[IB Bud]

I’d like to retire this April when I turn 62 and do a lot more riding (that makes it GL related). Although I’ve worked in the same building for the past 41 years, my company has changed ownership 3 times. That means I’ll get 3 different pensions from 3 different accounts.

My problem is, when I retire, my health benefits cease to exist. Having had a heart attack, a triple bypass, a stent and prostate cancer, plus I’m diabetic (you get the picture) – I really need some form of medical insurance until I’m 66 and medicare, for what it’s worth, kicks in. Actually, I feel better than I sound.

For those of you who retired early and don’t have a company health plan that still covers you, how have you handled this issue? Hospital, doctor visits and prescriptions? (I can only hope more drugs become generic and available at Wally World).

Any direction or suggestions (besides give up) is greatly appreciated.

 

[sgweisen]

retirement

Similar situation here. I retired at 62 and am now 63 1/2. I was on cobra for 18 months. I tried several places to get health insurance but because of my past health issues have been turned down. I am from Indiana and went through the State to obtain insurance. Almost 900.00 per month until I can get Medicare.

Try Cobra from your employer first then see if your state has insurance that you can purchase afterward. My Cobra was 450.00 per month. Any other questions PM me

Stan

 

[Wi_Winger]

Bud........everyone on this issue have different ideas.
At 62, the insurance is a big problem.
Many would pack it in @ 62 if the insurance wasn't so expensive.

A couple ideas here.

1.....Take the cobra plan for 18 months, then find a plan until your 65, or wait until your
63 1/2 to retire, then take the cobra until medicare @ 65.

2.....Well your employer let you work for 3 years part-time with insurance coverage?

3.....Many I know that are married, retire @ 62 on their wife's insurance if she stays employed.

My wife just took her early retirement @ 62, but works at her business part time, and pays her own primiums.

Good Luck

 

[IB Bud]

Thanks sgweisen & Wi_Winger

We must be the only three without company,government or military insurance. <lol>

I do appreciate your input.

My wife is already on medicare, so she's out as a source. She's been calling around and most insurance companies will not write a policy on anyone over 60 as an individual.

Someone at work claims that Maryland state has a plan similar to cobra for those of us who can't get something else. I think it's available after cobra expires.

I'll probably end up with a pt job at Home Depot - they have insurance available to part timers. It's either that or go south and re-enter the states as an illegal - then I'll qualify for everything for free!

In the mean time, I'm hopeing for a day without rain or ice so that I can get back to Winging it to work.

Thanks again

 

[Notsluggo]

I appreciate your tossing this subject out.
I too am a Wing rider (keeps it on subject) and am contemplating retirement in a couple of years. Am currently 50, but could quit work now if desired (wife who is nearly 48 is ready to hang up her hat too).
The cost of health insurance is our biggest fear. Neither of us have had any major health issues (knock wood) so I don't see a problem with us getting insured privately, I just would like to know where to start looking for the less expensive plans or less confusing options. Seems like every where I look, it's a confusing combination of this deductible with that coverage for this treatment... yada yada yada. The grids get mesmerizing after just a bit.
Confusing to say the least.
I'd like to see some more responses to this thread.
Thanks again.

 

[cosmic_chariot]

I understand what you guys are going thru...

... I was diagnosised with cancer in May 1998... had surgery & radiation.. and have been cancer free for almost 10 years... my first wife was diagnosised with cancer in Nov 1998..
and died in Jan 1999.... neither one of us ever smoked .. nor over weight... and we both worked out at a gym 2 times a week...our insurance company dropped me like a hot potatoe... no insurance company would consider writing any kind of coverage......period... for 10 years...
It was financally devastating.... I am now able to procure coverage thru medicare.. God willing .. I will never need it for cancer...
Life can be hard at times... but where have you ever saw it written where life will be easy..
I consider myself lucky... I am still here and able to ride often.. and often ride over 700 miles in a day... and I thank God for my blessings...

cosmic

 

[BACKDRAFT]

I am carrying my insurance after retirement from the company I worked for. It ain't cheap at over $400 per month. But it does cover everything. I will keep it until medicare and I can afford a gap coverage for less money.

For those that are over 60, now is the time to get your life insurance and medical insurance before you can't!

I have a heart condition and can't afford the preminums that they want, just for life insurance.

Don't wait! Get whatever you can afford....NOW!!!

 

[BigD]

I also retired at 62. I was self employed almost all of my working life, so I always had to purchase my own insurance. In order to spend less when I retired I went for a $5000.00 deductible. I would recommend Blue Cross, but keep in mind that most pre-existing conditions will not be covered. Even with my high deductible my premium was over $600.00 per month. Cobra, as mentioned above, would be your best choice but I think that is only available for 18 months. As someone above said, unless you can be sure to get insurance I would think about retiring at 631/2 so your Cobra would take you up to 65

One thing I can say for sure is that you do not want to be without medical insurance, not even for a day. Thank God I am now on Medicare. I just had an abdominal aortic amorism. I was only in the hospital for 2 days and including some post op care and a few cat-scans later the bill was over $80,000 .

Ride Safe
Dick

 

[DON OLLER]

retired

well i was in the same fix but company ask me to work a while longer so worked till i was 68 they then offered me a package and and treated it like a lay off so i could draw unemployment for one year and paid my insurance for a while then i had medicare and i took the medigap policy and humana for my medicine. and all is well here. i wish you luck you can do the cobra for 18 months. my company also sold several time and 6 months after i left yhey moved the plant to you guessed it mexico. wishig you a lot of luck.

 

[ChuckR]

You could try leaving the country and then coming back in illegally. You will be able to get a lot more freebees than just health insurance! :lol:

 

[Dick Fowler]

I went through this same situation but it was my wife who has cancer that created our problem. I was 62 at the time and my wife 54.

We took advantage of Cobra coverage through the company for 18 months. Thanks to HIPAA, insurance companies have to have an open enrollment period each year where thay must accept high risk people. While the costs are high for her ($1100/month)... chemo runs about 40K per treatment... every three weeks!

A word of caution... PAY CAREFUL ATTENTION TO TIME PERIODS AND DO NOT LET YOUR COVERAGE LAPSE AS YOU MOVE FROM CURRENT HEALTH PLAN TO COBRA TO AN INDIVIDUAL PLAN. Read below

http://www.cms.hhs.gov/home/regsguidance.asp

This link is a must read:
http://www.cms.hhs.gov/HealthInsReformf ... rotect.pdf

Read Page 17 of this document and keep the 63 day lapse of coverage issue.

 

[ulhpilot]

Should I start by saying I'm looking to buy a GW? (why else would I be reading this forum?)

I got laid off 2 years ago at age 49, an event that I had been planning for and had actually requested from my employer. I was waiting for a severance layoff and final got one. My ONLY concern was how to handle the health insurance issue since I was under 55, the earliest I could terminate with health insurance. I received company coverage during the severance peroid, then Cobra for 10 months. I was able to do research during this period, and by accident I caught a show on PBS (Consuelo Mack) where the subject was health insurance. One of the guests was the author of a book that addresses all the issues discussed in this post, and lots more. How to get the cheapest premiums, getting insurance with pre-existing health problems, HSA's (Health Savings Accounts), insurance for the over 55 crowd, how to save on prescriptions, etc. I had done a ton of research prior to buying the book, but I was able to pick up some helpful info. My Cobra was $400/month, and I got a comparable plan through BCBS of NC for $260/month including dental and vision. But this is for someone 51 YO, not overweight in good health. So anyone young enough to get individual insurance before a serious health problem arises, probably should.

The book also points out that most states, including MD, has state sponsored insurance 'pools' for people that have been rejected for pre-existing conditions. Unfortunately, the premiums appear to be pretty high, but it's better than no insurance.

If there is one lesson to be learned from the book, is that under the current medical situation in the US, virtually everyone should have their own individual insurance to prevent getting hosed if you lose your job, whether voluntarily or not. It looks like everyone will be required to do this eventually anyway, as the company I worked no longer offers it's retirees (under age 55 at 6/08) medical benefits after retirement.

As I don't know what the policy is here for pushing someone's product, I can be emailed or PMed if you want the name of the book. Or an admin can reply if it's ok to post here.

****

 

[raw2210]

Bump

Bump

 

[Tony in AZ]

plenty of good info and suggestions here guys... thanks.

At 53 I am a few years away from retirement , but I need to keep an eye on this health insurance stuff as it changes

 

[cptdenny]

I retired 8 years ago at age 43. I noticed then that if I stayed in the NYC area my Blue Cross Blue Shield health insurance would be over $900 a month. Yet in Florida the same coverage was about $250 a month for both my wife and I (She's 10 years younger).

Our health insurance has climbed everytime one of us had a birthday, I believe its almost $400 a month now for the both of us. I'm in excellent health, wife has several health issues.

What I'm saying is, depending what state you call home, may lower your health insurance cost. So give that a try and shop by state, start with Florida and see if its lower for you.

 

[BillsGW]

I am turning 50 this May and decided the best thing I could do is start an exercise program. I joined the YMCA and hired a trainer there. I have been overweight for years and not active enough to get rid of the pounds so I decided it would be prudent to start working toward better health. This is NOT advice for anyone else, it is just where I am at. The trainer asked me what my goal was and I told him it was just to be healthier and fitter for the rest of my life. Reading this post gives me some homework to do though, as we have 1000 deductale and no prescription coverage.

Bill in da U.P. (tired from 30 minutes of cardio today) :wink:

 

[wingnut1]

For what it's worth and if it applies to anyone here. I will be retiring in Dec. of 07 and in Oregon found out that since my daughter-in-law works for Kaiser, she can put me under her policy for less than $300 a mon. When I turn 65, it drops to around $129.00 for the same coverage I have right now. That includes optical and dental. So if any of you have family in the medical field, it's really worth checking into. Hope that will help someone, somewhere. :lol: