Community Chat

[Kalli]

I'm hoping to retire within the next 10 months or sooner.  I've worked for the same employer for almost 30 years and have always had my health coverage through them.  

Once I retire, I'll have Cobra for 18 months.  Then I'll have to find my own health coverage until Medicare.  I've never had to do this and I'm hoping folks will have recommendations for me.  All advice and experiences with this type of thing will be appreciated.

I could continue working but truly want to be done.  Just don't want to find myself in a pickle over this health insurance stuff.  I know it's different now with the ACA...

[Kachina624]

My insurance has always been 100% paid by the employer from whom I retired so I've never had to explore options.  I do know insurance through Cobra is prohibitively expensive so I'd look for other options if I were you.  Others here can probably advise you.  I have several friends insured through AARP who seem very pleased with it.

[151949]

In my experience I think you may find the ACA has less expensive coverage available than COBRA - which is typically very expensive. If I were you I would explore that before you make any commitment. If you are generally healthy it makes a difference in how much coverage you need to buy. I recall the excitement I had over my impending retirement, best wishes for yours.

[QVCkitty1]

When I retired in 2011, I took took the COBRA option. I thought it was expensive till after the 18 months when I had to buy my own. It was over 3 times what I paid for COBRA. I know some

don't like  ACC, but when it went through. Blue Cross cut my premium in half. After that I only

had 6 months till Medicare kicked in. and I went with the BCBS Advantage plan. I t was a struggle for awhile, , but I never regreted it.

[hsawaknow]

Congratulations on working for a company for 30 years and your retirement! What I dont understand is why you have to pay for your cobra? It is very, very expensive. Is there some other way you can get insurance, medicaid or medical(california)

To see your hard earned retirement money go to cobra would be sad. I would check into something else before you actually retire. Good Luck to you and happy early retirement!

[Mz iMac]

I retired early & the company I retired from pays 100% of my health ins.

Last summer I became an honory member Medicare & Medicare Supplemental Ins plans.

So now I am covered coming & going.

[MENTL]

I was fortunate enough to be able to retire at 50 and had COBRA for 18 months.  During that time I had a hysterectomy and knew I would have trouble finding coverage when my COBRA ran out.  But, just in tme came the AHCA and I was able to find a great platinum plan for $700.00 a month.  So for 2 years I had great coverage and then in October I received a letter from my HC provider that they were dropping all PPO plans and my coverage would end December 31st.   Needless to say I freaked out and called my Agent and it turned out that all providers were dropping the Platinum PPO plans and the preimiums were going up.  I had no choice but to choose the best available plan but the coverage is horrible and hundereds more a month!  It's an HMO (which I hate) and I am only covered in my county, so if I travel I'm SOL.  Higher deductible for everything, presriptions are more, etc.

[KathyPet]

You can always start with the Cobra coverage so you have something and then drop coverage if you find something better after you retire.  You are not required to keep the Cobra coverage for the Entire 18 months.  With Cobra coverage you are still getting the group coverage rate that your employer has negotiated with the health care plan provider that the company has chosen but you will carry the full cost of that group coverage with no employer subsidy.  So if your employer is paying 50% of the cost of coverage that subsidy will disappear.

[reiki604]

I retired last June and am using Cobra for 18 months because it is a PPO plan and those are no longer available by the insurance company. After Cobra runs out I will purchase a platinum plan from the same insurance company so I don't have to worry about my Drs accepting the new plan. I calculated healthcare costs into my retirement plan so it isn't a burden or a surprise. I am greatful to the ACA because as a cancer survivor, no company would have insured me in the past. I am ineligible for any supplements but again, I planned it so I could afford to retire when I did and I LOVE it!!!

[hoosieroriginal]

I retired two years ago and because I can't get Medicare yet, went through the Affordable Health Care Act.  The only problem, if you want to work "part time" you have to tell them to the penny what you will be making each year or you will be dinged at tax time.  My first year payment was about $173, second year went up to $213 and this year, surprisingly, it went down to $94 (my tax lady told me last year my payment was way too high and that they weren't giving me enough tax credits).  I have MedWise and like it - don't pay for dr. visits.  I believe I have a $1700 deductible.  With the Affordable Care Act you are eligible for tax credits from the government to help you afford your payment.  (Course, depending on the outcome of the election, it may not be around much longer, but by then I will be eligible for Medicare).  Check out their plans carefully and DON'T go by what they quote you online - it is not always right.  Call them, give them your earnings and they can tell you what it will run.