Health Insurance is a major expense for some people. It is an expense we teach our boys to factor in their Financial Freedom plans. Medicare Insurance doesn’t start till age 65 so if we quit working before than we will need to buy our own policies.
With two boys living at home it is really beneficial for us to have one of us working for Health Insurance. Our boys can be on our Health Insurance until they turn age 26. So that is for 12 more years that we will have one of our boys on our Health Insurance coverage.
If Darlene worked till Seth was off our Health Insurance coverage than she would be 55 years old. At that time, I would already be on Medicare so she could retire if we had our Financial Freedom goals hit.
If we don’t have our Financial Freedom goals quite done yet she has the option at her job to go to an average of 20 hours or more and then she could stay on her employers Health Insurance program.
Her insurance at work cost her $15 per week for the family. At age 55 when I am on Medicare and the boys are off than it would drop to $10 per week unless the company changes rates. We hope they keep them the same that they have had for years.
If they kept the rates the same that they are currently at, she would pay $520 a year for Health Insurance. That includes Dental Insurance also. I have known people that pay as low as $150 per month for an Individual plan or $1,800 a year and some have paid up to $650 per month or $7,800 per year.
As you can see it is a huge benefit for Darlene to keep working until she is age 65 if she is healthy enough. Of course, if we do have our Financial Freedom goals hit and can afford her to retire at age 55, we would need to factor in the added costs to our projected retirement expenses.Listen to the full Podcast episode for more details.
Let me know your thoughts about this blog and let me know of others you would like me to do in the future. I feel we can all learn from each other. That is why I am in the helping people retire early, enjoy life more and be more successful. Also, please see my Disclaimer page.
Don’t give up on your dreams; don’t let others talk you out of your dreams. Make your dreams happen. Make it happen today.
If you would like to be a guest on my Podcast drop me an email at bruce@millsway.com or Text me at 480-389-6224
Support me at Anchor.fm/Live4, Patreon.com/Millsway or Paypal.me/Millsway
Thanks, and Have a great night. Please Support or Follow me at https://www.patreon.com/millsway for access to all my blogs.
Click here for some Side Income and Part-time Business Ideas
Personal Capital - Manage your money now. Smart way to track and manage your financial life. Award-winning financial tools and more.
#financial freedom #financial independence #FIRE #Hustle #Live4 #podcast #millsway #healthinsurance #insurance
