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Old 12-19-2010, 08:40 AM   #21
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The advice about seek a good agent is sound. Insurance laws vary by state along with pre-existing condition underwriting. Some states are tougher to get insurance in that others.

A large group, like your employers, will most likely better protect you should your health change. The premiums may go up, but all insurance premiums will. Once you leave your group, and your health changes, your options will be limited and expensive.

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Old 12-19-2010, 09:35 AM   #22
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One huge reason I'm hanging with my employer is the availability of retiree benefits. They're not cheap but do provide decent coverage (at least for now). If you are retiring early don't make any assumptions about rates or plans. I know quite a number of people who got ashock when they hit a majic age like 60 and suddenly their plan rates shot up dramatically. I would be inclined to stay with my employer plan as long as possible before I would switch to another plan to maybe save a few bucks

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Old 12-19-2010, 10:55 AM   #23
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I didn't stick around long enough to qualify for retiree health insurance. But I think the main advantage (besides cost savings) is since it's group, through w*rk, they accept everyone regardless of pre-existing conditions during their open enrollment. The disadvantage is since it's through w*rk as benefit, the megacorp could decide it's not in their best interests to continue offering the benefit. Where as, if you obtain insurance in the individual market, that's a contract between you and the insurance company (such as Blue Cross).

Fortuantely for me, my health is good enough to qualify for individual health insurance when I decideed to FIRE. Otherwise, I'd still be stressing at the cubicle at w*rk, waiting til Nov of 2011 when I would have qualified for retiree health benefits. That is, if I wasn't let go beforehand. But that's a whole different disscusion.

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