Private Health insurance before 65

[bogeyman]

I just retired and my health insurance coverage stops soon. My understanding is that medicare kicks in at age 65, but i will have at least 4 years of private coverage until then. One suggestion i have heard about is going for a plan with very high deductibles, basically disaster coverage. Since our current expenses for exams and small procedures aren't too high and we are, thank heavens, in good health - this seems like a good idea. Anyone care to weigh in on this, and do you know a good plan in the northeast? How much do you think that would cost?

[mejask]

Just browsing through topics and saw your post. Don't know what you have found out but here is some brief information that might help.

You mention the Northeast but not the state. All insurance is state regulated and so what and whether you can get an individual policy first depends on where you reside. Many states allow individual underwriting which means you can be declined for coverage. 34 states have high risk pools that allow you to get coverage but it usually costs 1.5 to 2 times more. The cost of coverage is going to vary depending on age, gender, your health, if you are covering just yourself and where you live.

Sounds like you retired without coverage from an employer so not sure what you were paying but most folks will find individual coverage much higher. Expect to pay anywhere from $300 a month to $1,000 or more for a single individual. The inflation rates for coverage have averaged 7% per year.

High deductible plans are out there but may vary from state to state also. Most states have a limited number of carriers who handle this type of coverage.

You can go to an agent and get a great deal of information. When you buy insurance there is almost always a commission paid whether you use an agent or not so might as well get their assistance.

If you want specifics about how your state works the website www.diabetes.org has great information on each state. Use the left menu under Government Affairs and Advocacy - Health Insurance Options. Scroll down to Health Insurance Options in Your State and click on it. A map of the U.S. comes up and you can view any state.

Good Luck. I hope this helps you.

[62andout]

Shop around. Use your Cobra coverage as a benchmark. Consider very high deductibles - just insure against catastrophe

[retireman]

I hear your frustrations. I searched way to long for an affordable health plan. STill waiting for Obama to make a move. I'd rather spend no money on insurance honestly but the quality of care would probably not be as good.

[daisy7386]

nice discussion thanx for posting the information