Retire Young

dana14

I want to retire young and travel the world.  I cannot stand my cubicle life any more.

I don't want to wait till I am 65 and old enough to qualify for Medicare because I might not even be around by then or I might not be healthy enough to enjoy my retirement years.

I can afford to travel and live in many warm, beautiful, less expensive places around the world but what do I do about my health insurance coverage?  

I am looking for few brilliant ideas, and no, immigrating to Canada is not my preferred choice.

Cat123

I would like to travel too but don't know what to do about health insurance.  I have also thought about moving to the U.S. ( I am Canadian) but I don't know whether another country will take you if you have had cancer.

peggy_j

 dana14, this is a good ambitious. In the spirit of brainstorming, I'm tossing out some ideas. Not sure how practical they are but here goes:

--join an org where you'll be eligible for group insurance. (some alumni orgs have it, but sometimes only for short-term; i.e. between jobs). Some freelance professional orgs may have it, such as writers, performers, etc. There may be other groups.

--don't a couple states have insurance? VT? MASS? HI? (In HI, I think if you work part-time, 20 hrs a week, the employer has to provide insurance. Maybe a way to ease into retirement???)

Um, I'm drawing a blank. Those are my only ideas. But this is an admirable goal. Hopefully other members have ideas.  

BTW, in terms of traveling the world, I'm sure you know that many/most/all US health insurance is limited when you're abroad. I just called our health insurance company this week and it's limited to emergency and urgent care, at the out-of-network rate. This is probably what we all expect when we travel but just an FYI.

Cat123, I don't know if immigration is an issue with cancer but getting individual insurance in the US can be a pain. i.e. impossible in many states, if you have any pre-existing condition. We all joke about moving to Canada for the health insurance, if that gives you any idea.

peggy_j

I googled "health insurance" "early retirement" and got some hits including this one

 http://www.cbsnews.com/8301-505146_162-39944162/early-retirement-9-ways-to-find-health-insurance-before-medicare/

They say VT, MASS and Maine have universal health care.  

Myleftboob

I'm Canadian and have thought alot about this.  For sure I don't want to lose my healthcare.  I currently live in the Toronto area and was thinking about perhaps buying a cheap income property in Windsor.  Then mabey a cheap place somewhere else and going back and forth.  When of course I am NED!!

dana14

Peggy, joining an org is a good idea to get discounted rate.

I wonder if treatment in developing countries, like Thailand or Panama is adequate.

It's got to be cheaper than in here.

dana14

Myleftboob, cats, would you loose your health insurance if you moved out of Canada ?

peggy_j

dana14, the US has, by far, the highest per capita spending on health care (data from the WHO showed it was 2x higher than the next highest country, Switzerland.) So yes, I'm sure the costs are cheaper everywhere.  There have been articles about "medical tourism" and I remember Thailand (Bangkok) was one of the destinations mentioned. It's not clear that your future insurance would cover anything abroad, beyond emergency and urgent care. I wonder, if you're based in one of the US states that have universal health care, whether those policies would provide better coverage abroad. FWIW, I know France had good coverage for everyone (their citizens?) but not sure how they handle visitors or immigrants. If you find anything interesting, could you share?

naturalhorse

I've heard the term "states with universal health care" a couple of times.  What does that mean?

kc 

peggy_j

naturalhorse, some states have passed laws to help everyone get health insurance. The details vary by state but my understanding is that VT, MASS, and Maine currently have it. I don't live in any of those states so I can't speak from experience but my understanding is that the states are imposing regulations on the health insurance companies to help consumers get over hurdles such as pre-existing condition, super-high premiums, etc  I'd suggest goggling one of those states and "universal health care" (or something similar) to see the details.

naturalhorse

I will look those up.  Here in Colorado (and many other states) we have "High risk insurance pools" which are guarantee issue for those that have been denied or ridered for conventional coverage for medical reasons.  There are also regulations regarding small group (business group of 1) that requires guarantee issue through the major health insurers when certain criteria are met (timing of policy, not medical considerations).  I am wondering if what you are referring to is similar.  Our high risk pool is no inexpensive.

kc 

peggy_j

naturalhorse I believe that the high risk pools usually require a 6 month period without any coverage. The sense I get from the "universal health care" states is that they are trying to eliminate stuff like that. The link (above) from CBS news contains links to other resources, like the Kaiser website that compares all kinds of data. It's kind of dense, but I did a quick peek.  In the US, the rate of people w/o health insurance is about 16%. CO is similar. VT is 9% and MA is 5% which makes me think the "universal health care" states are making progress in tearing down barriers to health care insurance.

naturalhorse

Thanks peggy_j .  That's good information to have :-)

mspradley

I have made the same decision at 47 with 26 years' working for the state in education. While full retirement with benefits is offered after 28 years in the system, I am going to "buy" the additional two years needed. This option is extremely expensive (30% of a year's income per year purchased for me), I expect to live many, many more years so full insurance coverage justifies the cost in my book... and we have the savings to cover it, praise the Lord.



I was diagnosed with cancer the exact same day that I defended my dissertation for my Ph.D., so I joke that I became a doctor and a patient within 3 hours in the same day. I took six months off from work for treatment and have found that the residual foginess of chemo brain has robbed me of my academic self-confidence, especially in the area of verbal articulation. I have the words in my head, but cannot get them out coherently.



My oncologist and employer both agree that I would be eligible for early retirement due to a medical disability. I am not talking about Social Security medical. I checked with the state retirement office, and they said they would pro-rate me to the full benefits I should receive as if I has worked to the age of 62, allowing me to receive a much higher monthly benefit. Crazy as it sounds, I am not going that route since I would have to reapply for the disability retirement every year and they would cap my outside earnings as well. I already teach graduate classes online, and plan to continue since this medium allows me to communicate non-verbally, and I didn't get my doctorate for nothing!



Check your options, both in buying into your retirement and in disability retirement.

tshhinman

Are you eligible for disability?  If you are on disability I believe your medical is covered also.

dana14

No, I'm stage 2b so I don't qualify for disability.

Chickadee

Try googling this phrase: health insurance for expats



If you lived in another country but retain your citizenship you are referred to as an expat. I don't know what it is short for.

Galsal

expatriate

 1. to banish (a person) from his or her native country.
 2. to withdraw (oneself) from residence in one's native country.
 3. to withdraw (oneself) from allegiance to one's country.

Hortense

As a student living in Denmark a few years ago my daughter was fully covered under its health care system after just six weeks residency. However, I would imagine that would only be for legal residents or visitors with visas such as a student or someone employed in Denmark.  

 She was also covered in France when she studied there.

Blessings2011

I retired at the age of 55. So did my husband. It has been wonderful.

I was a university counselor, and part of my retirement benefits were lifetime medical coverage for me and my spouse. This was pre-BC, and my monthly cost for both of us is $40.

DH will have HIS insurance until he is eligible for MediCare, then it drops off.

Every time I hear how much people have to pay for monthly premiums, I just want to cry.

I know how blessed we are.

peggy_j

I was a university counselor, and part of my retirement benefits were lifetime medical coverage for me and my spouse. This was pre-BC, and my monthly cost for both of us is $40.

Wow, that's unbelievable. Lucky for you to have such great coverage. We're all jealous!  As an FYI, my aunt retired from a company that promised full heath insurance coverage but then "renegotiated" during a recent financial bailout.  Obviously no one wishes that on anyone but in this changing economy it seems like promises aren't always kept. ;(  Just an FYI in case this helps anyone plan for a rainy day.

Blessings2011

Peggy -

That is definitely one of my fears. The State of California is not exactly known for their great finesse in financial matters, and finds all sorts of ways to make cuts.

Planning for a rainy day is a smart strategy for anyone!!!!

hatyrei

Hi,



I'm speaking in behalf of my mom. Mom is a Nurse 54 yrs. Old and was recently considered by her doctor terminal...due to metastatic breast cancer to her liver. She's still in the hospital as we speak. She doesn't have much time left 1-2 months . I'm Mikhail, his eldest son 25 yrs. Old,jobless and I have a little 13yrs. old sister. We don't know what to do. It's just the 3 of us. Losing our house and car.I was wondering if my mom can apply for early retirement benefits? We need help and direction.Thank you.



Facebook: haytrei@yahoo.com

curveball

@hatyrei,

I'm assuming you are in the US. I don't know all the details but your mother may very well be eligible for Social Security Disability, and your little sister may be able to receive survivor benefits after your mother's death. I think you should go to the Social Security Office immediately and ask this question. Other people on the forum probably know more about this than I do.

But I would also suggest that your mother seek a second opinion, because even with liver metastases there may be treatment options that can extend her life. There is a thread for Caregivers of Stage IV, and I suggest you ask there. Additional information about your mom's specific type of cancer would be helpful too, as the treatment differs depending exactly what kind of cancer she has, how extensive the metastases are, and so on. I hope you can find a treatment that keeps your mother with you and your sister for much longer than the few months your current doctor has suggested are all she has left.

peggy_j

Mikhail, I'm sorry to hear you're going through this. Many hospitals have social workers who can help you understand what resources are available. Be sure to ask. Take care.

Anonymous

There is a good, factual book about expatriating abroad in 62 countries. I bought it at the U Delaware bookstore last August. It was written by a man. Have to find the name. I gave the book away.