obtaining health insurance

[mkatz]

I've run my own company for 30 years during which time I've had a group health insurance policy for my family and my staff. That situation will end shortly. "Unfortunately", I'm not yet eligible for medicare. I expect to move to another state soon after I retire (Oregon, probably). My concern is the possibly that my wife and I might meet up with a difficulty in obtaining a health insurance policy without being part of a group (and therefore not eligible for guaranteed acceptance) even though we are in relatively good health (aside from typical aging complaints).

Is my concern unwarranted? Are individual (high deductible is acceptable) policies for the newly retired and newly moved difficult to obtain? Are insurance policies transferable in some manner when moving from state to state (e.g. having one guaranteeing acceptance in the new state)?

 

[Martha]

You might want to read our FAQ on buying private health insurance: http://www.early-retirement.org/forums/f47/faq-archive-buying-private-health-insurance-30756.html

The issue is whether you are in good enough health to buy a plan. You will want to shop while you are still covered, either with your current insurance or COBRA if your company will have a COBRA option. Health Insurance - Affordable Health Insurance Quotes, Individual Health Insurance is a good place to start. I also recommend working with an agent as they can help you determine whether you are insurable.


If it turns out that you cannot buy insurance due to health issues the FAQ will tell you about your options, which vary from state to state. You do not want to have a break in coverage, a break in coverage can reduce your options and bring pre-existing exclusion periods into effect.

 

[teejayevans]

Another option is AARP, I thought they provide group policy insurance,
assuming your 50 or older, see:
AARP Health - AARP Health Insurance, Dental, Vision, Supplemental Insurance, Pharmacy
TJ

 

[FIRE'd@51]

Another option is AARP, I thought they provide group policy insurance,
assuming your 50 or older, see:
AARP Health - AARP Health Insurance, Dental, Vision, Supplemental Insurance, Pharmacy
TJ

It is my understanding that these policies require underwriting, so your medical history will matter.

 

[DeborahB]

I checked with AARP not too long ago. They require individual underwriting. The medical history takes forever to fill out. OTOH, they used (at that time) Aetna so not likely to go out of business and a national brand. I'm going to go on COBRA at 62 and then I'll need insurance - either through something like AARP or the high risk pool in my state. Very expensive, that.

 

[dgoldenz]

I've run my own company for 30 years during which time I've had a group health insurance policy for my family and my staff. That situation will end shortly. "Unfortunately", I'm not yet eligible for medicare. I expect to move to another state soon after I retire (Oregon, probably). My concern is the possibly that my wife and I might meet up with a difficulty in obtaining a health insurance policy without being part of a group (and therefore not eligible for guaranteed acceptance) even though we are in relatively good health (aside from typical aging complaints).

Is my concern unwarranted? Are individual (high deductible is acceptable) policies for the newly retired and newly moved difficult to obtain? Are insurance policies transferable in some manner when moving from state to state (e.g. having one guaranteeing acceptance in the new state)?

The underwriting will be based on your medical history, so that will vary from company to company....but if you choose a company that has standardized plans across states, you can keep your policy and would just pay the rate applicable to your new address. A good example of this would be United Healthcare. If you are moving, I would stay away from AARP/Aetna since their plans from state to state can be very different and you may not necessarily be able to transfer it to Oregon.