My dream retirement would possibly kill me - Page 4

annette · 02-23-20, 12:45 PM

OLD THREAD ALERT

I am seriously thinking about retiring in the next couple of months but am concerned about health insurance. I am 61 so have a few years to go before Medicare eligibility.

Those of you younger retirees, do you mind me asking what you do for health insurance? I've been on the healthcare.org site but am concerned about picking the right plan. Also, I've read stories of folks thinking they had a certain coverage only to find out later during a health crisis they didn't.

Thanks for any input.

Carol K · 02-23-20, 01:13 PM

I am personally planning to work until 70 and I wouldn't want to be in the position of choosing an individual health care plan with the current state of affairs. However, I am posting this public article from AARP on the Affordable Care Act plans for 2020. The deadline for enrolling was in December, although I don't know if there is an exemption for people who retire outside of the enrollment period.

https://www.aarp.org/health/health-i...ment-2020.html

sherry7899 · 02-23-20, 01:20 PM

I am not of retirement age, but I was wondering about health insurance as well. Unless you are fortunate enough to have a job that lets you retire with your benefits (which that seems very rare nowadays) how do people afford insurance until age 65? The rates are so high!

annette · 02-23-20, 01:28 PM

Carol K -Thank you! Why didn't I think of AARP?

Sherry - Yes, the rates are scary. I can afford to pay for several months then can take SS early which will cover the cost.

cataddict · 02-23-20, 02:05 PM

My DH and I are in the throes of these decisions right now. He just turned 66, and has signed up to collect social security at his full retirement age. He is still working, so he can cover my health insurance until I turn 65 and am eligible for medicare. I just turned 64. He is very tired of his job, but at this point if he decides to leave we will sign up for COBRA for me and he will choose a plan for himself. As an FYI, the "open enrollment" period is primarily intended for those who want to change their current plan. If someone retires at another time of year, they can choose a plan outside of the "open enrollment" period time frame. That's one of the exceptions that Carol K referred to.

The social security website has a "planner" that you enter your information and it lists the available plans in your area and the various coverages. It's A LOT of information and will definitely make your head spin. We have one provider "system" who is dominant in our area, so he will most likely choose a plan that is accepted by this system to offer more care choices. Each person needs to look at his or her own health needs, as the plans vary widely. If you have a lot of prescription drugs, for example, one plan may offer cheaper prices on your particular drugs if you choose a plan that includes drugs. You also need to look at dental and vision care. Some plans cover exams, some don't. You really need to look at the details, and check to see if your doctor/hospital participate in the plan. I know AARP endorses a plan through United Healthcare and it was fantastic for my parents and covered everything but in our area it doesn't work so well as participating providers and hospitals are seriously limited.

At 61, you aren't eligible for Medicare yet, as I'm sure you already know. If my DH retires before I turn 65, the COBRA payment for just me is $365 a month, and the plan isn't very good and we would still need to purchase dental insurance. So he is trying to hang on as long as he can so we can avoid having to come up with that every month with neither of us working. We are fortunate in that we can afford to pay it if we have to, we just would rather not have to.

Many of our friends are roughly the same age as we are. Some are putting off retirement until they reach full social social retirement age so that health insurance can be directly taken out of the monthly payment. Plus if the spouse is younger (as in my case) and no longer working (also in my case) it's a challenge for sure.

Don't think I helped but hopefully provided a few tips! It does take planning. My ex husband started collecting social security at 62 and he got a good price on an insurance plan. The cost skyrocketed the year after and he was left second guessing his decision.

Usia · 02-23-20, 02:20 PM

I retired early (my company went under) and purchasing health insurance has been a nightmare. The cost is obscene. I am not yet eligible for Medicare, ACA or any other other program where I could buy insurance at reasonable cost. My DH has been retired for 8 years and is on Medicare so I have no option to be insured through him. The cheapest premium I could find for 2020 was about $910 per MONTH with $7500 deductable and 50% coverage. I'm disgusted.

cataddict · 02-23-20, 02:27 PM

Dana, I'm so sorry! It seems that the plans are designed to be for catastrophic circumstances only, but even coming up with the $7500 deductible is a big deterrent to getting care. Not to turn this into a political discussion, but I sure wish the politicians had devoted more energy to actually solving the health care issue instead of moving on to the next "issue of the moment."

Demeris · 02-23-20, 03:03 PM

Quote:

Originally Posted by annette

OLD THREAD ALERT

I am seriously thinking about retiring in the next couple of months but am concerned about health insurance. I am 61 so have a few years to go before Medicare eligibility.

Those of you younger retirees, do you mind me asking what you do for health insurance? I've been on the healthcare.org site but am concerned about picking the right plan. Also, I've read stories of folks thinking they had a certain coverage only to find out later during a health crisis they didn't.

Thanks for any input.

I pay out of pocket for my health insurance. Yes, the rates are INSANE, and they doubled each of the first three years of my retirement. The rates have leveled off for now, and I'm still a few years from Medicare. When Medicare kicks in and I have to pay only for a couple of the parts of Medicare, it will be like getting a huge raise.

annette · 02-23-20, 05:14 PM

Quote:

Originally Posted by Usia

I retired early (my company went under) and purchasing health insurance has been a nightmare. The cost is obscene. I am not yet eligible for Medicare, ACA or any other other program where I could buy insurance at reasonable cost. My DH has been retired for 8 years and is on Medicare so I have no option to be insured through him. The cheapest premium I could find for 2020 was about $910 per MONTH with $7500 deductable and 50% coverage. I'm disgusted.

The cost definitely has me hesitating to pull the trigger but I am just SO done with working full time. The work environment where I am is becoming toxic and the dread factor is high. I suppose I could look for something part time where I could possibly have insurance but, call me lazy, I really don't want to work anymore.

Dana, if you didn't go through the ACA where did you find your insurance? Maybe I haven't researched thoroughly but the few private insurance companies I've contacted handle only the typical home owners, car etc.

Gams · 02-23-20, 06:25 PM

Dana, why are you not eligible for ACA? I don’t know what the requirements are - I thought anyone who needed insurance was eligible.

Another option is the Healthcare Sharing programs. I was a little skeptical, but have two friends that get their insurance that way and both are very happy with it.

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02-23-20, 12:45 PM
annette VF Supporter Join Date: Nov 2001 Location: Ohio	OLD THREAD ALERT I am seriously thinking about retiring in the next couple of months but am concerned about health insurance. I am 61 so have a few years to go before Medicare eligibility. Those of you younger retirees, do you mind me asking what you do for health insurance? I've been on the healthcare.org site but am concerned about picking the right plan. Also, I've read stories of folks thinking they had a certain coverage only to find out later during a health crisis they didn't. Thanks for any input.

02-23-20, 01:13 PM
Carol K Join Date: Nov 2001 Location: Chicago, IL	I am personally planning to work until 70 and I wouldn't want to be in the position of choosing an individual health care plan with the current state of affairs. However, I am posting this public article from AARP on the Affordable Care Act plans for 2020. The deadline for enrolling was in December, although I don't know if there is an exemption for people who retire outside of the enrollment period. https://www.aarp.org/health/health-i...ment-2020.html __________________ Carol

02-23-20, 01:20 PM
sherry7899 Join Date: Jun 2003	I am not of retirement age, but I was wondering about health insurance as well. Unless you are fortunate enough to have a job that lets you retire with your benefits (which that seems very rare nowadays) how do people afford insurance until age 65? The rates are so high! __________________ "Say you are tired and you will be. Believe you are strong and you are." (Sean O'Malley) The cat in my avatar is my sweetheart named Bonkers

02-23-20, 01:28 PM
annette VF Supporter Join Date: Nov 2001 Location: Ohio	Carol K -Thank you! Why didn't I think of AARP? Sherry - Yes, the rates are scary. I can afford to pay for several months then can take SS early which will cover the cost.

02-23-20, 02:05 PM
cataddict VF Supporter Join Date: Oct 2006	My DH and I are in the throes of these decisions right now. He just turned 66, and has signed up to collect social security at his full retirement age. He is still working, so he can cover my health insurance until I turn 65 and am eligible for medicare. I just turned 64. He is very tired of his job, but at this point if he decides to leave we will sign up for COBRA for me and he will choose a plan for himself. As an FYI, the "open enrollment" period is primarily intended for those who want to change their current plan. If someone retires at another time of year, they can choose a plan outside of the "open enrollment" period time frame. That's one of the exceptions that Carol K referred to. The social security website has a "planner" that you enter your information and it lists the available plans in your area and the various coverages. It's A LOT of information and will definitely make your head spin. We have one provider "system" who is dominant in our area, so he will most likely choose a plan that is accepted by this system to offer more care choices. Each person needs to look at his or her own health needs, as the plans vary widely. If you have a lot of prescription drugs, for example, one plan may offer cheaper prices on your particular drugs if you choose a plan that includes drugs. You also need to look at dental and vision care. Some plans cover exams, some don't. You really need to look at the details, and check to see if your doctor/hospital participate in the plan. I know AARP endorses a plan through United Healthcare and it was fantastic for my parents and covered everything but in our area it doesn't work so well as participating providers and hospitals are seriously limited. At 61, you aren't eligible for Medicare yet, as I'm sure you already know. If my DH retires before I turn 65, the COBRA payment for just me is $365 a month, and the plan isn't very good and we would still need to purchase dental insurance. So he is trying to hang on as long as he can so we can avoid having to come up with that every month with neither of us working. We are fortunate in that we can afford to pay it if we have to, we just would rather not have to. Many of our friends are roughly the same age as we are. Some are putting off retirement until they reach full social social retirement age so that health insurance can be directly taken out of the monthly payment. Plus if the spouse is younger (as in my case) and no longer working (also in my case) it's a challenge for sure. Don't think I helped but hopefully provided a few tips! It does take planning. My ex husband started collecting social security at 62 and he got a good price on an insurance plan. The cost skyrocketed the year after and he was left second guessing his decision.

02-23-20, 02:20 PM
Usia VF Supporter Join Date: Feb 2008	I retired early (my company went under) and purchasing health insurance has been a nightmare. The cost is obscene. I am not yet eligible for Medicare, ACA or any other other program where I could buy insurance at reasonable cost. My DH has been retired for 8 years and is on Medicare so I have no option to be insured through him. The cheapest premium I could find for 2020 was about $910 per MONTH with $7500 deductable and 50% coverage. I'm disgusted. __________________ Dana Avatar: Oliver!

02-23-20, 02:27 PM
cataddict VF Supporter Join Date: Oct 2006	Dana, I'm so sorry! It seems that the plans are designed to be for catastrophic circumstances only, but even coming up with the $7500 deductible is a big deterrent to getting care. Not to turn this into a political discussion, but I sure wish the politicians had devoted more energy to actually solving the health care issue instead of moving on to the next "issue of the moment."

02-23-20, 06:25 PM
Gams Join Date: Mar 2007	Dana, why are you not eligible for ACA? I don’t know what the requirements are - I thought anyone who needed insurance was eligible. Another option is the Healthcare Sharing programs. I was a little skeptical, but have two friends that get their insurance that way and both are very happy with it.