Major Medical Insurance

[dp000]

Perhaps this topic has been discussed numerous times, but it hasn't applied to me until now. Both my spouse and I are 63. We have both decided to stop working, so now we need to find our own medical insurance. Do any of you have wonderful insurance that will take us from 63 to Medicare? We would love to hear about those companies and your experiences. Websites appreciated, also. Thanks !

[SNOK]

I am in your same demographis dp000. I am planning retirement in the next year, so I will also be in need of medical insurance to bridge to Medicare. Right now, I am probably leaning toward COBRA with my current employer plan, because of the plan features and no worry about pre-existing conditions even though it is pricy. I will be observing the responses to your query to see if other suggestions develop that may be just as viable and more cost effective. Like you, I have myself and spouse to cover.

[SNOK]

I am in your same demographic as dp000. I am planning retirement in the next year, so I will also be in need of medical insurance to bridge to Medicare. Right now, I am probably leaning toward COBRA with my current employer plan, because of the plan features and no worry about pre-existing conditions even though it is pricy. I will be observing the responses to your query to see if other suggestions develop that may be just as viable and more cost effective. Like you, I have myself and spouse to cover.

[SteveFromNY]

I am in your same demographis dp000. I am planning retirement in the next year, so I will also be in need of medical insurance to bridge to Medicare. Right now, I am probably leaning toward COBRA with my current employer plan, because of the plan features and no worry about pre-existing conditions even though it is pricy. I will be observing the responses to your query to see if other suggestions develop that may be just as viable and more cost effective. Like you, I have myself and spouse to cover.

I'm in a similar boat, about to stop working and start paying for my own medical until I can get Medicare.
With the limited knowledge I think I've got, I believe 1) that pre-existing conditions are no issue provided you have had continuous coverage with no gaps and 2) you must use COBRA until it expires (18 months) before any other company will cover you.
Has anyone heard the same thing?

[NJblue]

I would be very surprised if #2 is correct. An insurance company is a profit oriented business (much to the chagrin of some). Why would they make you complete COBRA before they would start to make a profit from you?

[Virginians]

The lowest cost overall is a high deductible plan. For my wife and I at 62, we pay the first $6000 and the plan pays the next $7,000,000. Our plan costs $330/month. Put Money in a health savings account and it is income tax deductible.

Best site to check for insurance in you state is http://www.ehealthinsurance.com/ehi/Alliance?allid=Goo25151

[Boomer]

I realize that this recent change in how COBRA premiums can sometimes be covered probably does not apply here, but I wanted to pass the information along on the outside chance that it could help somebody who does not know about this. (And before anybody gets all wound up that this is political, it is not. It is simply information about COBRA coverage under the stimulus plan.)

Under the stimulus plan there is a 65% subsidy of the COBRA premium for those who have been involuntarily terminated and who meet other requirements, including not crossing a certain income threshold.

Retirement does not officially qualify, as I understand the eligibility requirements to pay COBRA premiums at the highly reduced rate of 35%.

But when I heard about this subsidy, my first thought was whether or not there could be circumstances of retirement which would qualify. In other words, when is a retirement not a retirement? I do not know the answer to that question, but I do know that many employers are trying to find ways to cut back and although "forced" retirements could and should put an employer on thin ice, these things have a way of happening.

Of course, many employers offer retirement packages that would appear to clearly define the separation. But what if there is no package or pension start or anything else other than just a job gone for someone who happens to be "retirement age"? Would such a circumstance actually be an "involuntary termination" even if retirement is waiting on the other side of the door? This economy has made me wonder how many people are being led into "retiring" before they really want to because their employer has to cut back.

I am including here a link with a short explanation of the COBRA subsidy for the "involuntarily terminated." I really doubt that it would apply in most cases for someone who is retiring. But just in case anybody reading here would like more information, here it is. It just seems like this could be something to think about under certain circumstances.

http://personalinsure.about.com/od/health/a/aa021809a.htm

And please remember that I have no idea what I am talking about. I am not a financial adviser or an accountant or anything like that. I just tend to think about stuff like this.

And please be very careful and make sure you completely understand everything about how to navigate your way through this insurance coverage stuff. It can be complicated and can get slippery. Make sure you know exactly what you are doing. And although full premium COBRA can be ridiculously expensive, at least it is available, by law, and could turn out to be your best plan for good continuous coverage.

For early retirees, insurance coverage is often the most important key. Understand it clearly.

Boomer

[champion6]

Best site to check for insurance in you state is http://www.ehealthinsurance.com/ehi/Alliance?allid=Goo25151THANKS for the link! I'm encouraged by what I see there. I will retire in 2012 at which time I will need about 16 months of medical coverage to bridge to Medicare - my COBRA will only work for local doctors. Frankly, I was expecting to see rates two to three times what I see now. Only time will tell what the rates will be in 2012.

[dp000]

I went to that website and found a lot of choices to compare. I appreciate your help. It's, also, good to see that others are in the same situation we are.

[SteveFromNY]

I would be very surprised if #2 is correct. An insurance company is a profit oriented business (much to the chagrin of some). Why would they make you complete COBRA before they would start to make a profit from you?

The issue wasn't getting coverage, it's to get pre-existing conditions covered. Anyone will cover you, but if you've had continuous coverage and exhausted cobra, they have to cover pre-existing conditions as well. I thought it was part of the law.

[Rag Bagger]

The issue wasn't getting coverage, it's to get pre-existing conditions covered. Anyone will cover you, but if you've had continuous coverage and exhausted cobra, they have to cover pre-existing conditions as well. I thought it was part of the law.

Can any one clarify this? I think it may not be true. Particularly if you are moving to TV from another state. I do not think insurance companies are required to take new members just because they have had continuous coverage in another state. I think this is true even if you are staying with the same company but moving to a different state.

[rshoffer]

The lowest cost overall is a high deductible plan. For my wife and I at 62, we pay the first $6000 and the plan pays the next $7,000,000. Our plan costs $330/month. Put Money in a health savings account and it is income tax deductible.

Best site to check for insurance in you state is http://www.ehealthinsurance.com/ehi/Alliance?allid=Goo25151:agree:

[rshoffer]

Can any one clarify this? I think it may not be true. Particularly if you are moving to TV from another state. I do not think insurance companies are required to take new members just because they have had continuous coverage in another state. I think this is true even if you are staying with the same company but moving to a different state.The HIPPA laws require continuouscoverage when going from one GROUP plan to another GROUP plan, regardles of pre-existing conditions. I do not believe HIPPA applies to INDIVIDUAL plans.

[trichard]

The company listed below will work with you on insurance coverage. They are well respected in the health care field in central Florida:

The Health Insurance Store
1007 East Vine Street, Kissimmee, FL 34744 407-932-0023

[Quixote]

Can any one clarify this? I think it may not be true. Particularly if you are moving to TV from another state. I do not think insurance companies are required to take new members just because they have had continuous coverage in another state. I think this is true even if you are staying with the same company but moving to a different state.

I think its not true too. But Im told health insurance is suppose to be different than all other kinds of insurance in that you can keep your coverage in one state when moving to another state. But the company will change the rates they charge for where youre moving to, and it might be higher or it might be lower but usually higher. To change to a new policy with the same company in another state they definately do take into account your pre-existing conditions and may not give you a policy in the new state though. I could be wrong but this is what I was told, I hope this helps.

[BJinTX]

Hello, yes I've been here before regarding health care. I do have a pre-exisiting condition and can not get health care in Fl. or we would be there already. Since I am in a high risk pool - I can not transfer despite numerous letters to congressmen and a govenor requesting a signature of transfer. BC/BS administers the pool but it is not theirs. I did call the Fl. health dept and was told to move to Fl., get a job with health benefits (why move to work?), then when I qualify , quit and go on Cobra and then I will qualify for health insurance and someone will pick me up. ???? My last hope is to write to the govenor of Fl. ??? We want to move so bad and this is what is stopping us. I've spent the last 20 yrs post kidney transplant taking great care of myself with normal lab work but even with following all the rules it does not matter. Oh and the Fl health dept also told me the job market was bad. thank you, BJ