Health Insurance at 62

I plan on going into semi retirement in Jan. My only concern is what to do with health insure until I can go on Medicare at 65. I am now 62 so I have 3 more years to go. My wife is 65 so she can go on Medicare.

Curious what other members are doing for insurance when you have to pay for it out of your pocket? What carrier do you recommend? I looked into Blue Cross and they want $1,800 a month with a $20,000 deductible. I will be going from a 6 figure salary down to/ plan to $35,000 a year. This amount will be from my savings and picking up small jobs until I reach 65.

Thanks for any advice that you can provide..

Been thru this exact thing, I was on my wife's insurance before I was old enough for MC, so was not a problem, you might check into that and see how that is for you if she is working.

Most any other insurance is going to be a real headache price wise due to age, we actually planned this out a few years before I was able to take my SS and MC , still on it for dental on her insurance, until they kick me off, cause vision and dental you have to pay extra for in MC

Only other thing is be very careful until you MC kicks in !!

LOL.. Don't plan on being careful, It takes only one dumb second of not thinking and you hurt yourself and need medical help...
$20000 deductible (This word is unacceptable on Trapperman)... Before Id pay $1800 plus a month I think I would keep working. You are going to need almost a full time job to afford the healthcare.
Tough decisions for sure..

I quit working when I was 61 and 1/2. I used C.O.B.R.A. I really don't know the rules anymore but I certainly believe you could use Cobra, Mine cost me somewhere around $550.oo a month, but the cost is very dependent upon what kind of plan your former employer has. I would certainly check into what kind of cobra plan your former, or soon to be former, employer has.

Donna and I have Medi-share, the Christian plan, and cut our premiums from >$1200/month with United Health Care to $500 and change.

Cobra or
USAA

go on obama care - make especially sure to show your expected income at 35k. you will get many plans at much cheaper rates from all the main insurers. I would recommend using an insurance broker to help navigate the system.

I'm the same age, The Wife and I pay approx $400/month for both of us. We use Liberty Health share.

$1000 deductible for ea

I've had no issues with it.

My oldest Son and his wife are also on a Christian health care plan which is very reasonable. They seem to like it. I'm in the same boat but I have less than a year to go! I'm stubborn so I'm wingin' it. It also depends on state to state. I checked with some outfit that sent me some mail and they said there's just nothing available in Nebraska!

It also makes a yuge difference when you tell them you're paying cash.....no insurance involved.

Great info members. I will check on the advice you have given. Thanks

Sneak across the border and come back into NY as a immigrant.....your health care will be free .....unlike the resident citizens that pay through the nose.

YES! When I was self employed we only had major medical only for big disasters. When you tell a Dr office “self pay” the bill is reduced as much as 75%.
ie for an eye exam it went from $140 down to $40 since they don’t have to wait 3-6 months for payment from insurance companies, paperwork and that labor is much reduced too.

Definitely check Obama-Care. You can go to the website, look under "see topics", and click on "see if you'll save". I retired early and went this route but make sure you know the rules on how it works.

Thanks for asking this. Since my daughter was shot I really want to change job to be home more but becuse of her accident I have to stay at my job to have Insurance even if i find something worth taking. I will look into some of these options . Thanks again

Great post!
Mark can you tell us more about Medishare? I hear the commercial all the time have you had any claims yet? Not to get personal but is the $1200 for each of you?
Thanks

I don't mind sharing MChewk. Yah, that $1200 a month for UHC was for Donna and I and I am 8 years older than she is, and that price was from 2 years ago when I hit 60. Can't even imagine what it is now. The Medi-share is not deemed "insurance" per se, so as such they are required to pay for all manner of procedures that all "universal" insurances must cover by Omama Law (and other) mandates. We pay a monthly contribution (premium) to the plan, and if the medical provider accepts to bill through PHCS (Physician Health Care Systems" - the nation's 2nd largest network - than the office bills Medishare directly, or else you would pay out of pocket. Our doctors use PHCS so they bill normally. Medishare sends the doc/hosp $$$ just as insurances do. That's the simple version. Now Medicare is only for members who affirm a general Christian statement of faith, who do not smoke, and who understand the program doesn't cover abortion, prescriptions, sex-change procedures, and other medical procedures that have helped drive the cost of medical care sky high. I'm not getting a sex change, so I'm ok with that. Insurances are required by law now to pay for all manner of "stuff' that not only do we not have faith (literally) in, but I don't want to help pay for. Medi-Share has been around 25 years and has never defaulted as part of all us Christians sharing each others bills.

Oh and importantly, all new members must declare any major co-morbid or "bad" health conditions, and their major health condition may not be covered for a period up to a year. This maintains the integrity of the plan for all members. In other words, if I was just diagnosed with cancer, and I need major medical care, I can't just sign up for a few hundred bucks, have MS pay for a $100,000's of my care, and then when I'm finished with my docs... I drop off. That's deemed "plan shopping," it's done all the time, and it's guarded against, and we appreciate that. Donna and I have no major medical conditions, as we've been blessed and have tried to take care of our bodies all our lives. Now, when we get older and the wheels are falling off for some, we're still humming pretty well. While my buddies were drinking, smoking, and doing all manner of whatever in our younger days, I was working and trapping and now I'm still working (seminary is much better!) and trapping. Hope to always keep that rhythm, Lord willing!

We also are part of the Carrington 500 network for discounted rates at dentists and vision plans. I use the dental and it has saved a bunch.

Any other questions, let me know.
We really like it and so does our oldest son and his family. Our monthly household portion (premium) just went up a bit to something like $550. I bet UHC would be $1550 or more!!
Blessings,
Mark

i have a better sorry than safe plan.

Thanks Mark...good info.

Mark, the first statement isn't quite clear.......at least to me! You are paying 600 a month each, 1200 a month total for the 2 of you?
Will that monthly fee go down when you qualify for Medicare?

Insurance is based on the assumption of transferred risk. You transfer your risk to the insurance company for an agreed premium. At 62 it is an expensive trade. I especially know, because I used to sell small group insurance policies back in the days of medical underwriting. Women were more expensive than men too.

I am on Medicare now, but know the risks. Last year in nine months I had a colon resection, followed my a kidney removal. Both cancer surgeries. Then I had a 13” incision up the middle to repair a hernia from the colon surgery. That nine months would have bankrupted me without Medicare, a Supplement, and Tricare. I was 72, rather than 62. An infected knee replacement in 2006 was even worse. Ten weeks in a rehab facility on IVs, then physical rehab for years and finally a second knee in 2012 that was no better. Disabled.

Hard decision you must make. Maybe you can get 18 months of COBRA.

We pay $500 and change a month for both of us and we assume (I think) the first $11,800 each year (deductible - sort of). We don't use health care much so paying the $15,000 a year to UHC (with a $10,000 deductible) was crazy.

Your rates are determined by age. Young folks, it's super inexpensive.

I don't know about when I turn 65. I'll visit that in 3 years.