Medical Insurance for those that Retire before age 65?

[dickfoster]

Just wondering how those retiring before medicare eligible and no pension related health insurance make a go?

One couple I know are both 63... the 16k they pay for coverage is a tough nut to crack as the premiums continue to go up each year.

For those pension eligible with Health Insurance may find themselves working for less than minimum wage when you take the difference from bringing home a paycheck to the value of their pension and benefits.

A lot of my friends are retired police officers and they get as much as 96% of wages/benefits after 30 years so staying on the job is really working for nothing...

I retired at fifty something. I was just paying for my own blue Cross blue shield until I got my 60th happy birthday greeting from them. The new bill looked like a mortgage payment so I said sinoria and signed up with the VA. BTW if you ever hook up with United healthcare be aware that it's hard to get shed of them. They seem to have the attitude that they are your masters.

 

[oosik]

Ouch, That's a big bill it's crazy what they charge

The bill isn't even the sad part. After three months and that much money - the wife passed away.

 

[dmccarty]

... Can you imagine a pure blood Norwegian eating refried beans & burritos for the remainder of his life - neither can I. I don't imagine I could find lutefisk in 'ol Mexico either.

Hmmmm... It sounds like you are saying that the lack of lutefisk is a bad thing? :confused3::shocked::laughing::laughing::laughing:

For those that do not know, lutefisk is a dried white fish, usually Cod that is rehydrated in water and lye before cooking. It is supposed to have a consistency of jello. I am an adventuresome eater but I am not sure I would eat lutefisk. I know I am not eating "fermented" aka rotten shark. :laughing::laughing::laughing:

Refried beans are AWSOME! :thumbsup::laughing::laughing::laughing: Not sure I would live long eating them every day because of the lard that is used to make good refried beans.

Later,
Dan

 

[Spindifferent]

I retired at 56. My company allowed us to continue on the same Aetna insurance, but it cost us a little more than when I made 65.

Just curious, is that the Retiree Health Access (RHA) insurance program?

My employer offers the RHA program. Are you happy with it (if you do have it)?

 

[oosik]

No - I really enjoy well prepared lutefisk. My mother made it for Christmas when I was five years old. I had to eat a small piece. I think I cried the entire time. Lutefisk is DEFINITELY an acquired taste. So is rumegrent.

 

[RalphVa]

I retired at fifty something. I was just paying for my own blue Cross blue shield until I got my 60th happy birthday greeting from them. The new bill looked like a mortgage payment so I said sinoria and signed up with the VA. BTW if you ever hook up with United healthcare be aware that it's hard to get shed of them. They seem to have the attitude that they are your masters.

It was a similar situation when I got my Mom on Humana as supplemental.

Ralph

 

[teejk]

Welcome to "cost shifting". Clinics/hospitals have bills to pay and Medicare/Medicaid don't pay full fare (nor do most employer plans now since they figured out that they can get discounts also). I pity anybody not in one of those categories...you get to make up the difference. I think Trump signed something last month that said "associations" could join together to get closer to group coverage rates. You might want to check it out. In the meantime, I'll continue with my expensive retiree plan that shifted to a high deductible plan last year (i.e. barring anything bad is the same as no insurance but still getting to pay $$$ because of cost-shifting).

 

[Tractor Seabee]

My saving grace has been the Tricare for Life supplement to Medicare that I get as a retired military member. I rarely ever pay a medical bill including pharmaceuticals. That 33 years of ACDU and Reserve time has really paid off. Our gravy train may get de-railed though if congress takes away part of what we were promised as lifetime care. Planning during your early years is a must anymore. You need to tap into all the pension programs. Best thing going now is 401K plans and similar. Young folks need to put in he max while they are young not wait till the kids are gone. A decent life after 60 is a lot better than all those fancy toys and houses they seem to have to have. I found it not hard to have a 6 figure/year retirement; we can now have a decent life.

Ron

 

[ultrarunner]

My tricare friends have had issues too...

The SF Bay Area had lots of military hospitals to serve active and retired... the ones I know are no more... even the 12 story hospitals were obliterated... I grew up in the shadow of Oak Knoll Military Hospital.

This means long drives of many miles for some.

The Coast Guard still has a presence here and my Retired Commander friend would avail himself of it... but it was kind of closely held secret...

 

[NorTracNY]

Not retired yet, but I switch to a high deductible plan a few years ago. It is allowing me to save pre-tax a significant amount of money that will be used for healthcare cost in the future. I understand that my healthcare cost when I eventually retire early will be a big barrier. By saving with pre-tax for that, I'm getting ahead.