There's a pretty good chance I'll lose my job early next year. At that time, I'll be 62 1/2 and I'll have 2 1/2 years to cover my own health insurance.

Overall I've done pretty well and think I can manage early retirement, but the cost of health insurance is a concern and I'd have to budget it in. Are any of you going through a similar situation?

Can anyone recommend an honest health insurance broker offering good coverage? I'd like to get my ducks in a row before I might be scrambling.

Thanks!

My sister and her husband are. In California for about 2000 a month.

Dang man. No experience with that here. Just wanted to say I'm sorry things may go south so late in the game.

Seems to be the way things go these days.

Thanks. My company is changing the way they operate their business and the license I have will no longer be required. There's some chance I'll be offered something and I'd take it for as long as I could stand it. But since nothing has been mentioned this late in the game, I'm guessing I'll be out. The thought of filing unemployment doesn't thrill me either. I did that for a short while in my early 20's and never thought I'd have to do that again.

California sure does suck!

Just so you know, each State his its own fiefdom in the area of insurance. As such any broker that wants to sell insurance to residents in their State, must get licensed in that State.

Hence I can't help but to tell you that you will need to find a broker who is licensed in Indiana to look into your individual medical plan options.

Also note you will be eligible to take COBRA when you retire with a 18-month maximum duration. Hence that would get you closer to 65.

We are, about 5 1/2 years to fill the gap. $1300 a month with around a $13k yearly deductible.

But that was the cost of getting out of California. It has been WELL WORTH the cost so far.

h2oys, I understand that, but also believe an out of state broker can become licensed in another state to provide insurance with minimal effort....so I've been told. I wonder if that was part of the change with obamacare?

As for COBRA, I am considering that, but I thought the max time was 18 months? What are the conditions that allow for 36 months? Thanks.

Tom, $1300/mo doesn't sound cheap, but as a family plan (since you said we), it makes sense. I'll only require insurance for myself.

Yep. I retired almost 3 years ago. We use Samaritan healthcare sharing. It's worked out great for us, and has even covered a couple of short hospitalizations. It costs us (me and the wife) about $500/month.

Thanks, Rich! I'll definitely look into that!

quote:

Originally posted by 6guns:
Thanks, Rich! I'll definitely look into that!

There's a couple healthshare orgs besides Samaritan, but I don't recall anything about them. We looked into them at the time, but ended up going with Samaritan based on a recommendation.

Samaritan, and some of the others are faith-based. Every year we are asked to affirm a statement of Christian beliefs. They also require a sign-off from our church confirming that we are active members.

spend some time shopping on this site:

https://www.healthcare.gov/

the ACA was pretty abysmal but it did create a nice marketplace to be able to shop at least and get a ball park figure

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A close family member did that. Fortunately, they chose a plan with a low max out of pocket. It wound up saving them six figures due to an unexpected medical problem that popped up.

I am with Florida Blue, a division of Blue Cross that was found for me by a local broker.

I'm pretty happy with it and I think the full on charge is around $500-600/mo. Obviously, not nothing, but I can afford it.

COBRA is your best bet for 18 months. Your next option after that is to try and find Group coverage. For example, physicians who are independently employed can buy into the hospital group coverage if they are on staff. Of course they pay the full cost. Other organizations offer the same. Obamacare is a joke at least where I live.

Another option is part time employment that offers insurance. A friend of mine's wife got a job as a hostess at an upscale casino restaurant. It came with quality insurance and the problem was solved.

My sister and husband used some disaster type insurance from Farm Bureau of Tennessee. It didn't cover pre existing but it was pretty dang cheap IIRC.

Me... I retired at almost 61 and switched my coverage to my wife's employer and she kept working until we were both 65. God bless her... those were 4 glorious years home alone, peace and quiet and doing as I dang well pleased.

quote:

Originally posted by 6guns:
h2oys, I understand that, but also believe an out of state broker can become licensed in another state to provide insurance with minimal effort....so I've been told. I wonder if that was part of the change with obamacare?

As for COBRA, I am considering that, but I thought the max time was 18 months? What are the conditions that allow for 36 months? Thanks.

Yes, you can obtain a non-resident license to sell in another state. Whether is it worth it or not is the key as it depends upon what the other State charges the broker to become licensed, and, if the other State also charges to get the brokers agency licensed as well.

In other words, would the commission paid cover the State fees if you are not licensed to sell in that State? For example, I am in St. Louis MO and there are not any carriers who sell individual ObamaCare plans that pay ANY commission at all. Hence we make $0 so we don't even bother with them anymore.

Individual medical has become a web thing as you can also check www.healthcare.gov and price individual medical plans.

If your State does not participate in the federal exchange outlined above, you can price individual medical plans on your States exchange.

The individual ObamaCare plans/pricing change every January the 1st. So what you see there today will be different next year let alone in 2.5 years.

COBRA has 3 different maximum time limits. 18 months is for "regular COBRA" and events like terminations/quiting/etc. 29 months is for those who were out on "regular" COBRA but then became disabled. 36 months is for those who lost coverage due to death/divorce/reaching dependent age limit/etc.

I misspoke when I said 36 months and corrected it to 18 months in my original post.

Best of luck!

quote:

COBRA is your best bet for 18 months.

Good advice. It may be expensive but the coverage will at least be what you're used to.

You mention you may be able to "do something" with them. I'd seriously consider that to bridge yourself to within 18 months of Medicare if possible, assuming you can stand it. Also take spouse age into account, if younger than you she won't be Medicare eligible just because you are.

I went through that 60-65 zone, being self employed, and survived, but not without having my pocket picked.
There aren't many good options. You will pay a lot and have a very high deductible. Otherwise you will pay even more to lower the deductible somewhat.
Really sucks, just no other way to put it.

Thanks for the additional info, guys. COBRA will probably be my go to if I don't come up with something else. Still waiting to hear about how much that will be. Like George said, at least I'll be used to the coverage. Depending on how we're let go....if in fact it happens, maybe we as a group can negotiate a longer COBRA term.

I'll continue to inquire into local brokers to see what they can offer.

Any other thoughts, keep 'em coming.