Health Insurance for us under 65

[edbremer]

I'm wondering what folks are doing for health insurance if:
1. They retire before age 65 AND they do not have coverage through their previous employer AND they do not have coverage through their spouse.
2. ACA is not a viable option and won't be before I retire.
3. Going without any health insurance is also not an option.

I'd like to retire next year but with the cost of healthcare I may have to continue in the workforce. Any suggestions or thoughts?

 

[Bob Denman]

:dontknow: If my Crystal Ball was any good: I'd have already picked my winning PowerBall lottery numbers! nojoke

But we pay over $1700 each Month for health insurance, with a 10% increase slated for 2018! :gaah:

 

[edbremer]

My current employer quoted me, for unsubsidized coverage on my current plan, over $2700/mo. to stay in their group plan.

 

[blacklightning]

I'm wondering what folks are doing for health insurance if:
1. They retire before age 65 AND they do not have coverage through their previous employer AND they do not have coverage through their spouse.
2. ACA is not a viable option and won't be before I retire.
3. Going without any health insurance is also not an option.

I'd like to retire next year but with the cost of healthcare I may have to continue in the workforce. Any suggestions or thoughts?

I feel your pain. My wife and I are in the same situation. I am self employed, and my wife works for a company that doesn't provide insurance. We are in our 50's and about to be in a financial position to partially retire. But our biggest concern and bill is our health insurance. I told the wife that we are going to have to find a company like starbucks and work part time for them since I hear they have benefits for part time employees. I never would have guessed that insurance would be more than all other bills (including mortgage) combined:sour:.

 

[Bob Denman]

My current employer quoted me, for unsubsidized coverage on my current plan, over $2700/mo. to stay in their group plan.

 

[Chupaca]

Curious. ....

When does medicare /SS kick in for you..? You may have to hang on till then if elligable. I did not work in this country for most of my working/paying in years so get close to nothing but health is covered and the supplement to cover the difference is about 28.00 a month. .:dontknow:

 

[edbremer]

When does medicare /SS kick in for you..? You may have to hang on till then if elligable. I did not work in this country for most of my working/paying in years so get close to nothing but health is covered and the supplement to cover the difference is about 28.00 a month. .:dontknow:

65 for me in about 1.5 yrs. My wife is a year younger so I have to cover her also. I may have another couple of years to work if I can't find a workable solution.

 

[TicketBait]

I'm wondering what folks are doing for health insurance if:
1. They retire before age 65 AND they do not have coverage through their previous employer AND they do not have coverage through their spouse.
2. ACA is not a viable option and won't be before I retire. WHY? please explain.
3. Going without any health insurance is also not an option.

I'd like to retire next year but with the cost of healthcare I may have to continue in the workforce. Any suggestions or thoughts?

Hope this helps you, in preliminary research, what county you live in also determines what is available. So what county are you in?

start by looking here https://www.ehealthinsurance.com/ohio-health-insurance

also check here; http://www.insurance.ohio.gov/Consumer/Pages/FederalHealthReformFAQs.aspx

1. What health insurance providers are selling plans on the exchange in 2017?

• AultCare Insurance Company
• Buckeye Community Health Plan
• CareSource
• Community Insurance Company
• Consumers Life Insurance Company
• Humana Health Plan of Ohio
• Medical Health Insuring Corp. of Ohio
• Molina Healthcare of Ohio, Inc.
• Paramount Insurance Company
• Premier Health Plan, Inc.
• Summa Insurance Company

 

[edbremer]

Thanks, I'll check out those links you sent and see what I can find. As far as ACA, it think it's far from affordable and I don't think it is going to last for the term I need. When I've checked it tells me I only qualify for short-term insurance at this time. I think there are many options and I know they aren't cheap, but I thought I'd see how other folks are currently addressing this need.

 

[Navydad]

I retired at 56 and now I am 62. My wife still works so our coverage is through her job. She wants to retire next year at age 60 so we will need to get our act together and find coverage. When I retired I went with a local financial adviser and he has done a great job of keeping me in the money. One other thing he does is look at your situation and helps find you health coverage if you need it. My point is since you are contemplating retirement maybe a financial adviser can help you with the "red tape" that we need to sift through these days.

 

[wyliec]

Navydad

I thought you might have been retired from the military, and qualify for Tricare for Life, both you and spouse. I guess I was wrong.

 

[GOZFST]

I don't know about Ohio, but when I retired before 65 I got health insurance through the state of MN, I believe it was called MN Health Care and my wife who was self employed got her insurance through the state of SD. I used the COBRA option of my former employers health ins. for the duration I was eligible.

 

[asp125]

Retiring this year at 57. I'm going to pay for my own through the exchange. Luckily i am in great health compared to the average 57yo. I was working part time just under the Colorado Medicaid income limit, so I took advantage of that. We'll see what the repeal mess brings, if I have to I'll work some more as a contractor/consultant to carry me over.

 

[Navydad]

I thought you might have been retired from the military, and qualify for Tricare for Life, both you and spouse. I guess I was wrong.

No sir. Our son is career Navy with 18 years in so far. Our local riding group christened us NavyMom and NavyDad many years ago and it just stuck.
I spent 14 years rewinding and rebuilding electric motors, BIG electric motors used in industrial situations. Then I was hired by Kenworth Truck Company and spent 23 years working in their test department on third shift. I took full advantage of the great pay and excellent 401K and at 56 I became a full time motorcycle rider. My wife also has a good job and is still working, her choice, but is thinking about retiring next year. She sees the fun that I am having and wants to join me and I can't wait. :yes:

 

[IdahoMtnSpyder]

My current employer quoted me, for unsubsidized coverage on my current plan, over $2700/mo. to stay in their group plan.

That sounds unbelievably high. I can't believe the total cost of your current plan is $2700/mo/employee. Check COBRA coverage, but it may not last until you hit 65.

Bob's number of $1700 is more like what the real cost for most plans probably is. When I add up my Blue Cross premium through the Federal Employee Health Benefit plan which I still have in retirement, our Medicare Part B premiums, and the Gov't share of the Blue Cross plan, it totals around $1600 per month.

I would say the best you can hope for with any kind of plan for you & your wife is going to on the order of $1600 to $2000/mo. ACA may offer a lesser cost but I don't know.

 

[IdahoMtnSpyder]

When does medicare /SS kick in for you..?

Medicare and SS ages do not coincide. Medicare kicks in at 65 for everyone. SS is available at a reduced benefit level at 62 with full benefit available at 66 for those born 1943-54, then rising to 67 for those born 1960 and later.

 

[TIMMB]

This is what my family has had for the last three years, www.libertyhealthshare.org its not for everyone & they won't take everyone who applies.
We have saved a ton of money! Works for us.

 

[SPECTACUALR SPIDERMAN]

i pay for my health insurance now along with all the illegals & jailbirds & when i retire i will continue to pay.

 

[blacklightning]

Retiring this year at 57. I'm going to pay for my own through the exchange. Luckily i am in great health compared to the average 57yo. I was working part time just under the Colorado Medicaid income limit, so I took advantage of that. We'll see what the repeal mess brings, if I have to I'll work some more as a contractor/consultant to carry me over.

The marketplace is good for some, but not so good for others. I agree with the fact that it allows everyone to be able to get health insurance, but if you have to be careful at how you use the gov. portion that they give. For 2016 my insurance was around $1600 per month. We only had 2 choices through the marketplace, largely because of our idiot governor (McCory) not expanding medicaid. My portion to pay was around $850. When we filed taxes, it appears that my business had a better year than expected. Therefore, my tax return of approx. $800 turned into a bill of approx. $8,500:shocked:. This year we decided to go through other means to get insurance and took out a rider to take up the extras. It did not meet the market place criteria, so I will be paying a $2500 penalty for 2017, but it is still better than the $8500 that I owed last year. BTW, I will be 51 next month, my wife is 56, and we currently have a 22 year old daughter on our plan. No one smokes, and we are all in good health.
To make the story short, insurance sucks, until you need it.

 

[edbremer]

Everybody has different needs(and healthcare plans)!

From what I'm reading here almost everyone has taken a different or unique approach to solving this issue. I'll continue my research, and employment, for the time being and will update this if I find anything interesting. Thanks for all the information and comments!