Health Insurance for 55 y/o retirees

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Old 11-16-2014, 07:38 PM
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Default Health Insurance for 55 y/o retirees

I'm not 55 quite yet, but am in the planning stages for early retirement. What do you do for health insurance for 10 years or so before Medicare kicks in. And please no Obamacare comments. I'm not a fan of it at all, but any comments about it will likely be not very helpful.

I'm just looking for how you currently handle your healthcare under normal circumstances, no disability or other qualifying conditions.

Thank you in advance for your input.

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Old 11-16-2014, 08:02 PM
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Like it or not, seems most people I know under 65 & retired are best served getting insurance through the Affordable Care Act (aka Obamacare). Pricey for good coverage, but it's real insurance with reputable carriers.
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Old 11-16-2014, 08:18 PM
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I just purchased Florida Blue Cross through the marketplace. I worked with an agent, who did all the legwork and helped me better understand my options. Not a fan either of the ACA, (very flawed system) but as an under 65, retiree with no coverage through past employer, it's the only choice.
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Old 11-16-2014, 08:22 PM
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Perhaps your employer offers a COBRA (Consolidated Omnibus Budget Reconciliation Act) plan in which you can purchase it through your company or have it deducted from your pension. Then, once Medicare kicks in as your primary, that insurance will be your secondary. I'd contact HR in your company to check out your options. Good luck
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Old 11-16-2014, 08:24 PM
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You can go with any plan that you choose. Get a very high deductible if you want lower monthly or if you have the ability, go with a no deductible and pay more. You're only limited by what you can afford. Also, know up front what your max out of pocket is in case of health issues. As previous poster said, get an agent to do all the research.
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Old 11-16-2014, 08:47 PM
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Quote:
Originally Posted by Steve & Deanna View Post
Perhaps your employer offers a COBRA (Consolidated Omnibus Budget Reconciliation Act) plan in which you can purchase it through your company or have it deducted from your pension. Then, once Medicare kicks in as your primary, that insurance will be your secondary. I'd contact HR in your company to check out your options. Good luck
COBRA is only good for 18 months ( 36 for some specific circumstances that does not include retirement ). Previous advice to use a broker is probably best. Unless you are eligible for a subsidy under ACA, you will do better in the private marketplace. But be prepared for the sticker shock.
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Old 11-16-2014, 08:49 PM
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Quote:
Originally Posted by Steve & Deanna View Post
Perhaps your employer offers a COBRA (Consolidated Omnibus Budget Reconciliation Act) plan in which you can purchase it through your company or have it deducted from your pension. Then, once Medicare kicks in as your primary, that insurance will be your secondary. I'd contact HR in your company to check out your options. Good luck
The OP is looking for coverage for 10 years. As I understand it, COBRA plans do not provide coverage for that long of a time period.

http://www.dol.gov/ebsa/pdf/cobraemployee.pdf
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Old 11-17-2014, 07:25 AM
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Any recommendation for a local health care insurance agent?
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Old 11-17-2014, 08:26 AM
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I don't recall the name of it, but there's a place at the corner of Rt 466 and Rt 27/441. A friend works there and I would go there if I was in need of insurance. And - I was on an Affordable Care Act plan for 3 months between work coverage - it worked and was less than Cobra.
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Old 11-17-2014, 09:16 AM
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I think you are looking at Obama Care... good luck!
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Old 11-17-2014, 09:22 AM
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I've been hearing a lot of people have AARP as their supplemental while on Medicare. Check with them and see if they offer full coverage for someone only 55. I'd love to hear how you make out because I'll be in the same situation very soon!!
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Old 11-17-2014, 09:33 AM
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I think you are looking at Obama Care... good luck!
Yup, and it's very expensive unless you want minimal coverage.

I had to get it for my wife who is younger then me and we got what was basically catastrophic coverage. Thank God she now get's coverage through her employer.
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Old 11-17-2014, 05:09 PM
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Quote:
Originally Posted by kbace6 View Post
I'm not 55 quite yet, but am in the planning stages for early retirement. What do you do for health insurance for 10 years or so before Medicare kicks in. And please no Obamacare comments. I'm not a fan of it at all, but any comments about it will likely be not very helpful.

I'm just looking for how you currently handle your healthcare under normal circumstances, no disability or other qualifying conditions.

Thank you in advance for your input.

I'm 62 and paying 100% the health insurance preminum for my wife and I. We were on Cobra but it went from $850. to $1400 a month in July. I was forced to try Healthcare.gov and found a Florida Blue plan for $1100. In January that plan disappears and we're in a different plan with higher premium and deductable. There is a feeding frenzy going on in medical/insurance industry with everyone making a killing. If anyone is aware of a better deal please post it.
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Old 11-17-2014, 05:50 PM
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Time to make life a little simpler. Make an appointment at the BCBS office on 101 near 466. They do all the Healthcare gov. entries right there. It's quick now. If it is determined that you qualify for subsidies you will have many choices to choose from. If you don't then you can check out your alternatives. You're done.

Not liking the ACA should not preclude you from making a sound economic decision. I think enrollment goes through 2/15.
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Old 11-17-2014, 07:17 PM
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Just because you get a name brand company like BCBS for Obamacare, don't expect doctors to accept that insurance. You'll have to call ahead and specifically ask if the doctor accepts certain BCBS policies. A doctor in leesburg was accepting but it was a 22 week wait for appt.
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