Hello everyone: I have also retired recently and waitingto obtain my Cobra insurance provided by my previousemployer.The question I have (I live in Florida)is:Once that I'm covered by my employer's insurance Co.,how do I go about to check an evaluate the other different plans offered?......Is there a site,book,or other alternative I can use to find a different health insurance company? Thank you all a lot!
You don't say how old you are or if you are healthy. Those are very important criteria for determining if COBRA is a good idea. Your state Insurance Commissioner's office may offer a booklet on the subject of individual health insurance. There are also a number of sites on the web that offer quotes. If you have a good sized nest egg put aside and are healthy, you may want to choose an individual plan with a very high deductable-$5,000-10,000). With a deductable really high, you may get a cheaper plan than the COBRA-but be careful and do not go without insurance or drop your COBRA until you have a new policy in hand and have read the fine print. The only insurance that decreases with age is auto insurance so be aware that age is a very important rating factor. Make sure of the maximum benefits too as there are some garbage policies out there. My son goes off our group in Sep and I have really been searching for an individual plan for his last year of college and maybe a bit beyond. I sent for the application from one of the less expensive plans ($49 a mo.)and they want to know all prescribed and over the counter meds he's taken for the last 7 years! Amazing! Not a problem for us as we don't "do" over the counter stuff and rarely prescriptions, but it does give me pause to think about the underwriting process and God forbid the claim process...haven't made a decision yet and must do so w/in this next week. About 60-90 days to underwrite even a healthy young man.
Thank you,Leppert........I'm 58yrs old and in excelenthealth......that's why when the time comes I'd liketo find out about the options out there......Where did you find out about the company you're considering?
I'd like to find out about the options out there......Try browsing at www.insure.com -- looks useful, although I haven't tried any of the results yet...Dory36
I saw QuoteSmith mentioned on this board and I also did a search to find some other ones. I have narrowed it down to a policy through a USAA contracted health carrier or one through QuoteSmith. I haven't really been able to get all my questions answered through the on line brokers so I'm not real happy with making this decision. I tried to find a local insurance agent where my son goes to school but they don't answer their email. Any on from Terre Haute out there?You don't have to be a USAA member to use their banking, brokerage, and health insurance products. PPOs seem to be the cheapest way to go so that is what we are going to do no matter which plan we choose. One thing to remember is the increasing premiums because of inflation and then as you 'age up'. You will have 7 years till you are eligible for Medicare so when you do your search, take a gander at the top end ages as well so you can plan paying the higher premiums accordingly. You may reconsider the COBRA once you do that or maybe not...stay healthy & avoid doctors. Doctors kill more people every year than auto accidents and guns put together...but if you meet a Mack truck, yes you will need a Doctor.
Another possibility is that your state is in the insurance business as is Minnesota. They have an excellent insurance plan for those of low earned income. It makes a good transition for young retirees waiting for 65.done4nau
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