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Originally Posted by firstdown
So we had the debate if Obama Care would work and if it was good for the country. Well now its here and starting to go into effect I thought it would be a good time for part two. I'd like to here people experiences good or bad with how its affecting their coverage and premiums. Also any news about Obama Care.
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I was sent a letter about a month and a half ago that my plan will no longer be available in 2014 (a HSA plan). As of right now I have no idea what type of insurance I will be offered through work. I hope as much as the next guy that obamacare fails, but at the end of the day I don't really care and don't want to waste my time worrying about it.
On another note, im a financial planner and something we have taken notice of is how obamacare can benefit our clients. A lot of people wait until 65 to retire because that's when Medicare starts. Before Obamacare it was very costly to secure insurance as a 55-64 year old, because old people cost a lot to insure. Now that the oldest age group will be subsidized by the younger groups the most a 55-65yo can pay is 3x what the youngest demographic pays.
We have already started bringing it up with some of our clients as something advisors are starting to talk and think about. Obviously if the younger guys don't sign up it wont help those that want to retire early, but its something everyone is starting to pay attention to as the financial service industry is driven by baby boomers. And the first baby boomer hit 65 in 2011, so its great if you can help the millions of boomers retire before reaching traditional full retirement.