Retirement Decision / health coverage question - Page 2

Winkk · ‎03-15-2010

@Kalli - I didn't see where you said how old you are. Will it be long before you can sign up for Medicare? As others have said, I found COBRA to be very expensive. Of course, insurance is different from state to state but I would really look into finding something else besides COBRA.

Mominohio · ‎08-08-2010

I don't have a lot of specific advice to offer on this topic, except between jobs one time, we had to use COBRA, and it was financially draining. So I'd recommend looking for some other alternative.

And I know many people who are putting off retirement, solely because of health insurance costs. Many of them have worked good jobs and made good money, and did plan for the future, but retiring (especially early, when not yet eligible for Medicare) is being put off longer and longer because of the cost of health insurance. If it is affordable, it has high deductibles and if it is good coverage, it has very high monthly premiums.

I think one has to take into account that with the upcoming elections, there could be major changes in the ACA up to and including it's demise, and that could change the entire face of what health care premiums and costs may look like (for the better or for the worse) in the foreseeable future as well.

I certainly don't remember when my folks were of retirement age, and especially my grandparent's generation, this consuming such a huge portion of many folks monthly budget.

Please take a lot of time to investigate, check and double check before you make that final decision to retire, but know that the face of health care and especially health insurance and costs are ever changing, mostly increasing.

Mmsfoxxie · ‎06-19-2010

@Kalli, when I retired last summer, I was already eligible for Medicare so that helped me. I was eligible for cobra and at first I was upset because United Health Care, the plan I was in while working, want $585 or $685 a month! I found out, though, that you can choose any company you want for your supplemental insurance. The coverage is the same. So I chose Mutual of Omaha for $131, plan F. After my 18 months under cobra, I have no idea what I will have to pay but right now, I am well pleased.

Btw, for me, the AHCA was going to cost me a lot of money....more than the United Health Care premium was going to cost me.

“You can’t wait until life isn’t hard anymore to be happy”. (By Nightbirde, singer of the song, It’s Ok)

151949 · ‎03-09-2010

@Mmsfoxxie wrote:
@Kalli, when I retired last summer, I was already eligible for Medicare so that helped me. I was eligible for cobra and at first I was upset because United Health Care, the plan I was in while working, want $585 or $685 a month! I found out, though, that you can choose any company you want for your supplemental insurance. The coverage is the same. So I chose Mutual of Omaha for $131, plan F. After my 18 months under cobra, I have no idea what I will have to pay but right now, I am well pleased.

Btw, for me, the AHCA was going to cost me a lot of money....more than the United Health Care premium was going to cost me.

Are you saying you are using COBRA from your job AND paying for a medicare supplement? That should not be!!! You only need the supplement.

SharkE · ‎08-19-2010

Best thing to do is go to a independent insurance agent that has all the plans and rates at their fingertips and can get you what you think is best for you till you can get on Medicare.

Mmsfoxxie · ‎06-19-2010

@151949 wrote:
@Mmsfoxxie wrote:
@Kalli, when I retired last summer, I was already eligible for Medicare so that helped me. I was eligible for cobra and at first I was upset because United Health Care, the plan I was in while working, want $585 or $685 a month! I found out, though, that you can choose any company you want for your supplemental insurance. The coverage is the same. So I chose Mutual of Omaha for $131, plan F. After my 18 months under cobra, I have no idea what I will have to pay but right now, I am well pleased.

Btw, for me, the AHCA was going to cost me a lot of money....more than the United Health Care premium was going to cost me.
Are you saying you are using COBRA from your job AND paying for a medicare supplement? That should not be!!! You only need the supplement.

@151949, I'm paying $104 for Medicare, $131 for my plan F, $20 for my drug plan and $21.75 for dental insurance.

“You can’t wait until life isn’t hard anymore to be happy”. (By Nightbirde, singer of the song, It’s Ok)

CouponQueen · ‎10-21-2010

I know COBRA is expensive but if you can afford it, you at least get to keep what you have.

I know many have used the Market Place under the AHCA to obtain Health Insurance. I would check into it and see what options etc you have.

I am so thankful that I will have employer health insurance upon retirement. One of the perks of my job but not many would want to do my job..(mental health)...but it comes with some rewards and not all monetary and benefits!

It often makes you thankful for what you have..and the old saying for the Grace of God Go I...certainly true!

Good luck on your choices and your retirement!

itsmagic · ‎08-08-2011

I retired at 59 and took Cobra for 18 months. The Cobra cost me a little more than what I could buy on my own but the coverage was so much better. When that ran out I bought my health insurance on my own since I didn't qualify for the AHCA Marketplace plans. I figured this all out before I retired to make sure I could afford to retire. I will soon be eligible for Medicare.

Tinkrbl44 · ‎08-23-2010

@Winkk wrote:
@Kalli - I didn't see where you said how old you are. Will it be long before you can sign up for Medicare? As others have said, I found COBRA to be very expensive. Of course, insurance is different from state to state but I would really look into finding something else besides COBRA.

I was thinking the same thing ..... can't she just opt for Medicare?

Perkup · ‎03-09-2010

i can only speak for my personal experience and that of my DH. When my first husband passed, I was given the option of continuing the coverage we had with his company at a cost of $87.00 a month. Very good coverage with BCBS. When I remarried, I lost that option, but because I am diabetic, BCBS had an obligation (so they said) to continue covering me. I now pay them about $255.00 a month for an individual policy. I also have Medicare, which BCBS also handles within the above amount. I do have to have an individual policy covering medicine through Humana, which costs me about $55.00 a month. But with all this, I get almost 100% coverage on anything I need. My Medicare covers the first portion of my bills, and BCBS picks up the rest. I get my Meds thru Winn Dixie and the cost is very low overall. I suppose I could drop the BCBS individual policy, but I don't want my final days to be a finalcial drain on my children and husband should I develop a long term illnss, so I keep the coverage.

DH has only Medicare, but the coverage is excellent. He goes through Humana and chose the plan with zero dollar costs. It has been great. He just had two surgeries - neither life threatening, but both very costly. His total cost is $188.00.both

I would check to see if you can continue the coverage you presently have after you leave the company. This might be your most economical answer. If not, try one of the supplement policies - and check with more than one. There are different options to consider. And also keep in mind that there are going to be changes in the Affordable?? plans. There's no way it can continue as is. $$ will run out and doctors are retiring every day because of it.