Retiring early at 60 due to health issues and pension is only $1250.00 per month. How can I possibly do this and pay health insurance?

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Retiring early at 60 due to health issues and pension is only $1250.00 per month. How can I possibly do this and pay health insurance?

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I have spinal stenosis and severe tendonitis in both ankles, as well as a torn tendon in my right ankle, which, I'm told does not heal. I work in a grocery store for 40 hours a week, 48 every other week. I am at the point where I cannot stand anymore and we are not allowed to sit at our stations, only for 15 minute breaks and 1 hour lunch. Having the torn tendon causes weakness in my leg and if I step a certain way, my leg gives out. I am eligible for a pension, but it would only be $1250.00 a month. How can I possibly pay for health care that could cost $700.00 a month ? I don't have a mortgage, but I have to have living expenses. I have some savings, but not a lot. What do I do? This really has me stressed!!

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Time to retire and apply for Social Security due to disability. Go to the New Jersey website at state.nj.us/humanservices and look at the eligibility for Medicaid as well as NJ Family Care for low cost insurance options. You would be under the NJ income limit of $15,655. That means no premium, no copay.

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First, check with your local disabilities office. Because of your problems that can be documented your workplace should make a chair available. Sign on for SS first. Medicaid will require this. If you get SSD you will get Medicare and Medicaid as secondary.

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If you do not get disability, you can go to the marketplace to apply for subsidized insurance. The enrollment period ends Jan 31 for coverage that starts in March. www.healthcare.gov

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I went through this as an RN, who could no longer work at 59 yrs old. I did have short term and long term disability to help while applying for SS disability. It was still not enough to pay all our bills, so we went through a lot of savings too....but after two years I was approved. Got back pay, which paid the attorney and gave me the remainder. Once on disability, I was just eligible for Medicare too, but NOT a Medicare supplement or drug insurance, so I had to cover those myself until I was 65. We did OK, through out the process, and I had no pension to add to the pot....but we did have to sell our home, and downsize to a manufactured home in a smaller town, where it cost much less to live. That was a good plan because we now have no mortgage, and the proceeds from the home could be reinvested to provide for emergencies and future expenses like a car that would be expensive. IF you can hang on until 62 or 65 by looking into your rights due to disability, or check human resources about short or long term disability benefits, and sort of 'plan' when to do this, it might give you the best options for later on, but at least you know that Medicare approval comes with a SS disability approval. You can go to the SS website to see what your income would be via SS. Disability is paid out at your full SS allowance, and at full retirement age, you then are simply declared retired rather than disabled and nothing changes. Medicare insurance payments are removed from your SS check before you get it. Currently Medicare is $104/mo removed. Then you would have to look for ways to insure to supplement Medicare until you are 65, because, for me, I was not entitled to a supplement policy until full retirement age. I agree with others who said to consult with a disability attorney too....as to which options would give you the best financial outcomes in the end. Good luck. I was not able to get any accommodations at work as an RN that would keep me working, but fortunately I had been paying for short term disability and then moved in the long term disability while waiting. We still used up $50,000 trying to live and pay a mortgage for the time it took for the SS disability to be approved. It is not easy to go through!

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All of the above guidance and in the extreme, you might consider possibly moving to a less expensive area or even country, where that kind of money would go much further. It's tragic when we have torn up our bodies in the service of others and get a kick in the pants when we are disabled.

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I would consult with a disability attorney to find out your options and what would be the best option for you. Also, you can get info on the requirements for disability. Many people are denied and have to appeal. Having an attorney helps. I've seen how having an attorney can really help. They normally do not require money up front.

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Right, plus, you may apply for Medicaid medical coverage. I think the Healthcare Marketplace also considers you for Medicaid Medical when you apply online, but you can also check with a Medicaid worker, usually found in your county's social services agency.

The attorney may help determine which route would give you more money. Your pension may be more monthly than disability.

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Please, check with ur local Disabilities Dept. before making any decisions. There r laws to protect you at work. Providing a stool for you is no big deal and they may have to. You only have two years before you can collected partial Social Security.

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You will qualify for medicaid if your state expanded under the new health care laws. They do not look at your assets in this case just your monthly income and the 1250 is below the line. If you go to your states website for medicaid you can check on eligibility. Also if you did have to apply for healthcare thru the healthcare exchange you can do that at anytime if you have a life changing event such as loss of employment, so dont worry about deadlines. If you wanted to try and continue working then the suggestions about talking to management about accomodating you are spot on. Laws lean heavy on the rights of employees and if you are part of a union ( just a guess) your rep can help you. Perhaps a high chair at your station, or a change of jobs, moving to office or service desk where you could sit. Just some thoughts if you wanted to try and stay on the job. If not there are so many opportunities to make extra income on the computer. We make ends meet with Ebay and Etsy selling. Its fun and you'd be amazed what people buy, you can sell almost anything. I wish you the best. Hope all the great suggestions here help ease your stress.

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A Social Security lawyer is not allowed to charge money up front. If turned down the first time after applying you can appeal. It can take awhile sometimes to finally get it. Once you do, its retro back to when you initially applied. You will get a lump sum and then monthly payments. The lawyer is allowed a percentage of the lump sum. No more than I think 6,000. While your waiting, u may be able to get medicaid.

Retiring early at 60 due to health issues and pension is only $1250.00 per month. How can I possibly do this and pay health insurance?

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