My MIL is beyond broke and wants to retire before she is eligible for Medicare. I've gone through her retirement account but I'm needing an estimate on what she can expect to pay monthly to have her health insurance to continue until Medicare. Does anyone have an idea? I need to get this all together before we sit down and go over her money issues with her. Thanks for any help.

There was a large change that goes into effect soon. As I recall, retired teachers are going to pay around $200 a month for their insurance if only they are covered and not eligible for Medicare. But don't quote me on that!

which state is she in?

that one was tee'd up for you

Wish she taught in Massachusetts. A husband/wife whom we know well, taught for 40 years in the public school system outside of Boston. They retired at 65, and both receive $5400 per month. My former wife is a teacher in the Mid Cities...and I strongly suspect her retirement will be much less.

If she taught in Texas for 30 years with her best 5 years averaging 55k, she will make about 3k a month in retirement before anything is taken out.

If she is truly broke, she should keep working to bump that retirement up as much as possible. She could retire and work another job which will make her more in the short run.....but when she eventually quits that job she could be in a bad spot.

She is in Texas and let me clarify, she has been a teachers aide for the last 25 years. I wish her plan would be to retire and get another full time job doing something else but it's not. And I got a kick out of the above comments

Nice Troll.

She makes less than 30k a year and wants to retire? I guess it could work as long as she doesn't have any expenses, you know, like a mortgage, car payment, or any other bills.

She'll also probably want to take a nice vacation or travel to kick off her retirement...oops, there goes half of her yearly retirement!

Good luck!

Or her son-in-law could find some poor unsuspecting man to marry her and take care of her in her later years.

Unless she gets a job making more than 30k a year the only hope is a miracle or fairy tale.

Quote:

---

She realizes she will make LESS from her pension, right?

---

Maybe. Maybe not. If she's taught for 43 years, she will be right at 100% of her most recent salaries. Even 30 years will get her about 70%. She can sub for 45 days or so and make up a substantial part of the difference. Or, go get a part time job...

My wife works with a lady who's over 40 years in, but doesn't seem to understand that she can work the entire year or sub for 15 days and still make the same amount of money.

My main concern with her for right now is medical costs until she hits Medicare and hell even when she does get it. I really believe she doesn't think she will live very long so she just doesn't care bc she is a lifelong smoker and doesn't take care of herself. She has been married 3 times already and has 2 sons, one of which is a meth head, so yea wishful thinking on any of that. I know she is pretty close to making her salary from her pension for the years she has in, but it is nothing. She has no other savings.

ToddyHill said:

---

Wish she taught in Massachusetts. A husband/wife whom we know well, taught for 40 years in the public school system outside of Boston. They retired at 65, and both receive $5400 per month.

---

Man, that is actually pretty badass. I know teacher's who've worked longer in Texas, Arkansas, and Louisiana and didn't get close to that.

I'm guessing they are making more in retirement than they did while they were working.

Quote:

---

They retired at 65, and both receive $5400 per month.

---

My wife would likely end up with a little more than that at 40 years (in Texas) and she won't be 65 yet. However, that's in about 12 years. I keep trying to get her to go admin (there was an opening this year) but she won't hear of it.

91AggieLawyer said:

---

Quote:

---

They retired at 65, and both receive $5400 per month.

---

My wife would likely end up with a little more than that at 40 years (in Texas) and she won't be 65 yet. However, that's in about 12 years. I keep trying to get her to go admin (there was an opening this year) but she won't hear of it.

---

As an administrator, I don't blame her. The job is a huge pita and not worth it to do for a while before retirement. I still have 25-30 years left so I can likely transition into something that isn't a 7 day a week headache at some point. In my district the teachers towards the top of the salary scale make more than the new APs.

Hello there! Sorry for replying late! But I would suggest that for having queries related to health insurance cost, you may also take the help from an insurance agent who is having complete information on health insurance. The insurance agent will guide you accordingly. Few days back, my uncle who is having queries regarding Medicare, took the help from this website for understanding the Medicare cost and premium.

Beckdiesel03 said:

---

My MIL is beyond broke and wants to retire before she is eligible for Medicare. I've gone through her retirement account but I'm needing an estimate on what she can expect to pay monthly to have her health insurance to continue until Medicare. Does anyone have an idea? I need to get this all together before we sit down and go over her money issues with her. Thanks for any help.

---

So what happened? Is she retiring? Still working? Did she find a rich husband?

She is still working thank god. I really hope she stays there too. We shall see.

Health insurance is based on the individuals age. She may also be eligible for a subsidy that I am probably paying for in my premiums and taxes. Depending on what state and region of the state she lives in will determine her rates. She could be looking at easily over $1000 a month depending on what type of plan and how big a deductible.

To give you an example I pay $1000 a month in Texas for BCBS for my wife and she is 58 and it is a $3500 deductible silver type policy. I expect it to go up another 10%+ again next year. Not much choice in the state of Texas.

Thanks Obamacare.

My concern is her retired teacher health insurance. It used to be either free or a very low cost per month but in recent years has gone up sunstanitially bc of their financial obligations and rising costs. She " thinks" that it wont be too expensive and I cringe thinking about what she could really get into financially bc of her lack of knowledge.

You never know what will happen in the future. All these civil type pension are under funded and in some type of trouble. Teacher plans may be in better shape. They could get cut when things finally hit the fan. People should be prepared and never rely only on civil pensions that are funded by the tax payer.

There should be zero pensions these days in the public sector like there are zero in the private sector.