‘Kind of Morbid’: Health Premiums Threaten Their Nest Egg. A Terminal Diagnosis May Spare It.

Summary: Jean and Chaz Franklin worked hard to save for a comfortable retirement in California. But when federal health insurance subsidies ended, their monthly insurance bill jumped from $540 to nearly $3,900. This massive increase threatened to wipe out their life savings.

Then, Jean received tragic news: she was diagnosed with ALS, a terminal illness. While devastating, the diagnosis had a strange financial upside. It allowed Jean to qualify for Medicare before age 65. This lowered their monthly costs by about $1,600. Jean calls it "kind of morbid" that getting a fatal disease is the only reason they aren't going broke. Even with the discount, the couple is burning through their savings faster than planned as they wait for Chaz to turn 65.

For more details, see KFF Health News at kffhealthnews.org/news/article/insurance-premium-payments-terminal-diagnosis-aca-subsidies-covered-california/ (opens in new tab)