Health insurance

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buyandhold's picture
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Joined: 2008-09-23

What do you do with a prospect or client who is 60 and not yet eligible for Medicare who wants to retire but has decided to keep working to keep his company health insurance? I'm seeing this a lot. Is it realistic for this person to go find private insurance? Does somebody who retires early have the option of using Cobra?Do you have a health insurance agent you refer clients to?

Moraen's picture
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Joined: 2009-01-22

I think people should work until they are 70 unless you have the means to pay for all of that crap.

B24's picture
B24
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Joined: 2008-07-08

BH,
 
I run into this all the time.  I have a lot of clients/prospects that have worked at one employer for 30+ years that just can't take it anymore.  It varies for each situation:
 
1. find a "menial" job somewhere to get benefits (most of them just want out of where they are, and don't need the income, but want the benefits).
2. Use COBRA for 18 months (depending on age/cost)
3. Spousal benefits
4. Early retiree benefits
5. Private insurance
6. Private insurance / start your own "solo" business to get group insurance (if coverage is a problem).
 
# 5 and 6 are usually the last resort since the insurance can be damn expensive.  In my state, at that age you will pay $1500+ for a couple with a $2500/$5000 deductible (BC/BS).
 
And yes, I refer them to a NWM agent I know really well.
 

BerkshireBull's picture
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Joined: 2009-06-10

They get private insurance and if they're uninsurable then they go on their state run program.  Wisconsin's program for uninsurable people without credible coverage runs about $550-750/mo for someone in their 60s depending on the deductible.

Full Throttle's picture
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Joined: 2008-08-26

They get private insurance and if they're uninsurable then they go on their state run program.  Wisconsin's program for uninsurable people without credible coverage runs about $550-750/mo for someone in their 60s depending on the deductible.

 
Back-up risk pools are very state specfic.  As BB posted, WI has a good set-up as do a few other states.  There are many states where they don't exist, have an insane waiting period to get in due to state budget shortfalls (2 years plus), or are priced 500%+ what you could find as a healthy person in the private market.
 
So, it depends.  How is there health?  What is their budget?  What programs are available in your state?

BerkshireBull's picture
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Joined: 2009-06-10

Full Throttle wrote:They get private insurance and if they're uninsurable then they go on their state run program.  Wisconsin's program for uninsurable people without credible coverage runs about $550-750/mo for someone in their 60s depending on the deductible.

 
Back-up risk pools are very state specfic.  As BB posted, WI has a good set-up as do a few other states.  There are many states where they don't exist, have an insane waiting period to get in due to state budget shortfalls (2 years plus), or are priced 500%+ what you could find as a healthy person in the private market.
 
So, it depends.  How is there health?  What is their budget?  What programs are available in your state?Thanks for the info.  I was always curious about what other states had in place but never needed to do the research to find out.  We've got a situation in Minnesota with a client that is going to be facing the high risk state pool in year, I'll have to figure out what it looks like when the time gets closer.

buyandhold's picture
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Joined: 2008-09-23

THanks

maybeeeeeeee's picture
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Joined: 2005-02-24

Huge issue.  sometimes the company will extend the employee's group plan until age 65.  Or work till 63 1/2 and take COBRA for 18 months.I would never recommend going without.Obama is on this.

Eugene's picture
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Joined: 2012-02-24

Repaying your Health insurance is definitely important. It will probably almost be considered a better idea to have a pay day loan or something like that, and repay it, than enter into the habit of failing to pay loans. Failing to pay will be more pricey in the long run - that's where debt gets really expensive. It can be really useful for a lot of people, especially when you’re looking for short term cash. However, it’s important to remember that they’re a short term solution only.

californiawills01's picture
Joined: 2013-02-20

In order to understand your health care coverage, you must first be able to identify what type of health plan you may have. There are 3 different health plans available to consumers:

"Private Health Plans" are the most common. These are health plans offered by employers to their employees. They can also be purchased by an individual.

"Medicaid" is government funded health care, typically provided for low-income individuals and families.

"Medicare" is government funded health care, typically provided for individuals ages 65 and over.

michalerose's picture
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Joined: 2014-01-06

Thanks for sharing this information about health insurance.
There are major 3 benefits of health insurance.
1. Providence a peace of mind
2. Takes advantage of wellness & health tools and resources
3. Protects the family's financial future

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