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Health Insurance
Old 01-17-2005, 11:20 AM   #1
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Health Insurance

I am 56 and am thinking about early retirement. My only reservation is health coverage for myself,my wife and son. Can anyone give me suggestions on how to maintain solid coverage and the costs normally incurred until medicare kicks in [at age 65]. Thanks much!
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Re: Health Insurance
Old 01-17-2005, 11:30 AM   #2
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Re: Health Insurance

The best resource for this information I have seen is www.healthinsuranceinfo.net. Good state by state consumer guide on health insurance.

There are a number of possibilities. There might be a conversion option to convert your work policy to an individual/family policy.

If not, you may have to look for individual insurance elsewhere. You may or may not get coverage. If you are not insurable, your state might have options for the uninsurable, such as risk pools.

There are a few other options that people raise from time to time. These relate to becoming members of particular groups that offer group coverage. None ever seemed to work for me so I don't recall the details.
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Re: Health Insurance
Old 01-18-2005, 01:03 PM   #3
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Re: Health Insurance

Thanks much, Martha! Your reply was very helpful.
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Re: Health Insurance
Old 01-18-2005, 01:03 PM   #4
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Re: Health Insurance

Thanks much, Martha! Your reply was very helpful.
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Re: Health Insurance
Old 01-18-2005, 04:07 PM   #5
 
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Re: Health Insurance

Here are a few more sites:
www.nahu.org
www.ehealthinsurance.com

Your decision will probably depend on an assessment of current and future healthcare requirements vs. cost. With most Fortune 500 companies if that is the case here, you have the option to continue your health coverage under CORBA for 18 months. Assumming that your health history has been good, the cost will generally be higher than you would pay if you seek other options via www.ehealthinsurance.com for instance; however, with CORBA, your coverage is as good as the group plan that currently covers you. In addition, if you continue with CORBA then you have the option under HIPPA to convert your group coverage to an individual coverage at the end of 18 months. This is desirable if you're concern with potential health problems or are dealing with pre-existing conditions.
So in general, if you're in poor health or concern about potential health conditions, check into CORBA and policy conversion after CORBA termination. If not, then shop around for HSA or lower premium options.

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Re: Health Insurance
Old 01-18-2005, 04:33 PM   #6
 
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Re: Health Insurance

Check out Hsainsider.com I am 55 retired and have a high deductable HSA Health Insurance. My COBRA was $705 and without COBRA over $1200/month. HSA with Golden Rule $805/month at $5250 yearly deductable. So about $400 for medical benefits once over the $5250 and the other $400 to a HSA(like IRA) savings account. So for less money(after COBRA) I have a savings account for my family getting 4% return tax free and the $5250 comes off my gross income for the IRS. This account is used for medical needs and if not used accumulates year to year. Plus there is catch up savings if you are 55 or over and can double if your spouse is 55 or older. Any questions?
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Re: Health Insurance
Old 01-18-2005, 04:49 PM   #7
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Re: Health Insurance

Quote:
... HSA with Golden Rule $805/month at $5250 yearly deductable. So about $400 for medical benefits once over the $5250 and the other $400 to a HSA(like IRA) savings account.... Any questions?
Yes. Are you paying $805 per month in premiums plus contributing "about $400" per month to your HSA? Or are you paying $400 in premiums plus a $400 HSA contribution each month?

Also, what has your experience been with Golden Rule. Any problems?

Thanks,
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Re: Health Insurance
Old 01-18-2005, 06:22 PM   #8
 
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Re: Health Insurance

Total Premium $805 with $437.5($5250/12) going into the HSA each month. I have not needed or used the medical insurance but I kept my same doctors. You pay for the first $5250 costs each year and if you have most expenses the the insurance pays for it($367.5/month insurance premium) This year you can add $600 additional savings to your HSA for you and your spouse if you are 55 or older. This will increase each year by $100 untill it reaches $1000 in 2009. Again you can deduct the contributions from your income tax and the growth is tax free. More Questions?
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Re: Health Insurance
Old 01-18-2005, 06:40 PM   #9
 
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Re: Health Insurance

With Golden Rule when you go to the doctor the bill is sent to Golden Rule and Golden Rule tells you how much to send the Doctor. They have negotiated prices. You pay the bill out of your HSA. Golden Rule uses Northern to manage the HSA account. You can use money out of your HSA for any item that the IRS allows you to deduct on your income taxes however it might not be recognized by Golden Rule as a valid claim to add up toward your $5250 yearly deductable. Northern sends you a checkbook and quarterly statements on the your account More companies are offering this type of insurance now. You can set up the HSA account with almost anybody that offers IRAs. I probably causing more confusion then I am helping. Visit http://www.hsainsider.com/
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