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Please explain about the 36-month time period for COBRA. I thought the limit was 18 months. Can the employer simply agree to a longer time period? If so, they shouldn't really care, as they are not out any cash other than the processing of the paperwork.
As far as what you will do after 3 years, it is possible that some of the Obamacare provisions which will have taken effect by then will make it easier for you to get coverage. (Many of the provisions of the new law will be phased in gradually).
That is part of Federal law which was part of the original COBRA program, if one retires from their job, their dependants (which were covered by the employees insurance at the time of retirement) are eligible for up to 36 months of COBRA coverage. It's certainly not cheap but better than no insurance at all.
We decided to roll the dice and hope for the best when COBRA runs out.
I googled COBRA insurance and selected the Department of Labor site (www.dol.gov./esba/faqs/faq_consumer_cobra.HTML (http://www.dol.gov./esba/faqs/faq_consumer_cobra.HTML - broken link)). It explained that certain "qualifying events" may entitle a beneficiary to 36 months, rather than 18 months, of COBRA coverage. In addition, "A plan, however, may provide longer periods of coverage beyond those required by COBRA." On another part of the FAQ page, there is a similar sentence: "A plan, at its discretion, may provide longer periods of continuation coverage."
My conclusion: One may be limited to 18 months of COBRA coverage if one's employer/plan does not agree to a longer time period.
No you are misreading, those qualifying events are law but a company can agree to extend either the 18 or 36 months. One of those qualifying events is retirement which meets certain requirements which mine did.
No you are misreading, those qualifying events are law but a company can agree to extend either the 18 or 36 months. One of those qualifying events is retirement which meets certain requirements which mine did.
If you re-read my post, you will see that both of us are saying the same thing.
If you re-read my post, you will see that both of us are saying the same thing.
Maybe we are, I qualified for 36 months of COBRA for my wife, my employer has the option to extend that but I rather doubt 36 months down the line they will be too generous.
I am reading all these posts about people that decide to retire in their 50's and early 60's and I am really curious about how they are handling the huge health insurance costs associated with being self-insured.
Isn't health insurance the main reason people are working till 65, Medicare age? We're talking a few thousand a month for insurance premiums.
I could easily retire at 60 if it wasn't for that situation, so I am wondering how the early retirees are handling it.
My wife and I retired at 55. We both worked for the federal government, and the same employer-provided health insurance that was available during our working careers is available in retirement as well. We have the same choice of health insurance plans as current federal employees, and we pay the same premiums, co-pays, deductibles, etc.
The two big reasons I started working for the federal government (at age 21) was the ability to retire at 55 and the option to continue health insurance coverage.
I'm lucky in that my pension benefits include health insurance that starts at age 60. If I retire before then, I can pay the group premium until age 60. At age 65, it becomes supplemental to Medicare.
I retired at 60 this year. I had insurance with the first two jobs. After I left both I lost my insurance. The first one is the pension I am currently drawing. The last place I worked for didn’t offer insurance. My wife is ten years younger and carries the insurance.
I retired from the Federal Gov't. I am age 60. I have both military and civil service time 31 years total. I started at age 19. I am thankful I chose Fed'l employment when I hear about all those that have no health insurance or pensions. I still carry the BC/BS Service Benefit Plan that I have had for years. I also carry the Dental Plan offered to Gov't Employees. I pay the employee rates for Medical and Dental, as both plans are group plans for current employees as well as retirees. Im very thankful I have these plans especially this year as I need some very expensive dental work.
I plan on retiring at 58 in 2014 when the new healthcare reform takes affect. Me and my wife will get our insurance through the Insurance Exchange (part of the healtcare reform) which we hope will be much more affordable than what we can get currently through the individual market. Also, because I work for a small company which offer no pension nor any type of early retirement medical insurance deal and my wife had cancer a few years ago makes it impossible to purchase insurance without the reform (thanks to Obama and the Democrats for this one).
You might wasnt to wait and actaully see. i say that because right now empoyers are making adjustments to adapt teh mandates in the bill to be grandfthered under provicons in the bill. Because of such mandate s as Unlimited lifetime coerage on payments they are goig up even for company pools. Then of sousre their is the having to cover children to lie 28 as depends if they live at home ro inschool. I know the cost is goig up very higher this year over last year.Alot of changes comingand even CBO says cost will rise with teh mandates on coverage.Mine is goig upo thsi eyar under the mandate coverage being implemnted.
The health care will continue to go up with or without the health care reform. It's a known fact that the costs had more than out paced the rate of inflation for the last 10 years. How much longer can the american people afford healthcare if it keeps going up 15 to 20 percent a year?
Something must be done to stop this insanity. I don't want to be political but what have the Republican and Bush done to help? I don't know for sure if this reform will correct the problem but having an insurance exchange to allow individuals to pool together to get a low premium rate is certainly better that individuals can do on their own in my opinion. I don't want any thing for free, I just want to pay for the same coverage at the same rate as everyone else. Is that too much to ask?
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