**Question:** “I’m 63, a first-generation dairy farmer, and still dealing with debt. I was denied disability benefits, but we have talked about retirement. My husband, who is 62, just started getting his disability after facing health challenges for many years. Our two sons are interested in farming, and I help out on weekends. They don’t have partners or families of their own. We’ve been on state insurance since the Affordable Care Act and paid for it even before that, so we’re unsure about finding affordable health insurance. It’s around $2,000. What should we do financially given our situation?”
**Answer:** That’s certainly a tough spot to be in, and you’re not alone. Many older Americans are grappling with similar challenges related to health insurance and finances, according to Louise Norris, a health policy analyst at HealthInsurance.org.
Let’s focus first on your situation and then your husband’s. Since Medicare eligibility starts at 65, there are more affordable options like Medicaid or Marketplace coverage for you now. To qualify for Medicaid, you generally need to meet state low-income requirements, which are often tied to the federal poverty level, as well as have limited countable assets (excluding your home).
Norris also notes that if you live in one of the 40 states that expanded Medicaid, you might qualify if your household income is at or below 137% of the federal poverty level. Do keep in mind that your husband’s Social Security disability benefits will be counted towards your household income.
It’s worth mentioning that starting in 2027, states will have to enforce work requirements for those who have enrolled in Medicaid expansion as per the recent legislation. Norris adds that, given your husband’s situation, he could be exempt due to his disability, but others may have to meet work, volunteer, or educational commitments to retain coverage unless an exemption is approved.
You might need to pivot to replacement options. Joe Favorito, a certified financial planner, explains that the ACA has changed how health insurance is offered, often making it difficult for agents to assist with individual plans.
If you qualify for income-based subsidies that could lower your monthly premiums, the Marketplace might be a good fit for you. Norris indicates that for the year 2026, a two-person household must have a minimum income of $29,188 in Medicaid expansion states and $21,150 in non-expansion states.
Be aware that if you decide to retire and have less income, your premium costs might decrease significantly since health insurance options are income-based. However, there’s some uncertainty looming about whether the current subsidies aiding middle-income Americans will be extended past December 31, 2025, as this topic is a focal point in discussions about federal funding and budgets.
Your husband may encounter a slightly different pathway. If he’s approved for SSDI, he should only need to enroll in a supplemental plan since he will be covered by Medicare. If his disability claim is denied and you’re still under 65, you’ll have to wait an additional two years to qualify for Medicare.
For health insurance, Chris Orettis, president of The Retirement Genius, suggests sticking with insurance through your state’s ACA exchange. Once you hit 65, Medicare eligibility kicks in. Since your husband is on SSDI, he’ll automatically become eligible for Medicare after receiving his disability benefits for 24 months, which is before he turns 65.
Regarding your sons, Orettis recommends clearly stating in your estate plan that you intend to pass the farm on to them, possibly by setting up a trust to manage the farm and name them as beneficiaries, thus simplifying future tax and debt matters.
It might be beneficial to consult with a professional who could help clarify your financial situation. Many certified financial planners offer complimentary guidance to help you with budgeting, retirement income, Social Security considerations, and estate planning. To become certified, they go through extensive training and adhere to fiduciary standards.
Additionally, nonprofit credit counselors might assist you with creating a debt management plan and negotiating better interest rates. You can locate these resources through organizations like the National Foundation for Credit Counseling or the Financial Counseling Association of America.
**If you’re having issues with your current financial planner or are on the lookout for a new one, feel free to reach out with your questions.**
Question has been edited for brevity and clarity. By emailing a question, you acknowledge that it may be published anonymously.
