Health insurance solution

Find part-time work with insurance options
Without a doubt, the Millers' best health insurance option will be for Jim to find part-time work with health benefits before his COBRA benefits expire next spring. Since Jim is younger than 65 and collecting Social Security benefits, he has an income limitation of $12,960 on what he can earn during 2007. For every $2 he earns above that amount he loses $1 of Social Security benefit. Perhaps he can find an employer who will pay a lower salary but cover a higher portion of their health insurance costs.

Determine income needs
The Millers require income of at least $36,000 per year. If Jim does not find a job with benefits and Sandra does not get accepted for Social Security disability, the Millers will find their resources stretched. With $800,000 of total financial assets, the Millers are better off than many of their peers. However, their very conservative asset allocation could be a problem for them in the long run.

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