fluffy
Recycles dryer sheets
- Joined
- Jun 16, 2006
- Messages
- 82
I'm helping my mother research her retirement and health coverage options and wanted to post a long list of questions regarding immigration to Canada for health care reasons, but figured it's probably best to learn more about high-risk pool options... Really appreciate any advice you can provide on all this!
Her situation: 60 year old, widow, lives and works in Michigan (no high-risk pool there), has modest savings that along with SS should allow her to retire -- but health costs is a big question mark. Her reasonably safe withdrawals + SS would probably provide around $30K/yr before taxes. Health history: type II diabetes and two occurrences of breast cancer (10 years ago and just last month) -- early detection and mastectomies in both cases, no chemo or radiation.
I am prety sure her health history would be enough to preclude any private health insurance so if/when she leaves work and the 18-month of COBRA run out she would need some way to gap the 2-3 years till Medicare kicks in. She is considering trying to immigrate to Canada (she appears to be eligible under "Skilled Worker" program thanks to some family already there) or move to a state with a high-risk health insurance pool and use that.
I looked at the high risk pool rates in my state (TX) and it would probably cost her about $1200/month for the premiums plus out-of-pocket health care costs, leaving her around $15K/year to live on. That is not much, but she can probably make it and I can help as needed. Once she hits 65 health care costs would hopefully decline thanks to Medicare.
So I guess my question is does it make sense to consider the Canada option for health care reasons or are COBRA/high-risk pool costs for 3-4 years till Medicare kicks in reasonable enough? A follow-up question is whether Medicare is likely to provide enough coverage considering her health history and relatively high likelyhood of cancer returning at some point in the future?
I know this is fairly open-ended and subjective, but any input is greatly appreciated.
Her situation: 60 year old, widow, lives and works in Michigan (no high-risk pool there), has modest savings that along with SS should allow her to retire -- but health costs is a big question mark. Her reasonably safe withdrawals + SS would probably provide around $30K/yr before taxes. Health history: type II diabetes and two occurrences of breast cancer (10 years ago and just last month) -- early detection and mastectomies in both cases, no chemo or radiation.
I am prety sure her health history would be enough to preclude any private health insurance so if/when she leaves work and the 18-month of COBRA run out she would need some way to gap the 2-3 years till Medicare kicks in. She is considering trying to immigrate to Canada (she appears to be eligible under "Skilled Worker" program thanks to some family already there) or move to a state with a high-risk health insurance pool and use that.
I looked at the high risk pool rates in my state (TX) and it would probably cost her about $1200/month for the premiums plus out-of-pocket health care costs, leaving her around $15K/year to live on. That is not much, but she can probably make it and I can help as needed. Once she hits 65 health care costs would hopefully decline thanks to Medicare.
So I guess my question is does it make sense to consider the Canada option for health care reasons or are COBRA/high-risk pool costs for 3-4 years till Medicare kicks in reasonable enough? A follow-up question is whether Medicare is likely to provide enough coverage considering her health history and relatively high likelyhood of cancer returning at some point in the future?
I know this is fairly open-ended and subjective, but any input is greatly appreciated.