Navigating the gap before Medicare kicks in.
At 66 and 64 respectively, James and Patricia retired with $3.5 million in assets but were ineligible for Medicare. Patricia's previous employer coverage ended abruptly, leaving them to shoulder the full burden of private health insurance premiums, a cost estimated at $1,500 per month until Patricia became eligible for Medicare. This unexpected expense threatened to derail their travel plans and deplete their retirement savings sooner than anticipated. They worried about unexpected medical bills adding to the burden.
Golden Door Asset analyzed the O'Briens' financial situation and recommended a personal loan of $27,000 to cover the 18-month gap before Patricia qualified for Medicare. Using the Loan Interest Calculator, we demonstrated that even with interest, the total cost of the loan would be less than paying for COBRA or an individual policy. We structured the loan with manageable monthly payments of approximately $1,650, allowing them to maintain their travel budget and avoid liquidating investment assets prematurely. The Loan Interest Calculator helped them visualize the total cost, and the Personal Loan Calculator helped to find the best rate and term.
We utilized the Loan Interest Calculator to accurately project interest accrual and total repayment costs for various loan scenarios. This data was then presented alongside alternative healthcare coverage options, allowing the O'Briens to make an informed decision. The Personal Loan Calculator was used to compare different loan options from different lenders.
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$1,800 in healthcare savings compared to other options, plus the peace of mind of knowing they had predictable healthcare costs covered before Medicare eligibility.
