Retirement at 62, Health Insurance (move, states, coverage, diabetes)

[TransAm]

Im Retiring in July, and im going nuts trying to pick a health insurance plan, Im looking into AARP Plans and others, and they all seem to be the same, with some miner differences. Any help well be appreciated. How are some of you handling this?

[StealthRabbit]

catastrophic HSA's

High deductible, no drugs

Plans don't vary much, nor do they offer much.

You could become a student, some schools still offer plans for very cheap, but most have raised premiums for us 'old-folks'.
As an 'old student' I always get 'carded' when using my student ID for discounts

[nicet4]

Exactly why I need to work until at least age 65.

Throw a little pre-existing condition in the mix, like a mild heart attack, diabetes or bout with cancer, and at age 60 you can't purchase medical insurance at any price. Due to a family members pre-existing condition I couldn't by family medical insurance if I was willing to spend $100k a month. Simply not available.

But there is one shining star.

The family member in question worked for state government long enough where she qualifies for subsidized state medical insurance once she hits age 60. We have 10 more months and we are counting down the minutes. We have insurance right now but with the way things are that can disappear anytime with a job at which time we could go COBRA as long as the company didn't go under but that runs about $1,100 a month that I would rather not spend. Would if we had to of course but that doesn't mean I would like it.

But in 10 more months she gets full health insurance for an estimated $350 a month AND can add me for $600 a month (she is subsidized, I am not) and at least we can get good coverage for < $1,000.

Health insurance for those between 60 and 65 is a real mess.

[texdav]

I agree that most either rely on their employer plan or don't retire at 62 unless they have the money to afford their own plan.Many employers pay a portion as part of retirement package.When they reach 65 they are able to get a medicare supplemnt at lower cost that pays like 80% of what medicacre does. that is both my wife and myselfs retirement.

[CarolL]

We will lose our health insurance when DH retires, so we'll have to go on Cobra. We already pay full price (employer does not contribute one single penny), but the premium cost will take an entire SS check. We wanted to retire this year, but until we get this figured out, we cannot. Or, we just keep working until Medicare kicks in for him; I'll only be 60 at that time, tho, so I still don't know what I will do.

BTW, AARP does not sell health insurance in all states. Be sure to check that out before you leap. (I know, I couldn't believe it either. We figured it'd be easy to move out of state and just hook up with AARP insurance, but they don't sell policies in the part of the country we're going to. Always something...)