Solving Health Insurance Prior to Retirement

Solving Health Insurance Prior to Retirement



hey everyone I just had an awesome phone call there was a client that one of my guys met with during tax season and they had a problem and I just got off the phone today finding that now it's kind of happily ever after so let me just share with you what went on during tax season Vinny sat with them during their taxes and saw that this year they're going on the Affordable Care Act which is a way to get health insurance prior to Medicare kicking in at age 65 they're 62 and so with that there's a chance of getting these massive subsidies if your incomes at a certain level but if it's over that level you don't get the subsidies so Vinny identified the problem we had a meeting a couple of weeks ago and looked at their whole situation and found out based on what they did last year by getting their pensions and taking IRA distributions they were not going to qualify for a $14,000 subsidy which pretty much covers all of their health insurance up until Medicare so what we did was we sat down and spent about a half an hour looking at their cash flow and saying hey why do we have to take this IRA distribution well there's credit card debts there's a car payment they were trying to pay off their mortgage and so what we did was we we structured it so that by doing a new mortgage we approved their cash flow now they no longer need to take money out of their IRAs their pensions are sufficient to cover their needs so they just ended up getting the mortgage done they were able to improve that cash flow now based on their pension only they're going to qualify for that 14,000 subsidy and now they just see a clear strategy to get themselves from where they are at age 62 out till age 65 80 65 men they'll be able to pay off that mortgage quickly as they draw Social Security they have IRAs to take money from and then they won't have to worry about this health insurance issue so it was just a great day and a great call so I'm happy for them and the success I'm so glad Vinnie was able to point that out and we were able to help

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