Health Insurance Coverage Archives - Ms. Financial Literacy

Back in September, 2017, when I shared on the blog that my husband was going to join me in early retirement, many of you asked about our health care insurance situation once he leaves his W2 employment. In this post, I’m sharing the process my family and I went through to get health care coverage for year 2018.

The Perceived Obstacle to Our Early Retirement

The thought of having to pay the high cost of health insurance premium out-of-pocket (we were thinking about $1,000/month) was one of the biggest reasons my husband and I hesitated about retiring early. Early retirement conversations first came up between us around year 2012. Back then, the Affordable Care Act (ACA) was a mystery to us, and we were too lazy/busy to do more research.

I’m typically pretty resourceful and I’d search above and beyond to get the information I want. However, the following years continued to be big transition times for my family and I, and learning more about ACA was not on the priority list. So, as a couple, we reasoned (and made a compromise) that we’d have to work more years to save up for full, out-of-pocket health insurance premiums and retire when we reach our late 40s or early 50s.

New Information Helped Made Early Retirement Possible for Us

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Feeling Thankful

Before getting to the contents of this post, I’m taking a moment going back to my previous post on Scarcity Mentality. I was flooded with heartfelt tears reading all your comments and personal stories you shared with me through emails, social media and on the blog. I was touched by your kind (and encouraging) words and support. Your voices reminded me that we’re here to lift each other up. Your sharing reminded me of the many reasons I keep going with this blog.

Even though both my husband and I have retired from our W2 employment, every day we have so many activities going on. Some of these involve volunteering (mostly providing guidance on effective money management for disadvantaged families), promoting financial literacy in schools, getting involved in our communities, raising a toddler and doing self learning. When being asked about how my retirement has been, my typical response is, “busier than ever.”

In general, producing contents for this blog hasn’t been on the priority list. I have many topics I’d like to share on the blog, but finding the time to do research, write and edit has been challenging. Your comments, feedback and stories have been the most rewarding part of blogging. So, I want to thank you for taking your time to share with me and other readers of this blog. Your words inspire me. Your stories and courage are worth sharing. Thank you for being on this journey with me.

Life with the Seibolds

Next, I want to give you a snapshot of what has been going on in my family since my husband retired back in September. In the month of October, we took a one-month long trip to the Northwest, including visiting Washington and Canada. The fall colors and food were amazing in all the places we visited. This was the longest trip we’ve taken. We certainly enjoyed the luxury of slow travel. Our most memorable times were a day trip out to Mount Baker and visiting an apple orchard. Once we arrived home, we took one full week to recover from the trip and to take care of unattended errands.

As I’m writing this, our family routine is finally back to normal. This past week we have been busy doing research and going to home centers. My husband and I are taking on a huge project remodeling our home, and we plan to do most of the work ourselves. This will be a very interesting and challenging experience for both of us. Prior to this work, neither one of us have really picked up any tool other than those that came in a cheap tool box set. We’ll be setting up a wood shop in our garage and shed. The next project on our agenda is to build a farmhouse dining table and a bench. If that goes well, we’d move on to build a breakfast nook. The first DIY project we worked on was replacing the flooring in the laundry room.

Yesterday, we visited Home Depot looking at table saws, jig saws, miter saws, orbital sanders, drills and safety tools. I feel proud as I’m writing out those words. Even just a year ago, I would’ve never thought myself becoming a handy/wood-making person. But never say never, right?

My family and I also recently celebrated Ruby’s 3rd birthday.

Personal Finance in the Seibold Family

In the world of personal finance, we have several pending items on the to-do list prior to the end of the year. These including finish funding our HSA and opening a solo 401(k).

Some of you have asked about our health insurance situation. My husband’s COBRA ended in October and we’re currently on a health care plan through Healthcare.gov. We aren’t receiving any subsidies for the month of November or December. Our annual income for 2017 surpassed the set income criteria. Now through December 15th, it’s open enrollment period for year 2018 on Healthcare.gov. We are planning to finish the application by the end of this month. By then, I’ll have a lot more to share on the blog.