Retirement and insurance predictament - Page 3

Melania · ‎06-12-2013

@Trinity11 wrote:
@Melania wrote:
@Trinity11 wrote:
@ccassaday wrote:
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.
Yes, my husband is going to retire when he is 70 because I am dependent on his medical plan and I am early 60's. We got quotes upwards of $1500 a month for me to be insured. I have a lot of pre-existing conditions so it would be cost prohibitive.

Sorry to hear about your dad but I am six years younger than my husband and it is even worse.
Pre-existing conditions are not an issue anymore with HC. They are noot allowed to do that.
Yet the price per month was very high.

You're right but it's more about age. They know younger people are less risk. Sad but true...mine were higher as well. Mine went up around 60% from last year but still cheaper than DH's employer plan would have been.

ccassaday · ‎10-21-2010

@maestra wrote:
This happened to us; go onto state ACA plans. My parents will most likely get no benefit using the ACA. Their income is to high.

3suwm5 · ‎06-15-2016

Yes, this will happen to us when my DH retires. I'm hoping he stays past 65, but not telling him that he needs to work until I'm 65, just for insurance. His employer option for me is not (current prices) going to be more than the market plans. It's hard to say, as they never know if it will go up or not, or how quickly it will increase. I will probably be on that insurance until I'm 65.

Since it's a state plan, we will have to live here for in-network providers. We have to stay until 2021., unless we want to pay a boatload more for coverage.

Wish we really had reasonable options.....but that's a 'big fat NO'.

software · ‎06-08-2016

I think when you turn 65 you have to take Medicare, at least the Part A

I know my employer requires that I carry it when I hit 65.

@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.

ccassaday · ‎10-21-2010

@software wrote:
I think when you turn 65 you have to take Medicare, at least the Part A
I know my employer requires that I carry it when I hit 65.

@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.

Pretty sure most employers do if your over 65. It's not about my dad. It's my mom since she has a year gap. I am sure they will figure something out. They have invested his 401k already with a planner. But he still has a pension when he retires plus I believe 85k still in his 401k plan at work. So if he wants he could always take 10k out of one of those two things and put it aside to pay her premium for a year. It will just be does he want to do that. I will keep everyone updated after the insurance guy comes next week. It really is a shame that they worked hard and have more income coming in retirement then while working and this has to be a issue.

One other thing I forgot. Is my mom was going to take her SS a year early. This is income they currently don't have. Because she doesn't work this will be new money. So if it all comes down to it her SS will pay for her premium. I had forgot about that. Everything should work out.

Mom2Dogs · ‎03-09-2010

@ccassaday wrote:
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.

@ccassaday....I suggest talking with an insurance broker....you might find a policy even if it is not as good as what your mom currently has it might be OK for a year until she can get medicare and her supplement. You might look at a higher deductible as well. If you can, post what your parents end up doing...I would be interested, I might be in that circustance in a year or so.

ccassaday · ‎10-21-2010

@Mom2Dogs wrote:
@ccassaday wrote:
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.
@ccassaday....I suggest talking with an insurance broker....you might find a policy even if it is not as good as what your mom currently has it might be OK for a year until she can get medicare and her supplement. You might look at a higher deductible as well. If you can, post what your parents end up doing...I would be interested, I might be in that circustance in a year or so.

They have a appointment next week. I think it's with the same guy who helped me when I went on disability. He helped me pick a plan in the marketplace and then after two years he helped me pick a Medicare advantage plan. He is a really good broker. It's to bad she only needs it for a year because I see a lot of plans have a short term policy you can buy. But it only goes up to 184 days. With them being healthy and having a ton of investments I bet the higher deductible might be the way to go. Even their current policy through my dads work has a $3000 deductible. So maybe going up to a 10k deductible might work since they have no health issues. I will defintly keep you updated. I am sure it will work out.

151949 · ‎03-09-2010

When I retired I had to go onto my DH's insurance trhrough his job then after he retired I still needed insurance so I had to pay for COBRA thru his company - I believe it was $750/month 7 years ago. When you retire on SSD you have a 2 year wait to start getting medicare.. Fortunately , by the time DH retired I only had 6 more months til medicare, so we budgetted for it and just resentfully paid it.

I imagine the OP's parents will have to chose between COBRA, Obamacare or continuing to work another year.

Mom2Dogs · ‎03-09-2010

@ccassaday...Is your mom getting social security? If not she could apply for it and put those dollars toward her health insurance. Sadly that is what I am doing this year...my premiums are high and to help offset the large increase in my premium for 2017 I am starting social security earlier than I wanted to.....

ccassaday · ‎10-21-2010

@151949 wrote:
When I retired I had to go onto my DH's insurance trhrough his job then after he retired I still needed insurance so I had to pay for COBRA thru his company - I believe it was $750/month 7 years ago. When you retire on SSD you have a 2 year wait to start getting medicare.. Fortunately , by the time DH retired I only had 6 more months til medicare, so we budgetted for it and just resentfully paid it.
I imagine the OP's parents will have to chose between COBRA, Obamacare or continuing to work another year.

They make to much money to get subsidies on Obamacare. I am sure the guy my dad talked to about getting cobra for my mom was not right.$1300 seems like a ton. If They can find a plan that is equal to my moms SS they will be fine. Because of the money they have invested there are other options if they want to. I am just waiting for something to happen and not be able to build our house this spring. I am just always worrying about something.