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Old 08-07-2011, 11:47 PM
 
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Might I ask those who retired before age 65 what they are doing for health insurance?
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Old 08-08-2011, 12:27 AM
 
Location: Nebraska
1,141 posts, read 1,003,770 times
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I retired at 60. I was tired of the drama at work. I was eligible for my full pension from one of my former employers. My ex had sold our former home and I recieved my share per our divorce settlement. I did stick around to train my replacement

Quote:
Originally Posted by brightdoglover View Post
Might I ask those who retired before age 65 what they are doing for health insurance?
I am covered under my wife's insurance thru her employer.
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Old 08-08-2011, 02:30 AM
 
Location: Los Angeles area
14,018 posts, read 17,726,438 times
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Quote:
Originally Posted by brightdoglover View Post
Might I ask those who retired before age 65 what they are doing for health insurance?
I retired at 61 and a half and my employer paid 80% of my health insurance until age 65, at which time I went on Medicare. You can imagine that I was happy to pay the other 20%. Had I not had that employee benefit, I would have waited longer to retire.
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Old 08-08-2011, 05:02 AM
 
Location: Central Florida
973 posts, read 1,489,093 times
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I will be retiring next year and will have a year and a half until Medicare kicks in. To be honest, I am debating whether to get any since I am in great health and only go to the dr. for my wellness checkups. BUT I may get a catastrophic policy ONLY because under my retirement system, our pension will pay us up to 150 a month for premiums depending how long we have been with the state. And to me that is an amazing benefit (unless our new gov. decides to take that away next year as he doesn't want to tick off even more people with what he has done thus far).

And to me that is a good question. Has anyone just gone the NO INSURANCE route???
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Old 08-08-2011, 07:19 AM
 
Location: Midwest transplant
2,013 posts, read 4,992,585 times
Reputation: 1570
I'll be paying an outrageous amount for continued coverage under my present plan. I'm thankful we have it as an option, but it will eat up about 1/3 of my pension. We've also looked into putting the same amount of money in to savings for a higher deductible, but much lower monthly premium cost policy.
$1300/month for continuation of current policy, very few exclusions.
$400/month for catastrophic with $7500 deductible.

Doing the math it seems to be a no-brainer...no serious health issues, we are in our mid-50's.
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Old 08-08-2011, 07:26 AM
 
16,437 posts, read 19,129,232 times
Reputation: 9518
The only thing holding up my retirement is giving up the company paid health insurance for my wife and me. Until/unless Obamacare morphs into something useful or doctors start accepting Medicare patients again, I'm stuck in the harness until I can no longer get out the door to make it to work anymore (or they lay me off, whichever happens first...).
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Old 08-08-2011, 08:00 AM
 
Location: New Orleans Louisiana
156 posts, read 351,968 times
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I have made the decision to retire in my mind. Now all I have to do is get to that point where I feel comfortable doing it. I'm sure if I would have done some things differently(of course not all of those things were under my control), I might have been gone by now.

I have always been the one to say, "any day not worked, is a good day". I guess that is why I am still working lol. I have a friend who I play golf with who can't wait until I retire. I think he needs company at the golf course. He has been retired for 6 or 7 years(we worked together at a former job) and I probably would have been too, if I had made one of those decisions I talked about. But he seems a little bored at times and that is possibly because so many of us (his friends) in the same age group are still in the old salt mine.

But my plan is to go 3 more and get a little closer to Medicare. I work for the government(state) so I can keep my group coverage between retirement and 65...which would be about a year and a half. The cost will be quite high though...in the $700 a month range. Or if I am still in good health I might be tempted to wing it or get a high deductible catastrophic...make the insurance company get rich for nothing...policy lol. Of course the problem with that being I will still need a secondary policy when I go on Medicare and if I drop my insurance for that year and a half will they re-insure me(as a secondary) when I go on Medicare. I try to exercise and stay healthy and be patient but that is very hard to do when you have "a plan" . But 63 is the end of the line for me and only then will I be able to finally say "every day is a great day" lol. Congrats to all of those retired. I'm jealous(in a good way ya know...
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Old 08-08-2011, 08:31 AM
 
Location: Los Angeles area
14,018 posts, read 17,726,438 times
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Quote:
Originally Posted by Americanwoman54 View Post
I will be retiring next year and will have a year and a half until Medicare kicks in. To be honest, I am debating whether to get any since I am in great health and only go to the dr. for my wellness checkups. BUT I may get a catastrophic policy ONLY because under my retirement system, our pension will pay us up to 150 a month for premiums depending how long we have been with the state. And to me that is an amazing benefit (unless our new gov. decides to take that away next year as he doesn't want to tick off even more people with what he has done thus far).

And to me that is a good question. Has anyone just gone the NO INSURANCE route???
A cousin and a close friend, both female, rolled the dice and took the risk of going without health insurance for a year or two while waiting to turn 65. In their cases, it worked out O.K., but personally I would not be willing to take the chance. May your great health continue, but the fact is it could change at any time. I would take advantage of the "free" $150 per month and get a catastrophic policy.
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Old 08-09-2011, 02:27 PM
 
Location: East Bangor, PA
126 posts, read 214,927 times
Reputation: 89
I planned to retire next summer at age 65. However, 2 months ago our company offered an early retirement package for Dec. 1, and I decided to take it. But now my manager has asked if I would stay until next March, due to a project that is in process, and I agreed as long as I will still get the same package. So we are waiting for HR now but he thinks it will be approved. So the timing is a coincidence of my plans and company incentive.
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Old 08-09-2011, 02:37 PM
 
Location: Tennessee
34,672 posts, read 33,671,635 times
Reputation: 51862
I was going to wait another 5 years but then I got excited about a new adventure in a new state. For me, it was always about doing something new. I didn't really dislike my job but once I walked out the door, I never thought about it again. After 34 years with the same employer, that surprised me.
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