-2014, when Obama Care went into effect, people wanting to retire before Medicare age had to meet the Medical qualifications of an insurance company and many times were denied coverage due to pre existing medical conditions or were charged higher premiums. This situation made retiring early unfeasible either because of not being able to get coverage at all or at an affordable price. Today insurance coverage is guaranteed issue. Insurance pricing in the individual insurance market is now “community rated”. This means every 60 year old person in the same county can purchase the same plan at the same price and medical conditions they have will have no impact on the pricing they pay. This will benefit many people because they
can retire early and have no worries of obtaining coverage on their own.
2. Premium Subsidy for those under 400% of Poverty Level
This is the part that can really make it easy to retire before turning 65. Most people are going to have less income when they retire and this can actually be a benefit to them in their purchase of health insurance coverage in the individual marketplace. If their income will be less than 400% of poverty level after they retire the federal government may pay all or a portion of their premium, depending upon their income when they retire. These premium subsidies are actually very generous and many people are surprised when I show them how much they are. Most single people will qualify for a subsidy to an income level of about $45,000 and married couples to about $62,000 annually. I have enrolled several married couples in their late 50’s to early 60’s, who have received a subsidy between $400 to $800 per month which they can use to reduce their monthly premium. This means many people may end up paying little to no premium for health insurance, depending on their income, and make retiring prior to age 65 a reality.
If you would like more information call Steve Gulas or Chuck Devore at Bolte Insurance Agency at 419-732-3111, or visit www.bolteinsurance.com.
• Anthem
• AARP/United Healthcare
• Humana
• Medical Mutual
• Paramount Elite • Forethought Life • United of Omaha • Healthspan
Chuck DeVore 419.346.2915 cell
134 E. 2nd Street, Port Clinton 419-732-3111
INSURANCE
2 |LeisureLiving June 2015 www.LeisureLivingMagazine.com