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When to sign up for private insurance?
Old 01-09-2016, 03:29 PM   #1
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When to sign up for private insurance?

I retired last Jan but Im still on the books until Feb 23rd or so (2016). When do I need to sign up for my own insurance on the open market for it to take affect on Feb 23rd? Can I only sign up on the first of the month? Is there lag time for the new policy to take effect? Does a policy only go into effect on the first of a month?
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Old 01-09-2016, 03:54 PM   #2
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Can you go on COBRA after you are off the books - that is a good number to have when you are searching for a new policy
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Old 01-09-2016, 04:11 PM   #3
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When I left w*!k, I was covered until the end of the month. I would check when your insurance ends, not your employer's books.
I think the exchange insurances start at the beginning of a month, but with a life event you can sign up +/-60 days of the event. I don't know about off exchange.
If you want cobra and you are right that employment ends, you should have 60 days after your last day to get COBRA.
For COBRA-- talk to your employer's HR dept... they should be able to tell you cost, timing, etc.
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Old 01-09-2016, 04:32 PM   #4
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They sent me a waiver of coverage form to sign if I want to opt out of retire insurance which says that my insurance ends the last day of the month in which the form is received. No idea about Cobra. So I guess my insurance will end on Feb 28th. I'll check into Cobra, but my main question is if when do I need to sign up on the exchange if I want the insurance to start on March 1st? Can I sign up anytime in Feb?
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Old 01-09-2016, 04:36 PM   #5
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if the aca, all needs done by Feb 15th, but can be done now. I would not wait if ACA is what you are planning. It may be the same for similar plans direct from insurer.
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Old 01-09-2016, 04:57 PM   #6
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I was able to purchase my company's retiree insurance until age 65--when I went on Medicare and a Supplement purchased thru my company. It was about $420 for me and my wife's Medicare supplement per month.

When I went on Medicare, our Supplement's about $110 per month not including the Prescription plan which is separate. It was like a $300 per month raise.

Can you stay on the company's insurance policy in retirement--prior to age 64 and 11 months? Going to the public healthcare market at that age is expensive.
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Old 01-09-2016, 05:09 PM   #7
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Quote:
Originally Posted by Bamaman View Post
I was able to purchase my company's retiree insurance until age 65--when I went on Medicare and a Supplement purchased thru my company. It was about $420 for me and my wife's Medicare supplement per month.

When I went on Medicare, our Supplement's about $110 per month not including the Prescription plan which is separate. It was like a $300 per month raise.

Can you stay on the company's insurance policy in retirement--prior to age 64 and 11 months? Going to the public healthcare market at that age is expensive.
A bronze HMO plan ($6500 deductible) for me, the wife and our son is $680 per month. The cheapest retiree plan we have is $1400 per month (PPO with a $3000 deductible). I dont think the smaller deductible and having a PPO is worth an extra $8640 per year.

A PPO on the open market is cheaper than $1400 per month.
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