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Old 10-16-2009, 02:53 PM
 
Location: Indiana
324 posts, read 505,927 times
Reputation: 351

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This is an interesting and especially usuful thread for everyone planing to retire early.

I have a question for those who did retire in their fifties or early sixties:
How did you handle (are you handling) your health coverage?
Medicare kicks off at 66, and a private insurance is awfully expensive (for people in 50s-60s), even if you don't have pre-existing condition. So, what did you early retirees do?
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Old 10-16-2009, 03:13 PM
 
Location: Alaska
5,356 posts, read 16,344,123 times
Reputation: 4023
Quote:
Originally Posted by paulpan View Post
This is an interesting and especially usuful thread for everyone planing to retire early.

I have a question for those who did retire in their fifties or early sixties:
How did you handle (are you handling) your health coverage?
Medicare kicks off at 66, and a private insurance is awfully expensive (for people in 50s-60s), even if you don't have pre-existing condition. So, what did you early retirees do?
I'm not retired, but that's one reason why I'm not retiring until I'm 60, when the retirement health benefit kicks in. I do have the option to retire earlier, but would have to pay the premium for it. I sure some people do just that. I'd guess that others buy high deductible policies to keep the cost down.

BTW, Medicare starts on your 65th birthday. You'll need to sign up about 3 months before then.
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Old 10-16-2009, 03:25 PM
 
Location: Indiana
324 posts, read 505,927 times
Reputation: 351
Thanks, akck. Yes, you mentioned that somewhere in this thread. I'm hoping to get more encouraging response. Can't believe, all those early retirees would pay the high private insurance premium.
Appreciate your input, anyway.
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Old 10-16-2009, 03:57 PM
 
71,517 posts, read 71,694,121 times
Reputation: 49088
we will do an hsa
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Old 10-16-2009, 05:00 PM
 
29,775 posts, read 34,860,277 times
Reputation: 11701
Quote:
Originally Posted by paulpan View Post
This is an interesting and especially usuful thread for everyone planing to retire early.

I have a question for those who did retire in their fifties or early sixties:
How did you handle (are you handling) your health coverage?
Medicare kicks off at 66, and a private insurance is awfully expensive (for people in 50s-60s), even if you don't have pre-existing condition. So, what did you early retirees do?
Health care provided by former employer
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Old 10-16-2009, 06:07 PM
 
Location: Indiana
324 posts, read 505,927 times
Reputation: 351
mathjak, HSA may work for some people, but I guess, it doesn't take care of the high premium cost.

TurbogP, do you mean COBRA? That's very expensive, too, isn't it?

I guess, there's no magical solution to health care coverage for early retirees. That leads me to a conclusion, that early retirement actualy may be a sort of luxury, since people must have not only money to live on, but also additional funds for health care. Or go without health insurance, believing that the good health would continue, which is risky, of course.
In this regard, it appears, that early retirement may be more feasible for those seeking to retire out of The USA.
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Old 10-16-2009, 07:01 PM
 
29,775 posts, read 34,860,277 times
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Quote:
Originally Posted by paulpan View Post
mathjak, HSA may work for some people, but I guess, it doesn't take care of the high premium cost.

TurbogP, do you mean COBRA? That's very expensive, too, isn't it?

I guess, there's no magical solution to health care coverage for early retirees. That leads me to a conclusion, that early retirement actualy may be a sort of luxury, since people must have not only money to live on, but also additional funds for health care. Or go without health insurance, believing that the good health would continue, which is risky, of course.
In this regard, it appears, that early retirement may be more feasible for those seeking to retire out of The USA.
No regular health care the same as when employed. Great coverage and the employer pays 90% and we pay 10%. Wife had same employer so we each have our own policy. They also provide life insurance that starts out at 100% of final salary and decreases by 10 for five years and remains at 50% until the end. Can do dental etc with 90% paid. There is great value working in the public sector.
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Old 10-16-2009, 07:02 PM
 
Location: We_tside PNW (Columbia Gorge) / CO / SA TX / Thailand
22,549 posts, read 39,934,465 times
Reputation: 23673
My workplace 'adios' came after 32 yrs of service but 6 wks prior to benefits eligibility (I was age 49 + 10.5 months), so...
  • Go without when feeling real lucky, Get treatment and procedures out-of-country (Thailand is very good for this and has been doing it for Europeans for decades ~ 10% USA costs)
  • HSA (until the 'new-obamacare' gets rid of that option, as it has promised it will)
  • Part-time jobs w/ benefits (I have friends who do part-time work for school districts, Starbucks (delivery truck drivers, not baristas), medical groups, and a FEW private companies who offer HC w/ PT work... I hope this expands, but don't think it will)
  • Stints of volunteering in areas w/healthcare. - Foreign Service, Native American relief, under-privileged and depressed regions, hospitals and clinics, some federal 'volunteer' positions offer maint care.
  • Become a student, again...
  • Live overseas.

Most of my co-workers who were eligible for company policy are getting serious increases in premium, but at least they have care (temporarily). (& While they can afford it). I was always skeptical of premiums when I found out, as an employees that they didn't equally contribute to our options, and felt employees needed to pay EXTRA for plans that were perceived to be better... One HMO we paid 90 % of premium, another we paid 50%, policy cost to company was equal...

Last edited by StealthRabbit; 10-16-2009 at 07:13 PM..
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Old 10-16-2009, 09:11 PM
 
265 posts, read 782,518 times
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Paulpan, your question is currently under debate with respect to the health care plan in Congress.

In my case, I was retired early at 55 with pre-existing medical conditions and no retiree health insurance from my company. I paid the hefty Cobra option for 18 months. I was fortunate to get into one of the state high risk insurance pools. Cost me an arm and a leg for the 9 year til going on Medicare.

I was fortunate to have the resources to pay for this expensive health insurance. Many in my situation do not. Hence part of the reason for the high number of people without health insurance.

With the new proposed system as I understand it, people in my position upon retirement before Medicare can select from a number of options. Can't be denied for pre-existing conditions. If the insurance is not affordable for lower income people, they get some help with the premiums. At least that is my understanding. Hopefully this new approach on health care will be passed.
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Old 10-17-2009, 02:08 AM
 
71,517 posts, read 71,694,121 times
Reputation: 49088
Quote:
Originally Posted by paulpan View Post
mathjak, HSA may work for some people, but I guess, it doesn't take care of the high premium cost.

TurbogP, do you mean COBRA? That's very expensive, too, isn't it?

I guess, there's no magical solution to health care coverage for early retirees. That leads me to a conclusion, that early retirement actualy may be a sort of luxury, since people must have not only money to live on, but also additional funds for health care. Or go without health insurance, believing that the good health would continue, which is risky, of course.
In this regard, it appears, that early retirement may be more feasible for those seeking to retire out of The USA.

in relative terms the premium is low, we have a choice now at work. the regular insurance at 10,000 a year or hsa for 3800.00 plus up to 2500.00 each in deductables.

the beauty of the hsa is i can pay for other medical expenses such as dental,
issues considered cosmetic or elective with the pre-tax dollars. the other nice thing is the services and prescriptions are covered 100% after the deductables are met, no co-pays.

there are also huge discounts on the costs by agreement with the doctors and the hsa provider... paying on your own may cost you 25 bucks for 100 dollar lab test or so. overall it will work great for us as we are retireing very early next year and wont see medicare for at least 7 years.
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