Health Insurance in retirement

[DawnM]

What is your plan?   Does your or your spouses insurance cover retirement?

 

Edited August 15, 2023 by DawnM

[DawnM]

D/P

Edited August 15, 2023 by DawnM

[Laura Corin]

NHS.

[Lecka]

Yes, my husband’s insurance will cover us.  My understanding is that the monthly fee will increase when he (or each of us separately?) turns 65, and we also have to apply for Medicare Part B.  However I am pretty vague.  
 

My parents have the same insurance and they think it’s fine.  However my mom kept working, to keep their insurance, until they were going to qualify for Medicare, and she might have retired sooner, otherwise.  Her monthly fee was a lot less than it would have been.  
 

But she had also taken a pay cut previously, to work somewhere she really liked and that was an easier job, so she was in a good situation to keep working to keep the insurance benefits.  She had thought that was likely to be the situation.  She worked for a non-profit and she really liked it, and it was an easier and less stressful job.  
 

She is also a little older than my step-father and he had some health problems around that time.  So she kept working until he was 65, I think? 
 

There are some extra complications in there because my step-dad ended up qualifying for the insurance we will have, after he was in his 70s.  

[Pawz4me]

DH is on Medicare due to disability. Prior to that we did COBRA through his former employer. It wasn't significantly more than it would have been buying our own coverage through the Marketplace (and possibly it was less expensive), and the coverage was significantly better. After he was on Medicare and I lost eligibility for COBRA we started buying my insurance through the Marketplace. It's expensive, but we're thankful that we can afford it. Thankfully (:ironic:) I'm on a very expensive medication that has a very good patient co-pay assistance plan, and thankfully we live in a state that requires co-pay assistance amounts to be applied to deductible/OOP max. So after my February refill each year I've met the max OOP and don't have to pay anything the rest of the year. That helps tremendously. Otherwise on top of the premiums our cost would be as much as another $7500/year.

[Beth S]

My dh is about to retire in America at age 62.  We plan to utilize ACA, and hope to qualify for subsidies. 
They greatly increased the level of subsidies during Covid, & continue to renew them.
My understanding is that my dh's COBRA plan would be very expensive.

Another option is the Christian health-sharing companies. 
I know several friends who have had success as members.

Edited August 15, 2023 by Beth S

[Kassia]

12 minutes ago, Beth S said:

My dh is about to retire in America at age 62.  We plan to utilize ACA, and hope to qualify for subsidies. 

My DH just turned 59 and planning on retiring soon and using COBRA for the rest of this year and then switching to ACA hoping for subsidies (we wouldn't qualify this year because of his income).  The insurance issue is so complicated.  I know he's been working longer just for the insurance - especially since I've had so many health issues in the past six years with no end in sight.  I feel terrible that I've been keeping him from retiring.  I'll be 56 soon so have a long time before Medicare.

[Scarlett]

I am 2 years older than my Dh. He carries our health insurance. His company pays for his premiums and half of mine, so we pay about 200 for me per month.  3k deductible for each of us  yearly, then 100% so good coverage by todays standards.   Our plan is for him to work until he is 65 when he qualifies for Medicare.  I may retire early…both of us hope we can keep working a little bit after we collect ss.  

[Faith-manor]

When Mark retires if he retired before 65 and eligibility for Medicare, he can use cobra at a discount through his current employer to keep his insurance. It would be the best thing for him. But after the usual six months thing, the policy will drop spouse and other dependents and is only available for the former employee. My assumption is because the company wants to OFFER the option as a PR stunt, but prefers to try hard to get retirees and their families off of it. I am four years younger than he is so I will be in a major bind. So he is not retiring until I have found a job that comes with benefits. I am almost accepted a job last week. It comes with medical insurance, paid vacation, a basic package. However it is 2.5 hrs away from here. I would have had to find a studio/efficiency apartment or room to rent by Sept. 1st, and I was not certain I could find a place that fast. In addition, I am not convinced that Mark handle both elderly mothers alone - my brother lives two blocks away from our mother but is utterly worthless and does nothing, not sure he even gives a care about her at all - and I wasn't convinced I was emotionally and mentally ready to live away from Mark for an entire decade before I could retire with Medicare or watch his stress levels go up so high dealing with the moms alone. He would not have been able to just retire and then move to be with me because the mothers have no finances with which to move and afford a higher cost of living. So I am looking closer to home.

That job posting is still open, and probably will be for a while. They are really going to have a hard time because they need a music director with also educational background for ages 3-adult, plus piano pedagogy degree (one of the three degrees I hold), plus instrumental and vocal experience, plus extensive performance experience, plus public event planning experience (also have that in spades), plus experience with other fine arts (yup), plus a STEM background to oversee a much desired STEM outreach/activity and summer camp program they want to begin, and I have that too. Not many performance plus music education plus event planning plus STEM educator all inclusive people are out there! Maybe I should go back and try to advocate for some work remote so I could be here part of the week, and in the office part of the week. I don't know. My gut is on the fence.

 

[City Mouse]

When DH retires, we will have access to insurance through his pension. However, if he/we retire before Medicare, we will have to move back to the Houston area because of the insurance. The “out-of-area” pre-Medicare insurance is ridiculously expensive, but rates are much more manageable “in area”. Because of the lack of medical providers where we live, we have planned to move to a more populated area with better access to providers anyway, and we still have ties to the Houston area, so it isn’t a terrible hardship to move back. The other alternative is to use the marketplace in our current state which is much better than what we could get in Texas, but that goes back to the lack of providers, long waits to get appointments, and long distances to travel for care. 

[ScoutTN]

Medicare. Dh will likely not retire until age 67. I am older than he is and our kids will be late 20’s and on their own by then. 
 

Upthread someone mentioned Christian healthcare cost-sharing  organizations. While they work well for some, they all have coverage exclusions for previously existing conditions. I am diabetic and my Dh has had two brain surgeries. They won’t even consider us.

Edited August 15, 2023 by ScoutTN

[marbel]

I'm currently on Medicare; I have an advantage plan with no monthly premium (I do pay the Medicare premium of course). My husband has insurance through his employer but when he retires he will join me on Medicare. If for some reason he'd retire before he is Medicare eligible (very doubtful), he'll use our state's marketplace for coverage. We've gotten insurance through the marketplace before, good coverage at a good price. 

[EKS]

Individual plan for all (us and 21 year old).  We had an individual plan for years in the pre-Obamacare days, and it sucked.  This is better, but it is definitely not the same thing as having a good employer plan.  And we were willing to pay for something equivalent--they don't exist.

My husband qualifies for Medicare next year, which will help immensely.

Edited August 15, 2023 by EKS

[SKL]

Most likely we'll remain in business and keep paying our Medical Mutual premiums, at least until I can go on Medicare.

Once I'm ready to sign up for Medicare, I'll see what the options are for supplemental insurance.  That will be 8 years from now, so I think it's premature for me to get too detailed, the way things keep changing.

[livetoread]

Dh will be retiring in two years at age 60. He'll be covered by his state pension. Used to be I would too, but they changed the health care benefits (health care was an added perk they can mess with while pension payouts themselves are a binding contract from the state). We aren't sure what I'm going to do for coverage. I don't really want to get a job because we plan on doing a lot of traveling while we are both healthy and reasonably energetic. We'll probably have to get mine on the exchange until I qualify for Medicare. I was hoping for Medicare expansion down to lower ages, but that isn't looking likely.

Another issue is covering our youngest. She will be two years graduated from college and hopefully in a job that has good insurance, but we've kept our oldest on ours even though he is covered at his job. Our insurance is just better plus cheaper, and it would be nice to be able to cover youngest until 26 too. 

[mom2scouts]

DH is 64 and not likely to retire anytime soon. He'll get Medicare and the rest of us will use ACA.

[kokotg]

DH is a teacher and will be able to retire in his mid 50s...I'm relatively certain we can stay on his state health insurance (I just checked, and it looks like the rates will be similar to what we're paying now...which vary a lot depending on which plan you pick, but a bit over $200/month for the two of us if we stick with a high deductible plan). And then it looks like they offer a supplemental plan once you can get Medicare? At some point I guess I'll have to figure it out in more detail, but it appears that there are options anyway. 

[ScoutTN]

12 minutes ago, kokotg said:

DH is a teacher and will be able to retire in his mid 50s...I'm relatively certain we can stay on his state health insurance (I just checked, and it looks like the rates will be similar to what we're paying now...which vary a lot depending on which plan you pick, but a bit over $200/month for the two of us if we stick with a high deductible plan). And then it looks like they offer a supplemental plan once you can get Medicare? At some point I guess I'll have to figure it out in more detail, but it appears that there are options anyway. 

My mom has this from Pennsylvania. Nice supplement to Medicare.

[Katy]

DH is in management at a larger company but he isn’t in the union so IDK if his current benefits have any sort of guarantee. They frequently offer early retirement with health benefits (including spouses) when the economy takes a downturn so they don’t need to do layoffs. Often that means they “retire” but keep working as contractors/consultants at 3x the hourly rate for another 10 years or so. Don’t ask me how that deal makes sense for the company. I’m guessing the analysts who propose it don’t understand the labor market for engineers. Anyway at some point DH will probably take that deal. 

[J-rap]

We have good company insurance until we're 65.  Then we'll change to Medicare, probably with supplements.

[Anne]

My dh is on Medicare plus a supplemental plan.  I am on an individual policy which gives me heartburn each and every time I pay the premium - can’t wait until I turn 65!!

Anne

[Kidlit]

Dh just retired and we currently have family insurance through my job and his retirement benefit (state), so we're double covered.  I'm not sure exactly how it will pan out in the future, but as we're both under 50 right now with many years of work ahead of us (he took another full time job after being retired for 7 days from the state), I'm not overly concerned yet.   

[QueenCat]

Dh won't retire until he's at least 67.5 as that's when I'm eligible for Medicare. He'll keep his employer-based insurance until he retires. It'll be secondary for him, primary for me. Lots of people he works with do it this way, for the same reasons.

[GoVanGogh]

6 hours ago, Beth S said:

My dh is about to retire in America at age 62.  We plan to utilize ACA, and hope to qualify for subsidies. 
They greatly increased the level of subsidies during Covid, & continue to renew them.
My understanding is that my dh's COBRA plan would be very expensive.

Another option is the Christian health-sharing companies. 
I know several friends who have had success as members.

Re: Christian health-sharing companies. A business friend of mine had one for their family. Their spouse suffered a major stroke last year at age 60. The plan gave them nothing after 1-2 days in ICU. Your mileage may vary, but it was a very rude awakening for my friend to discover they were essentially uninsured (because those plans are not insurance) during a major medical crisis that has required months of medical care, therapies and rehab. 

[Faith-manor]

14 minutes ago, GoVanGogh said:

Re: Christian health-sharing companies. A business friend of mine had one for their family. Their spouse suffered a major stroke last year at age 60. The plan gave them nothing after 1-2 days in ICU. Your mileage may vary, but it was a very rude awakening for my friend to discover they were essentially uninsured (because those plans are not insurance) during a major medical crisis that has required months of medical care, therapies and rehab. 

I know people who are bankrupt from health shares. They are not legally obligated to pay squat. It isn't insurance. Numerous folks, I clouding my parents, paid into these things for years only to have an emergency and get dumped. No one should sign up for these things. Insurance is crap, but at least there are legal ways to address the craptasticness. 

[Tina]

I switched to M with a free plan to cover part D requirements.  Dh has a few months to go, but not sure what he'll have on the side.  He goes to the dr regularly.  I don't.  We spent far too much for insurance for me these years I didn't use it.  We are self-employed and dh is SO ready to retire!

 

[-----]

nm

Edited September 1 by kathyl

[Longtime Lurker]

DH retired in 2020 after a covid-related layoff. I work for a school but it is just under 30 hours a week so no insurance. We used COBRA to finish out 2020 and then ACA starting in 2021. Now DH is on Medicare, I am on ACA, DD has insurance through her teaching job, and DS has Medicaid due to his special needs. We have had a good experience with the ACA healthcare exchange and I am impressed with DH's Medicare so far. Unfortunately (or fortunately?) I will not be Medicare-eligible for 13 years.

[Annie G]

Dh retired at 60 and his employer doesn’t offer health insurance after retirement. We use ACA and keep our income low enough to qualify for excellent subsidies and the low deductible/out of pocket that comes with it. We’ve been very happy with our insurance, and next year he’ll be 65 and switch to Medicare, while I will stay on ACA. 

[Resilient]

Medicare A and B with supplemental and Part D. 

------bossiness alert-----

If you are planning to sign up for Medicare past age 65, get with the Medicare advisors to find out if that is a good idea or not.  There are some twists and turns along the way, and signing up at 65 may end up keeping your premiums lower over the long term.  

Also the supplemental has turned out to be a GOOD thing... I am generally in good health but an accident can happen to anyone and if the accident had happened a year ago (pre-Medicare) I would be out thousands of dollars.  Definitely getting my money's worth on that one.  

AND when you look for supplemental plans and Part D (prescription meds), check and see what meds they cover/don't cover. If the one you choose doesn't cover the med you NEED...it's probably worth looking for a different provider.  Sometimes it gets gnarly: "we cover DrugX but only in pill form" and the other guy "covers DrugX but only as an injection."  It's a lot of work to resolve soooo many questions but it is worth it. AND if you sign up for supplemental when you sign up for Medicare, the supplemental plan HAS to take you.  If you wait a year after you sign up for Medicare, then you are into the "health evaluation" stage of life and the supplemental plans can reject you, or accept you but only at a higher premium.