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Keeping group health insurance in FIRE before "full retirement age"?
Old 10-22-2006, 12:37 PM   #1
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Keeping group health insurance in FIRE before "full retirement age"?

Noticed astro mentioned her DH possibly getting a subsidy for working for the state of SC.

Question, what have people been offered for early retirement....government and private sector...to be able to stay with group health insurance plan before "full retirement age".....did you need x number of years of service? and did you find it the best option in your state even if you had to pay the full premium?

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Re: Keeping group health insurance in FIRE before "full retirement age"?
Old 10-22-2006, 02:14 PM   #2
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Re: Keeping group health insurance in FIRE before "full retirement age"?

My company provides a health care subsidy after you turn 55. How much they pay depends on how many years of service you have. If you have over 30 years in you are eligible for 100% of the subsidy regardless of you age (over 55). You have to have a minimum of 10 years of service to be eligible for any health care benefits regardless of age when you retire. You also have to "retire" and not just move to another job to be eligible.

When I retire at 62 my health care insurance will be about $240 per person under age 65. When you turn 65 you have to take medicare and the company provides a medicare complement for about $50 a month which includes drug coverage.

There was a recent announcment that there will be no reitree healthcare coverage for new hires as of July 2005.





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Re: Keeping group health insurance in FIRE before "full retirement age"?
Old 11-01-2006, 05:51 PM   #3
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Re: Keeping group health insurance in FIRE before "full retirement age"?

I just found this thread....better late than never I guess.

I w**k for a municipal gov't, and by by the terms of our contract, when we retire (@ 50 or above) we can keep our group ins. While w**king we have to pay 20% of the cost of the premiums, which at this time is about $94/ mo (my cost). After retirement it goes to a whopping 25%, which is about $123/mo.

Me thinks I'll keep this ins when I RE next April!!! 8)
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Re: Keeping group health insurance in FIRE before "full retirement age"?
Old 11-02-2006, 09:21 AM   #4
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Re: Keeping group health insurance in FIRE before "full retirement age"?

I work for a private college. At age 55 with 10 years of service I can retire and remain in the group health plan, paying 100% of the premium. This will be a far better deal than I can find on my own due to my medical history.

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Re: Keeping group health insurance in FIRE before "full retirement age"?
Old 11-02-2006, 10:09 AM   #5
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Re: Keeping group health insurance in FIRE before "full retirement age"?

Our plan, which covers the ol' pharts, since newer employees have no such benefit, starts at five years service, IIRC...

In three years, when I'm 55yo with 25 yrs. seniority, I believe the company will pay 90%, and I pay 10%, again IIRC. I'm fairly certain that will be less expensive than any other option...
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