Take the offered group insurance and keep it until it runs out. Prior to your loss of coverage you will have to apply for some kind of health insurance. Even if your wife is not insurable she would come under the HIPAA regulations and a policy will have to be given to her if there is no break in group coverage(63 days is the magic #). States vary on how they have implemented the HIPAA regulations, and some offer more generous terms. Check with your state Insurance Commissioners Office.Start saving for this now as the premiums will be outrageous and the plans limited. As has been stated in prior posts it will be a crap shoot as to the continuation of the exact plan you have now. What can you do now? Enjoy your retirement, but squirrel away some health care $$ for later. No need to worry about it as there really isn't anything you can do. If you are a certified worrier, then you may want to look at a very large deductable, $10,000+, individual health plan for her now and simply pay the premiums and keep it as a secondary. Some of you guys who are good with the calculators could do some figuring to see if it would be worth it. Getting insurance at 63 will not be fun and I can't even guess what the premiums would be. Check out some of the web insurers to get an idea of the 10 yr difference in price for different plans. Personally I think you'd do better taking the cost of that second plan and investing it for the next ten years...and then use the cash to help defer the premiums until medicare starts. Does your empoloyer offer any kind of Medicare supplement?
Best Of |
Favorites & Replies |
Start a New Board |
My Fool |
BATS data provided in real-time. NYSE, NASDAQ and NYSEMKT data delayed 15 minutes.
Real-Time prices provided by BATS. Market data provided by Interactive Data.
Company fundamental data provided by Morningstar<