Community Chat

[KCDiva]

I am thinking of retiring early. Age 63. My problem is healthcare. I can't get Medicare until 65. I am not married. I am looking for suggestions. Has anyone done this and how much be are you paying? TIA

[Peaches McPhee]

This is an issue for many. 

Your only choice is to shop around.  Get on your state's insurance website and do some digging.  Cost is not the only worry, it is what's covered by the cost and copays.  And if you have chronic illnesses that require lots of medical visits, or if you are relatively healthy.  Your income factors in, as well.

[Meowingkitty]

My husband got laid off a couple of years ago and he carried the health insurance. Fortunately a new job opened up and he returned back to the same company. We had 6 months company paid before I had to find something else. As I recall the only thing out there at the time was Obama care and for me at the time I was 60 or 61 and it was well over $1000 a month. And it was garbage. I have no health issues. Thankfully he returned to work before I needed that plan. I think you can now get private insurance but it won't be cheap. But then again not having to work is not so bad either. 

[Tricolor]

Will your company keep you on their benefits if they offer them until you reach age 65? You might have to pay a bit more but maybe they will work with you.

[SharkE]

I'd work the 2 more yrs. My husband worked till he was 70 to get the extra and then I have a cousin who retired at 62 he just shook his head.

We were on Medicare when he was still working . Sure was nice paying a hundred and something instead of 1,000 and over. His boss would only cover a percentage of insurance not the whole thing, so, we had to pay the overage.   He hit 65 first, then, I did few yrs. later and we celebrated !

He could have gotten 'full SS benefits' at 66, but, pulled the wagon till 70 and finally quit.

[deeva]

I took ss early, I was fortunate because DH had excellent medical benefits from his job. My premium was $458 a month for a PPO open access plan. Very low deductible and no copays for office visits.

We have friends who were paying between 2k and 4K a month. 

Premiums vary across the country, so you probably need to consult an insurance broker. 

[namaste000]

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@KCDiva wrote:
I am thinking of retiring early. Age 63. My problem is healthcare. I can't get Medicare until 65. I am not married. I am looking for suggestions. Has anyone done this and how much be are you paying? TIA

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First make certain that your current job does not offer you insurance through them after you retire.  If not, I think you would need to get insurance through the Affordable Care Act.  You can go online (ACA) and put in your specific info to see prices.

[kitty60]

This is difficult for sure.  Ordinarily you can COBRA existing insurance for a period.  I would check with your HR department as to length and cost.  When I had to pick up my own insurance I used COBRA until I could no longer and then chose a high deductible plan and when I finally went on medicare at 65 I was paying $916 per month and depositing another $250 month into my HSA.  

You should be able to check with an insurance agent to price out the plans that are available to you.  I have found the independent agents very helpful.  It is always good to have all the information you need to make a decision that is this important.

[KCDiva]

Thank you. This is all so sad that the only reason people are working is for healthcare. This needs to change.

[ItsME]

@KCDiva   You should be able to stay on your company's plan for 18 months under COBRA.  you will have to pay both your share and the Company's share of the premium, but that should be a lot less than purchasing through the ACA or on the open market.  

Talk to someone in your HR dept, if you're comfortable doing that, or look through your employee manual.  

good luck!