One of the main obstacles to retire before age 65 is to find affordable health insurance. It takes a considerable effort and can be very expensive for pensioners beginning to purchase health insurance. Here are several ways to maintain health coverage until you are eligible for Medicare.
Retired medical insurance. Most workers receive benefits of health retired from their former employer. Only 28% of large firms with 200 workers offered retiree insurance in 2010, down from 66% in 1988, a survey by the Kaiser Family Foundation of employers. And only 3% of small businesses with between three and 199 workers have the retiree health plans. Companies can generally increase the refundable fee or even revoke at any time retired health benefits. To encourage employers to maintain their retiree health coverage at the beginning, health reform bill promised to reimburse employers for high health for retirees over 55 years fees are not eligible for Medicare. So far, more than 5,000 employers have opted for early retired reinsurance program and collected $ 535 million to the Federal Government to subsidize the costs of retiree health care. Retirees health plans can also be expensive for individuals, depending on whether if your former employer subsidizes your coverage. A survey by towers Watson of 552 primarily of Fortune 1000 companies concluded that retirees under 65 years pay an average of $633 per month for a monthly individual coverage and $1,633 for family protection.
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COBRA coverage. You can buy in the health insurance of Group offered by your former employer using COBRA continuation coverage, generally for a maximum period of 18 months if your business is less than 20 employees. "If your company offers COBRA when you arrive to be 63 1/2, then you could use COBRA for 18 months and then go right to health insurance," said Nancy Davenport-Ennis, founder and CEO of the National Foundation to advocate for patients. But COBRA, while guaranteed, coverage can be significant pressure on your retirement budget. "COBRA is expensive and it is limited in time, says Elisabeth Schuler Russell, founder and President of Patient Navigator." You may be required to pay all of the cost of personal health insurance premiums, including any amount that the company pays more than fresh active administrative employees of 2 percent. And if your old company closes or goes bankrupt, you will lose your COBRA coverage.
Other forms of group coverage. If your spouse is still working, you can obtain insurance through his employer. Generally, you will need to apply for registration within 30 days of the loss of eligibility for your previous health plan. "Many societies and professional associations, and some churches have a coverage of group", says Russell. "Group coverage in most cases will be less expensive than individual coverage."
Individual insurance. Shop carefully choose an individual insurance policy. Price points to consider include premiums, deductibles, insurance, co-insurance, annual limit, you will need to pay refundable before insurance covers everything, and the record of the annual premium increases. But the price of a policy should not be the only determining factor. "Look at your family health history and be certain you want to purchase a plan that will give you the benefits you need when you are diagnosed, said Davenport-Ennis." Determine whether your favorite doctors are in network and know if prior approval is necessary for the proceedings. "Check with the National Agency for regulation of insurance to see what complaints exist against this insurance company," said Russell. "To go online and see what other people are using it have to say." You can compare a variety of options of insurance in your area at healthcare.gov.
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High risk pools and plans of pre-existing condition. Many States have high-risk pool programs that help people with medical problems to obtain health insurance. If you are not insured for six months, have a pre-existing condition and have been denied coverage because of a health condition, you can can get health insurance through a plan of insurance of the pre-existing condition. PCIPs have been created by the Bill of health reform to health coverage available to persons who have been deprived of health insurance by private insurance companies. Each State is required by law to have a PCP. If you live in one of the 23 States where the U.S. Department of Health and Human Services runs the program, the monthly for a premium ranges from 50 years candidate registration of 267 $ to $605 depending on your state of residence and the options plan you choose. But it is generally not a good idea to voluntarily go without coverage for a year and a half to qualify. "With a pre-existing condition, no one should go non-insured for six months," said Davenport-Ennis "If" you spend six months non-insured with a pre-existing condition, your illness can move to a new status and that you may not to take control of this new.
Part-time employment. If you are still able and willing to work in retirement, some companies offer health benefits to part-time employees. Starbucks, for example, offers health benefits to part-time employees who work less than 240 hours in each calendar quarter, or about 20 hours per week. Learn more about the requirements to qualify for the health plan and make sure that you stay at the top of the cut. "If you don't think that you can get individual health because of your state of health insurance, you are better to keep employees," says Deloitte Health Actuary John Schubert. "Some people have a part-time job with reduced working hours or take a job that they are overqualified for just to obtain health insurance."
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Trade coming in 2014. People who retire before age 65 will be able to purchase health insurance through exchanges of insurance from 2014, with the tax credits to low and moderate income. "July 1, 2012, could you take COBRA for a year and a half and then be able to purchase insurance health exchanges in 2014, said Schubert. The risk is that the health reform bill could be amended before trade becomes operational and then you will have a guaranteed way to buy health insurance. Schubert, explains: "I would personally wait until after the 2012 election for what is the probability, it is that you can do."
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