I am coming up on 65 in February and have been looking into things. As far as I know, the executive order will have no effect. It is really dealing with the current Obamacare program where the gov't subsidizes plans offered at the state Heathcare.gov Marketplaces.
My current Obamacare plan premium is over $1000 a month now, and a $7500 deductible(!!!). That is because there was only two providers offering a program in Arizona and the laws prevent plans being chosen across state lines that might have been cheaper. The gov't subsidizes my plan to the tune of about $500, so I end up paying $500 a month. At tax time, what I have actually earned is compared to what I was "helped" with by the gov't. If I earned more than I projected, then I will have to pay extra monies to make up for the shortfalls. A real pain.
The current public complaint is that if the gov't no longer subsidizes plans, then there will be no "helping" and an older person with lots of medical issues will have to pay much more, if and until more younger persons sign up and help to drive down costs of premiums.
As to "losing" coverage the issues as you say. Not a few will not sign up, especially if it is no longer mandated and subject to tax penalties, and that the out of pocket costs will be high given no gov't "helping" with premium costs based upon income.
AMR
I think the older person, with serious health issues, as effected the higher cost. if by 'older' they are ill, but under age 65?
I receive Medicare and have a Unitedgroup Healthcare Medi-Gap plan which costs roughly $150 a month for plan F.
I file Taxes each year less than $200,000, therefore, I pay $100 a month for Medicare and $150 a month for Medi-Gap, plan F.
The bank account where my Social security is sent direct deposit, is deducted $100 for Medicare and $150 from United Healthcare; in addition, my internet and utilities are deducted from the same source. I usually carry a positive balance each month.
My pension for the state of Texas is deposited in another bank, this is the money I use for all other living expenses. Believe it, or not, usually $500 a month pays for all my food and what else I need.
I largest year bill is my income tax and insurance premium. Alabama does not charged me hardly anything in property taxes, but it collects 5% on all income, including, all interest earned and dividends and long-term capital gains.
In the state of Georgia, for those over age 65, there is a $65,000 deduction in all income. I would save about $5000 on income tax in Georgia, but I do not think Georgia has a property tax exemption for those over 65, so, I might have to pay higher property taxes. I might move there next spring because my son lives there and as I get older, i can see myself needing help in everyday life.
A condo there might be around $1500 a year property taxes, and no state income tax would save me about $3500 a year.
As to Medicare, each state has a different cost, plan F, the most popular, will cost more in some states, usually states where most things are more expensive. My guess is in Georgia, near Atlanta, the Medi-Gap policy might be closer to $175 a month? There is also plan C, which costs less, but I think it has more deductions, maybe part B, higher deductible?
There is also an alternative, which is called Medicare Advantage, a managed medicare funded private health care service, which is an HMO, or PCP? Those are set up with a co-fee when you need services. They usually include dental and vision services and are less costly in premiums, sometimes free.
The most important thing to consider when turning 65 is to be able to take advantage of acceptance of any pre-existing conditions when choosing to go with Medi-Gap, as later, after age 65, they can exempt you, or charge a higher premium for preexisting conditions.
Most people with any history of illness choose the Medi-Gap plan F program and live with paying the costs. Those without any poor health history may rather have a Medicare advantage plan and save monthly fees; however, it you become ill, then you might not get the grandfathered in health conditions exemption one is allowed by applying foe Medi-gap once you are Medicare eligible.
Be sure you talk to a Medicare expert and ask all these questions. let me know what you find out, please?
Hope this helps.
