Health care

What to do about health insurance if you plan on retiring at 60 years old. Has anyone done it and what are the options?

pay the outrageous cobra for as long as you can, and then switch to a personal policy that will cost you even more.

The only other option is to go with one of the faith based options.

Wow! No more info then this.

25.06 said:

Wow! No more info then this.

Click to expand...

Don't know what else you are looking for. There is no HealthCare Fairy to bring insurance to all the good little boys and girls everywhere.

Pappy pretty well summed it up.

Only thing I can add is consider a part time job with benefits.

Probably most school bus drivers are doing that for the insurance.

I went through this at 60 although it was not voluntary. I would have payed more in premiums that I was bringing in on a pension. That is not counting the outrageous deductible.

In my younger days I had been in the military but did not go in country so it was not an automatic acceptance but with a little diligence I finally got in. The VA has problems but it is way better than nothing. If you are a vet you might try that route.

25.06 said:

What to do about health insurance if you plan on retiring at 60 years old. Has anyone done it and what are the options?

Click to expand...

How long is it until you are age 60?

Milkman said:

How long is it until you are age 60?

Click to expand...

7 more years. Was just curious of what people around the age of 60 were doing about health care if they didn't have
company health care. I wasn't expecting a miracle answer,
just some info.

I am past 60 and still working full time. As you know Medicare won’t take care of you until age 65.

My suggestion would be to maximize your retirement savings from now until you retire. As others said your insurance options are costly in the market place

Milkman said:

I am past 60 and still working full time. As you know Medicare won’t take care of you until age 65.

My suggestion would be to maximize your retirement savings from now until you retire. As others said your insurance options are costly in the market place

Click to expand...

That is probably what i will have to do also. It would be nice to retire at 60 and still be in good health without having to worry about a daily job to have health care insurance and without paying a fortune for it.

25.06 said:

7 more years. Was just curious of what people around the age of 60 were doing about health care if they didn't have
company health care. I wasn't expecting a miracle answer,
just some info.

Click to expand...

I'm a CPA and one of the owners of a company with 45 employees and I do all the HR stuff. My advice is wait 7 more years because whatever correct answer you get today will be super incorrect in 7 years. ObamaCare is phased in over a period of time and that has been hacked and sliced and diced to the point the original law is meaningless.

In addition, insurance companies are experimenting with all kinds of ObamaCare non compliant plans to find a way to make things work and most of last year's experiments that didn't work are dumped and new experiments take their place next year.

On top of living it every day I did an expensive 20 hour continuing education course on ObamaCare about 5 years ago. The course is worthless today as reference material and I'm going to throw the 250 page textbook in the trash.

These days I just wait for our renewal to come around and see what type of plans our agent puts in front of us.

My advice is unless your loaded with money and if your employer treats you good and has a decent health insurance plan hang with them until you hit 65 and become Medicare eligible. Of course by then everything will have changed even more.

Good advice in 7 years the republican program should be in it's beta stage

I did the cobra thing.
1k month for my wife and I.
It's expensive to me but better than any I could find with similar coverage.
I look at it like a truck payment.

Also my wife and I both did individual plans as we both retired from the same county.
The dependent plan would have been 400 month more.

At age 53, one thing you need to consider is buying a long term care policy. It is not health care, but long term care, without some protection can break you quick. You could get one at a good price at your age.