Individual Health Insurance-- need advice

[BeeBee]

Hi everyone, I just found this forum today and look forward to reading the various topics.

What brought me here was a google search on early retirement and health insurance. I didn't want to end up on a company page, I want to talk to real people who have been in my shoes.

My husband has owned a small business for many years. He is 50 and I am 49. He is finally going to retire in December and we will be moving to FL. We will need to get individual health insurance because the group plan at his work can't continue due to lack of enrollment.

We are both in good health now.... but I know that could change at any time.

What companies offer decent plans for people in our age range? Our financial planner told us to make sure we have good health coverage because that is the one thing that can derail a person financially in retirement.

I'll need to switch in December when we move to FL... any suggestions?

 

[REWahoo]

Welcome. The information found here is somewhat dated due to the changing health care laws but is still a good place to start: http://www.early-retirement.org/forums/f47/faq-archive-buying-private-health-insurance-30756.html

 

[dgoldenz]

You could use the help of a good independent agent...unfortunately, there aren't many left now that commissions have been cut by 40-60% across the board post-healthcare reform. If you want to be 100% sure you can get covered, you can apply for a policy now in your state that also offers coverage in Florida and then transfer it in December, but that depends on what state you live in. I know United Health One and Humana policies are portable. The benefits might or might not be as good as the group plan you have now, but you'd be locking in your insurability. If you wait until December, there is always the chance that a change in health could make you uninsurable and cost you a lot more money in the long run.

 

[BeeBee]

Thank you both for responding. I will check out the thread mentioned.

My concern is probably like most, not wanting to get kicked off insurance or have rates become sky high if health issues start to come up. I had an individual Aetna policy at one time -- and I remember it was very vague about how much rates could be raised based on claim history. The policy stated that rates are subject to change based on age and claim history but never said how much.

That's where I get confused.... I don't want a company that can suddenly change our rates to something sky-high if health issues come up. I'm wondering if some companies are better than others as far as that goes.

 

[dgoldenz]

Thank you both for responding. I will check out the thread mentioned.

My concern is probably like most, not wanting to get kicked off insurance or have rates become sky high if health issues start to come up. I had an individual Aetna policy at one time -- and I remember it was very vague about how much rates could be raised based on claim history. The policy stated that rates are subject to change based on age and claim history but never said how much.

That's where I get confused.... I don't want a company that can suddenly change our rates to something sky-high if health issues come up. I'm wondering if some companies are better than others as far as that goes.

Individual health insurance rates can only be raised for an entire block of business. They can't single you out for personal claims like car insurance. Martha has posted otherwise for one or two states, but I have never seen a contract with that statement.

 

[BonitaK]

Health insurance

The best thing would be to find a broker (one you can trust) that is licensed in Florida. Possibly you can ask your financial advisor his/her ideas on how to accomplish that. OR, call the Florida State Insurance Commissioners office and get their recommendation. Also, another thing I could do for you would be to contact a Rotary International group in the city you will be in, and I could use that resource to locate someone. Let me know if I can help further.

 

[walkinwood]

I used a health insurance broker while looking for individual insurance in Denver. Your premiums are the same if you go direct or through a broker. The broker will advise you on the best policies for your needs and guide you through the application process. I found it very useful.

Two good sites for information & ball park premium data
Health Insurance - Find Affordable Health Insurance Plans and Buy Medical Coverage Online
Health Insurance and Coverage Help for Consumers Everywhere

 

[BeeBee]

Thank you!

I'm going to look for a broker

 

[teejayevans]

Thank you!

I'm going to look for a broker

Couple of Florida specific links:
Florida Health Insurance | Florida Individual Health Insurance Quotes
Compare Health Plans
Florida Health Insurance | Group Health Insurance | Health Insurance Quotes

I may be in a similar situation, please post how it worked out for you...
TJ