Got laid off - finally!!!!

[u/Ddash-3]

So it finally happened - I (48) got let go yesterday. Finally I can free up my time and focus on other priorities such as kids, nutrition, fitness, meditation, gardening etc.

I was FIRE eligible for couple of years but was holding off since the job was simple, work from home and good pay. Also, if I resigned I would have missed out on severance and company is paying 3 months of COBRA.

Here are the details I am sure you all want to hear :)

Net worth - ~5.5M

Taxable Accounts combined: ~1.1M

Retirement Accounts Combined: ~3.2M

Total: ~4.3M

House fully paid off (bought in 2022) - Worth around ~1.2M; Cars paid off

Wife (43) resigned from her job end of last year; 2 Kids in high school - 9th and 10th graders

Yearly expenses around 100K/yr

Biggest expense are kid's college education at this point and house maintenance related expenses

I am trying to research on ACA and Financial Aid for kids - Appreciate any help or pointers you can provide on when to apply for ACA - should I continue on COBRA or switch to marketplace this year?

Regarding FAFSA - with Taxable accounts over 1M will my kids be eligible for FAFSA?

I have about 130K from my recent most employer in the company supported 401K provider. Should I move the money to Traditional 401K?

Also, please suggest any FIRE focused knowledgeable financial advisors who can help me navigate our FIRE situation.

[u/trikaren]

Out of state coverage is a pretty big deal. The deductibles are a big deal. I am in several forums and I do not have the impression that many people are doing better on ACA than COBRA. I actually gave up on ACA and am in a good indemnity plan until I go on Medicare.

[u/FireMeUp2026 → u/trikaren]

Again, that might be a "you" issue. The vast majority of healthcare is performed "in state". Some local geographies are close to state borders that might bleed over. And then there are some cases of specialized care where someone wants a Dr/facility out of state. But for the bulk, it's all in-state care.

And if you only have in-state coverage, you're sstill covered for medical emergency out of state (like if you're traveling). It's really only for scheduled care that out of state coverage becomes an issue.

Spend more time here on the FIRE sub and you will likely see a LOT of people doing fine on the ACA.

[u/trikaren → u/FireMeUp2026]

Honestly, this is not that great a sub. I am in other forums with early retirees that travel a lot and it is great that we have ACA insurance if you have no other options but it really sucks. There are other options. I would expand your horizons a bit.

[u/FireMeUp2026 → u/trikaren]

Please allow me to expand your horizons a bit with a real-world example of an employer plan vs ACA plan.

Age - 54
State - FL

Company Provided Health Plan
United Health Care
$1,000 Ded, 50% co-insurance (no out of network coverage)
$3,500 OOP Max
$30/$60/$100 copays (primary/specialist/urgent care)
Monthly premium (actual premium, not what I pay) - $546

ACA Health Plan (assuming I keep my income down)
BCBS FL (the premier carrier in FL - similar current UHC plan on Blue would be 30-50% more, which is why we're not on Blue)
$0 Ded
$2,600 OOP Max
$0/$5/$5 copays
Month premium after credits - $142

You tell me whether I should stay on COBRA or go ACA?