Health insurance is such a concern for those who retire without employer-supplied health insurance benefits. Here's my thoughts on some ideas to ways to obtain cheaper policies. First of all, start by getting an online quote at websites such as Quotesmart.com to get a feel for typical policy costs.- Check with your credit union. Mine is now offering health insurance to its members.- Do you have a friends or acquaintances who are also in need health insurance? Well then find an insurance agent and band together and then get group rates on your policies. Hmmmm I wonder if that could be fellow Fools. TMF staff are you listening?? - Call a few agents and pick their brains to find out if groups you are a member of or which ones you could join would make you eligible for group rates. For example, I joined the Farm Bureau, even though all plants tend to expire in my care. - You could self-insure for most things and buy a major medical policy outside of the US. For example, health care costs in Mexico are about one-half of U.S. costs. OK, let's hear other ideas...
I just finished the individual insurance game..I finally came to realize that one option was "no" insurance. When I worked out how I'd handle that scenario, it was easier to deal with all the insurance hassle. I eventually got an individual policy -$180 a month with BS/BC - and a $2500/yr deductible. It also helps to think of it as "wealth" insurance - your protecting your assets against big health care costs...not covering every little sniffleRE in AZ
WWL writes:>>>>>- Check with your credit union. Mine is now offering health insurance to its members.>>>>>Wow I did not know that this was the case. Would it be possible for you to post the link to your Credit Union? My Credit Union does not offer this but I think I will write folks on the BOD and give them the information.As you probably know from REHP, I am retiring next month at the age of 41. By far my largest concern in retirement is health care. I will be on COBRA with my company's group policy for 18 months starting in December when my vacation time runs out. If at any time I go Part Time with over 20 scheduled hours (I will be remaining part time with the company with no scheduled hours) for the company, I can start that clock again, up to a maximum of 36 months on COBRA. After that I am on my own, and the company does not have individual policies, so i won't even be offered that.It's funny but I think a lot of ailments are caused by the stresses of the working environment. So when you retire you are less apt to need insurance, and less apt to use it if you have it. However, it's much more difficult to get it.The lasty thing I want is to have to go back to work just to maintain health coverage.-reb
bhoward writes in>>>>>I eventually got an individual policy -$180 a month with BS/BC - and a $2500/yr deductible. It also helps to think of it as "wealth" insurance - your protecting your assets against big health care costs...not covering every little sniffle>>>>>This seems a very reasonable approach to me and probably end up being the way I will go. I don't mind paying out of pocket for monor ailments. Prices for medical care here in Europe actually seem quite reasonable to me. Mind gining your sex, age, smoking status?-reb
REB asks,Would it be possible for you to post the link to your Credit Union? Hmmm, I don't think that would be very helpful--membership in this CU is limited to a certain select group. I thought I would post the idea however to give people suggestions for possibly untapped health insurance sources.
>>>>>Hmmm, I don't think that would be very helpful--membership in this CU is limited to a certain select group.>>>>>OK. I just wanted to point someone at my Credit Union to another institution that is offering this. I thought it might give them a tangible example. I had never heard of this before.-reb
I eventually got an individual policy -$180 a month with BS/BC - and a $2500/yr deductible.That sounds like a very reasonable price. How good is your prescription drug coverage under that plan?
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