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Author Topic: So you retired at 62... what are you doing for health insurance?  (Read 2702 times)

BigSkyTrailerGuy

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(Paralleling my other thread on early retirement)... I'm close to doing it now at age 62.

But that's three years until Medicare eligible.

I'd love your suggestions again, this time on health care possibilities before 65.  Am I missing something?

Molaker

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Re: So you retired at 62... what are you doing for health insurance?
« Reply #1 on: August 30, 2016, 04:42:54 PM »
I cheated.  I started drawing my military retirement at age 60 and also TriCare medical insurance as a result.  Then I found out I could buy into retirement from the US Courts (I worked for US Bankruptcy Courts) at age 60 if I had 5 years with the Courts.  I did and that small additional pension put me over the top.  I retired at age 60 with paid medical insurance.  Sorry, I doubt that helps you.  :P
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John Beard

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Re: So you retired at 62... what are you doing for health insurance?
« Reply #2 on: August 30, 2016, 05:11:34 PM »
I having been paying through the nose for private health insurance...there is no easy way to accomplish insurance.
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SargeW

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Re: So you retired at 62... what are you doing for health insurance?
« Reply #3 on: August 30, 2016, 05:17:00 PM »
When we retired early the DW and I just purchased a "Catastrophic Only" policy that would cover us until I was old enough to get the medical from my previous employer.  In order to kick in we would have had to have been hospitalized and had a hefty deductible to boot. But it was only intended to be for the big unknown things, not routine medical.  I bought it through South Dakota at the time as we were full timing.  Never needed it fortunately.  But when Obama care kicked in, the policy rate doubled in 2 years. It is still cheaper than buying a full coverage medical policy out right though.

Oh yeah, stay healthy, exercise, don't smoke, and eat right. It keeps the medical bills down.
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SeilerBird

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Re: So you retired at 62... what are you doing for health insurance?
« Reply #4 on: August 30, 2016, 05:20:35 PM »
When I turned 62 I was healthy as a horse and had never been sick. I got Medicare and signed up for secondary insurance with United Health Care. One month later I had two brain surgeries. Pretty much paid for my premiums for the rest of my life.
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Thunderfoot

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Re: So you retired at 62... what are you doing for health insurance?
« Reply #5 on: August 30, 2016, 05:55:05 PM »
We have used Blue Cross/Blue Shield for years... even before retirement. I turn 65 next month and have signed up for Medicare, & secondary insurance. DW is three years away from being eligible and will keep her BC/BS until then.
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John From Detroit

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Re: So you retired at 62... what are you doing for health insurance?
« Reply #6 on: August 30, 2016, 06:03:40 PM »
In my case when the Govermanure offered me Early Retirement, and being tired of shoveling his fecal matter (manure) I took it.  Full reetirement complete with full health coverage, Same as I had when I was working... When the Affordable care act passed.. The plan I had EXCEEDED the minimum requirement so no changes were necessary.

Health care is still too expensive.. But that's a topic for elsewhere. at the moment.
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Re: So you retired at 62... what are you doing for health insurance?
« Reply #7 on: August 30, 2016, 06:42:03 PM »
Tom retired at age 52 and I am nearly seven years his junior.  We paid dearly for Blue Cross coverage with a $2,000 deductible for years.  I had breast cancer during those years.  Tom finally reached Medicare age, which helped considerably.  Years later, I qualified for Medicare in December and had a stroke while in Alabama one week later.  There is no easy (or cheap) solution.  Research carefully, make sure you can afford the medical catastrophes which might occur, and go for it.  Retirement is actually quite good for your health!  Less stress.

TonyDtorch

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Re: So you retired at 62... what are you doing for health insurance?
« Reply #8 on: August 30, 2016, 07:04:39 PM »
my wife and I are 62/63,
 when I/we retired and I switched my healthcare to the V.A. (pre paid from the 70's and better than nothin') she's still hmo/obamacare (a knotch above mine),  in a couple years she will be 65 and then we are both 'home free".
« Last Edit: August 30, 2016, 07:16:31 PM by TonyDtorch »

SeilerBird

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Re: So you retired at 62... what are you doing for health insurance?
« Reply #9 on: August 30, 2016, 07:16:02 PM »
Health care is still too expensive...
But it is much better than dying.
I would like to apologize to anyone I have not yet offended. Please be patient and I will get to you shortly.
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TonyDtorch

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Re: So you retired at 62... what are you doing for health insurance?
« Reply #10 on: August 30, 2016, 07:18:39 PM »
 I've known a lot of people that had healthcare and they still died... :)

SeilerBird

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Re: So you retired at 62... what are you doing for health insurance?
« Reply #11 on: August 30, 2016, 07:24:06 PM »
Yes but they died considerably later than if they wouldn't have had it.
I would like to apologize to anyone I have not yet offended. Please be patient and I will get to you shortly.
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TonyDtorch

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Re: So you retired at 62... what are you doing for health insurance?
« Reply #12 on: August 30, 2016, 08:12:04 PM »
no,  the police said no one could survive that accident ....
« Last Edit: August 30, 2016, 08:16:47 PM by TonyDtorch »

SeilerBird

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Re: So you retired at 62... what are you doing for health insurance?
« Reply #13 on: August 30, 2016, 08:24:42 PM »
Unless they had insurance
I would like to apologize to anyone I have not yet offended. Please be patient and I will get to you shortly.
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NY_Dutch

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Re: So you retired at 62... what are you doing for health insurance?
« Reply #14 on: August 30, 2016, 08:35:45 PM »
Give it up, Tom... We all know of situations where people have died under circumstances where the best health insurance in the world wouldn't have made a bit of difference. When someone is pronounced dead at an accident scene, all the health insurance in the world isn't going to bring them back.
Dutch
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SeilerBird

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Re: So you retired at 62... what are you doing for health insurance?
« Reply #15 on: August 30, 2016, 08:42:34 PM »
I am just fighting stupidity with stupidity.
I would like to apologize to anyone I have not yet offended. Please be patient and I will get to you shortly.
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Jeff in Ferndale Wa

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Re: So you retired at 62... what are you doing for health insurance?
« Reply #16 on: August 30, 2016, 09:15:25 PM »
When I turned 62 I was healthy as a horse and had never been sick. I got Medicare and signed up for secondary insurance with United Health Care. One month later I had two brain surgeries. Pretty much paid for my premiums for the rest of my life.

You are not saying that you got Medicare at 62 are you? You remained healthy until you were 65 and got Medicare?

I would like to retire at 62 (will be 60 in December) but medical insurance is holding me back.
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UTTransplant

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Re: So you retired at 62... what are you doing for health insurance?
« Reply #17 on: August 30, 2016, 09:50:20 PM »
DH retired at 60, but I was still working so I carried the insurance. I retired last year at 60 (DH was 62), and we did some heavy investigating on this exact subject. Our options were COBRA for the first 18 months and then see what was available, retiree medical from a former employers, and private insurance (aka "Obamacare"). I was uncomfortable with the term limitation of COBRA, plus it was quite expensive. The private insurance had so many options that it took a long time to evaluate. We found there were very few offered in my state that had national coverage so that helped the winnowing process. We finally went with the retiree plan ($6,000 deductible but relatively low premiums). It was about the same price as the equivalent private plans but I didn't have to re-enroll every year. It was also a national BC/BS plan. Note our financial advisor said we really needed to plan on $12,000-$14,000 a year in total medical costs, so we put that into the budget before pulling the trigger on my retirement. Note that all these numbers are for a couple, no kids. Even though we have a daughter still under 26, she has a real job and her own insurance.
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NY_Dutch

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Re: So you retired at 62... what are you doing for health insurance?
« Reply #18 on: August 30, 2016, 10:03:29 PM »
I retired at 62, but my employer continued group health coverage for my wife and I for the next year as specified in my employment contract. After that, because I also operated a small web site development business, we qualified for a NY state subsidized health care plan for small business owners and employees at very reasonable rates. When I hit 65, my year younger wife stayed on the state plan while I switched to Medicare via a United Healthcare zero premium Advantage Plan with Part D. The following year, my wife followed with the same UHC plan, which we both still have.
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Quillback 424

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Re: So you retired at 62... what are you doing for health insurance?
« Reply #19 on: August 30, 2016, 10:52:06 PM »
I retired at 60 and picked up the same plan I had with the company for about $450 per month. It was a "Cadillac" plan with $15 co-pay and no paper or payment for anything which, when emolpyed, I had been paying $200+.

Five years later, in 2010, I was paying about $780 per month for the same plan. Can't imagine what it would cost per month today.
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Gregg

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Re: So you retired at 62... what are you doing for health insurance?
« Reply #20 on: August 31, 2016, 10:09:56 AM »
Retired when I was 51 and ended up getting individual policy which is now up almost 400 percent since I retired plus the deductible has gone from $1000 to $7500 to keep it down to a more manageable figure.  Hopefully future changes will not impact you as much, but you may want to consider the possibilities.  Keep in mind that if you have a higher deductible plan, take advantage of an HSA account which is tax deductible like putting money into an IRA, and you use it to help cover medical expenses beyond premiums.  Once you reach 65, you can liquidate the account. 
 
« Last Edit: August 31, 2016, 10:12:19 AM by Gregg »
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Ernie n Tara

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Re: So you retired at 62... what are you doing for health insurance?
« Reply #21 on: August 31, 2016, 10:54:04 AM »
I retired at 68, but Tara is still under 65. Her $6, 000 deductable plan costs us $780 per month.

Ernie
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SeilerBird

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Re: So you retired at 62... what are you doing for health insurance?
« Reply #22 on: August 31, 2016, 11:29:50 AM »
You are not saying that you got Medicare at 62 are you? You remained healthy until you were 65 and got Medicare?

I would like to retire at 62 (will be 60 in December) but medical insurance is holding me back.
I turned 65 in June of 2013 and had brain surgery in August of 2013, I was 65 at the time. Sorry for the confusion.
I would like to apologize to anyone I have not yet offended. Please be patient and I will get to you shortly.
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garyb1st

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Re: So you retired at 62... what are you doing for health insurance?
« Reply #23 on: September 02, 2016, 09:17:45 AM »
Guess I'm one of the lucky ones.  My former employer has a retiree medical plan.  They are not legally obligated to continue offering the coverage and that fact causes me a bit of consternation every time I get an envelope from the plan.  More so after reading what some of you are paying.  So far since retiring at 61, I really haven't paid much of anything for my health care.  When I turned 65 and started Medicare, which meant my employers plan would not pay as much, I began paying about $100 a month.  Go figure.    Not complaining, but the paper work probably costs more. 

After Obamacare, they began using a third party administrator for claims.  I guess they couldn't figure out which end was up with the Affordable Care Act.  While I still don't pay a premium, my deductibles and co-pays have gone way up.  So from my perspective the Affordable Care Act may not be so Affordable if I have to use it.  I have Kaiser.  The DW is also covered by Kaiser.  Her cost last year $58.00 a month.   This year it's $0.  Not sure what's going on.   

Fortunately I've had good health and other than for vision and dental have probably not paid $1,000 in co-pays and deductibles over the past 12 years.  Still I have a stroke risk and cancer runs in the family.  My father at died of lung cancer at 58, one sister with colon cancer at 76, my brother of lung cancer 3 months ago at 74.  For me, the worst was 5 years ago when one of my daughters was diagnosed with stage 3 ovarian cancer at age 41.  A year later my oldest daughter was diagnosed with breast cancer.  Today the oldest seems to be cancer free.  The youngest, has been through 3 rounds of chemo and while she seems to be doing OK, I get nervous every time she calls.  All I can say is nothing takes the wind out of the sails faster than a child with a serious illness.     
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BigSkyTrailerGuy

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Re: So you retired at 62... what are you doing for health insurance?
« Reply #24 on: September 02, 2016, 09:36:16 AM »
Guess I'm one of the lucky ones.  My former employer has a retiree medical plan.  They are not legally obligated to continue offering the coverage and that fact causes me a bit of consternation every time I get an envelope from the plan.  More so after reading what some of you are paying.   

Wow!! Nice deal for you!  I just hope that you posting this didn't jinx your great luck!

The truth is, I got a pretty bad cancer during my last job, then got laid off while fighting it, but my employer (I think graciously) agreed to pay his half of my COBRA (so far).  But I'm expecting that to come to a screeching halt any time now.

 

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