medical insurance question

[Goalpost]

So...my question deals with retirement and coverage. I retired this month. Always had coverage thru my company but that ends. My immediate option is to move into COBRA. It's more than what I paid at work. For the time being I enrolled in it. I get 18 months in COBRA if I want it but will probably shop around. I'm 58. Has anyone else gone thru this process? I dont have a wife to share coverage or change coverage to.

[oncemoreuntothejimbreech]

Basically, you're screwed until you're eligible for Medicare. You're in the individual market now since you don't have an employer subsidizing your monthly premiums. You can expect to pay at least double, if not more, for the same amount of coverage you had with your employer. Or you can choose a very high deductible with a low premium which basically means you'll pay everything out of pocket except for major surgeries or illness until you meet your deductible. You're basically one stent away from bankruptcy.

[fredtoast]

Whatever you do DO NOT enter your email address anywhere to get "free quotes". I did that a few years ago and still get tons of junk emails every month.

[fredtoast]

(06-27-2019, 08:30 PM)oncemoreuntothejimbreech Wrote: Basically, you're screwed until you're eligible for Medicare.  You're in the individual market now since you don't have an employer subsidizing your monthly premiums.  You can expect to pay at least double, if not more, for the same amount of coverage you had with your employer.  Or you can choose a very high deductible with a low premium which basically means you'll pay everything out of pocket except for major surgeries or illness until you meet your deductible.  You're basically one stent away from bankruptcy.

It should not break him unless he has some sort of medical condition.  I assume he is in decent financial shape if he is retiring at 58.

I first got coverage in the private market about 5 years ago when I left the Public Defenders Office.  It was not too outrageous.  I was 51, but I did not have any pre-existing medical conditions.

What really gets expensive is paying for a wife and kids.  Luckily my ex-wife could put our kids on her insurance and I just upped my child support to cover it.  I would have never started working on my own if I had to buy insurance for my kids on the private market.

[Goalpost]

Yea. More detailed. I had Anthem for medical and Cigna for dental. I have the same coverage. They said I will get new cards but the companies will remain the same. The cost is at least triple, if not more. I'm in good shape medically which is why I did retire. Too many neighbors and friends with retirements sadly too short lived.

[Benton]

My uncle just retired a couple years early and got coverage through a local place. He's crazy frugal, but said he was payingabout the same and had similar coverage to his employee insurance.

It's out there, you just have to shop around.

And I'd recommend a local place instead of just comparing online. That way you've got someone you can sit down with and ask questions. Generally, they're going to be offering you the same stuff that you'd find in line, but they won't kill you with fine print.

[NATI BENGALS]

I haven't had to use healthcare.gov for a few years. Does this not help any longer?

[Goalpost]

(06-28-2019, 02:47 AM)NATI BENGALS Wrote: I haven't had to use healthcare.gov for a few years. Does this not help any longer?

It's an option for sure and a good point.  I was kind of in a crunch time.  If I had a do over I would have separated in the beginning of the month.  When you leave, you are covered to the end of that particular month.  In this case, my last day was June 26th which only left me covered for 4 days.  I had to make a quick decision as I couldn't risk being uncovered.  COBRA was the easiest transition and I had to pay two months up front, because I didn't get a chance to really shop.

[oncemoreuntothejimbreech]

(06-28-2019, 12:54 AM)Benton Wrote: My uncle just retired a couple years early and got coverage through a local place. He's crazy frugal, but said he was payingabout the same and had similar coverage to his employee insurance.

It's out there, you just have to shop around.

And I'd recommend a local place instead of just comparing online. That way you've got someone you can sit down with and ask questions. Generally, they're going to be offering you the same stuff that you'd find in line, but they won't kill you with fine print.

The problem with lesser known companies is many networks don't accept them which leaves you paying cash for the visit then filing with your insurance afterwards which is a pain.

At a minimum, check to make sure your PCP is in network. You probably want to check with your local hospital, also. Call the providers directly to verify. Don't rely on the insurance company's online list of in network providers. These lists are notoriously out of date.

[6andcounting]

(06-27-2019, 09:05 PM)fredtoast Wrote: Whatever you do DO NOT enter your email address anywhere to get "free quotes".  I did that a few years ago and still get tons of junk emails every month.

Just because the video on the home page showed an 18 year old girl in a doctor's coat doesn't mean you were on an insurance website. 

[fredtoast]

(06-30-2019, 04:38 PM)6andcounting Wrote: Just because the video on the home page showed an 18 year old girl in a doctor's coat doesn't mean you were on an insurance website. 

It was an insurance sight.  Only problem is that I have gotten about 1000 emails from insurance companies and am still getting them now.

[*bfine32*]

You might want to look around for a lesser job that provides insurance. My Uncle (we're basically the same age) retired early because he could and got a job being a driver at an assisted living community. Pretty sure he works for basically nothing more than the insurance.