CAN'T RETIRE BECAUSE OF COST OF HEALTH INSURANCE - Page 4

chrystaltree · ‎05-10-2010

I have that magnet on my fridge too! Just because it's funny but there is indeed some truth to it. Luckily hubby and I love our careers and believe that working is keeps our brains fit. We have always intended to retire at 72, to maximize our SSA benefits and t sock away as much money as possible. At one time, we thought 72 was a choice we were making. The older we get, we have come to realize that if we want a comfortable retirement that allows to maintain the standard of living we have now, we can't retire before age 72. We're all living healthier and longer now and I have this fear of out living our money...the way so many people who retired early are doing now.

SilleeMee · ‎05-22-2016

I was forced into early retirement at 47 because of disability. The worst part was that I wasn't qualified to receive any SSD benefits/Medicare, long story. If I wanted health insurance then I had to buy COBRA insurance and that nearly put me under the bridge paying for it. Got so expensive that I went without insurance for a long time. Right now I qualify for the ACA health plans and that's not good but it's better than nothing.

CelticCrafter · ‎03-09-2010

When my husband retired, his pension package included health insurance for both of us until he reached Medicare age, which is next month.

At that time it goes away for me and I'm on my own for 6 months.

Just last week we had someone here to explain the supplement package and drug plans.

The broker asked about myself and what I was going to do.

I had already checked into the market place insurances and COBRA for myself will be almost half the price of I could buy on the marketplace. I'll be going with the COBRA coverage.

Mom2Dogs · ‎03-09-2010

@Spinach30....DH and I are self employed, dh is already retired. My health insurance grew to $1000.00+ per month...ridiculous!

Currently I have Medi-Share, I pay $374.00/month....there are no pre existing illnesses covered for several years and it does not cover any wellness exams. All charges are paid in full by you until you have paid in your yearly deductible or 'share', then your bills are 'shared' with others in the plan. So far, I have been happy, but I am also health and only go to the doctor is necessary...which has been 1x in 1.5 years.

It is unorthodox but very popular, if interested, google them and call, they will answer all your questions.

Once your bills have been sent to Medishare, they do try to negotiate a better price for you.

Kachina624 · ‎03-10-2010

@2blonde wrote:
@Kachina624 wrote:
@patbz. I'm in the same situation as a retired state employee. The only cost I've had for insurance for years is the same monthly Medicare charge everyone has. I pay no deductible, co-pay or premium. Even before I was on Medicare, I paid nothing. I may not have gotten rich but I had and still have excellent insurance. Believe me, I appreciate it, especially when hearing what some people must pay.
@Kachina624 Yes you are very lucky. I also have been a full-time state employee for the last 47 years (a different state). Even with still using my employer's medical insurance, I have to pay deductibles, co-pays and monthly premiums (which are not outrageously high). When I retire I can use the state's supplemental Medicare insurance, but that will actually result in costing me more than I pay now (which is why I continue with this insurance, rather than moving to Medicare).

@2blonde. My state service was in Texas, 32 years of it. We always had really excellent benefits which enabled me to retire at age 57, with a pension + SS. Even when I retired until I was 65, I had fully paid insurance.

New Mexico☀️Land Of Enchantment

Annabellethecat66 · ‎03-12-2010

The OP possess an interesting question. I'm 72 so I'm covered by Medicare AND I have additional health care. I'm a widow but since I worked for the government way back they didn't take out social security, so I get my late husband's social security. They take money out of that to pay for my Medicare.

So, I have one daughter who's husband is self employed (just him and she's on the payroll). She has 4 children. She has become (out of necessity) a person who knows everything about health insurance.

I heard a guy on TV say that more and more people are opting out of health insurance because if you don't go to the Drs much, you should do 'pay as you go'.

But a lot of Drs won't see you if you don't have any kind of health insurance...they want to know what you have when you make the appointment.

Carmie · ‎10-25-2010

@nomless wrote:
@patbz wrote:
@seaBreeze: That calculation doesn't account for any pension you might receive. Mine and DHs are both good. Plus we both get good social security and have a good nest egg (although not the recommended optimum. We have been retired for twelve years, had plenty of health challenges (DH) and still travel the world at will. Life is good.

Wow, both you and DH both get pensions? You are so fortunate. I know a lot of retirees, and none have pensions. Instead, they must rely on SS and personal savings.

I get a lifetime pension and my DH currently gets two different pensions. He worked two jobs for most of our married life. He is retired from both, but he still working a part time job with local government. In 15 months, he will be eligible for another very small monthly pension of about $120....and more if he continues to work.

If he dies before me, I am eligible for half of his largest pension. If I go first, he does not get anything.

mousiegirl · ‎03-09-2010

@Spinach30 Have you looked into Stanford Health Care Insurance in the Bay area? It is new, and seems to be wonderful, and reasonable.

Lindsays Grandma · ‎03-10-2010

@Nightowlz wrote:
Ok we can go on Medicare when we turn 65.
How much does Supplemental Ins cost???
I have no clue. Is it going to be less then the $1000 the OP is talking about?
DH takes no scripts & I take NP Thyroid which I pay out of pocket now because our Ins will not pay for this natural medication.

My Aetna supplement Plan F is $238.18/mo, up from $218 in 2018. Between medciare and that I never pay one penny for medical costs. Example...paid 100% for hip surgery, rehab for one month plus home physical therapy for 6 months. This does not include Part D, prescriptions, that one is $96.90/mo with BCBS.

The moving finger writes; And having writ, Moves on: nor all your Piety nor Wit Shall lure it back to cancel half a Line Nor all your Tears Wash out a Word of it. Omar Khayam

judy0330 · ‎01-03-2011

So many people are in the same boat. I just paid my last health insurance premium. I go on Medicare on 3/1 and never thought I would be this happy about turning 65. Last year my premiums totaled more than $11,000 and then I had to pay my deductible because I had hand surgery. Another $6,500. SO -- $17,500 for health insurance. Ridiculous. (And worse before my husband went on Medicare.) Our mortgage has been paid off for a long time but this was tantamount to still having one. I am really looking forward to the additional disposable income we will have starting in March.