Retirement and insurance predictament

ccassaday · ‎10-21-2010

My dad is turning 65 in June and plans on retiring. The issue is my mom. My mom will only be 64 so won't be elgible for Medicare yet. He talked to human resources at work and in order for my mom to keep her plan for another year it will be $1300 a month. We have a insurance guy coming next week to see what other options we have. Have any of you ever been in this predictament. I am not sure how insurance companies are left of the Indiana marketplace. Are going through the marketplace or finding her a private insurance plan our only options. My guess is even a marketplace plan is going to still be very expensive. My dad was looking so forward to retirement. This also could put a delay in building our house.

itsmagic · ‎08-08-2011

I had this happen to me. My husband is 3 years older than me when he retired and was on Medicare but I had to buy my own up until last July when I turned 65. I did not qualify for the ACA so I bought it directly from the insurance company. My last year paying for my own insurance was around $650 monthly with a $6000 deductible. So happy to be on Medicare with a supplement now!

ccassaday · ‎10-21-2010

@itsmagic wrote:
I had this happen to me. My husband is 3 years older than me when he retired and was on Medicare but I had to buy my own up until last July when I turned 65. I did not qualify for the ACA so I bought it directly from the insurance company. My last year paying for my own insurance was around $650 monthly with a $6000 deductible. So happy to be on Medicare with a supplement now!

How come you didn't qualify for the ACA. I thought anyone could get insurance through that. I know my parents make to much money to get subsidies of any kind. But I thought any one could get insurance.

itsmagic · ‎08-08-2011

Sorry - I guess that's what I meant that I did not qualify for the ACA subsidies so knowing that I dealt directly with the insurance company (in my case Blue Cross).

ccassaday · ‎10-21-2010

Does that mean you have to pay everything up to $6000. Do you have any kind of co pays.

hoosieroriginal · ‎03-04-2012

Since she has insurance "available" through your dad's work, I don't think she will qualify for Obamacare - but you should check with them, they have good information. I'm 64 and my plan on the marketplace in Indiana was only $134/mo and it's great coverage, but then again, it is based on your income.

chrystaltree · ‎05-10-2010

She should apply for coverage through the ACA.

ccassaday · ‎10-21-2010

@hoosieroriginal wrote:
Since she has insurance "available" through your dad's work, I don't think she will qualify for Obamacare - but you should check with them, they have good information. I'm 64 and my plan on the marketplace in Indiana was only $134/mo and it's great coverage, but then again, it is based on your income.

I was in the same situation when I left work. In this type of situation you do not have to take the cobra. My parents make to much money my guess is for subsidies. My dads income now while working is around 75k a year. It will be higher when he retires because of the good investments they made. Thry will probably be better off just going directly with a insurance company. They have a insurance guy coming next week. Hopefully he will get them something they can afford and it won't put a kink in retirement.

sweetee2 · ‎06-21-2015

Your dad sounds like he's around my age group and my retirement age is 66 and 2 months. I would make sure. Anyway can't he waited one more Year? Hubby working until 70 so I can have insurance.

ccassaday · ‎10-21-2010

@sweetee2 wrote:
Your dad sounds like he's around my age group and my retirement age is 66 and 2 months. I would make sure. Anyway can't he waited one more Year? Hubby working until 70 so I can have insurance.

Sure he can if they can't find something more affordable then $1300 a month for my mom. Unless your rich no one can afford this. Hopefully they can find a plan in the $500 to $600 range. We are building a house this spring. He wants to retire so he can put all his energy towards the house. It would be extremely disappointing and heart breaking if we had to put the house off for another year.