Looking for some advise regarding retiree health insurance..

[Dan 444]

Hi all,

Later this year, I will be retiring (62 yr. old) and my wife and I will be retreating permanently to our place in Northern New York (Franklin County). When I leave my company, we will no longer have company-provided health insurance; so, we will need to obtain health insurance from age 62 to age 65. This will be the first time since entering the workforce 40 years ago that I have not had company provided insurance (although I currently pay a $600/mo employee contribution); so, I know nothing about this subject.

Could someone recommend a good insurance co./medical plan to go with? Approximately, what should monthly medical coverage cost us (we don't have any existing health issues)?

Now, for those that help me out a bit, I'll buy the beers....or better yet, I have a private outdoor firing range in Franklin Cty that I'll take you to for all the shooting that we want to do and.....I'll buy the beers afterward.

Best,
Dan

P.S. Mods, if this post violates the forum rules, then I ask that you delete this post and accept my sincere apology.

[Pete44ru]

IIRC, C.O.B.R.A. rules allow you to continue your employee health coverage (at extra cost) for at least 18mos.

If you're a service veteran, if you haven't applied for VA membership for yourself, them by all means do so immediately - and don't second guess the VA (aka: rationalize that you don't qualify).
It's been my experiance that the VA wants to, and in most cases can find a way to, help applicants qualify for membership.

If you attain VA membership/coverage, then you'll only have to pay an insurance company for your spouse's coverage.

I'd further advise that you sell your property in NYS, since the state's looking to take your guns anyway, and use the proceeds elsewhere (like VT).



.

[Mescalero]

About $350.00 a month for me, company retiree benifits, out of my retirement check.

[Booger Bill]

I retired from lockheed in california. With assumeing insurance coverage would be the same I didnt explore the facts and moved here to utah. A insurance financhial mistake. Where I was on a HMO in california only PPO is available here in utah! My insurance jumped up over $700s a month now! My retirement check is now around $170s a month net now! From my experiance I recommend you see just what your company pays depending on what state you move to! Had I stayed in california my check would be over $700s a month more! I probley would have moved to a more favorable state that the company would have paid for HMO in.

[Pete44ru]

we will no longer have company-provided health insurance

R U sure it's not a part of your retirement benefits ?

FWIW, my company (A large US conglomorate) kept the benefits confidential until I actually submitted my retirement to the HR Dept.

I gave 6mos notice, so I could train a replacement - but HR didn't step in until the last 2 weeks before I retired - which retirement was the 1st day of the month following the month of my 62nd B-day.

I had to ask other retirees to find out the details earlier.

.

[damienph]

Keeping affordable insurance is one very important reason that I have to go until 66 instead of retiring at 62. Retiring at 62 and keeping my current level of health, dental, vision and prescription coverage through COBRA would cost me approx $1200 a month.

[Rusty]

A lot of it depends on what you need. If you're in really good health and don't have a need for continuing medical visits you can get by with a major medical policy that would only cover in the event of a big event.
If you are on maintenance meds, like where I have high B.P. Some meds are cheaper than others. If you're moving to a different area with different Doc, that's something you can talk over with him.

[Blaine]

I'm truly blessed to have signed up with VA when I did...it remains to be seen what affect OhDumbo Care will have on VA.

[rimrock]

One possible option for less expensive health coverage is to explore the coverage offered by any clubs, organizations, etc. you're a member of, or could join. for example, the Texas SouthWestern Cattle Raisers Association had excellent, affordable health coverage the last time I checked. It was not very expensive to join with a yearly membership--and they really didn't care if owns cows or not to join. Consider groups like AARP if you can tolerate their political stance. Whatever you do, at all costs avoid being rated as an individual if at all possible.
In 2014 when OhDumboCare is fully implemented, you might qualify for fed subsidized health coverage depending on eligibility which will differ from the current standards.

[Chuck 100 yd]

I retired last September at 66. I was on my wife`s Kaiser plan from work. I converted it to Kaiser`s Senior Advantage plan. They give good coverage but it is a Medicare plan so no help to you until age 65. I pay the medicare $100 from my SS and $138 to Kaiser so it is $238 mo. Covers Doctor,vision,dental,prescription, with reasonable co pays.
Good luck in your search.

[damienph]

At our advancing age, I would be cautious about just having major medical. Despite being healthy today, we are at the age where unexpected medical issues should be expected.
I am just saying that if you might be living on a reduced income after retirement and you also have a reduction in health insurance coverage, a few non-insured events can really put a strain on a fixed income. Just something to consider.

[AJMD429]

Could someone recommend a good insurance co./medical plan to go with? Approximately, what should monthly medical coverage cost us (we don't have any existing health issues)?

I think the average 40-50 year old will pay about $1,100 per month for individual or $1,700 per month for 'family' insurance - that's actually what you HAVE BEEN PAYING, but your employer took the first $800 to $1,600 out of your pocket before it even showed on the top line of your paycheck.

If you get a very high deductable, and self-pay the 'basics', it could save money, but the Obama administration's "plan" is making those policies illegal, supposedly.

We've been contracting with patients who have either no insurance or high-deductable insurance, to have them pre-pay $30/month towards a complete physical and two followup visits they get each year (any additional visits would be charged our regular fees). This is affordable for our practice, and yet also affordable for the patient; so many people skip the preventative and followup care they need due to 'cash flow' issues, only to wind up in the E.R. paying $1,500 for a sinus infection to be treated.

Ask your doctor if they would set up such an arrangement - it would only cost $720 per year for the both of you to get your basic preventative care and followups; unless Obamacare makes it illegal (supposedly it will), the doctor could order your lab tests for you and eliminate the 900% mark-up you get at the typical 'in-network' or hospital lab ($140 is the typical wholesale peer-to-peer cost for labs your insurance would get billed $1,400 for, pay $300 towards, and you'd get balance-billed for the $1,100 remainder).

Pray we pull back from socialized medicine, but it doesn't look good; the government wants anyone out of the work-force to be sacrificed, because to their accounting, all you do is cost the system money without paying enough in to it to justify your staying alive.

[BILLYDIXON]

I had to retire on disability at age 57. My cobra lasted 18 months. I have to wait 2 years to get Medicare. I'm paying $964/month w/a $5500 deductible after that its all free. But staying in the hospital it can add up real fast.
BD

[rimrock]

billydixon,

If you're retiring for a medical disability it's possible you could qualify for supplemental social security, SSI aka disability/ takes about 9 months for benefits.

[madman4570]

Hi all,

Later this year, I will be retiring (62 yr. old) and my wife and I will be retreating permanently to our place in Northern New York (Franklin County). When I leave my company, we will no longer have company-provided health insurance; so, we will need to obtain health insurance from age 62 to age 65. This will be the first time since entering the workforce 40 years ago that I have not had company provided insurance (although I currently pay a $600/mo employee contribution); so, I know nothing about this subject.

Could someone recommend a good insurance co./medical plan to go with? Approximately, what should monthly medical coverage cost us (we don't have any existing health issues)?

Now, for those that help me out a bit, I'll buy the beers....or better yet, I have a private outdoor firing range in Franklin Cty that I'll take you to for all the shooting that we want to do and.....I'll buy the beers afterward.

Best,
Dan

P.S. Mods, if this post violates the forum rules, then I ask that you delete this post and accept my sincere apology.

Dan,
First and foremost this is only my opinion so only take it as such.(I am in no way affiliated with any Insurance Company and you need to talk to a professional for accurate information)with that said from talking to my best friend(best man)that had recently went through a similar deal---------------
As it stands (today)you could be looking at about $2000@month(in NYS)????? unless---------------you qualify for some type low income and NYS funded plan???????(a Healthy NY type plan etc.) If you live just across the border in Pa------It would be probably about $350(for like a 80/20 $2500 deductible plan)
heck try a quote on EHealthInsurance.com(and put in your future NYS zip code and see)then pick any Pa zip code????(and compare)

Now, with this Obamacare starting in 2014 don't know-----but I have heard(in NYS)still cost is projected to be way up there???????????and actually am hearing it really doesn't fully become intact anyway until 2016,then again ????????????
Notice AARP getting medical insurance in NYS (none in NYS)not talking about any type Medicare supplement stuff etc.
Also pick any National recognized Insurance Company(say like a Allstate/Nationwide etc.that also carries high deductible Medical plans besides their car/home/etc.plans-----ask them about NYS(see if they say---not available don't know why????)try some???

My advice----before making that move(verify for sure what you are exactly looking at)unless one of you two want to try something like working for NYS say(drive a NYS school bus part time etc)?????????? or something similar.

I believe when you go on the EHealthInsurance.com(it picks all available plans from many companies)you will probably find about 6 plans.
2 plans)-------for indiviuals not self employed(say qty of 2 people in family)============about $1850-$2300
4 plans)------for self employed persons=============about $650
I think Pa has like over 125 plans without requiring self employed only plans etc.????????

Best be sure before making that move?????? Again check with a Pro!

JMHO---------------------------Best bet--------------move to Texas!

[Dan 444]

Many thanks to all for their input!

I'll let you know how things end up.

Best,
Dan