<p>WAIT! You mean we’re supposed to LEAVE something for them? Oh crap! :)</p>
<p>Hey, I thought we’d retire at 55 and they’d support us. What’s wrong with that?</p>
<p>Not a thing, Busdriver, not a bloomin’ thing. :)</p>
<p>Wonder if more large companies will start shifting retirees to exchanges.</p>
<p>[IBM</a> to Move Retirees Off Health Plan - WSJ.com](<a href=“IBM to Move Retirees Off Health Plan - WSJ”>IBM to Move Retirees Off Health Plan - WSJ)</p>
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We will be overjoyed if we will not be DS’s burden. After his K-12, college, and post-college education, there will not be much left for our own retirement :(</p>
<p>We will leave those awards since his elementary school years to him once he settles to his own house eventually. Those take too much of the space in my house!</p>
<p>Mcat - the least he can do is pickup the tab for your healthcare. :p</p>
<p>texaspg, Actually, one of us has been counting the number of years from now when he could prescribe the medicine for her. Don’t know whether this would work. At least this may not be one of his hot buttons that we dare not push, like attempting to introduce a gf for him.</p>
<p>Here’s a non-paywall version of texaspg’s article:</p>
<p>[Citing</a> costs, IBM to move retirees off health plan | Fox News](<a href=“Citing costs, IBM to move retirees off health plan | Fox News”>Citing costs, IBM to move retirees off health plan | Fox News)</p>
<p>Notice this has nothing to do with the ACA. The change applies to people over 65 who are eligible for Medicare:</p>
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<p>What health benefits was IBM giving people on Medicare? Was IBM purchasing Medigap insurance for them? Does this mean that IBM is giving the retirees less, or are they just getting the same thing from somewhere else?</p>
<p>Sorry for the link. It is kind of odd because I found the story on google chrome and read it without subscription but when I click the link after putting it here, it seems to be behind the paywall on IE. </p>
<p>I can still google, find the story and read it.</p>
<p>"“Cost increases under our current retirement group health care plan are no longer sustainable for you,” IBM said in the notices. “Health care costs under IBM’s current plan options for Medicare eligible retirees will nearly triple by 2020, significantly impacting your premium and out of pocket costs,” the notice said."</p>
<p>I am not exactly certain what they cover for medicare eligible retirees but I believe many large companies have such plans. They are probably picking up whatever is not covered by medicare and working with medicare get whatever is already covered? One other tidbit from the story says Extend Health signed almost 300 companies, including Dupont and Caterpillar.</p>
<p>Kaiser Family Foundation has issued a new and very detailed report with lots of charts about the exchanges and premium levels – here’s a link to the PDF:
<a href=“http://kaiserfamilyfoundation.files.■■■■■■■■■■■■■/2013/09/early-look-at-premiums-and-participation-in-marketplaces.pdf[/url]”>http://kaiserfamilyfoundation.files.■■■■■■■■■■■■■/2013/09/early-look-at-premiums-and-participation-in-marketplaces.pdf</a></p>
<p>If you look at the Kaiser Family Foundation report calmom linked, you discover that in the states the report surveys, this alarmist talk about premiums skyrocketing turns out to be untrue.</p>
<p>Also, there is a funny little wrinkle that might help people the age of most of the parents here. Obamacare gives subsidies to people who don’t have employer-provided health care, and who make less than 400% of the federal poverty line. The subsidy is based on the second-lowest Silver (covers 70% of costs) health care premium, and it’s based on income, not assets.</p>
<p>Now, people 50-65 have higher premiums than younger people, because we are a higher risk. So, if I have the same income as a younger person, my subsidy will be higher if I’m entitled to one, because it has to cover my expensive Silver insurance and not a 25-year-old’s cheap Silver insurance.</p>
<p>But I can use that subsidy to buy Bronze insurance instead. And if I do, my subsidy is so big (because I’m old) that I’ll get that Bronze insurance almost free. Whereas that 25-year-old would have to pay more for his Bronze insurance than I do, because his subsidy is smaller than mine.</p>
<p>So, people our age who choose to retire early, but who don’t have huge retirement incomes, get a nice little benefit, provided they are willing to take a risk and buy Bronze insurance. But getting Bronze insurance for almost nothing is way better than last year’s choice of getting no insurance for nothing.</p>
<p>Thanks for the post, Calmom! That helps me get a bead on the impact for sure!</p>
<p>In Michigan, my broker tells me they’re nowhere near publishing the rates and are behind. We’ve set a meeting with him next month to walk through a few scenarios.</p>
<p>This may have been covered before on this thread, and if so I apologize for not finding it, but here’s my question:</p>
<p>Does the subsidized person have to pay the actual premiums upfront and then get the subsidy back in their next tax refund? Because if that’s so, a lot of people will not be able to buy insurance still, as they won’t be able to afford the premiums while waiting for the refund. </p>
<p>But I’m not sure that’s how it works, so if one of you who has a better handle on it than me can answer that better, I’d be much obliged. I haven’t been able to find out the subsidizing mechanism. Thanks!</p>
<p>I am under the impression the people enrolling you have access to your tax information and can determine exactly what you are expected to pay.</p>
<p>Is that not the case?</p>
<p>Good question, Garland. </p>
<p>And Texaspg is right that the exchanges have access to your income information and can determine what you are expected to pay. Just like colleges get information from the student’s family to compute financial aid, the exchanges get information from the prospective subscriber to determine whether the subscriber would qualify for a subsidy.</p>
<p>People who qualify for subsidies and enroll can choose to have an Advanced Tax Premium Subsidy. If they do, the amount of their monthly subsidy is forwarded directly to their chosen insurance company each month.</p>
<p>^^Bummer, though, if you get an unexpected raise or some sort of additional income. Then you’ll get to pay back part or all of your subsidy at tax time. Don’t accidentally make too much money, and definitely don’t work hard enough to get a bonus. Don’t enter in any competitions or drawings where you might get a cash prize, and if you gamble…lose (I got that one covered).</p>
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<p>Really? Most people like a raise, even though it means they have to pay more for insurance. Wouldn’t you? [except for the weird cliff at 400% of poverty for big families, which we’ve already agreed needs to be looked at]</p>
<p>Depends. If you get a small raise that you have to pay taxes on, and makes you lose your subsidy… no, I wouldn’t want it. I believe people should be careful about taking the subsidy upfront, as they could be in for quite a surprise if something changes in their income. It can be very hard to plan exactly what your future income is.</p>
<p>It depends who you are and what your financial circumstances are. If you are flirting with 400% of poverty, you might want to pay upfront. If your income is much lower than that, say 175% of poverty, you won’t be losing your subsidy even if you get a raise, and you probably can’t afford to front the money for your health insurance, so you should get the advance.</p>
<p>If you make exactly $94K and you are offered a $1500 raise, then you may want to refuse it. Other than that, why in the world would you turn down a raise just because it would increase your insurance premium? It’s still a net plus for you.</p>