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Announcing my retirement. Am I crazy?

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  • Hatton
    replied
    My carrier required 10 years of OB coverage for no tail.

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  • Chickenlittle
    replied










    I have tail coverage at no cost.  I will pay for individual insurance for 3.25 years.  I think 2019 may be chaotic.
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    I am not sure I understand. What is “individual insurance?”
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    I think hatton1 means health insurance on the individual (not group-rate) market, pre-Medicare.
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    Are you sure?  My company included free tail if you were with them for certain number of years. Luckily I did not change companies for a cheaper company year before

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  • VagabondMD
    replied




    An individual policy on the obamacare exchange or some type of individual policy sold off the exchanges.  It may be chaotic because some policies can be offered next year that do not cover everything the ACA mandated.  Hopefully some cheaper catastrophic plans will materialize.  If premiums are stable or rise I think this will cost me $100k.
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    Got it. I did not pick up context and thought it had something to do with med mal...

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  • Hatton
    replied
    An individual policy on the obamacare exchange or some type of individual policy sold off the exchanges.  It may be chaotic because some policies can be offered next year that do not cover everything the ACA mandated.  Hopefully some cheaper catastrophic plans will materialize.  If premiums are stable or rise I think this will cost me $100k.

    Leave a comment:


  • CM
    replied







    I have tail coverage at no cost.  I will pay for individual insurance for 3.25 years.  I think 2019 may be chaotic.
    Click to expand…


    I am not sure I understand. What is “individual insurance?”
    Click to expand...


    I think hatton1 means health insurance on the individual (not group-rate) market, pre-Medicare.

    Leave a comment:


  • VagabondMD
    replied




    I have tail coverage at no cost.  I will pay for individual insurance for 3.25 years.  I think 2019 may be chaotic.
    Click to expand...


    I am not sure I understand. What is “individual insurance?”

    Leave a comment:


  • Hatton
    replied
    I have tail coverage at no cost.  I will pay for individual insurance for 3.25 years.  I think 2019 may be chaotic.

    Leave a comment:


  • ReFinDoc
    replied
    The idea of doing a "sabbatical" rather than "retire" helped me through. I paid for a part time malpractice policy and waited out the Statute of Limitations. I know that would not work for OB.

    I also worry about Health insurance, my younger spouse has a long way to go before Medicare. I have multiple options for Health insurance, but for now, continuing to pay the ever-escalating (but deductible) HDHP with HSA seems most desirable. The end of the Mandate in 2019 may change this equation.

    I found that extra-work offers flooded in after retirement. Some offers were too good to pass up. Doctors are continuously dying, retiring or getting sick. Being available to work at a moments notice made me desirable, despite the fact I charged twice as much.

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  • Chickenlittle
    replied
    Congrats. I remember the day I did as one of the best of my life. Have not looked back and no regrets. Was able to find all mt staff new jobs and gave my practice to a group I respected to make sure all patients adequately cared for

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  • VagabondMD
    replied




    Congrats!!

    I am jealous of you not doing your MOC this year
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    Probably not hatton1’s nature, but when it is my turn (or maybe a bit before), I look forward to telling my Board to (using modified PG vocabulary) “buzz off!”

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  • LizOB
    replied
    Congrats!!

    I am jealous of you not doing your MOC this year

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  • RocDoc
    replied
    Congratulations Hatton1! I know you'll love retirement. You're as prepared as anyone I can think of. I would sure enjoy hearing follow up posts from you on the details of navigating health insurance post retirement. I've read the younger FIRE folks health insurance details but I don't fall in their demographics of age and income to get lower prices or subsidies. Enjoy the next six months as you have fun planning your retirement.

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  • uptoolate
    replied




    Since I am not an “employed” physician it makes no difference really.  I decided on my birthday because it is mid-year.  It gives me a few months to notify patients etc.  Financially it will make no difference.  Frequently OB/GYNs retire prior to the next malpractice payment (if you are paying the premium).
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    Interesting on the malpractice premium impacting retirement date. That is something. Thankful to live in the GWN where premiums are not much of an issue. I always planned and did retire at the end of April so I could be ready for the gardening season and enjoy the summer!

     

    Congrats again and I'm sorry I won't be at the WCI conference to raise a Diet Coke with you!  Seems to be the drink of Obs everywhere!

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  • AR
    replied







    Interesting to hear you will retire mid-year rather than year-end. Maybe if you own your own practice, it make no difference. But I have occasionally wondered about the various pros and cons of mid-year vs. end of year retirement for an employed doc from the stand point of retirement account contributions, income taxes, cobra health insurance, etc. Are there any distinct advantages to one time or the other? Perhaps this would make for an interesting WCI Blog post.
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    employed physician-no one quits here midway without good reason.

    have to be working and at work 12/31 to receive employer 403 match.  have to be working on 12/31 to receive value based incentives, which are 10% of your pay.  have to be working 12/31 to get full settle up (difference between draw and what you actually earned during course of year).  so walking away mid year very expensive.

    ymmv

     

     

     
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    I was at a place where all that stuff happens in April, so leaving mid year would make perfect sense.

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  • Hatton
    replied




    Congratulations, hatton1!

    Best wishes for a fulfilling retirement.
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    I know you are close too

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